Reliance Industries Ltd.
NSE: RELIANCE
Energy · Oil & Gas Refining & Marketing
₹1,164.90 last close on 30 Oct 2026 −0.21%
Research updated
Castrol India Ltd.
NSE: CASTROLINDEnergyOil & Gas Refining & Marketing
- Last close
- ₹188.00
- Day change
- +₹0.38 (+0.20%)vs
- Market cap
- ₹18,870 crIndian rupees
- Research updated
- 3 reports
Follow Castrol India
Create an account, then follow this company for weekday briefs. You will return to Castrol India after signing in.
About Castrol India
Castrol India Ltd. is a leading manufacturer and marketer of lubricating oils and greases in India. The company's primary function is to provide high-quality lubricants to automotive, industrial, and marine sectors, thus facilitating efficient operation and maintenance of machinery and vehicles. Castrol India offers products catering to a wide range of customer segments, including passenger cars, commercial vehicles, and industrial machinery, ensuring optimal performance and longevity. With a strong research and development focus, Castrol develops innovative solutions that meet stringent quality standards and environmental regulations. Part of the global Castrol brand, Castrol India's significance lies in its extensive distribution network and strong brand reputation, making it a key player in the Indian lubricants market. The company collaborates with major automobile manufacturers, enhancing its influence and reach within the industry. As energy demands evolve, Castrol India also plays a role in supporting advancements in energy efficiency and sustainability within the lubricant sector.
- Sector
- Energy
- Industry
- Oil & Gas Refining & Marketing
- Listing
- NSE: CASTROLIND
- Chief executive
- Mr. Saugata Basuray
- Employees
- 632
- Headquarters
- Mumbai, India
- ISIN
- INE172A01027
Public research · Report of
Business model & financial foundation
Castrol India (NSE: CASTROLIND), Branded lubricants: revenue of ₹5,722 crore in FY25 (+6.6% on FY24), an EBITDA margin of 23.6%, net profit of ₹949.9 crore and net cash of ₹1,078 crore.
- Revenue, FY25 (₹ crore)
- 5,722
- standalone
- Revenue growth, FY25
- +6.6%
- on FY24
- EBITDA margin, FY25
- 23.6%
- EBITDA (revenue less operating costs, excl. other income) / revenue
- Net profit, FY25 (₹ crore)
- 949.9
- to owners
- Return on equity, FY25
- 45.5%
- on average equity
- Net debt, FY25 (₹ crore)
- -1,078
- Net debt including leases (requested basis)
- Market capitalisation (₹ crore)
- 19,252
- at the close of 27 Oct 2026
Company profile
Castrol India blends and markets branded automotive and industrial lubricants through distributors, workshops, OEM and institutional channels. Brand, formulation and route-to-market support pricing, while base-oil costs and foreign exchange drive gross margins. The company holds a financial investment in TVS Automobile Solutions; global parent ownership is changing, with an announced indirect-acquisition open offer for India.
| Item | Value |
|---|---|
| Legal name | Castrol India Limited |
| Exchange and ticker | NSE: CASTROLIND; BSE: 500870 |
| ISIN | INE172A01027 |
| CIN | L23200MH1979PLC021359 |
| Sector | Energy |
| Industry | Branded lubricants |
| Headquarters | Mumbai, India |
| Fiscal year end | December |
| Reporting basis and unit | standalone, in ₹ crore |
| Auditor | Deloitte Haskins & Sells LLP (since 2022 second term) |
| Market capitalisation | ₹19,252 crore (27 Oct 2026) |
| Shares outstanding | 98.91 crore shares (FY25) |
| Price | ₹190.8 (close, 27 Oct 2026) |
| 52-week range | ₹170.1 - ₹203.4 (to 27 Oct 2026) |
| Website | https://www.castrol.com/en_in/india/home.html |
Corporate structure and shareholding
Parent: Castrol Limited UK (51%), ultimately BP plc at cutoff.
No subsidiary is recorded.
