Tirex Chargers crossed the ₹100 crore revenue mark in FY26.
Reflecting the rapid industrialization and accelerating adoption of clean mobility solutions across India, Tirex Chargers , the electric vehicle (EV) charging subsidiary of Gulf Oil Lubricants India Limited, has officially crossed the landmark ₹100 crore revenue threshold during the 2025–26 financial year (FY26). The major milestone highlights the company’s strategic expansion within the high-power EV supply chain network and solidifies its financial contribution to its parent company's long-term growth roadmap.
Accelerated Infrastructure Deployments Fuel Growth
The unprecedented revenue growth serves as a validation of Tirex’s aggressive market expansion model, moving from a consolidated operating income of approximately ₹25.1 crore in FY24 and ₹78.7 crore in FY25 to breaching the ₹100 crore barrier this past fiscal year. This upward trajectory has been primarily propelled by a massive surge in the commissioning of high-capacity DC fast-charging systems alongside strengthening commercial partnerships in the automated AC OEM supply segment.
Operating as an established manufacturer of both alternating current (AC) and direct current (DC) electric vehicle charging architectures, the Ahmedabad-born firm has systematically integrated its operations to cater to a diversified group of end-users. These include Public Sector Undertakings (PSUs), independent Charge Point Operators (CPOs), commercial fleet companies, and premier automotive original equipment manufacturers (OEMs).
Command Over Fleet and e-Bus Segments
A central pillar of Tirex's financial success in FY26 is its definitive leadership position in India's highly demanding electric bus and commercial fleet charging segment. Company management revealed that Tirex has captured an authoritative 30% to 40% market share in the electric bus charging landscape. The brand has deployed high-capacity infrastructure for prominent heavy commercial OEMs, including serving as an approved charging solutions vendor for marquee public transit and fleet deployment giants across the country.
By prioritizing high-utilization depot charging systems and high-power DC fast-charging models (ranging upwards of 240kW), Tirex has successfully insulated its order book against consumer market volatility. Instead, it has aligned itself with the steady, high-volume capital expenditure outlays of state transport undertakings and logistics conglomerates that are driving large-scale urban fleet electrification.
Strong Corporate Synergy with Gulf Oil
Tirex's market positioning has been fundamentally reinforced by the robust financial and strategic backing of its parent entity, Gulf Oil Lubricants India Limited (a prominent member of the Hinduja Group). Recognizing the extensive growth runway within India's EV charging architecture, Gulf Oil scaled up its original 51% controlling stake to approximately 65% by injecting fresh capital. This equity infusion has significantly de-leveraged Tirex's balance sheet, providing essential liquidity headroom to bankroll research and development, optimize product quality systems, and fund advanced factory scaling, including allocations for expanded land and manufacturing assets.
With the central government setting aggressive national benchmarks to transition public and commercial transport networks toward zero-emission powertrains, the demand for localized, heavy-duty charging hardware continues to expand exponentially. Backed by corporate scale and an expanding technical footprint, Tirex Chargers is well-positioned to convert this structural shift into sustainable, long-term commercial returns while paving a resilient pathway toward self-reliant green transit infrastructure across India.