GANDHAR - Gandhar Oil Ref.
📢 Recent Corporate Announcements
Gandhar Oil Refinery has issued an update regarding the impact of Middle East geopolitical tensions on its operations. The company noted a 20% surge in base oil prices over 15 days and increased freight costs, though it maintains a strong financial trajectory with 9M FY26 PAT at Rs 92.74 crore, surpassing the full FY25 PAT of Rs 79.31 crore. With 45% of sales coming from overseas, the company utilizes a natural forex hedge and index-linked pricing to pass through cost increases to customers. While UAE operations face potential raw material risks, the company is mitigating this through broad-based sourcing and long-term supplier contracts.
- Base oil prices have surged by approximately 20% in the last 15 days due to global index movements.
- 9M FY26 consolidated PAT reached Rs 92.74 crore, already exceeding the full-year FY25 PAT of Rs 79.31 crore.
- Overseas sales contribute approximately 45% to the consolidated revenue, providing a natural hedge against INR depreciation.
- The company operates three plants with a total capacity of 597,403 KL, including a 50.1% subsidiary in Sharjah, UAE.
- Mitigation strategies include index-linked pass-through contracts and maintaining optimum inventory levels to counter supply chain disruptions.
Gandhar Oil Refinery reported a consolidated revenue of ₹1,167 crores for Q3 FY26, a 16% year-on-year increase driven by steady demand in the white oil market. While EBITDA moderated sequentially to ₹59 crores, the nine-month PAT reached ₹100 crores, showing significant improvement over the previous year. The company maintains a strong international presence, with overseas sales contributing 45% of total revenue. Management highlighted that 35% of their business operates on a price pass-through mechanism, helping mitigate raw material volatility.
- Q3 FY26 consolidated revenue grew 16% YoY to ₹1,167 crores with a 10% sequential increase.
- Profit After Tax (PAT) for the nine-month period reached ₹100 crores, reflecting strong improvement over the previous year.
- PHPO segment remains the primary driver, contributing 50% of the total revenue mix for 9M FY26.
- Manufacturing gross margin spread for the quarter stood at ₹7,271 per kL despite global volatility.
- International markets account for 45% of consolidated revenue, underscoring a diversified global footprint.
Gandhar Oil Refinery (India) Limited has officially released the audio recording of its earnings conference call for the quarter and nine months ended December 31, 2025. The call was conducted on January 28, 2026, to discuss the company's un-audited financial performance with analysts and institutional investors. This disclosure is a standard regulatory requirement under SEBI (LODR) Regulations, 2015. The recording provides transparency into management's commentary on the company's operational and financial trajectory.
- Audio recording for Q3 and 9M FY 2025-26 earnings call is now publicly available.
- The earnings call was held on January 28, 2026, at 11:00 AM IST.
- The filing is made in compliance with Regulation 30 of SEBI Listing Regulations.
- The recording link is hosted on the official company website for investor access.
Gandhar Oil Refinery (India) Limited has declared an interim dividend of ₹0.75 per equity share, which is 37.5% of the face value of ₹2, for the financial year 2025-26. The company has fixed January 30, 2026, as the record date to identify eligible shareholders for this payout. Accompanying the declaration is a detailed tax deduction at source (TDS) guide, specifying a 10% rate for residents with PAN and 20% for those without. Shareholders eligible for lower or nil tax must submit relevant documents by the record date deadline.
- Interim dividend declared at ₹0.75 per equity share (37.5% of face value).
- Record date for dividend eligibility is Friday, January 30, 2026.
- Standard TDS rate of 10% for resident shareholders with a valid PAN.
- No TDS for resident individuals if total dividend for FY 2025-26 does not exceed ₹10,000.
- Deadline for submitting tax exemption forms (15G/15H) is January 30, 2026, 11:59 PM IST.
Gandhar Oil Refinery (India) Limited, India's largest white oil manufacturer, highlighted its market leadership in its Q3 and 9M FY26 investor presentation. The Personal Care, Healthcare, and Performance Oils (PHPO) segment remains the core business, contributing 50% of 9M FY26 revenue from finished goods. With a total manufacturing capacity of 597,403 kL across India and the UAE, the company maintains a 26.5% domestic market share and a 9.6% global market share in white oils. The company continues to focus on high-margin consumer and healthcare sectors, which represent nearly 69% of its PHPO revenue.
- PHPO segment contributed 50% of 9M FY26 revenue from finished goods, with consumer and healthcare sectors making up 68.81% of that division.
- Total manufacturing capacity stands at 597,403 kL across three facilities in Taloja, Silvassa, and Sharjah.
- Maintains a dominant 26.5% market share in India and is a top-5 player globally with a 9.6% market share in white oil.
