ARABIAN
Arabian Petroleum financials
- Market cap
- ₹85 Cr
- Sector
- Oil, Gas & Consumable Fuels
- Calls analysed
- 2
ARABIAN H1 FY26
What went well
- Revenue grew by 24% in H1 FY26, demonstrating strong top-line performance.
- PAT grew by 33% in H1 FY26, indicating improved profitability.
- EBITDA grew by 16% and EPS by 30% in H1 FY26.
What to watch
- Net profit margin remains low despite significant revenue growth in H1 FY26.
- The Indian market for eco-friendly/biodegradable lubricants is still nascent, limiting immediate growth in this segment.
What Arabian Petroleum Ltd does
Arabian Petroleum Ltd formulates and manufactures industrial and automotive lubricants — engine oils, gear and transmission oils, hydraulic oils, greases and specialty fluids — marketed under its Arzol brand from plants at Ambernath, Maharashtra. It sells through Industrial, Automotive, Private Label, Tender, Export and Process & Specialty Oils segments, supplying OEMs, industrial customers and government/defense bodies such as the Army, Navy, Air Force, BHEL, MOIL and BEML. The company holds NSF/US-FDA food-grade lubricant approval and DRDO technology-transfer rights for defense-grade fluids (e.g., Universal Recoil Fluids), and has expanded into metalworking lubricants via majority-owned subsidiary Lavisa Technologies and into UAE trading via wholly owned subsidiary Arzol Petroleum Trading FZE.
Segments
- Industrial (APL segment)
- Automotive (Arzol brand)
- Private Label
- Tender
- Exports
- Process & Specialty Oils
- Manufacturing plants
- 2 (Ambernath, Maharashtra)
- Total production capacity
- 48,000 KL/year
- Employees
- 250+
- Distributor network
- 300+
- Export countries
- 30+
- Indian states covered
- 22+
Guidance record · Q2 FY26
what the last two calls moved 10 tracked 1 delivered 2 missed 7 open- Operational Status delivered said Q4 FY25 Promised: South India warehouse also is going to be live in the coming 2 months. Q2 FY26: Management confirmed they opened a new warehouse in Bangalore to improve service in the South.
- Investor Relations Updates went quiet said Q4 FY25 Promised: We would be giving every monthly update on certain platforms... productive updates every month. Q2 FY26: No mention of these updates being successfully rolled out or maintained.
- Margin Growth Rate on track said Q4 FY25 Promised: Retain margin growth rate of 20-25% over a period of next 2 to 3 years. Q2 FY26: EBITDA grew 16%, PAT grew 33%; management reiterated focus on improving margins via 50% gross margin specialty products.
All 10 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q4 FY26: revenue up 61.1%, net profit up 66.7% against the same quarter last year.
| Line item | Q2 FY23 | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 110 | 133 | 118 | 144 | 139 +26% | 146 +10% | 182 +54% | 232 +61% |
| EBITDA | 3 | 6 | 7 | 7 | 8 +167% | 8 +33% | 9 +29% | 9 +29% |
| Net profit | 1 | 4 | 3 | 3 | 5 +400% | 4 +0% | 6 +100% | 5 +67% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +3.3% 1Y
1Y: ₹75.6 on 8 Sept 2025 → ₹78.1. High ₹93.5 (6 Aug 2026), low ₹64 (24 Jun 2026).
Balance sheet
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Equity capital | ₹11 Cr | ₹11 Cr | ₹11 Cr |
| Reserves | ₹38 Cr | ₹53 Cr | ₹58 Cr |
| Borrowings | ₹35 Cr | ₹37 Cr | ₹48 Cr |
| Other liabilities | ₹15 Cr | ₹20 Cr | ₹55 Cr |
| Total liabilities | ₹99 Cr | ₹121 Cr | ₹172 Cr |
| Fixed assets | ₹13 Cr | ₹12 Cr | ₹13 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹1 Cr | ₹1 Cr |
| Other assets | ₹86 Cr | ₹109 Cr | ₹158 Cr |
| Total assets | ₹99 Cr | ₹121 Cr | ₹172 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs added +0.51 pp while the public trimmed −0.46 pp. The shareholder count shrank 10% to 641.
- Promoters
- 73.5%
- DIIs
- 0.5%
- Public
- 26.0%
Since Jun 2025
- DIIs +0.51 pp
- Public −0.46 pp
- FIIs −0.06 pp
How it drifted, 9 quarters
Ownership split by quarter, oldest first. Dec '23: Promoters 73.5%, FIIs 0.1%, Public 26.5%.Mar '24: Promoters 73.5%, FIIs 0.1%, Public 26.5%.Sep '24: Promoters 73.5%, FIIs 0.1%, Public 26.5%.Mar '25: Promoters 73.5%, FIIs 0.1%, Public 26.5%.Jun '25: Promoters 73.5%, FIIs 0.1%, Public 26.5%.Sep '25: Promoters 73.5%, Public 26.6%.Dec '25: Promoters 73.5%, DIIs 0.5%, Public 26.0%.Mar '26: Promoters 73.5%, DIIs 0.5%, Public 26.0%.Jun '26: Promoters 73.5%, DIIs 0.5%, Public 26.0%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Arabian Petroleum Ltd above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Darshana Hemant Mehta | 27.65% | unchanged |
| Manan Hemant Mehta | 18.98% | unchanged |
| Hemant Dalsukhrai Mehta | 16.77% | unchanged |
| Vandan Manoj Mehta | 4.96% | unchanged |
| Dharman Manoj Mehta | 4.96% | unchanged |
| Saturn Dess Private | 1.34% | unchanged |
| Nitin Dalsukhrai Mehta | 0.09% | unchanged |
| Nita Nitin Mehta | 0.05% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (2)
Read the Q2 FY26 call →Learn to analyse Arabian Petroleum Ltd
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