NSE: GANDHAR · BSE: 544029
GANDHAR OIL REFINE IND L
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.
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ 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) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ 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 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CASTROL INDIA LIMITED | 18,693 | 17.6 | 9.79 | — | 30.9 | 40.4 | — | 27.2 |
| GULF OIL LUB. IND. LTD. | 5,269 | 14.0 | 3.33 | 7.9 | 21.8 | 27.6 | — | 14.5 |
| SAVITA OIL TECHNOLO. LTD | 4,837 | 11.7 | 2.67 | 16.2 | 10.0 | 13.3 | — | 26.8 |
| GANDHAR OIL REFINE IND L ◆ | 3,110 | 10.3 | 2.22 | 13.1 | 9.8 | 11.4 | — | 16.4 |
| PANAMA PETROCHEM LTD | 3,034 | 6.3 | 2.07 | 10.6 | 14.5 | 17.3 | 16.2 | 22.6 |
| VEEDOL CORPORATION LTD | 2,217 | 10.1 | 2.14 | 8.4 | 18.5 | 19.0 | 11.5 | 16.8 |
| Greenhitech Ventures Limited | 48 | 64.9 | — | — | — | 1.0 | — | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 10.3 | 10.4 | 10 of 20 | 53% |
| P/B | 2.2 | 2.1 | 11 of 18 | 41% |
| 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 | 3110 | 3072 | 10 of 20 | 53% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Record Q2 FY27 revenue and PAT as gross margin reaches 21% | investor communications | medium | — | — |
| 27 Oct 2026 · Q2 FY27 revenue hits record ₹1,847 crore; profit after tax up 368% | compliance | low | — | — |
| 27 Oct 2026 · Q2 profit jumps; new factory manager appointed for Silvassa plant | management changes | medium | — | — |
| 27 Oct 2026 · Q2 revenue and profit surge; Rs 21.29 crore flood provision | results | medium | — | — |
| 27 Oct 2026 · September quarter profit rises sharply despite Rs 21.29 crore flood charge | board shareholder meetings | low | — | — |
| 22 Oct 2026 · Reconciliation of Share Capital Audit Report for Q2 FY27 filed | compliance | minimal | — | — |
| 19 Oct 2026 · Gandhar Oil schedules Q2 FY27 earnings call on Oct 28 at 11 AM | board shareholder meetings | low | — | — |
| 19 Oct 2026 · Board meeting on Oct 27 to approve Q2 FY27 results | results | low | — | — |
| 14 Oct 2026 · Routine quarterly RTA certificate under SEBI Depositories Regulations | compliance | minimal | — | — |
| 6 Oct 2026 · Gandhar Oil allots 9,290 shares under ESOP 2022 scheme | capital market events | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | 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 |
Sources, method and disclosures
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.