- Overseas sales are a significant revenue driver, with a footprint in over 100 countries and 9M FY26 overseas revenue reaching INR 1,540 crore.
- Revenue from the PHPO segment for 9M FY26 stood at INR 1,401 crore, showing strong alignment with fast-growing end-industries.
Gandhar Oil Refinery reported a strong year-on-year performance for Q3 FY26, with consolidated revenue growing 16% to ₹1,167 crore. Profit After Tax (PAT) saw a significant surge of 68% YoY to ₹34.3 crore, while EBITDA grew 42% to ₹59.1 crore. The growth was supported by a 10% increase in manufacturing sales volumes for the nine-month period, reaching 4,09,974 KL. The high-margin PHPO segment remains the dominant contributor, accounting for 50% of the total revenue mix.
- Consolidated Revenue for Q3 FY26 rose 16% YoY to ₹1,167.0 crore compared to ₹1,005.3 crore in Q3 FY25.
- EBITDA for the quarter stood at ₹59.1 crore, a 42% increase over the previous year's ₹41.6 crore.
- PAT for Q3 FY26 increased by 68% YoY to ₹34.3 crore, with EPS rising to ₹3.3 from ₹2.0.
- Manufacturing sales volumes for 9MFY26 grew 10% YoY to 4,09,974 KL.
- PHPO segment contributed 50% of total revenue, followed by Lubricants at 26.8% and PIO at 9.5%.
Gandhar Oil Refinery has declared an interim dividend of ₹0.75 per share (37.5% of face value) with a record date of January 30, 2026. The company is actively pursuing growth by acquiring 453.55 decimals of land adjacent to its existing factory to enhance operational capabilities. Additionally, the board approved the sale of a non-core property in Mohali for at least ₹1.60 Crores to streamline assets. These moves collectively indicate a focus on both shareholder returns and long-term capacity building.
- Interim dividend of ₹0.75 per share (37.5% of face value) declared for FY 2025-26
- Record date for dividend payment set for January 30, 2026
- Acquisition of 453.55 decimals of land for factory expansion from Narmada Creations
- Divestment of Mohali property for a minimum consideration of ₹1.60 Crores by March 2026
Gandhar Oil Refinery has declared an interim dividend of ₹0.75 per equity share (37.5% of face value) for FY 2025-26, with a record date of January 30, 2026. The company is also expanding its footprint by acquiring 453.55 decimals of land adjacent to its current factory to boost operational capabilities. Simultaneously, the board approved the sale of a non-core property in Mohali, Punjab, for a minimum consideration of ₹1.60 Crores. These developments, alongside the Q3 FY26 results, reflect a balance of shareholder rewards and strategic growth investments.
- Declared an interim dividend of ₹0.75 per share (37.5% of ₹2 face value) for FY 2025-26.
- Approved the acquisition of 453.55 decimals of land adjoining the existing factory for long-term expansion.
- Agreed to sell immovable property in Mohali, Punjab, for a minimum consideration of ₹1.60 Crores.
- Set January 30, 2026, as the record date for determining dividend eligibility.
- Approved un-audited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025.
Gandhar Oil Refinery has declared an interim dividend of ₹0.75 per equity share (37.5% of face value) for FY 2025-26, with the record date set for January 30, 2026. The company is also pursuing strategic growth by acquiring 453.55 decimals of land adjacent to its existing factory to enhance operational capabilities. Additionally, the board approved the sale of a non-core asset in Mohali for a minimum consideration of ₹1.60 Crores. These moves, alongside the release of Q3 results, reflect a focus on both shareholder returns and long-term capacity expansion.
- Interim dividend of ₹0.75 per equity share (37.5% of face value) declared for FY 2025-26.
- Record date for dividend entitlement is fixed as January 30, 2026.
- Approval to purchase 453.55 decimals of land adjoining the current factory for long-term expansion.
- Divestment of immovable property in Mohali, Punjab, for a minimum consideration of ₹1.60 Crores.
- Board approved un-audited standalone and consolidated financial results for the quarter ended December 31, 2025.
Gandhar Oil Refinery has declared an interim dividend of ₹0.75 per equity share (37.5% of face value) for FY 2025-26, with the record date set for January 30, 2026. In a strategic move, the company is also acquiring 453.55 decimals of land adjacent to its current factory to support long-term expansion and operational capabilities. Additionally, the board approved the sale of a non-core property in Mohali for a minimum of ₹1.60 Crores. These actions demonstrate a commitment to both shareholder returns and infrastructure growth.
- Interim dividend of ₹0.75 per equity share (37.5% of ₹2 face value) declared.
- Record date for dividend entitlement is fixed as January 30, 2026.
- Acquisition of 453.55 decimals of land adjoining the current factory for capacity expansion.
