We enclose herewith the Transcript of the Earnings Conference Call held on Tuesday, August 4, 2026 with Investors in connection with the Unaudited Financial Results (Standalone and Consolidated) ....

August 10, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers Exchange Plaza, Bandra-Kurla Complex Dalal Street, Mumbai - 400 001 Bandra (East), Mumbai - 400 051 Scrip Code: 538567 Scrip symbol: GULFOILLUB Through: BSE Listing Centre Through: NEAPS Dear Sir/ Madam, Sub.: Transcript of Earnings Conference Call with Analysts/Institutional Investors in connection with the Unaudited Financial Results (Standalone and Consolidated) for the first quarter ended June 30, 2026 Ref.: Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 This is in continuation to our letter dated July 28, 2026 intimating about the schedule of Earnings Conference Call which was held on Tuesday, August 4, 2026 with Analysts/Institutional Investors in connection with the Unaudited Financial Results (Standalone and Consolidated) for the first quarter ended June 30, 2026. We enclose herewith the Transcript of the said Earnings Conference Call. The said Transcript is also uploaded on the website of the Company and can be accessed at https://india.gulfoilltd.com/investors/financials/transcript-conference-calls . Request you to kindly take the same on record. Thanking you. For Gulf Oil Lubricants India Limited Ashish Pandey Company Secretary and Compliance Officer Encl.: as above “Gulf Oil Lubricants India Limited Q1 FY27 Earnings Conference Call” August 04, 2026 MANAGEMENT: MR. RAVI CHAWLA – MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER – GULF OIL LUBRICANTS INDIA LIMITED MR. MANISH GANGWAL – WHOLE-TIME DIRECTOR AND CHIEF FINANCIAL OFFICER – GULF OIL LUBRICANTS INDIA LIMITED MODERATOR: MR. PROBAL SEN – ICICI SECURITIES Page 1 of 21 Gulf Oil Lubricants India Limited August 04, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Gulf Oil's Q1 FY27 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star, then zero on your touch- tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Probal Sen from ICICI Securities. Thank you, and over to you, sir. Probal Sen: Thank you, operator. Welcome, everyone, to this post Q1 FY27 call to discuss Gulf Oil's Q1 results. With us we have senior members of the management, including Mr. Ravi Chawla, the Managing Director and CEO; and Mr. Manish Gangwal, Whole-Time Director and the CFO of the company. As usual, we'll first start off with a briefing on the results from the management and then go into an interactive Q&A session. So without further ado, I'll hand over to the management. Over to you, sir. Ravi Chawla: Thank you. Good day, good afternoon, good evening, everyone. It is a pleasure to invite you to this quarter 1 performance investor call. Very happy to inform you that this quarter has really seen us performing in terms of all-time highs on all fronts. Last quarter, you may remember, we crossed the revenue of INR 1,000 crores. Very happy to share that this quarter with all the execution, agility and certainly managing the situation to the best in terms of focused attention, we have been able to cross our revenues and reach INR 1,300+ crores. If you look at all the other parameters, including EBITDA and profits, significantly ahead of the last quarter, which was also a record for us. So, I think overall, starting FY27 on a strong momentum with record performance is certainly satisfying for us. We saw the West Asia crisis and quite a volatile macro environment, cost environment. But with the focus on really executing well with agility, we have seen a very strong volume-led profitable growth in this quarter. The volumes have grown 17% year-on-year. You may recall that last year, we ended at 11% and quarter 4 of last financial year was at 14%. Clearly, for us, this quarter, we have been seeing that the way the entire business has been managed across all categories which have grown, have really seen a very good result for us; effective real market execution, supply chain solidity that has helped us and proactive customer engagement. As mentioned, across all segments, B2C, OEM and B2B, we have delivered good double-digit growth, which has given us these results. For us, really, if you look at the main things that were Page 2 of 21 Gulf Oil Lubricants India Limited August 04, 2026 obviously challenging were the supply security, both from the customer point of view and the availability of raw materials, which were disrupted a bit because of the Hormuz crisis. We've seen that we've been able to manage this as a top priority, and we've ensured uninterrupted availability throughout this period, which has helped us, not only the customers who are obviously buying from us, the OEMs, the channel partners, the retailers. The proactive approach that the team has used and of course, backed by great supply efficiency, supply solidity in terms of sourcing all the materials, we have been able to make this sort of crisis situation into an opportunity for all of us and really optimized on the opportunities. Not only have we been able to ensure supply security with our current OEMs, distributors, customers, we've been able to also win new customers and really optimized on all this. There was a lot of heightened apprehension from customers. I think we have been able to reinforce our position as a reliable partner and really supporting the customers, including new customers have got added on in many segments like infra. We have increased our share with customers and also in terms of retail, in terms of our customers, OEM franchisee workshops, we have increased our share. The growth was broad-based. As I mentioned, we have seen growth across segments. In OEMs, we've continued to grow and strengthen our position, double-digit growth in OEM. Franchisee workshop was led by agriculture segment, where we have Mahindra and Swaraj, PCMO and motorcycle where we have Bajaj in OEM workshops. In our B2C, there has been a very good double-digit growth with PCMO, passenger car leading it and also gains in agriculture, commercial vehicles and motorcycles. In B2B, where we do business with industries, infrastructure and mining, we have again been seeing growth across our customer base, also driven by new customer acquisitions as the traction improved. Of course, this is an important segment for us. So, I think, overall, the key numbers, lubes volume was at 48,000, again, a record for us, previous high being 45,000 in the last quarter, so followed by that 48,000. We have seen this high-double digit growth of 17%, which is over 3x the industry growth rate. Revenue, as I mentioned, up 33% at INR 1,320 crores. EBITDA was up 35% at INR 170 crores. Last quarter, we did again a highest of EBITDA, which was INR 135 crores. We have exceeded that and I think with quite a sizable increase.and the margin also, which Manish will talk about later, we've been able to show a lot of operational resilience. There have been huge cost increases month-on-month for the last 3 to 4 months. We have managed to obviously proactively communicate that, explain that across all our different customer bases, we've been able to manage that, plus I think our stock solidity, which was there. We've been able to keep the margin at 13%, which is within the guided range. I think we have seen that momentum has been there for us in terms of all segments. Definitely, the quarter has been a very good fulfilling quarter for all of us in the team. We've been able to Page 3 of 21 Gulf Oil Lubricants India Limited August 04, 2026 take it to a significantly high record level, which I think is also in line with the situation, which was supposed to be sort of a semi-crisis being converted to good opportunity for the organization. Over to Manish to take us through a few numb [Showing first 8,000 characters — download PDF for full document]