Gandhar Oil Q4 FY26: Margins Recover as Volumes Scale and PHPO Stays Central

FY26 revenue from operations was INR 4,241.2 crore, EBITDA was INR 234.5 crore, and profit after tax was INR 137.2 crore as per the investor presentation.

Q4 FY26 revenue from operations was INR 1,093.4 crore versus INR 961.7 crore in Q4 FY25. Q4 FY26 EBITDA was INR 63.6 crore versus INR 33.6 crore in Q4 FY25, and Q4 FY26 PAT was INR 37.0 crore versus INR 12.3 crore.

As per the presentation (FY26 consolidated revenue from finished goods sold), PHPO was 48.0%, lubricants 27.0%, PIO 10.19%, and channel partners 14.81%.

The presentation states overseas sales contributed 42.84% of consolidated revenue from sale of products in FY26, with exports to 100+ countries.

The presentation states total installed capacity of 597,403 kL across Sharjah, Silvassa and Taloja. On the concall, the CFO stated Indian plants (installed capacity about 362,100 kL on a 2-shift basis) achieved about 458,853 kL by operating 3 shifts at times, implying about 125% to 126% utilization on a 2-shift nameplate basis.

The presentation states supplier pricing is linked to ICIS benchmarks and some customers have pass-through provisions. On the concall, the CFO said pass-through contracts cover about 35% to 40% of customers and prices are revised for others to reflect increases.

The presentation highlights enhanced focus on consumer and healthcare end-industries, increasing overseas sales via product and geography expansion, and strengthening the customer base including moving up the value chain through contract manufacturing services.