Stonepeak's acquisition of65% of global Castrol announced24Dec2025; completion pending.
| Shareholding (% of shares) | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 |
|---|---|---|---|---|
| Promoter | 51.00% | 51.00% | 51.00% | 51.00% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 9.68% | 8.48% | 8.17% | 10.42% |
| Domestic institutions | 14.58% | 14.20% | 13.63% | 12.88% |
| of which mutual funds | 2.86% | 2.77% | 2.73% | 3.44% |
| Retail | 17.22% | 17.24% | 16.89% | |
| Other | 7.52% | 9.08% | 10.31% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Castrol India is a standalone lubricants business selling automotive, industrial and adjacent fluid products through brands, workshops, distributors and retail outlets. Its economic engine combines underlying lubricant volumes, price/mix, imported and local feedstock costs, brand/distribution investment and working capital. The September 2026 release reports reach of about 167,000 outlets, including 46,000 rural, and more than 870 Castrol Auto Service centres.
| Peer | Why the dossier compares them |
|---|---|
| Gulf Oil Lubricants India (GULFOILLUB) | Closest listed branded automotive/industrial lubricant specialist. |
| Veedol (formerly Tide Water Oil) (VEEDOL) | Listed lubricant manufacturer and branded aftermarket comparator. |
| Indian Oil Corporation (IOC) | |
| Hindustan Petroleum Corporation (HINDPETRO) | |
| Bharat Petroleum Corporation (BPCL) |
Financial databook
| Profit and loss (₹ crore) | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue from operations | 4,178 | 4,760 | 5,075 | 5,365 | 5,722 |
| Cost of revenue (vendor classification) * | 2,254 | 2,702 | 2,860 | 2,967 | 3,162 |
| Other operating costs (vendor classification) * | 708.4 | 757.9 | 810.5 | 902.0 | 1,012 |
| EBITDA (vendor classification) * | 1,117 | 1,175 | 1,267 | 1,357 | 1,404 |
| EBIT * | 1,032 | 1,097 | 1,189 | 1,267 | 1,292 |
| Finance costs | 2.41 | 4.01 | 7.53 | 9.38 | 9.29 |
| Profit before tax | 1,029 | 1,093 | 1,181 | 1,258 | 1,282 |
| Total tax expense | 271.2 | 277.6 | 317.0 | 330.4 | 332.4 |
| Profit after tax | 758.1 | 815.2 | 864.1 | 927.2 | 949.9 |
| EPS diluted (INR) | 7.66 | 8.24 | 8.74 | 9.37 | 9.60 |
| Raw & packing materials + traded goods purchases + inventory change | 2,636 | 2,728 | 2,919 | ||
| Employee benefits expense | 291.6 | 312.8 | 296.2 | ||
| Other expenses | 948.7 | 1,046 | 1,158 | ||
| EBITDA (revenue less operating costs, excl. other income) | 1,198 | 1,278 | 1,348 | ||
| Other income | 83.2 | 88.6 | 67.4 | ||
| Depreciation and amortisation | 92.4 | 99.8 | 100.8 | ||
| Exceptional items (negative = charge) | n.d. | 0.00 | -22.5 | ||
| PAT attributable to owners (standalone) | 758.1 | 815.2 | 864.1 | 927.2 | 949.9 |
| Minority interest (not applicable) | n.a. | n.a. | n.a. | n.a. | n.a. |
| Associates contribution (not applicable) | n.a. | n.a. | n.a. | n.a. | n.a. |
| Basic EPS (₹) | 9.60 |
| Balance sheet (₹ crore) | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Total equity | 1,646 | 1,886 | 2,122 | 2,278 | 1,900 |
| Interest-bearing debt including leases | 6.72 | 50.0 | 77.0 | 82.0 | 62.8 |
| Cash equivalents plus other bank balances | 184.2 | 554.5 | 1,200 | 1,399 | 1,141 |
| Trade receivables | 311.7 | 350.4 | 422.8 | 437.7 | 473.2 |
| Inventories | 491.7 | 534.4 | 532.9 | 524.2 | 546.3 |
| Trade payables | 620.7 | 678.9 | 706.4 | 703.7 | 786.1 |
| Net carrying property plant and equipment | 167.3 | 224.2 | 259.9 | ||
