Gandhar Oil Q3 FY26: Revenue ₹1,167 Cr, PAT ₹34 Cr

Snapshot: what the latest numbers show

Gandhar Oil Refinery (India) Ltd (NSE: GANDHAR, BSE: 544029) reported a mixed set of updates across FY25 and FY26, with growth in some quarters but pressure visible in full-year FY25 profitability. During Q3 FY26, the company reported consolidated revenue of ₹1,167 crore, citing a year-on-year improvement of 16% and quarter-on-quarter growth of 10%. Profit after tax (PAT) for Q3 FY26 was reported at ₹34 crore, compared with ₹40 crore in Q2 FY26 and ₹20 crore in Q3 FY25.

The updates also highlight the operating backdrop, including pricing volatility, logistics disruptions, and export headwinds linked to shipping issues in the Red Sea and ongoing geopolitical conflicts.

Stock and ticker context

In the market, GANDHAR was quoted at ₹139.45, down 1.62% over the past 24 hours (as per the provided price snapshot). The dataset also reports that the last quarter’s net income was ₹26.229 crore (₹262.29 million), versus ₹11.675 crore (₹116.75 million) in the prior quarter, a change of about 124.66%.

Q3 FY26 and nine-month FY26 performance

For the nine-month period ended FY26, consolidated revenue was reported at around ₹3,130 crore. The company linked the nine-month performance to steady volumes and consistent demand across markets, while noting challenges from pricing volatility and logistical disruptions.

On profitability, EBITDA for Q3 FY26 was reported at ₹59 crore, with the note stating it moderated versus Q2 FY26 but remained higher on a year-on-year basis. For the nine-month period, EBITDA was reported at ₹171 crore. PAT for the nine-month period was reported at ₹100 crore.

Segment mix and manufacturing spread disclosures

The company’s segmental revenue mix for 9M FY26 was described as diversified, with PHP contributing 50%, lubricants at 26.8%, and PIO at 9.5%. It also reported a manufacturing gross margin spread of ₹7,271 per KL for the referenced quarter.

These disclosures matter because they indicate where revenue concentration sits and provide a margin indicator linked to manufacturing efficiency.

Q4 FY25 and FY25: revenue decline and profit pressure

For Q4 FY25, consolidated revenue from operations was reported at ₹961.7 crore (₹9,617 million), versus ₹939.2 crore (₹9,392 million) in Q4 FY24. For the full year FY25, revenue from operations was reported at ₹3,896.9 crore (₹38,969 million), down from ₹4,113.2 crore (₹41,132 million) in FY24.

Profitability weakened at the full-year level. FY25 EBITDA was reported at ₹175.6 crore (₹1,756 million), compared with ₹278.8 crore (₹2,788 million) in FY24. FY25 PAT was reported at ₹83.5 crore (₹835 million), down from ₹165.3 crore (₹1,653 million). The same table also reported FY25 EPS at 8.2 versus 16.3 in FY24.

Exports, realisations, and operating environment

Management commentary in the provided text said FY25 revenues were affected by lower average realisations, from ₹82,824 per KL in FY24 to ₹76,223 per KL in FY25. It also cited softer prices, reduced demand in FMCG and pharma segments, and the broader impact of geopolitical challenges.

Overseas sales were stated to contribute about 40.2% of total sales in both Q4 FY25 and the full year FY25. Export revenue was reported to have decreased from ₹2,402.8 crore (₹24,028 million) in FY24 to ₹1,565.6 crore (₹15,656 million) in FY25, attributed in the text to shipping disruptions in the Red Sea and ongoing conflicts such as the Russia-Ukraine war.

Q1 FY26: sequential revenue dip, EBITDA and PAT rise

For Q1 FY26, consolidated revenue was reported at ₹903.0 crore (₹9,030 million), compared with ₹961.7 crore (₹9,617 million) in Q4 FY25. Even with the sequential revenue decline, the company reported improved profitability: Q1 FY26 EBITDA at ₹46.0 crore (₹460 million), up 37% from ₹33.6 crore (₹336 million) in Q4 FY25, and Q1 FY26 PAT at ₹26.1 crore (₹261 million), up 112% from ₹12.3 crore (₹123 million).

The company also reported Q1 FY26 consolidated manufacturing volumes of 1,21,733 KL and a manufacturing gross margin spread of ₹8,274 per KL.

Standalone quarterly trend: net sales and operating profit

The provided quarterly table (figures in ₹ crore) shows volatility in net sales and operating profit across Dec 2024 to Dec 2025.

Separately, the dataset also states: consolidated net sales for September 2025 at ₹1,059.91 crore (up 13.35% YoY) and standalone net sales at ₹807.27 crore (up 6.05% YoY).

Key numbers at a glance (all values normalised to ₹ crore)

Market impact and what investors typically track here

The data shows two cross-currents that investors usually focus on for a refinery and petro-products business. One is the sensitivity of reported revenue to realisations and commodity pricing, visible in FY25 where average realisation fell and full-year revenue declined 5.3% year-on-year. The second is the operational and logistics impact on exports, where export revenue dropped sharply in FY25 alongside shipping disruptions.

For FY26, the quarter-wise updates point to improved profitability in Q1 FY26 despite lower sequential revenue, and stronger top-line momentum in Q3 FY26 with revenue at ₹1,167 crore. Alongside that, reported manufacturing spreads (₹8,274 per KL in Q1 FY26 and ₹7,271 per KL in the referenced quarter) provide a lens into margin discipline.

Longer-term growth markers mentioned in the dataset

The dataset flags “limitations” indicating poor profit growth of about -27.38% over the past three years and poor revenue growth of about 2.62% over the same period. It also contains an expectation of around 3% CAGR over 2025 to 2034. These figures provide context for why quarterly improvements are often assessed against longer-term compounding trends.

Conclusion

Gandhar Oil’s reported numbers show Q3 FY26 revenue of ₹1,167 crore and PAT of ₹34 crore, while FY25 reflects lower realisations, export disruptions, and a sharp decline in full-year profits. The next datapoints investors will watch are subsequent quarterly updates on volumes, realisations, export contribution, and manufacturing spread metrics reported by the company.