Two Hinduja Group companies have achieved identical dividend payments for FY26, both recommending ₹30 per share final dividend. According to reports from The Financial Express, Gulf Oil Lubricants India paid this amount out of record engine oil sales, while GOCL Corporation received it from land sales in Hyderabad. The companies split in 2014 when Gulf Oil Corporation spun off its lubricants business into Gulf Oil Lubricants India, with shareholders receiving one new share for every two held. At current prices, Gulf Oil offers a 4.6% dividend yield while GOCL provides 7.9%, significantly above industry averages.
Gulf Oil Lubricants India has demonstrated robust financial growth with sales rising 33% to ₹1,320 crore in Q1 FY26. As reported by The Financial Express, the company's net profit increased 32% to ₹128 crore while operating profit climbed to ₹170 crore. Core lubricant volumes grew 17% year-on-year, with retail, carmaker and industrial segments each posting double-digit gains. The company maintains a market capitalization of ₹5,500 crore and has paid ₹51 per share total for FY26, with free cash flow of ₹323 crore supporting the dividend payments.
GOCL Corporation's ₹1,522 crore net profit in FY26 was primarily driven by land sales, specifically the monetization of 264.5 acres at Kukatpally, Hyderabad for ₹3,402 crore in stages. According to company filings, 157 acres have been monetized so far, with the remainder awaiting mortgage release. The company sold its explosives subsidiary IDL Explosives to Apollo Defence Industries for ₹107 crore in November 2025, which previously contributed 87% of group sales with ₹623 crore turnover in FY24.
GOCL is set to merge with Hinduja National Power Corporation (HNPCL), which operates a 1,040 MW thermal power plant in Visakhapatnam. The merger, approved in December 2025, will bring HNPCL's revenue of ₹2,437 crore into GOCL's operations. However, the NCLT Amaravati bench has rejected the initial application citing disclosure mismatches, though the NCLAT has set shareholder meetings for October 5, 2026. Both companies trade at attractive valuations with Gulf Oil at 14x PE and GOCL at 7x PE, significantly below industry medians.
