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Valvoline Cummins Private Limited · FY25 (Apr'24–Mar'25, audited)
Leading MNC / private aftermarket lubricants brand in India — single-digit share, premiumising
500 employees · 1 plant + regional DCs · 6 export markets
▲ Executive read· the answer, then the moves

Margin is expanding, but ≈ ₹38 Cr of EBITDA still sits between today's 11.9% margin and the 13.5% target — held in the still-scaling premium lines and SG&A. Convert the switch-to-synthetic mix shift and Aramco sourcing into reported EBITDA to lift ROE (~61%) and the dividend to the two parents.

7 of 8 headline metrics improving vs prior · still off target: Total Revenue ₹2,361 Cr vs ₹2,650 Cr, Revenue Growth (YoY) 4.3% vs 6.0%, Gross Margin 31.0% vs 33.0%

Do now — ranked by urgency
  1. 1
    Base-oil cost & USD/INR — the swing factorAct now
    Why it matters

    Leverage Aramco sourcing synergy; hedge FX; sequence price actions.

    What's driving it
    • Gross margin
    • Signal: Alert
    FYI

    ~55-60% base oil is imported (Group II/III); crude + FX spikes compress margin before SKU repricing.

    Act →
  2. 2
    Close the margin gap to the 13.5% targetWatch
    Why it matters

    ≈ ₹38 Cr of EBITDA stands between 11.9% margin and the 13.5% peer-level target — the swing that lifts ROE and the dividend to the two JV parents.

    What's driving it
    • Adj. EBITDA margin 11.9% vs 13.5% target
    • 4 of 7 product lines below 80% premium-mix capture
    FYI
    • Revenue ₹2,361 Cr; SG&A 12.0% of revenue
    • Each margin point ≈ ₹24 Cr of EBITDA
    See product lines →
  3. 3
    OEM & DEF are margin-dilutiveWatch
    Why it matters

    Grow retail / synthetic faster than DEF / OEM to protect blended margin.

    What's driving it
    • Segment margin mix
    • Signal: Alert
    FYI

    OEM & genuine oil (8.5% EBITDA) and DEF are LOW-margin and rising in the mix; retail & synthetic carry the margin.

    Act →
  4. 4
    Working-capital & freight optimization — PlannedWatch
    Why it matters

    Unbanked EBITDA & capex-ROI until captured.

    What's driving it
    • ₹12 Cr run-rate targeted
    • Signal: Savings program
    FYI
    • Inventory / DSO discipline + freight & warehousing efficiency.
    • Owner: CFO
    Act →
🛢 Premiumization-led growthStep 4 of 7 · the P&L & quality of earnings◀ Enterprise 360Cash 360 ▶All journeys
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↗ Where this connects — act / drill across
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Total Revenue
₹2,361 Cr
▲ 4.6% vs priorTarget ₹2,650 Cr
Revenue Growth (YoY)
4.3%
▼ 12.2% vs priorTarget 6.0%
Gross Margin
31.0%
▲ 5.1% vs priorTarget 33.0%
EBITDA
₹281 Cr
▲ 7.3% vs priorTarget ₹340 Cr
EBITDA Margin
11.9%
▲ 2.6% vs priorTarget 13.5%
Premium & Synthetic Revenue
₹780 Cr
▲ 14.7% vs priorTarget ₹980 Cr
Premium / Synthetic Mix %
33.0%
▲ 10.0% vs priorTarget 40.0%
Free Cash Flow
₹180 Cr
▲ 20.0% vs priorTarget ₹220 Cr
Exhibit 1

P&L bridge — revenue to EBITDA

How ₹2,361 Cr of revenue converts to ₹281 Cr adjusted EBITDA.

Exhibit 2

P&L at a glance

Revenue₹2,361 Cr100.0%
Cost of goods sold(₹1,629 Cr)(69.0%)
Gross profit₹732 Cr31.0%
SG&A(₹283 Cr)(12.0%)
Adjusted EBITDA₹281 Cr11.9%
Exhibit 3

Revenue & EBITDA

Exhibit 4

Revenue by division

Retail & Aftermarket57%
OEM & Genuine Oil20%
Industrial Lubricants13%
Coolants, Specialties & Exports10%
Exhibit 5

Reported → Adjusted EBITDA

Diligence-grade add-back walk.

Exhibit 6

EBITDA — prior to current

Premiumisation / synthetic-mix uplift, volume growth and Aramco base-oil sourcing synergy vs. base-oil price / USD-INR headwind.

Exhibit 7

EBITDA margin by division

Exhibit 8

Revenue by end-market

Planning

FP&A & productivity

Forecast discipline, cost & sustainability savings, and productivity.

Budget Variance
-1.0%
▲ 50.0% vs priorTarget 0.0%
Forecast Accuracy
92.0%
▲ 3.4% vs priorTarget 95.0%
Program Realization (Aramco / Synthetic)
72.0%
▲ 24.1% vs priorTarget 100.0%
Revenue / Employee
₹472 L
▲ 4.7% vs priorTarget ₹520 L
SG&A % of Revenue
12.0%
▼ 4.0% vs priorTarget 11.0%
Growth + Margin (Rule of 40)
16
▲ 6.7% vs priorTarget 20
Exhibit 9

Product-line performance

EBITDA uplift and premium-mix capture by product line as each brand scaled.

Product lineScaledRevenueValue-addedEBITDA ₹CrPremium-mix captureStatus
All Fleet1998₹620 Cr₹210 Cr8→7088%Integrated
Premium Blue1998₹430 Cr₹240 Cr6→3782%Integrated
ProFleet2005₹250 Cr₹90 Cr7→2880%Integrated
Ultramax2008₹240 Cr₹140 Cr8→2868%In progress
Champ 4T2010₹210 Cr₹70 Cr9→2578%Integrated
MaxLife2015₹180 Cr₹150 Cr11→2772%In progress
SynPower2016₹300 Cr₹300 Cr12→5474%In progress
Act on it

Where to go next

One click into the owning view — each reads the same live governed dataset.

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Morning Briefing

CEO brief — wins, red flags, top actions.

Open →
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Scenario Forecast

Pull the value levers — bull / base / bear on EBITDA & EV.

Forecast →
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Reconciliation

Prove the P&L ties out — identity tests on the numbers.

Verify →
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Board Deck

A complete board strategy deck from live data.

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