- Sale of immovable property in Mohali for a consideration of at least ₹1.60 Crores.
- Property sale expected to be consummated on or before March 31, 2026.
Gandhar Oil Refinery (India) Limited has declared an interim dividend of ₹0.75 per equity share (37.5% of face value) for FY 2025-26, with a record date of January 30, 2026. The company is also focusing on growth by acquiring 453.55 decimals of land adjacent to its existing factory to strengthen operational capabilities. Furthermore, it is divesting a non-core immovable property in Mohali for at least ₹1.60 Crores. These actions collectively demonstrate a strategy of rewarding shareholders while simultaneously investing in capacity expansion and asset optimization.
- Interim dividend of ₹0.75 per equity share (37.5% of face value ₹2) declared.
- Record date for dividend entitlement set as January 30, 2026.
- Acquisition of 453.55 decimals of land adjoining the current factory for long-term expansion.
- Sale of immovable property in Mohali, Punjab for a minimum consideration of ₹1.60 Crores.
- Board approved un-audited standalone and consolidated financial results for the quarter ended December 31, 2025.
Gandhar Oil Refinery (India) Limited has scheduled its earnings conference call for Wednesday, January 28, 2026, at 11:00 AM IST. The call will focus on the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025. Key management personnel, including Joint Managing Director Aslesh Parekh and CFO Indrajit Bhattacharyya, will be present to discuss performance and outlook. This is a standard regulatory notification following the conclusion of the third quarter of FY2026.
- Earnings call scheduled for January 28, 2026, at 11:00 AM IST.
- Management to discuss Q3 and 9M FY2026 financial performance.
- Key participants include Joint MD Aslesh Parekh and CFO Indrajit Bhattacharyya.
- Universal dial-in numbers provided are +91 22 6280 1550 and +91 22 7115 8378.
Gandhar Oil Refinery (India) Limited has notified the exchanges about a change in the email address of its Registrar and Share Transfer Agent (RTA), MUFG Intime India Private Limited. The primary contact email for investor queries has been updated to investor.helpdesk@in.mpms.mufg.com, replacing the previous address. Other contact details, including the registered office address in Mumbai and telephone numbers +91 810 811 6767, remain unchanged. This is a routine administrative update to facilitate better communication between shareholders and the RTA.
- New RTA email address for investor queries is investor.helpdesk@in.mpms.mufg.com
- Telephone contact numbers +91 810 811 6767 and 1800 1020 878 remain unchanged
- Shareholders can also raise queries via the RTA's dedicated web portal link
- RTA office remains at C-101, 1st Floor, 247 Park, Vikhroli (West), Mumbai
Gandhar Oil Refinery (India) Limited has scheduled a board meeting on January 23, 2026, to approve un-audited financial results for the quarter ended December 31, 2025. The board will also evaluate the declaration of an interim dividend for the financial year 2025-26. If a dividend is approved, the record date will be determined during the same session. This meeting is critical as it provides both operational performance updates and potential cash returns to shareholders.
- Board meeting set for January 23, 2026, to review Q3 FY26 performance.
- Consideration of an interim dividend for the current financial year 2025-26.
- Fixation of record date for dividend payment contingent on board approval.
- Trading window for designated persons closed from Jan 1, 2026, until 48 hours post-announcement.
Gandhar Oil Refinery (India) Limited has filed its quarterly compliance certificate for the period ended December 31, 2025. The document confirms adherence to SEBI (Depositories and Participants) Regulations, 2018. Issued by MUFG Intime India Private Limited, the certificate verifies that share certificates received for dematerialization were processed and cancelled according to regulatory timelines. This is a standard administrative procedure to maintain accurate electronic shareholding records.
- Submission of Regulation 74(5) certificate for the quarter ending December 31, 2025
- Registrar MUFG Intime India confirms processing of dematerialization requests within timelines
- Verification that security certificates were mutilated and cancelled after due verification
- Confirmation that the name of depositories has been updated in the register of members
Financial Performance
Revenue Growth by Segment
PHPO (Personal care, healthcare and performance oils) is the largest segment, contributing ~47.27% of consolidated revenue from finished goods in FY25. Other segments include PIO (Process Insulating Oil) and Lubricants. Consolidated revenue for FY24 was INR 4,123.10 Cr, remaining flat compared to INR 4,081.24 Cr in FY23 despite a 12% increase in volumes, as average realizations declined by 6.22%.
Geographic Revenue Split
Overseas sales contributed 40.21% of consolidated revenue in FY25, with operations spanning 100+ countries across Europe, the Americas, Africa, and APAC. Domestic sales account for the remaining ~59.79% of revenue.
