Gulf Oil Lubricants India, the Hinduja Group-backed lubricant maker, is placing a substantial second bet on its electric-vehicle charging business. The company’s board has approved a 14% stake increase in Tirex Transmission, its high-speed fast-charger unit, for approximately Rs 38 crore , bringing its total ownership to 65%.
The investment signals deepening conviction in a market that has become central to Gulf’s transformation from a fuel lubricant company into a mobility ecosystem player. Tirex, which manufactures direct-current (DC) chargers, the high-speed EV fueling stations essential for fleet operations and highway corridors posted revenue of Rs 42 crore rupees in the first half of the current fiscal year, a 75% leap from the prior period, driven by both expansion from existing customers and recent wins from major commercial-vehicle operators and automakers.
The company acquired control of Tirex for roughly Rs 103 crore rupees in 2023, following initial turnovers of just Rs 12 crore rupees at the time of acquisition.
Ravi Chawla, MD and CEO of Gulf Oil Lubricants India, articulated a clear ambition to generate Rs 400–500 crores in revenue from the EV charger business within the next four to five years. He explained that achieving this figure would be representative of capturing about 8–10% of the projected market share for DC fast chargers in India. “This is where our ambition is that we can at least generate Rs 400- 500 crores in the DC charger business and AC chargers getting added in India, and also develop products which we can globally also market with Gulf being present in so many countries” said Chawla.
To reach this target, the company’s strategy essentially involves doubling revenue every year.This revenue expectation is built on the combined potential of the DC charger business and the addition of AC chargers in the Indian market, along with developing products for global export. The vision is for the EV mobility piece to account for at least 15–20% of Gulf Oil’s total top line within the next five to six years.
A Three-Part Strategy in Charging
The additional investment underscores a deliberate strategy to weave together hardware, software, and energy management capabilities. In addition to Tirex, Gulf has built stakes in two complementary businesses: a 7.5% share in Indra Renewables, a U.K.-based manufacturer of alternating-current (AC) chargers and home-charging systems featuring bidirectional technology that allows vehicles to return power to homes or the electricity grid, and a 26% stake in Techperspect Software Pvt Ltd through its ElectreeFi platform, a mobile application and fleet-management software suite.
Commanding Position in a Fragmented Market
According to company data, roughly one of every three electric buses operating across India is fitted with a Tirex charger. The company has deployed over 4,500 high-capacity fast-charging units nationwide, serving a diverse customer base that includes public-sector undertakings, charge-point operators, major automotive original-equipment manufacturers, and retail outlets.
The company’s portfolio spans from 30-kilowatt units suitable for smaller vehicles to 360-kilowatt chargers among the most powerful available domestically, catering to long-haul commercial fleets and rapid-refueling applications.
A Crowded But Expanding Market
Tirex operates in a fragmented ecosystem where multiple competitors are vying for share. Tata Power, the nation’s largest player, operates over 5,500 public and semi-public stations and has penetrated more than 180 cities through its EZ Charge brand along with 1100 plus bus charging stations, spread across 530 cities and towns.
Exicom Tele-Systems, another prominent domestic manufacturer, has carved a niche in fleet-focused solutions with proprietary IoT-based management software. ABB India, leveraging global power-automation expertise, manufactures ultra-high-capacity chargers up to 600 kilowatts for highways and depot operations.
Servotech Power Systems has focused on affordable, mass-market chargers for electric vehicles, while Delta Electronics brings advanced thermal-management and renewable-energy integration to its charger lines.
The direct-current fast-charging segment alone is estimated to represent a 1-billion to 1.4-billion-dollar opportunity in India, with the global market potentially reaching 20 billion to 200 billion dollars by 2030, as per Gulf Oil’s investment presentation shared with the analysts.
New Revenue Streams Beyond Buses
While Tirex has dominated the electric-bus charging sector, Chawla’s remarks suggest the company is expanding beyond its traditional stronghold. Recent contract wins include supplying AC chargers for MG Motors and VinFast, moves indicating deeper penetration into the personal-vehicle segment. Additionally, Tirex has signed a memorandum of understanding with the Government of Gujarat to construct a large-scale manufacturing plant for EV fast-chargers, a move that would allow domestic production scaling and potentially reduce costs.
The timing reflects broader infrastructure ambitions across India. The government has allocated roughly Rs 2000 crore dollars under the PM E-DRIVE scheme to support nationwide deployment of EV charging networks, and as of late 2024, the country had established approximately 25,200 dedicated public charging points. This foundational expansion is expected to unlock demand for both operator services and charger hardware, benefiting companies positioned in the supply chain.
The Ecosystem Play
Gulf Oil’s incremental stake increase suggests the company is positioning Tirex not merely as a charger manufacturer but as a cornerstone of an integrated charging ecosystem. By combining fast-charging hardware with home-charging systems and cloud-based fleet-management software, Gulf is attempting to create what executives describe as a “bundled” offering, mirroring strategies pursued by global energy majors moving into renewable and electric-mobility spaces.
Industry observers will be watching whether Tirex can sustain its growth trajectory amid intensifying competition from well-capitalized players such as Tata Power and international giants like ABB and Delta.
For now, the electric-bus segment remains a moat: Tirex’s established relationships and track record have created meaningful switching costs. Whether that advantage extends into the higher-margin personal and commercial-vehicle charging markets, where competition is denser, remains an open question as India’s EV infrastructure race accelerates.
Dream Beyond, Go Beyond
Meanwhile, Gulf Oil is articulating a brand positioning for the B2B segment. Titled as ‘Dream Beyond, Do Beyond’, Chawla, during the recently held EXCON 2025 event in Bengaluru, highlighted that in order to populate this message, the company is launching new commercials across traditional media and social media platforms, supported by a heavy emphasis on technical backups and sustainable product offerings.