| Capital work in progress | 50.0 | 60.8 | 108.4 | 60.3 | 72.1 |
| Total assets | 3,420 | 3,635 | 3,395 | ||
| Liquid investments incremental to cash | 0.00 | 0.00 | 0.00 | ||
| Net debt including leases (requested basis) | -1,123 | -1,317 | -1,078 |
| Cash flow (₹ crore) | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Net cash from operating activities | 738.1 | 1,015 | 853.0 | 1,044 | 1,090 |
| Free cash flow (vendor definition) * | 547.0 | 805.9 | 757.5 | 951.4 | 992.8 |
| Dividends paid | -542.5 | -593.5 | -642.9 | -791.3 | -1,286 |
| Purchase of PPE incl. CWIP & intangibles | -83.2 | -109.7 | -95.5 | -92.7 | -97.3 |
| Other reported lines (₹ crore) | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Shares outstanding (paid-up capital over face value) | 98.91 | 98.91 | 98.91 | 98.91 | 98.91 |
| Annual dividend per share for financial year (₹) | 7.50 | 13.00 | 8.75 | ||
| PPE gross additions (accrual) | 115.7 | ||||
| CWIP additions during year | 87.3 | 127.5 | |||
| CWIP capitalised during year | 134.7 | 115.7 | |||
| CWIP aged over two years | 1.48 | 0.46 | |||
| CWIP overdue or above original cost plan | 24.8 | 19.8 | |||
| COGS / revenue (fraction) | 0.52 | 0.51 | 0.51 | ||
| Other expenses / revenue (fraction) | 0.19 | 0.19 | 0.20 | ||
| Tax / PBT (fraction) | 0.26 | 0.25 | 0.27 | 0.26 | 0.26 |
| Receivable days | 27 | 27 | 30 | 30 | 30 |
| Inventory days | 74 | 70 | 68 | ||
| Payable days | 98 | 94 | 98 | ||
| Realisation growth (price/mix residual) (fraction) | -0.01 | ||||
| CFO / PAT (cumulative FY23-FY25 on FY25A) (x) | 0.99x | 1.13x | 1.15x | ||
| Trade receivables growth YoY (%) | 3.5% | 8.1% | |||
| Revenue growth YoY (%) | 5.7% | 6.6% | |||
| Receivables growth less revenue growth (pp) | -2.20 | 1.47 | |||
| Royalty to Castrol Ltd UK / revenue (%) | 2.3% | ||||
| Purchases from BP/Castrol group / revenue (%) | 1.6% | ||||
| Services received from BP group / revenue (%) | 0.6% |
| Quarterly profit and loss (₹ crore) | Q4FY24 | Q1FY25 | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,354 | 1,422 | 1,497 | 1,363 | 1,440 | 1,545 | 1,871 | 1,735 |
| Cost of revenue (vendor classification) * | 671.5 | 763.3 | 798.4 | 749.5 | 814.9 | 950.7 | ||
| Other operating costs (vendor classification) * | 255.0 | 308.4 | 296.7 | 276.5 | 338.7 | 350.0 | ||
| EBITDA (vendor classification) * | 373.6 | 315.1 | 332.2 | 357.0 | 325.0 | 477.7 | ||
| EBIT * | 373.6 | 315.1 | 332.2 | 334.5 | 325.0 | 477.7 | ||
| Finance costs | 2.68 | 2.33 | 2.62 | 2.06 | 2.28 | 1.87 | 1.70 | 1.72 |
| Profit before tax | 370.9 | 312.7 | 329.5 | 307.9 | 332.2 | 323.1 | 476.0 | 243.4 |
| Total tax expense | 99.5 | 79.3 | 85.5 | 80.1 | 87.5 | 80.9 | 128.3 | 67.0 |
| Profit after tax | 271.4 | 233.5 | 244.0 | 227.8 | 244.7 | 242.2 | 347.7 | 176.4 |
| EPS diluted (INR) | 2.74 | 2.36 | 2.47 | 2.30 | 2.47 | 2.45 | 3.51 | 1.78 |
| Raw & packing materials + traded goods purchases + inventory change | 646.1 | 738.7 | 771.8 | 683.8 | 725.0 | 787.2 | 920.2 | 1,101 |
| Employee benefits expense | 77.0 | 67.5 | 78.8 | 79.3 | 70.6 | 90.0 | 107.0 | 87.1 |
| Other expenses | 255.0 | 308.4 | 296.7 | 276.8 | 276.5 | 338.7 | 350.0 | 284.8 |
| EBITDA (revenue less operating costs, excl. other income) | 375.9 | 307.4 | 349.5 | 322.8 | 367.8 | 329.3 | 494.2 | 262.0 |
| Other income | 23.2 | 32.2 | 9.26 | 12.3 | 13.6 | 23.3 | 14.0 | 13.4 |