Profitability Margins
Net Profit Margin declined from 4.02% in FY24 to 2.14% in FY25. Standalone Operating Profit Margin stood at 4.38% in FY25 compared to 7.10% in FY24, primarily impacted by lower per-unit realizations and increased freight costs due to the Red Sea crisis.
EBITDA Margin
Consolidated EBITDA margin was 4.49% in FY25, a significant decline from 6.78% in FY24 (a 229 bps drop). The decline is attributed to global consumption softness and logistical challenges.
Capital Expenditure
The company is undertaking completed and ongoing capex towards capacity expansions to improve realizations over the medium term. Specific INR values for planned capex were not disclosed in available documents.
Credit Rating & Borrowing
The company maintains a 'Stable' credit rating. Interest coverage ratio (ICR) stood at 3.09 times in FY25, down from 4.44 times in FY24. Finance costs were reduced in Q2 FY26 as SOFR fell below 5% and the company converted overseas suppliers to non-LC terms.
Operational Drivers
Raw Materials
Base oil (a derivative of crude oil) is the primary raw material, accounting for 85% of the company's total raw material requirements.
Import Sources
85% of raw materials are imported, primarily sourced from international refineries in regions such as Saudi Arabia and South Korea.
Key Suppliers
Key suppliers include Saudi Aramco, S-Oil Corporation, BPCL, and HPCL.
Capacity Expansion
Consolidated manufacturing volumes for H1 FY26 stood at 261,524 KL, representing a 9% increase from 240,318 KL in H1 FY25.
Raw Material Costs
Raw material costs are highly sensitive to global base oil prices. Supply agreements are linked to monthly ICIS base-oil benchmarks. The company uses price-pass-through clauses in certain contracts to mitigate volatility.
Manufacturing Efficiency
Manufacturing volumes grew 9% YoY in H1 FY26, reaching 261,524 KL, indicating improved operational scale.
Logistics & Distribution
Strategically located manufacturing facilities near Mumbai and JNPT ports provide logistical advantages for the 40.21% export business.
Strategic Growth
Expected Growth Rate
9%
Growth Strategy
Growth will be driven by an enhanced focus on the high-margin PHPO segment, leveraging existing relationships with marquee clients like P&G and Unilever to increase wallet share, and expanding into new geographies for manufacturing ingredients.
Products & Services
White oils, petroleum jelly, industrial and automotive lubricants (industrial oil, transformer oil, rubber processing oil), and specialty oils.
Brand Portfolio
Gandhar, Texol (Sharjah JV).
New Products/Services
Focus on value-added products such as derma-grade oils and jellies to target a 4% to 5% gross margin expansion.
Market Expansion
Targeting expansion in 100+ countries with a focus on high-growth regions like Asia Pacific, driven by rising disposable incomes and industrialization.
Market Share & Ranking
Ranks among the top two players in India's white oil market with a 26.5% share and is one of the top five players globally.
Strategic Alliances
Operates a plant in Sharjah, UAE through its subsidiary Texol Lubritech FZC (TLF).
External Factors
Industry Trends
The global white oil market is projected to reach USD 3.16 billion by 2032. There is a growing regulatory focus on product purity in the pharma and personal care sectors, favoring Gandhar's PHPO division.
Competitive Landscape
Leading manufacturer in a niche specialty oil market with high entry barriers due to stringent quality standards and complex business operations.
Competitive Moat
Durable advantages include a 30-year operational track record, stringent quality certifications (FDA, ISO, Halal), and cost leadership through scale and port proximity.
Macro Economic Sensitivity
Sensitive to global GDP growth and industrialization, particularly in the APAC region which drives demand for specialty oils.
Consumer Behavior
Growing shift toward bio-based alternatives and high-purity ingredients in healthcare and consumer products.
Geopolitical Risks
Geopolitical turbulence (e.g., Red Sea crisis) and geoeconomic fragmentation impact the ability to expand and maintain margins.
Regulatory & Governance
Industry Regulations
Products adhere to national and international standards with approvals from Indian FDA, ISO, Kosher, BIS, and Halal authorities.
Environmental Compliance
Adheres to central, state, and municipal regulations; monitoring the shift toward bio-based alternatives to mitigate environmental risks.
Risk Analysis
Key Uncertainties
Volatility in global base oil prices, geopolitical disruptions to shipping routes, and fluctuations in foreign exchange rates.
Geographic Concentration Risk
40.21% of revenue is international; domestic demand in India remains a robust buffer against global headwinds.
Third Party Dependencies
85% dependency on imported raw materials from a few key international refineries like Saudi Aramco and S-Oil.
Technology Obsolescence Risk
Risk of synthetic products being replaced by bio-based alternatives; company is leveraging its R&D to monitor sustainable product segments.
Credit & Counterparty Risk
Low concentration risk with over 4,000 customers; Debtors turnover stood at 63 days in FY25.