1. Bitumen JV order book - The Amron Oil Resources JV (50% stake) commenced operations in FY26 and on 5 May 2026 received a ₹74 cr Letter of Acceptance from Indian Oil for supply of 15,000 MT of bitumen at Pipavav over 12 months. This single order is nearly 2x GPPL’s standalone EBITDA, and as a 50% partner the company participates in a high-volume infrastructure supply chain that barely existed for it a year ago.
2. Savli bitumen plant acquisition - In February 2026 the board approved the direct purchase of a specialty bitumen manufacturing plant at Savli, Vadodara from New Horizons Asphalt, without a JV partner. Owning a plant outright moves GPPL from pure trading into captive manufacturing of value-added bitumen products, giving it control over formulation and margin that the JV structure does not.
3. HPCL bitumen supply tender - The company signed a 12-month supply agreement with HPCL for 50,000 MT of bulk bitumen VG30 across multiple locations. At 50,000 MT this is the largest single tender in the bitumen portfolio and locks in a full year of high-volume throughput with a state-owned refiner.
4. BPCL bitumen supply tender - GPPL emerged as L1 for 6,000 MT of VG30 and L2 for 1,800 MT of VG40 at Pipavav Port, awarded by BPCL on 27 Jan 2026, with an order value of ₹38 cr inclusive of GST and a one-year contract extendable by another year. Winning both VG30 and VG40 slots at a single port with a second state refiner diversifies the customer base and confirms the company can compete on price and specification.
5. IPOL brand licensing in Nigeria - A 5-year manufacturing and marketing agreement with Delta Fuel and Lubricants Nigeria (blending capacity 36,000 MT) started 1 July 2025, with a royalty of 3% of selling value for the first two years and a minimum guarantee of USD 30,000 per year thereafter. Delta’s turnover was 4.8 bn Naira in CY24 and 6.0 bn Naira in FH25, so even a 3% royalty on a growing base brings high-margin licensing income with zero capex from GPPL.
6. IPOL brand licensing in UAE - A 5-year manufacturing and marketing agreement with Modern International FZE (40,000 MT annual capacity) in Sharjah started 1 October 2025, on the same 3% royalty structure with a USD 30,000 minimum guarantee after two years. The UAE deal adds a second royalty stream in a high-GDP-per-capita market and extends the IPOL brand into the Gulf.
7. Repsol alliance expansion into Bangladesh and Nepal - Management is actively exploring the appointment of exclusive distributors to take the Repsol license into Bangladesh and Nepal, building on the exclusive India license renewed in 2022 for five years. The Repsol brand already has traction in motorcycle oils in India, and adding two neighbouring markets expands the addressable population without building new manufacturing capacity.
8. Industrial lubricants segment entry - The company entered the industrial infrastructure segment with a full range of CK-4 engine oils, gear oils, greases, and hydraulic fluids. This diversifies revenue beyond automotive and RPO into a segment where OEM endorsements and IATF 16949 certification give the product range a credible entry ticket.