Gandhar Oil Refinery (India) Ltd

GANDHAR

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Market Cap

₹ 1,308 Cr

P/E

14.02

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Performance

UNDER PERFORMER

Valuation

REASONABLE

Growth

SLUGGISH

Profitability

LOW MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Gandhar Oil Refinery (India) Limited is a leading manufacturer of white oils, catering primarily to the consumer and healthcare industries. This positions it as a significant player in India's specialty oils segment.

Gandhar Oil reported a robust Q2 FY26 performance with a 17% sequential increase in revenue, reaching INR 10,599 million, mainly driven by significant volume growth and better pricing strategies.

The PHPO (Personal care, Healthcare, and Performance Oils) division remains the company's largest revenue contributor, highlighting a strategic focus that aligns with global demands for high-purity 'white oils.'

The company has managed to navigate geopolitical challenges and raw material price volatility through prudent risk management, ensuring stable operating margins despite a challenging external environment.

Strong strategic partnerships and an increasing share of business from existing customers have enabled Gandhar Oil to mitigate risks and maintain competitive advantages in a highly competitive market landscape.

Sector

Refineries

Industry

Refineries

Market Cap

1,308 Cr

Volatility

Moderate Risk

P/E Ratio

14.0

Industry P/E

19.2

PEG Ratio

—

P/B Ratio

1.0

52W High

231.75

52W Low

120.60

Sales CAGR

-5.26%

2.62%

5.96%

10Y

—

Profit CAGR

-49.49%

-27.38%

33.40%

10Y

—

ROE

TTM

7.23%

12.50%

15.34%

10Y

—

ROCE

TTM

10.51%

20.83%

24.74%

10Y

—

Technicals

Oscillators

BearishNeutralBullish

Bullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

BearishNeutralBullish

Bearish

Neutral

Bullish

Forecasts

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
BPCL	367.90	1,59,115 Cr	7.39	1.69	2.69	22.60	21.32	9.31
HINDPETRO	465.30	99,284 Cr	7.13	1.75	2.25	24.49	18.08	7.18
MRPL	148.80	26,245 Cr	25.34	1.97	0.00	7.78	10.63	2.92
CHENNPETRO	914.90	13,757 Cr	11.76	1.56	0.54	13.25	16.05	7.06
GANDHAR	139.85	1,308 Cr	14.02	1.01	0.37	7.23	10.51	4.49
RUCHINFRA	6.80	159 Cr	16.05	0.76	0.00	4.72	5.40	3.05
RESGEN	70.00	148 Cr	18.62	2.58	0.00	13.27	18.90	11.66

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	1,070	1,001	1,103	939	995	935	1,005	962	903	1,060
Expenses	986	925	1,017	906	934	895	964	928	857	994
Operating Profit	84	76	85	34	60	40	42	34	46	66
OPM %	7.86	7.59	7.72	3.58	6.06	4.30	4.13	3.49	5.09	6.21
Other Income	1.18	2.23	1.69	4.79	5.04	2.17	2.14	3.54	2.69	3.06
Interest	13	15	16	14	13	11	11	14	9.61	10
Depreciation	4.72	4.87	5.01	5.54	6.36	6.37	6.33	6.84	7.26	7.49
Profit Before Tax	67	58	66	19	46	25	27	17	32	51
Tax %	19.15	17.54	22.53	36.96	29.05	26.17	24.03	26.71	17.90	22.23
Net Profit	54	48	51	12	33	18	20	12	26	40
EPS in Rs	—	4.92	5.47	1.06	3.40	1.91	1.98	1.19	2.68	3.68

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	3,568	2,504	2,221	3,543	4,079	4,113	3,897	3,805
Expenses	3,497	2,443	2,082	3,297	3,763	3,834	3,721	3,644
Operating Profit	71	60	139	246	316	279	176	161
OPM %	1.98	2.41	6.25	6.94	7.75	6.78	4.51	4.24
Other Income	11	12	29	26	24	9.89	13	11
Interest	47	49	36	32	52	58	48	45
Depreciation	7.54	11	11	15	17	20	26	27
Profit Before Tax	27	13	120	225	272	210	114	100
Tax %	29.62	23.57	16.59	27.37	21.31	21.39	26.91	23.06
Net Profit	19	9.86	100	164	214	165	83	77
EPS in Rs	—	—	—	—	—	17.05	8.48	9.53
Dividend Payout %	85.40	365.85	0.00	0.00	2.10	3.07	6.11	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	16	16	16	16	16	20	20
Reserves	368	330	429	525	727	1,153	1,217
Borrowings	112	146	90	191	220	271	305
Other Liabilities	775	516	566	586	668	497	418
Total Liabilities	1,271	1,008	1,101	1,318	1,632	1,940	1,959
Fixed Assets	94	91	86	189	237	360	449
CWIP	5.48	12	22	44	73	8.58	7.65
Investments	6.29	5.24	9.16	1.01	1.00	1.07	1.13
Other Assets	1,166	899	984	1,084	1,321	1,571	1,501
Total Assets	1,271	1,008	1,101	1,318	1,632	1,940	1,959

