GANDHAR
Gandhar Oil Refinery (India) share price & financials
- Price
- ₹180.26
- Market cap
- ₹2.3k Cr
- Sector
- Oil, Gas & Consumable Fuels
- Calls analysed
- 5
Gandhar Oil Refinery (India) Limited Q1 FY27
What went well
- Consolidated revenue increased by 92% year-on-year to ₹1,731.9 crores.
- EBITDA grew by 512% year-on-year to ₹281 crores, with EBITDA margins expanding to 16.20%.
- Profit after tax stood at ₹206 crores, representing a growth of 688% year-on-year, the highest quarterly profit reported by the company.
What to watch
- Operations of subsidiary Texol were temporarily impacted by regional supply constraints and disruption in vessel movements due to geopolitical situation.
- Geopolitical tension in the Middle East, concerns surrounding the Strait of Hormuz, and volatility in crude oil pricing created a challenging operating environment.
What Gandhar Oil Refinery (India) Limited does
Gandhar Oil Refinery manufactures and sells specialty white oils, waxes, petroleum jelly, lubricants and process oils used across personal care, healthcare, pharmaceutical, automotive, rubber, plastics and power sectors. It operates three manufacturing facilities — two in Taloja and Silvassa (India) and one in Sharjah (UAE) — with a combined installed capacity of 597,403 kL, supported by an in-house DSIR-recognised R&D centre in Silvassa. Products are sold under the Divyol brand to consumer, industrial and channel-partner customers including P&G, Unilever, Marico, Dabur and Emami, both domestically and across export markets in 100+ countries.
Segments
- PHPO (Personal Care, Healthcare & Performance Oils)
- Lubricants
- PIO (Process/Industrial Oils)
- Channel Partners
- Manufacturing facilities
- 3 plants — Taloja & Silvassa (India), Sharjah (UAE)
- Total installed manufacturing capacity
- 597,403 kL/year
- Market position in India
- #1 white oil manufacturer in India
- Global market position
- Among the top 5 white oil players globally
- Export footprint
- 100+ countries across 6 continents
- Customer base
- 3,500+ customers, over 70% repeat business
Guidance record · Q1 FY27
what the last two calls moved 15 tracked 3 delivered 4 missed 8 open- EBITDA Margin delivered said Q4 FY25 Promised: High single digit or double digit EBITDA margins going forward Q1 FY27: Q1 FY27 EBITDA margin was 16.2%, which meets the original 'double digit' target, far exceeding the diluted guidance.
- Volume Growth missed said Q4 FY25 Promised: 10%-12% volume growth for FY26 Q1 FY27: Promise period (FY26) is over. The final verdict remains 'missed'.
- Texol UAE Full Capacity Utilization delayed said Q2 FY26 Promised: 1.5 years to 2 years to reach full capacity utilization Q1 FY27: Management noted Texol was 'temporarily impacted' by geopolitical issues. No new timeline for full utilization was provided, continuing the delay.
All 15 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 91.8%, net profit up 692.3% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 935 | 1,005 | 962 | 903 | 1,060 +13% | 1,167 +16% | 1,093 +14% | 1,732 +92% |
| EBITDA | 40 | 42 | 34 | 46 | 66 +65% | 59 +40% | 64 +88% | 281 +511% |
| Net profit | 18 | 20 | 12 | 26 | 40 +122% | 34 +70% | 37 +208% | 206 +692% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +88.7% 1Y
1Y: ₹144.52 on 10 Sept 2025 → ₹272.7. High ₹282.46 (24 Jul 2026), low ₹116.79 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- −3.1%
- 28 Jul
- Q4 FY26
- +0.2%
- 27 May
- Q3 FY26
- +3.3%
- 3 Feb
- Q2 FY26
- −2.3%
- 14 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 1.3% a year over 2 years, FY24 to FY26. Operating margin narrowed to 5.6%.
| Year ending | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | ₹4.1k Cr | ₹3.9k Cr | ₹4.2k Cr |
| Operating profit | ₹279 Cr | ₹176 Cr | ₹235 Cr |
| Operating margin | 6.8% | 4.5% | 5.6% |
| Interest | ₹58 Cr | ₹48 Cr | ₹38 Cr |
| Depreciation | ₹21 Cr | ₹25 Cr | ₹29 Cr |
| Net profit | ₹165 Cr | ₹83 Cr | ₹137 Cr |
| Net margin | 4.0% | 2.1% | 3.2% |
| Cash from operations | ₹-69 Cr | ₹15 Cr | ₹128 Cr |
| Free cash flow | ₹-125 Cr | ₹-43 Cr | ₹48 Cr |
| ROCE | 22.0% | 11.0% | 13.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹16 Cr | ₹16 Cr | ₹16 Cr | ₹20 Cr | ₹20 Cr | ₹20 Cr |
| Reserves | ₹429 Cr | ₹525 Cr | ₹727 Cr | ₹1.2k Cr | ₹1.3k Cr | ₹1.3k Cr |
| Borrowings | ₹90 Cr | ₹191 Cr | ₹220 Cr | ₹271 Cr | ₹331 Cr | ₹315 Cr |
| Other liabilities | ₹566 Cr | ₹586 Cr | ₹668 Cr | ₹497 Cr | ₹575 Cr | ₹558 Cr |
| Total liabilities | ₹1.1k Cr | ₹1.3k Cr | ₹1.6k Cr | ₹1.9k Cr | ₹2.2k Cr | ₹2.2k Cr |
| Fixed assets | ₹88 Cr | ₹190 Cr | ₹238 Cr | ₹361 Cr | ₹456 Cr | ₹498 Cr |
| Capital work in progress | ₹22 Cr | ₹44 Cr | ₹73 Cr | ₹9 Cr | ₹32 Cr | ₹29 Cr |
| Investments | ₹7 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹3 Cr | ₹3 Cr |
| Other assets | ₹984 Cr | ₹1.1k Cr | ₹1.3k Cr | ₹1.6k Cr | ₹1.7k Cr | ₹1.7k Cr |
| Total assets | ₹1.1k Cr | ₹1.3k Cr | ₹1.6k Cr | ₹1.9k Cr | ₹2.2k Cr | ₹2.2k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
All earnings calls (5)
Read the Q1 FY27 call →Learn to analyse Gandhar Oil Refinery (India) Limited
Guides on how to read this kind of business and the numbers that matter.