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NSE:GANDHAR

GANDHAR OIL REFINE IND L

Oil Gas & Consumable Fuels › Petroleum Products
₹317.70
at close · 27 Oct 2026
▲ 17.80 (+5.94%)

Latest filings

  1. Record Q2 FY27 revenue and PAT as gross margin reaches 21% · Investor Communications
  2. Q2 FY27 revenue hits record ₹1,847 crore; profit after tax up 368% · Compliance
  3. Q2 profit jumps; new factory manager appointed for Silvassa plant · Management Changes
All filings ↓
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Snapshot

What the business is, and whether it's a good one at a fair price.

AI · written from filings

Makes specialty petroleum oils and lubricants at its Silvassa manufacturing plant, selling into three streams — PHPO (personal care, healthcare and pharma oils, up 18% YoY in Q1 FY27), PIO (industrial/process oils, up 28% YoY), and a stable lubricants base business. Q1 FY27 manufacturing volumes were 1,31,247 KL, with capacity utilisation at 97% on a two-shift basis, and exports climbed 54% YoY to 51% of consolidated revenue. The gross margin spread jumped to INR 28,145/KL from INR 8,274/KL historically, driven by Middle East supply disruptions, which lifted consolidated revenue 92% YoY to INR 1,731.9 cr. Materials account for 87.7% of revenue, making base oil sourcing the dominant cost line, with employee costs at 1.4% and other opex at 4.6%. The Texol subsidiary was temporarily affected by the Middle East supply disruption, though logistics normalising. Operations at Silvassa were separately hit by flooding in July 2026, with restoration underway; the company is standalone debt-free and declared a 100% interim dividend.

Operating scale
Capacity utilisation
97% on 2-shift basisQ1 FY27
Manufacturing volumes
1,31,247 KLQ1 FY27
Export share of consolidated revenue
51%Q1 FY27
Gross margin spread
INR 28,145/KL (vs INR 8,274/KL historically)Q1 FY27
Manufacturing plant location
Silvassa, Dadra and Nagar Haveli
Capex
1.9% of revenue (FY26)FY26
Who pays it
B2B customers across personal care, healthcare, pharma (PHPO), industrial and process sectors (PIO), and lubricant buyers, plus overseas buyers making up 51% of Q1 FY27 consolidated revenue.
Biggest cost
Materials/raw materials at 87.7% of revenue, dominated by base oil sourcing.
Kind of business
Asset-heavy specialty oils and lubricants refiner, exposed to global base oil spreads and geopolitical supply disruptions.
Where it sits
Listed on NSE and BSE in the lubricants/specialty oils industry; CRISIL-cited specialty oils industry growing at 6-7% CAGR in India, with management targeting 8-10% volume growth.
Market Cap
₹3,110 Cr
P / E (TTM)
10.3×
EV / EBITDA
6.7×
Div Yield
0.39%
Growth
—·
Revenue 5y CAGR
PAT — · EBITDA —
Quality
13.8%▲
ROCE (FY26)
ROE 9.8% · margin 5.8%
Leverage
0.12·
Debt / Equity · low
Net debt ₹140 Cr
Revenue FY24→FY26
1.0×▲
Margin −0.8 pts
₹4,113 Cr → ₹4,241 Cr
Cash conversion
0.19×▼
Operating cash ÷ profit · 3 yrs
₹73 Cr on ₹386 Cr
Moves on a normal day
1.42%·
Median daily move
Last 267 sessions · the yardstick for filing-day moves
Where it sits among 19 Petroleum Products peersBar = share of peers beaten · tick = industry median · latest reported figures
P/E (TTM)#10/20
P/B#11/18
ROCE#14/19
ROE#13/17
Debt / Equity#7/18
EBITDA margin#7/17
Revenue growth#3/14
Profit growth#3/15

Scorecard

Measured from the filed financials, judged against its Petroleum Products peers · as of FY26 — not investment advice

Strengths
Debt at 0.12× equity
lower than 65% of its 18 Petroleum Products peers
Concerns
Over 3 years it reported ₹386 Cr of profit and ₹73 Cr of operating cash — 0.19×
Less than 60p of every ₹1 of profit arrived as cash

Charts

How has the market priced it — with filings on the timeline?

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Peers

How does it stack up on valuation, returns and growth?

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Financials

Quarterly & annual P&L, balance sheet, cash flow, ratios and segments.

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Ownership

Who owns it — and is the promoter stake clean?

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Common questions

Answered from GANDHAR OIL REFINE IND L's filed financials and exchange disclosures

What does GANDHAR OIL REFINE IND L do?

GANDHAR OIL REFINE IND L is a Petroleum Products company listed on NSE and BSE, trading under the symbol GANDHAR.

Is GANDHAR OIL REFINE IND L profitable?

Yes. Over the trailing twelve months GANDHAR OIL REFINE IND L reported a net profit of ₹317 Cr on revenue of ₹5,052 Cr.

Does GANDHAR OIL REFINE IND L pay a dividend?

Yes. The dividend yield is 0.39% at the current price. It paid out 9% of its profit as dividend in FY26.

Is GANDHAR OIL REFINE IND L debt-free?

No. It reported borrowings of ₹168 Cr on its 31 Mar 2026 balance sheet, or net debt of ₹140 Cr after cash. Debt stands at 0.12× equity. That is lower than 65% of its 18 Petroleum Products peers.

Is GANDHAR OIL REFINE IND L expensive compared with its peers?

On trailing P/E, GANDHAR OIL REFINE IND L ranks 10 of 20 in Petroleum Products — cheaper than 53% of them, against an industry median of 10.4×. This is a position, not a valuation judgement.

How much does the GANDHAR OIL REFINE IND L share price move in a day?

On a typical session GANDHAR OIL REFINE IND L moves 1.42% — that is the median absolute close-to-close move across its last 267 trading days. MarketPing measures each filing's price reaction against it.

Where can I track GANDHAR OIL REFINE IND L's announcements?

Every NSE and BSE filing by GANDHAR OIL REFINE IND L appears on this page, AI-summarised, alongside the price reaction that followed it. Follow the company to get each new filing on WhatsApp within minutes.

Figures are as last reported and may lag the latest filing. Not investment advice.