SYNOPSIS: This debt-free company and a leading transformer oil manufacturer, reported strong YoY profit and EBITDA growth, driven by petroleum specialty oils, expanding global presence, and a premium lubricant portfolio strategy.
You may be familiar with Apar Industries Limited, the 3rd largest global manufacturer of transformer oils. However, there is another established player operating in the same space that often flies under the radar.
We are talking about Savita Oil Technologies Limited, a leading manufacturer of petroleum specialty products. The company is engaged in the business of developing and manufacturing a broad range of products, including Transformer Oils.
With a market cap of Rs. 2,557.3 crores, shares of Savita Oil Technologies Limited closed in the green at Rs. 373 on Thursday, up by around 3 percent, as against its previous closing of Rs. 362.8 on BSE. The stock has delivered negative returns of over 4 percent in one year, but nearly 9 percent of positive returns in the last one month.
In this article, we take a closer look at the company’s business profile, financial performance, product portfolio, revenue mix, and other key aspects to better understand its positioning and growth prospects.
Company Overview & Product Portfolio
Founded in 1961, Savita Oil Technologies Limited, a leading manufacturer of specialty petroleum products, is principally engaged in two segments, namely, the manufacturing of petroleum speciality products and the generation of electricity through wind power plants.
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It is the first Indian lubricant company in India to manufacture the Ester molecule marketed under the name of “SAVSOL Ester5”. One of the few global companies to manufacture and market mineral, natural and synthetic ester-based fluids for transformers.Â
The company operates four state-of-the-art, ISO-certified manufacturing plants and houses a NABL-certified R&D laboratory. Its product portfolio is primarily driven by Petroleum Specialty Oils, which contribute 71 percent of total sales. This segment includes transformer oils, white and mineral oils, and other formulated specialty products. Lubricating Oils account for 28 percent of sales, comprising automotive and industrial oils, while the remaining 1 percent of revenue comes from other product categories.
The transformer oils are used as an insulating and cooling medium in distribution transformers, power transformers and instrumentation transformers, and are sold under the “TRANSOL” brand. Its key customers include Crompton, Power Grid, BHEL, Tata Power, NTPC, ABB and more.
Savita Oil has established a strong global presence, with operations spanning more than 75 countries, supported by 41 stock points, over 400 distributors, and 1,500 franchisee dealers.Â
Financial Performance
For Q3 FY26, the company posted a consolidated revenue from operations of Rs. 1,074 crores, reflecting a sequential decline of just around 0.2 percent QoQ compared to Rs. 1,076 crores in Q2 FY26. However, on a year-on-year basis, revenue grew nearly 14 percent from Rs. 945 crores recorded in Q3 FY25.
Net profit for Q3 FY26 stood at Rs. 38 crore, indicating a decrease of nearly 7 percent QoQ from Rs. 41 crores in Q2 FY26, but an impressive year-on-year growth by around 217 percent from Rs. 12 crores reported in Q3 FY25.
Operating performance improved during the quarter, with EBITDA rising to Rs. 60 crore, marking a rise of around 112 percent YoY from Rs. 28.3 crores in Q3 FY25, while EBITDA margins surged to 5.5 percent, reflecting an expansion of 250 bps YoY from 3 percent.
This debt-free company delivered a strong performance across its Petroleum Specialties divisions, with Domestic Transformer Oils and White Oils reporting steady growth. The international business also recorded healthy double-digit growth during both Q3 and the nine-month period, reflecting sustained demand momentum across markets.
Within the lubricants segment, the Savsol Ester5 automotive range outpaced the industry significantly, growing at nearly 5x the sector’s rate over the nine-month period. This performance aligns with the company’s strategy to premiumise its lubricant portfolio through advanced and technology-driven products. Management continues to prioritise brand strengthening, deeper penetration in B2C channels, and expansion of its distribution network, targeting consistent double-digit growth in both domestic and overseas markets.
Looking ahead, Savita Oil Technologies Limited remains focused on building new growth avenues aligned with the broader energy transition theme. It is actively developing next-generation ester-based and other synthetic products across emerging verticals such as advanced cooling solutions and renewable energy applications.
Revenue Mix for FY25
Savita Oil reported that Petroleum Specialty Oils contributed 71 percent of its FY25 consolidated revenue, making it the largest segment in its portfolio. This category includes transformer oils used in power and distribution transformers, switchgears, and circuit breakers. It also comprises white and mineral oils catering to industries such as cosmetics, personal care, plastics, pharmaceuticals, agriculture, food lubricants, packaging, and paper. Additionally, formulated specialty products serve applications in optical fibre cables, textiles and leather, auto components, polymers, refrigeration compressors, and construction compounds.
Lubricating Oils accounted for 28 percent of FY25 revenue and are divided into automotive and industrial oils. The automotive range includes passenger car motor oils, heavy-duty diesel engine oils, motorcycle engine oils, and other specialty products. The industrial portfolio covers hydraulic oils, quenching oils, metal working fluids, thermic and heat exchange oils, and refrigeration compressor oils. The remaining 1 percent of revenue was contributed by other product categories.
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