Motul India, the Indian arm of the 173-year-old French lubricant maker Motul, is targeting 13–14 per cent growth and roughly ₹200 crore in additional revenue in FY27, which could take its revenue to about ₹1,220–1,250 crore from an estimated ₹1,080–1,100 crore in FY26, according to industry sources familiar with the company’s plans.
This is even as India’s ₹25,000–30,000 crore automotive lubricant industry is expected to slow to about 1 per cent growth in FY27 from the double-digit expansion seen in recent years due to the higher input costs emanating from the Middle East crisis.
For vehicle owners and the country’s vast network of independent workshops, the shift is likely to be felt through successive lubricant price increases, even as Motul bets that demand for better-performing oils and maintenance products will continue to expand.
Nagendra Pai, CEO of Motul India & South Asia, said the company has already implemented one round of price increases in May and expects a second, broadly similar increase in the first week of June, in line with revisions being undertaken by other major players in the industry. He said input costs have risen by about 50 per cent, driven primarily by higher base oil prices linked to disruptions in West Asia, but the company has so far passed on only 30–35 per cent of the increase.
Pai said Motul has doubled both revenue and volumes over the past four years, delivering a compound annual growth rate of around 15 per cent. India is among Motul’s most important global markets, and the company currently holds a high single-digit share of the domestic lubricant aftermarket. It expects to cross into double-digit market share during FY27 and aims to become the undisputed No. 2 player by FY30.
From Racing Heritage to Everyday Mobility
More than 90 per cent of Motul India’s revenue comes from the aftermarket, supported by around 320 distributors, while its relationships with Bajaj Auto, Yamaha Motor India, Suzuki Motorcycle India, KTM and Mercedes-Benz India provide technology validation and strengthen its presence in high-performance motorcycles and premium passenger vehicles.
Premiumisation remains the company’s biggest growth lever. Founded in 1853, Motul traces its origins to the United States as the Swan & Finch Company before evolving into the French brand known for pioneering synthetic lubricants and supporting motorsport teams worldwide. Pai said higher-capacity motorcycles currently account for only 6–7 per cent of India’s two-wheeler market but could rise to 35–40 per cent over the next four to five years.
The company is also expanding in India’s large scooter market, where rising awareness about preventive maintenance is creating a broader opportunity for branded lubricants. Reinforcing its premium strategy, Motul recently introduced IPONE, a motorcycle-only lubricant brand that combines French formulation expertise with Japanese-inspired design and rider culture. Structured around a judo belt-based product system, the range is being rolled out across six core and fourteen key markets. Pai said premium and synthetic oils already account for about a quarter of Motul India’s sales and described the launch as “premiumisation that is meaningful, not cosmetic.”
New Engines of Growth
The passenger car engine oil business has doubled over the past two years and is now the company’s fastest-growing segment, driven by SUVs and premium vehicles. Motul has also brought to the aftermarket products developed for Mercedes-Benz service workshops and is leveraging its range of automatic transmission fluids as vehicles become more sophisticated.
Rural India is another important growth frontier. Motul has built a network of more than 1,000 rural distributors, and these markets now contribute 10–11 per cent of revenue, a figure the company expects to increase to 25–30 per cent over the next four to five years.
The company is also expanding in CNG-specific lubricants, including products developed with Bajaj Auto, particularly in markets such as the National Capital Region. Beyond lubricants, Motul’s two-year-old vehicle care and additives business, spanning fuel additives, engine cleaners and maintenance products, is growing rapidly and emerging as a new pillar of growth.
Preparing for the Next Engine Era
Motul’s product roadmap extends well beyond conventional engine oils. Its lubricants are already E27-ready for higher ethanol blends, and Pai said stricter CAFE fuel-efficiency norms are increasing demand for advanced low-viscosity oils and transmission fluids. Motul is working with automakers to develop battery cooling and thermal-management fluids for electric vehicles and is also developing products for biodiesel, hydrogen engines and lubricants made from re-refined base oils, company officials informed .