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	165	70	118	167	88	-69	15
Cash from Investing Activity	0.65	-24	-22	-116	-72	-66	-48
Cash from Financing Activity	-176	-45	-91	-4.13	-29	160	13
Net Cash Flow	-11	2.34	4.61	47	-13	25	-21

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Sep 2023	Nov 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	87.50%	64.63%	64.63%	64.63%	64.63%	64.63%	64.63%	64.63%	65.01%	65.01%	65.01%
FIIs	0.00%	3.87%	3.87%	2.53%	0.53%	0.18%	0.02%	0.62%	0.18%	0.24%	0.17%
DIIs	12.50%	11.55%	11.55%	6.61%	3.47%	2.64%	1.84%	1.70%	1.78%	1.96%	2.05%
Public	0.00%	19.96%	19.96%	26.24%	31.37%	32.55%	33.51%	33.05%	33.03%	32.79%	32.77%
Total Shareholders	902	1,22,463	1,22,463	1,82,532	1,80,727	1,72,305	1,67,001	1,53,263	1,50,403	1,45,648	1,41,406

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Dec 15, 2025	Gandhar coals & mines private...	Insider - Promoter Group	Acquisition	124.89	1.25 Cr	1,00,000	0.10
Dec 12, 2025	Gandhar coals & mines private...	Insider - Promoter Group	Acquisition	121.63	0.01 Cr	1,062	0.00
Dec 11, 2025	Gandhar coals & mines private...	Insider - Promoter Group	Acquisition	122.95	0.25 Cr	20,000	0.02
Mar 25, 2025	Ramesh babulal parekh revised	Insider - Promoter	Acquisition	141.69	1.76 Cr	1,23,889	0.12
Mar 21, 2025	Ramesh babulal parekh	Insider - Promoter	Acquisition	141.69	1.76 Cr	1,23,889	0.12
Oct 15, 2024	Upadhyaya ajay shiv narayan	Bulk	Buy	230.14	11.51 Cr	5,00,000	0.51
Oct 15, 2024	Neomile corporate advisory li...	Bulk	Buy	232.92	1.50 Cr	64,581	0.06
Oct 15, 2024	Neomile growth fund - series i	Bulk	Buy	232.20	0.85 Cr	36,539	0.03
Oct 15, 2024	Neomile corporate advisory li...	Bulk	Sell	230.22	11.90 Cr	5,16,770	0.52
Oct 15, 2024	Neomile growth fund - series i	Bulk	Sell	230.11	13.81 Cr	6,00,000	0.61

Projection

Actions

Action Type

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Announcements

Last 7 days

Newest

Sentiment

Regulatory Filing

1 day ago

Disclosure of Substantial Acquisition by Gandhar Coal & Mines Pvt Ltd

Gandhar Coal & Mines Pvt Ltd disclosed a substantial acquisition of shares as per SEBI regulations, indicating a new stake in Gandhar Oil Refinery (India) Ltd.

Regulatory Filing

3 days ago

Regulation 29(2) Disclosure for Gandhar Coal & Mines

The announcement details a disclosure under SEBI Regulation 29(2) regarding the substantial acquisition of shares by Gandhar Coal & Mines Pvt Ltd.

Regulatory Filing

3 days ago

Disclosure of Share Acquisition by Gandhar Coal & Mines Pvt Ltd

Gandhar Coal & Mines Pvt Ltd has disclosed its share acquisition under SEBI regulations, increasing its holding in Gandhar Oil Refinery by 50,000 shares.

Regulatory Filing

4 days ago

Disclosure of Acquisition by Gandhar Coal & Mines

Gandhar Coal & Mines Pvt Ltd has made a disclosure under SEBI regulations regarding a substantial acquisition of shares.

Regulatory Filing

5 days ago

Disclosure under SEBI Regulations for Gandhar Coal & Mines

The announcement details the disclosure made by Gandhar Coal & Mines Pvt Ltd under Regulation 29(2) of SEBI (SAST) Regulations 2011 regarding their recent acquisition of voting rights.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Investor Presentation

Q4 FY25

Investor Presentation

Q3 FY25

Investor Presentation

Q2 FY25

Investor Presentation

Q1 FY25

Investor Presentation

Q4 FY24

Investor Presentation

Q3 FY24

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