Gandhar Oil Refinery (India) Limited (GANDHAR)
₹296.65 -0.82% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Gandhar Oil's revenue was ₹1,732 Cr (+91.8% year on year, +58.5% on the previous quarter), and net profit ₹206 Cr (+689.2% year on year); the operating margin was 16.2%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹1,732 | +91.8% | +58.5% |
| Operating profit | ₹281 | +512.1% | +339.6% |
| Net profit | ₹206 | +689.2% | +456.5% |
| EPS (₹) | 19.65 | +633.2% | +372.4% |
| Operating margin | 16.2% | — | — |
GANDHAR delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 48.63% of the GANDHAR shares traded on NSE were taken to delivery, against the stock's own 20-session average of 46.55%. That is close to its usual level. Volume was 0.5 times its average, well below normal.
Delivery in the last 5 sessions: 40.3% · 34.5% · 53.0% · 56.2% · 48.6%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Gandhar Oil Refinery (India) Limited submitted its compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by its Registrar and Share Transfer Agent, MUFG Intime India Private Limited. The RTA confirmed that all share dematerialisation requests received during the quarter were duly processed, verified, and confirmed or rejected within prescribed timelines. This is a standard quarterly administrative filing with no impact on business operations or financials.
- Compliance certificate submitted under Regulation 74(5) for the quarter ended September 30, 2026
- Certificate issued by RTA MUFG Intime India Private Limited dated October 3, 2026
- Confirmation that dematerialised security certificates were cancelled and records updated within prescribed timelines
- Filing submitted to BSE and NSE on October 14, 2026
CRISIL Ratings has reaffirmed Gandhar Oil Refinery (India) Limited's long-term credit rating at 'CRISIL A+/Stable' and short-term rating at 'CRISIL A1'. Crucially, the total rated bank loan facilities have been significantly expanded from Rs 300 crore to Rs 1,014 crore. The enhanced facilities mainly comprise Letters of Credit and Working Capital/Cash Credit facilities across multiple lenders. This reflects increased working capital requirements and financing headroom aligned with the company's expanding operating scale.
- Total bank loan facilities rated enhanced from Rs 300 crore to Rs 1,014 crore
- Long-term rating reaffirmed at Crisil A+/Stable
- Short-term rating reaffirmed at Crisil A1
- Facilities include large non-fund limits like Letters of Credit from IndusInd (Rs 125 cr), HDFC Bank (Rs 134.5 cr), and SBI (Rs 103 cr)
- Rating review letter remains valid till July 07, 2027
Gandhar Oil Refinery (India) Limited received an order dated September 23, 2026, from the Addl. Chief Judicial Magistrate, Nashik, acquitting the company, its promoters, and promoter group members in a 2014 complaint under Sections 138 and 141 of the NI Act. The matter involved alleged dishonour of cheques totaling Rs 3.00 crore filed by Shri Saptashringi Ispat Private Limited. The court stopped proceedings and acquitted the accused under Section 256 of the CrPC due to repeated non-appearance of the complainant. No compensation, penalty, or monetary liability has been imposed on the company.
- Acquitted in cheque dishonour complaint involving Rs 3,00,00,000 filed in 2014
- Court of Addl. Chief Judicial Magistrate, Nashik issued the acquittal order on September 23, 2026
- Proceedings stopped under Section 256 of the CrPC due to repeated absence of the complainant
- Zero financial liability, compensation, or penalty imposed on the company
- The dispute represents just ~0.06% of TTM revenue (Rs 5,052 Cr) and was previously disclosed in the IPO prospectus
Gandhar Oil Refinery (India) Limited announced the voting results of its 34th Annual General Meeting held on September 11, 2026. All six ordinary and special resolutions were passed by shareholders with the required majority. Key approvals included the adoption of standalone and consolidated FY26 financial statements, the re-appointment of Director Ramesh Babulal Parekh, the appointment of Shyam Chandrabhan Agrawal as Independent Director for 5 years, and alterations to the object clause of the Memorandum of Association. Notably, institutional investors showed 65.52% opposition to the MoA alteration, though the special resolution passed overall with 96.96% votes in favour due to promoter support.
- All 6 resolutions passed at the 34th AGM held on September 11, 2026
- Overall voter turnout represented 60.45% of total outstanding shares (59,164,132 votes polled out of 97,879,530 shares)
- Resolution 6 (altering MOA object clause) passed with 96.96% total votes in favour, despite 65.52% institutional votes cast against
- Appointment of Shyam Chandrabhan Agrawal as Independent Director approved for a 5-year term from July 22, 2026 to July 21, 2031 with 99.998% approval
Gandhar Oil Refinery (India) Limited held its 34th Annual General Meeting on September 11, 2026, via Video Conferencing with 35 members present. The meeting covered six agenda items, including the adoption of FY26 financial statements, the re-appointment of Director Ramesh Babulal Parekh, ratification of Cost Auditor remuneration, and the appointment of Shyam Chandrabhan Agrawal as Independent Director for a 5-year term. An alteration to the ancillary object clause of the Memorandum of Association was also presented for shareholder approval. Scrutinizer voting results will be announced separately within two working days.
