Q1. Could you start by giving us a brief overview of your professional background, particularly focusing on your expertise in the industry?

I bring over 25 years of rich experience across the FMCG and Lubricants industries, having worked with some of the most respected multinational brands in India. My career spans a diverse set of roles across sales, brand management, strategic marketing, sales strategy, and route to market. Over the last 10 years, I have held leadership positions with full P&L responsibility, driving business transformation, category growth, and brand innovation. This journey has equipped me with a strong understanding of both frontline execution and strategic thinking, enabling me to build high-performing teams, unlock new revenue pools, and steer businesses through dynamic market shifts.

Q2. How are the evolving trends in vehicle electrification and hybrid technology influencing lubricant product demand and portfolio evolution?

The rise of vehicle electrification and hybrid technology is undoubtedly reshaping the automotive landscape, but the impact on lubricant demand is more nuanced than it may initially appear. While these technologies are gaining ground, especially in urban and premium segments, the pace of transition—particularly in a diverse and cost-sensitive market like India—is slower than anticipated. It's a classic case of overestimating change in the short term and underestimating it in the long term.

Internal Combustion Engine (ICE) vehicles will continue to dominate Indian roads for the foreseeable future, driven by infrastructure, affordability, and consumer behavior. This ensures that the lubricant industry will still see growth, supported by rising vehicle ownership and increased usage intensity.

That said, the industry cannot afford to be complacent. Forward-looking lubricant players are already investing in EV-compatible products such as e-fluids, thermal management coolants, and greases tailored to electric drivetrains. The real strategic shift lies in running parallel tracks: continuing to innovate for ICE platforms while simultaneously building capabilities for the electrified future. Agility in product portfolio management and anticipating OEM needs will be critical for staying ahead.

Q3. Are sustainability credentials (e.g., biodegradable oils, circular packaging) becoming a differentiator in B2B or consumer sales conversations?

Sustainability is undeniably becoming a key agenda across industries, but when it comes to actual sales conversations, especially in the B2B and consumer lubricant space, it's still an emerging differentiator rather than a decisive one. While many customers express interest in biodegradable oils or circular packaging, few are currently willing to pay a premium or invest significantly in process changes solely for sustainability.

That said, the direction of travel is clear. We're seeing sustainability increasingly feature in RFPs, stakeholder discussions, and corporate procurement frameworks—especially from global or ESG-conscious clients. In the short term, performance and cost remain the dominant decision drivers. But over the long term, I see sustainability credentials evolving into table stakes rather than a nice-to-have. The strategic opportunity lies in building future-ready solutions that don't force a trade-off between sustainability, performance, and value, and in doing so, shaping the narrative rather than reacting to it.

Q4. How is digital transformation (e.g., telematics, predictive maintenance, connected vehicles) influencing lubricant sales models or customer expectations?

Digital transformation—through telematics, predictive maintenance, and connected vehicles—is beginning to reshape the lubricant industry, but we are still in the early innings. Adoption remains limited to a few forward-thinking customers, particularly in fleet, industrial, and OEM segments. However, where implemented well, these technologies are already delivering significant value through enhanced equipment uptime, optimized drain intervals, and improved operational efficiency.

From a sales model perspective, these shifts are moving us toward more solution-led selling. Customers are increasingly expecting data-driven insights, not just product delivery. This is pushing lubricant providers to evolve from being product suppliers to becoming performance partners—bundling fluids, analytics, and digital tools to create measurable impact.

While cost remains a barrier for some, the long-term benefits—predictable maintenance, extended equipment life, and lower total cost of ownership—are compelling. Strategically, the lubricant industry must invest in digital capabilities, partnerships, and platforms that enable scalable value delivery, aligning with the broader ecosystem of connected mobility and Industry 4.0.

Q5. How are competitive dynamics evolving—are local or niche players gaining market share in certain segments or geographies? 

The competitive landscape in the lubricant industry is undergoing significant change. With relatively low entry barriers and greater access to technology and blending capabilities, a growing number of local and niche players are entering the market. These players are especially active in price-sensitive segments and certain geographies where speed, cost, and local relationships matter more than brand equity.

Although they are increasing their market share, this growth is also hastening the category's commoditization, which frequently results in declining prices and a weakening of quality standards. If left uncontrolled, this trend has the potential to erode consumer confidence in the category and long-term value development. From a strategic perspective, it is essential for established players to set themselves apart by providing exceptional customer service, technical support, and value driven by innovation, in addition to brand and scale. To remain competitive in this changing business environment, strengthening B2B relationships, utilizing digital tools, and providing customized solutions will be essential.

Q6. To what extent do customers consider lifecycle value (like longer drain intervals or equipment protection) when making lubricant decisions?

Lifecycle value is becoming an increasingly important consideration, especially among evolved and professionally managed customers. These customers go beyond the per-litre price and evaluate lubricants in terms of total cost of ownership, such as cost per kilometer, cost per component, or cost per operating hour. They recognize that longer drain intervals, enhanced equipment protection, and reduced maintenance downtime directly translate into operational efficiency and profitability.

This value-based mindset is particularly strong in sectors like fleet, industrial manufacturing, and heavy-duty applications, where the lubricant's performance has a tangible impact on productivity and end-product quality. However, in more fragmented or cost-sensitive segments, upfront price still dominates decision-making.

The strategic opportunity for lubricant providers lies in educating customers on the measurable benefits of premium products through data, trials, and performance benchmarking—shifting conversations from cost to value creation over the lifecycle.

Q7. If you were an investor looking at companies within the space, what critical question would you pose to their senior management?

As an investor evaluating companies in the lubricant space, I would focus on a few fundamental questions that go beyond financials to assess long-term competitiveness and resilience:

• What is your true product differentiation?
• How defensible is your technology, formulation, or value proposition in a market increasingly driven by commoditization?
• How effectively do you deliver lifecycle value to customers?
• Are your solutions translating into measurable customer outcomes, like reduced downtime, longer drain intervals, or lower total cost of ownership?
• How strong and trusted is your brand?
• Does your brand command preference, pricing power, and recall in both B2B and B2C segments?
• How agile and cost-efficient is your supply chain?
• Can you deliver consistently and competitively while maintaining quality, especially across diverse geographies?
• Is your commercial team skilled in value-based selling?
• In a market crowded with low-cost alternatives, how well does your frontline articulate and capture the value you create?

These questions help uncover whether a company is simply keeping pace with the market or shaping its future through strategic clarity, execution strength, and customer-centric innovation.