Gandhar Oil Ref.

Q1 FY27Petroleum Products

Gandhar Oil Ref. Q1 FY27 Results & Concall Highlights: Revenue, Margins & Order Book

Q1 FY27 earnings call: what management guided on revenue, margins and order book.

Price₹255

Market cap₹2.5K Cr

P/E8.1

Updated25 Aug 2026

Read4 min read

What the Q1 FY27 call signalled

2 of 4 strong

RevenueRank 3

MarginRank 3

CapexYes

FundraiseYes

Not discussed on this call: order book.

The short version

The company targets volume growth of 8% to 10% for FY27, consistent with historical trends. The company expects volume growth of 8% to 10% annually going forward, consistent with historical trends.

From Gandhar Oil Ref.'s Q1 FY27 earnings-call transcript · updated 25 Aug 2026.

Revenue & Sales Performance

Rank 3

The company targets volume growth of 8% to 10% for FY27, consistent with historical trends.
Revenue growth is expected to be driven by both volume and price realization increases.
Export sales, which contributed about 51% of revenue this quarter, are anticipated to sustain at similar levels, with continued focus on expanding international reach across 100+ countries.
Key growth segments include PHPO (Personal Care, Health Care, Performance Oils) and Process & Insulating Oils, with similar growth trends expected in these categories.
The company is optimistic about sustaining elevated margins and revenue realization for at least the next 1-2 quarters.
There is ongoing development of new customer relationships and expansion of existing ones, although customer qualification can take 4-5 years.
Market growth in specialty oils is expected at 6-7% CAGR, with Gandhar aiming to grow at 8-10% in volume terms, leveraging sourcing agility and strong customer ties.

Profitability & Margins

The company expects volume growth of 8% to 10% annually going forward, consistent with historical trends.
EBITDA margins of around 16% achieved in the exceptional quarter are hoped to be sustained for the next 2-3 quarters, although precise future margin guidance is difficult.
Long-term margin expansion and revenue growth will continue to be a focus, driven by value-added products and increased export mix.
Revenue growth will be a combination of volume increases and price realization improvements.
There is confidence in maintaining strong profitability due to efficient sourcing, product mix optimization, and expanding global footprint.
The company aims to sustain healthy earnings growth but refrains from giving specific futuristic guidance on profits or EPS.
Interim dividend declared demonstrates confidence in financial strength and earnings quality.
Overall, sustainable run-rate EBITDA margins could revise upward from historical 5-8% but no exact figure forecasted.

See what Gandhar Oil Ref. said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Yes

Gandhar Oil Refinery’s current total capacity is roughly 597,000 kilolitres, fungible among all product segments.
Capex plans are being finalized and will be announced in upcoming quarters.
The company intends to finance capex primarily through internal accruals without relying significantly on term lending but is open to term loans if necessary.
Interim dividend of INR 20 crores has been paid, yet enough internal funds remain for capex.
Operational flexibility exists to increase capacity utilization by running third shifts if demand requires.
The company is focused on expanding capacity aligned with growth opportunities and market demand but has not disclosed specific projects yet.

Top-ranked in Petroleum Products

Ranked on what management guided this quarter

5x potential

1Cont. Petroleums₹72 Cr

Rev 2Mar 1

2Arabian Petrol.₹86 Cr

Rev 2Mar 2

3₹5.3K Cr

Rev 3Mar 2

4₹17.0L Cr

Rev 3Mar 3

5₹1.9L Cr

Rev 3Mar 3

Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.

Fundraising & Capital Structure

Gandhar Oil Refinery (India) Limited is currently debt-free at the standalone company level.
Borrowings seen are primarily at the overseas subsidiary Texol, mainly for working capital and some term loan related to initial plant setup; term loans are expected to reduce over time.
The company plans to fund future capital expenditures largely through internal accruals.
If required, the company may resort to term lending but no immediate or specific plans for new debt fundraising have been announced.
No mention of equity fundraising was made during the call.
Capital allocation decisions include paying a 100% interim dividend, indicating confidence in funding capex without needing external equity.
Further capex plans and funding strategies will be announced in upcoming quarters when more clarity emerges.

See what Gandhar Oil Ref. said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

The transcript does not provide explicit details on the current or expected order book or pending orders. However, relevant points include: - The company has a strong customer base of over 4,000 customers, indicating a wide and diversified order flow. - Export sales have increased significantly, contributing to revenue growth, with ongoing efforts to expand exports to over 100 countries. - The company is actively qualifying new customers, which typically takes 4-5 years. - There are ongoing discussions on new geographical expansion, including South Africa, but revenue projections or orderbook specifics are not yet available. - The company continues to maintain long-term contracts with customers, particularly in specialty oils. - No specific mention of the size or value of pending orders or an updated order book was shared during the call.

Gandhar Oil Ref. — Quarterly revenue & net profit

Revenue Net profit

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Reported quarterly figures (₹ Cr). Latest: revenue ₹1.1K Cr, net profit ₹37 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

Full financials →

What Gandhar Oil Refinery (India) Ltd's management said in earlier quarters

Others in Petroleum Products this season

Hindustan Petroleum Corporation Ltd (Q1 FY27)
Current capex for FY 2027 is guided to be below INR 9,700 crores, possibly lower due to cash conservation efforts. Key concall takeaways from H P C L's Q1 FY27…
Gulf Oil Lubricants India Ltd (Q1 FY27)
For FY27, the company plans to sustain double-digit volume growth, aligned with 2 to 3 times industry growth (~3-4% industry growth). Key concall takeaways…
Reliance Industries Ltd (Q1 FY27)
Retail revenue growth is healthy, with digital commerce orders up 116% YoY and omni-channel customers spending 20-25% more YoY. Key concall takeaways from…
Castrol India Ltd (Q1 FY27)
Volume growth is complemented by strategic pricing actions to maintain EBITDA margins of 21%-24%. Key concall takeaways from Castrol India's Q1 FY27 earnings…

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Frequently Asked Questions

What were Gandhar Oil Ref. Q1 FY27 results?

The company targets volume growth of 8% to 10% for FY27, consistent with historical trends. The company expects volume growth of 8% to 10% annually going forward, consistent with historical trends.

What is Gandhar Oil Ref. share price analysis?

Gandhar Oil Ref. currently shows a below-average growth signal. The stock trades at a P/E of 8.1 with a market cap of ₹2,451 Cr. Investors should review the full earnings analysis for detailed insights.

Is Gandhar Oil Ref. planning capital expenditure?

Gandhar Oil Refinery’s current total capacity is roughly 597,000 kilolitres, fungible among all product segments.

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.