- 34th AGM held on September 11, 2026, lasting 45 minutes (11:00 AM to 11:45 AM IST)
- A total of 35 members attended the AGM via Video Conferencing
- Approval proposed for appointment of Shyam Chandrabhan Agrawal as Independent Director for 5 years (July 22, 2026 to July 21, 2031)
- 6 resolutions placed before shareholders spanning ordinary and special business
- Voting results to be declared within 2 working days
Gandhar Oil Refinery (India) Limited has executed a purchase agreement to acquire a land parcel admeasuring 32.90 gunthas (approx. 3,328.54 sq. meters) in Panvel, Raigad for Rs 2.10 crore. This marks the partial completion of a broader land acquisition transaction earlier intimated in May and August 2026. Given the company's TTM revenue of Rs 5,052 crore and net worth of Rs 1,301 crore, the financial magnitude of Rs 2.10 crore is minor (<0.1% of revenue). The transaction is with unrelated individual sellers on an arm's-length basis.
- Executed purchase agreement on September 4, 2026, for 32.90 gunthas (3,328.54 sq. meters) of land.
- Total transaction consideration fixed at Rs 2,09,55,000 (approx. Rs 2.10 crore).
- Land parcel is located at Survey No. 147, Village Kherane Khurd, Tal. Panvel, Dist. Raigad.
- Forms a partial execution of the land acquisition intimated on May 26, 2026.
Gandhar Oil Refinery (India) Limited has informed stock exchanges regarding a scheduled group analyst/institutional investor meeting. The meeting will be conducted in person in Mumbai on September 7, 2026, at 3:00 PM IST. The company confirmed that discussions will be strictly based on publicly available information and no unpublished price-sensitive information (UPSI) will be shared.
- Scheduled meeting date: September 07th, 2026 at 03:00 p.m. (IST)
- Meeting format: In Person, Group Meeting in Mumbai
- Company confirmed discussions will rely solely on publicly available information
Gandhar Oil Refinery (India) Limited announced that CRISIL Ratings Limited has assigned credit ratings to its bank facilities totaling ₹300 crore. The long-term bank loan facilities have been assigned a rating of 'CRISIL A+/Stable', while the short-term facilities have received 'CRISIL A1'. The rating reflects a healthy credit profile, backed by the company's low leverage (debt-to-equity of 0.07x on net worth of ₹1,301 crore).
- CRISIL Ratings assigned ratings to ₹300 crore total bank loan facilities.
- Long-term bank facilities assigned 'CRISIL A+/Stable' rating.
- Short-term bank facilities assigned 'CRISIL A1' rating.
CRISIL Ratings Limited has assigned credit ratings to Gandhar Oil Refinery's bank loan facilities totaling Rs 300 crore. The agency assigned a long-term rating of 'CRISIL A+/Stable' and a short-term rating of 'CRISIL A1'. The rated facilities of Rs 300 crore represent ~23.1% of the company's net worth (Rs 1,301 crore) and ~5.9% of TTM revenue (Rs 5,052 crore). This strong credit profile is supported by a conservative leverage profile with a debt-to-equity ratio of 0.07.
- Total bank loan facilities rated: Rs 300 crore
- Long-term rating assigned: CRISIL A+/Stable
- Short-term rating assigned: CRISIL A1
- Rated facilities equal ~23.1% of net worth (Rs 1,301 Cr)
Gandhar Oil Refinery (India) Limited has issued the notice for its 34th Annual General Meeting (AGM) scheduled for September 11, 2026. Key agenda items include the re-appointment of retiring director Mr. Ramesh Babulal Parekh, the appointment of Mr. Shyam Chandrabhan Agrawal as an Independent Director for a 5-year term, and cost auditor remuneration ratification of Rs. 1,20,000. Additionally, the company seeks shareholder approval to alter its Memorandum of Association (MOA) to enable trading and hedging in financial instruments and commodities. The voting cut-off date is set for September 4, 2026.
- 34th Annual General Meeting scheduled for September 11, 2026, via Video Conferencing.
- Shareholder voting cut-off date and book closure starts on September 04, 2026.
- Proposed appointment of Mr. Shyam Chandrabhan Agrawal as Independent Director for 5 years (July 22, 2026 to July 21, 2031).