| Depreciation and amortisation | 25.4 | 24.6 | 26.6 | 25.2 | 24.5 | 27.7 | 30.5 | 30.3 |
| Exceptional items (negative = charge) | 0.00 | 0.00 | 0.00 | 0.00 | -22.5 | 0.00 | 0.00 | 0.00 |
| PAT attributable to owners (standalone) | 271.4 | 233.5 | 244.0 | 227.8 | 244.7 | 242.2 | 347.7 | |
| Minority interest (not applicable) | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | |
| Associates contribution (not applicable) | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | |
| Basic EPS (₹) | 2.36 | 2.47 | 2.30 | 2.47 | 2.45 | 3.51 | 1.78 |
Standalone, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue growth | 40.1% | 13.9% | 6.6% | 5.7% | 6.6% |
| EBITDA margin | 23.6% | 23.8% | 23.6% | ||
| Net margin | 18.1% | 17.1% | 17.0% | 17.3% | 16.6% |
| Return on equity | 49.6% | 46.2% | 43.1% | 42.1% | 45.5% |
| Return on capital employed | 66.9% | 61.1% | 57.5% | 55.6% | 59.7% |
| Return on assets | 25.3% | 26.3% | 27.0% | ||
| Net debt (₹ crore) | -1,123 | -1,317 | -1,078 | ||
| Net debt / EBITDA | -0.94x | -1.03x | -0.80x | ||
| Interest cover | 428.1x | 273.5x | 157.9x | 135.1x | 139.0x |
| Asset turnover | 1.48x | 1.52x | 1.63x | ||
| Receivable days | 27 | 27 | 30 | 30 | 30 |
| Inventory days (on revenue) | 43 | 41 | 38 | 36 | 35 |
| Payable days (on revenue) | 54 | 52 | 51 | 48 | 50 |
| Cash conversion | 0.97x | 1.24x | 0.99x | 1.13x | 1.15x |
| Capex intensity | 2.0% | 2.3% | 1.9% | 1.7% | 1.7% |
| Free cash flow (₹ crore) | 654.8 | 904.8 | 757.5 | 951.4 | 992.8 |
| Dividend payout | 71.6% | 72.8% | 74.4% | 85.3% | 135.4% |
| EPS, diluted (₹) | 7.66 | 8.24 | 8.74 | 9.37 | 9.60 |
| Book value per share (₹) | 16.64 | 19.07 | 21.45 | 23.03 | 19.21 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (revenue less operating costs, excl. other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including leases (requested basis); negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (revenue less operating costs, excl. other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (EPS diluted (INR)).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 3, information to 27 Oct 2026); market data at the close of 27 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
With Individual or above
What the full research on Castrol India includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
See Mool’s call and the full research
Individual or above opens every piece of research Mool has published. A new account can start with 10 days of Pro, or of Firm on a work email address. No card needed.
Report history
Reports on Castrol India
- Research reportLatest
- Research report
- Research report
Same sector
More research in Energy
Adani Enterprises Ltd.
NSE: ADANIENT
Energy · Thermal Coal
₹2,579.40 last close on 30 Oct 2026 −1.09%Research updated
Oil & Natural Gas Corporation Ltd.
NSE: ONGC
Energy · Oil & Gas Integrated
₹225.39 last close on 30 Oct 2026 −0.18%Research updated
Coal India Ltd.
NSE: COALINDIA
Energy · Thermal Coal
₹389.00 last close on 30 Oct 2026 −1.04%Research updated
Indian Oil Corporation Limited
NSE: IOC
Energy · Oil & Gas Refining & Marketing
₹130.15 last close on 30 Oct 2026 −0.20%Research updated
Bharat Petroleum Corporation Limited
NSE: BPCL
Energy · Oil & Gas Refining & Marketing
₹284.90 last close on 30 Oct 2026 −1.49%Research updated
Prices are the last close on the NSE, 30 Oct 2026. Research from Mool’s report of 27 Oct 2026; page updated 2 Nov 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.