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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. PHPO (personal care, healthcare, pharma oils), PIO (industrial/process oils), Lubricants, Exports. Asset-heavy specialty oils and lubricants refiner, exposed to global base oil spreads and geopolitical supply disruptions.
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 4,113 | 3,897 | 4,241 |
| EBITDA (ex other income) | 279 | 176 | 234 |
| margin % | 6.8 | 4.5 | 5.5 |
| Owners' profit | 141 | 80 | 135 |
| EPS, as reported (₹) | 16.27 | 8.18 | 13.83 |
| ROE % · ROCE % | 13.5 · 20.3 | 6.5 · 11.2 | 9.8 · 13.8 |
| Debt / equity (x) | 0.17 | 0.14 | 0.12 |
| Cash from operations | (69) | 15 | 128 |
| Capex | 0 | (58) | (80) |
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 935 | 1,005 | 962 | 903 | 1,060 | 1,167 | 1,093 | 1,732 |
| Profit before tax | 25 | 27 | 17 | 32 | 51 | 45 | 52 | 264 |
| Net profit | 18 | 20 | 12 | 26 | 40 | 34 | 37 | 206 |
| EPS (₹) | 1.91 | 1.98 | 1.19 | 2.68 | 3.68 | 3.31 | 4.16 | 19.65 |
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CASTROL INDIA LIMITED | 18,595 | 17.5 | 9.74 | — | 30.9 | 40.4 | — | 27.2 |
| GULF OIL LUB. IND. LTD. | 5,276 | 14.0 | 3.33 | 7.9 | 21.8 | 27.6 | — | 14.5 |
| SAVITA OIL TECHNOLO. LTD | 4,909 | 11.9 | 2.70 | 16.4 | 10.0 | 13.3 | — | 26.8 |
| PANAMA PETROCHEM LTD | 2,922 | 6.1 | 1.99 | 10.2 | 14.5 | 17.3 | 16.2 | 22.6 |
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 11 Sept 2026 · Gandhar Oil AGM 2026: All 6 resolutions passed | compliance | low | — | — |
| 11 Sept 2026 · Gandhar Oil Refinery holds 34th AGM via video conference; six resolutions considered | board shareholder meetings | low | — | — |
| 10 Sept 2026 · Promoter Ramesh Parekh buys 31,000 shares of Gandhar Oil | ownership changes | medium | — | — |
| 10 Sept 2026 · Promoter Ramesh Parekh buys 19,000 shares of Gandhar Oil in open market | ownership changes | medium | — | — |
| 4 Sept 2026 · Gandhar Oil buys land parcel in Panvel for Rs.2.1 cr | strategic transactions | medium | — | — |
| 1 Sept 2026 · Gandhar Oil to meet analysts and investors on September 7, 2026 | board shareholder meetings | low | — | — |
| 1 Sept 2026 · CRISIL assigns A+/Stable and A1 ratings to Rs 300 crore bank facilities | credit debt | medium | — | — |
| 20 Aug 2026 · Newspaper ad published for 34th AGM notice and e-voting information | compliance | minimal | — | — |
| 19 Aug 2026 · Gandhar Oil announces 34th AGM on September 11, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 18 Aug 2026 · Postal ballot results: 4 resolutions pass with over 99.99 percent majority | board shareholder meetings | medium | — | — |
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) |
| GANDHAR OIL REFINE IND L ◆ | 2,670 | 8.9 | 1.91 | 11.3 | 9.8 | 11.4 | — | 16.4 |
| VEEDOL CORPORATION LTD | 2,436 | 11.1 | 2.35 | 9.3 | 18.5 | 19.0 | 11.5 | 16.8 |
| Greenhitech Ventures Limited | 42 | 56.2 | — | — | — | 1.0 | — | — |
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 8.9 | 10.4 | 9 of 20 | 58% |
| P/B | 1.9 | 2.1 | 7 of 18 | 65% |
| ROCE | 11.4 | 17.1 | 14 of 19 | 28% |
| ROE | 9.8 | 14.5 | 13 of 17 | 25% |
| Debt / Equity | 0.1 | 0.3 | 7 of 18 | 65% |
| EBITDA margin | 16.4 | 12.7 | 7 of 17 | 63% |
| Revenue growth | 91.8 | 26.2 | 3 of 14 | 85% |
| Profit growth | 689.2 | 56.9 | 3 of 15 | 86% |
| Market cap | 2670 | 2796 | 11 of 20 | 47% |
| A state: the latest filed quarter and the measured reactions |
| an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