- Proposed alteration of MOA Objects Clause to allow investing, hedging, and trading in securities, commodities, and derivatives.
- Ratification of Rs. 1,20,000 remuneration for FY27 Cost Auditor M/s. Maulin Shah & Associates.
Gandhar Oil Refinery (India) Limited has submitted the voting results along with the Scrutinizer's Report for its postal ballot. The remote e-voting process commenced on July 19, 2026 (09:00 AM IST) and ended on August 17, 2026 (05:00 PM IST). The filing was made in compliance with Regulation 44 of SEBI (LODR) Regulations, 2015. This is a routine administrative compliance disclosure formalizing shareholder voting outcomes.
- Remote e-voting window opened on July 19, 2026 at 09:00 AM IST
- Voting concluded on August 17, 2026 at 05:00 PM IST
- Submitted Scrutinizer's Report pursuant to SEBI LODR Regulation 44
Gandhar Oil Refinery (India) Limited has entered into a formal purchase agreement for a land parcel in Panvel, Raigad, for a total consideration of Rs 5.50 Cr. The land measures approximately 8,751.33 sq. mtrs (86.50 gunthe) and is a follow-up to an initial disclosure made on May 26, 2026. While the transaction value is small at approximately 0.11% of TTM revenue, it aligns with the company's strategy to expand manufacturing and logistical footprints. The transaction is with non-related parties and executed at arm's length.
- Total purchase consideration of Rs 5,50,43,998 for the land parcel.
- Land area measures 86.50 gunthe, equivalent to approximately 8,751.33 sq. mtrs.
- Located at Survey No. 143, Village Kherane Khurd, Taluka Panvel, District Raigad.
- Transaction is a continuation of a previous corporate intimation dated May 26, 2026.
- Acquisition involves zero shareholding or related-party interests from the sellers.
Gandhar Oil Refinery has resumed operations at its Silvassa manufacturing facility as of August 4, 2026, following a disruption caused by heavy rainfall and flooding first reported on July 24, 2026. The company has completed necessary cleaning, inspection, and repairs to ensure safe functioning. While the exact quantum of loss is still being assessed, the company has confirmed that it holds valid insurance coverage and has notified the insurer. Given the company's TTM revenue of ₹4,223 crore, the ~11-day disruption at this facility is notable but likely manageable.
- Operations resumed on August 4, 2026, after a disruption that began around July 24, 2026.
- The affected facility is located at Silvassa, Dadra and Nagar Haveli, U.T. – 396230.
- Insurance coverage is in place and the incident has been formally intimated to the insurance provider.
- Restoration involved cleaning, inspection, and remedial repairs to ensure safe and smooth functioning.
- The company is currently assessing the specific quantum of loss or damage caused by the flooding.
Gandhar Oil delivered its highest-ever quarterly performance in Q1 FY27, with PAT of ₹206 cr exceeding the entire profit generated in FY26. Revenue surged 92% YoY to ₹1,732 cr, driven by an 8% volume growth and a massive expansion in gross margin spreads to ₹28,145 per KL (up from ₹8,274 YoY). This exceptional profitability was fueled by supply chain disruptions in the Middle East, which allowed for higher realizations despite volatile base oil costs. Exports now contribute a significant 51% of total revenue, up from 37% in the previous year.
- Consolidated PAT of ₹206 cr in Q1 FY27 represents a 688% YoY increase and 456% QoQ growth.
- EBITDA margins expanded to 16.20% from 5.1% in Q1 FY26, driven by disciplined sourcing and inventory management.
- Gross margin spreads reached ₹28,145 per kilolitre, a 3.4x increase compared to the year-ago period.
- Export volumes grew 54% YoY, with international markets now accounting for over half of consolidated revenue.
- The PHPO (Personal Care, Health Care, and Performance Oil) segment grew 18% YoY, remaining the primary growth engine.
Gandhar Oil Refinery (India) Limited has declared an interim dividend of ₹2 per equity share for the financial year 2026-27, which is 100% of its face value. The company has fixed July 31, 2026, as the record date to determine shareholder eligibility. This announcement details the Tax Deduction at Source (TDS) procedures, with a standard 10% rate for resident shareholders with a valid PAN and 20% for those without. The dividend yield for this specific interim payout is approximately 0.82% based on the current market price of ₹243.7.
- Interim dividend of ₹2 per equity share declared for FY 2026-27.
- Record date for dividend eligibility is fixed as July 31, 2026.
- Standard TDS rate of 10% for resident shareholders with valid PAN updated in records.
- Exemption from TDS for resident individuals if the total dividend paid in FY 2026-27 does not exceed ₹10,000.
- Non-resident shareholders face a 20% TDS rate unless Tax Treaty benefits are claimed with valid documentation.
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.
