Gandhar Oil Refinery (India) Ltd
Gandhar Oil Refinery (India) Q2 FY26 earnings call: Revenue & Margins
Q2 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
Historical and expected volume growth is around 10% to 12% per annum, with confidence in achieving this for FY26. Gandhar Oil expects volume growth of 10%-12% per annum, consistent with historical trends.
From Gandhar Oil Refinery (India) Ltd's Q2 FY26 earnings-call transcript · updated 16 Oct 2026.
Revenue & Sales Performance
- Historical and expected volume growth is around 10% to 12% per annum, with confidence in achieving this for FY26.
- Q2 revenue grew 17% sequentially; Q3 and Q4 are expected to sustain or improve on this trend.
- Domestic demand is robust, with strong manufacturing and consumption in pharma and personal care sectors.
- PHPO (personal care, health care, performance oils) segment, contributing nearly half of revenues, expected to drive growth.
- Growth will come from a combination of volume increase across segments (PHPO, transformer oils, automobile lubricants) and improved realizations.
- Value-added and premium product segments (e.g., pharma-grade oils, derma-grade oils) present margin expansion opportunities.
- Capacity utilization nearing 85%-90% indicates room for volume growth before capex is needed.
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Profitability & Margins
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Capital Expenditure Plans
- No capacity expansion is planned for the next 2 to 3 years; current focus is on increasing capacity utilization before new capex.
- Recent capex at Silvassa is primarily for automobile lubricants, expected to add ~19,000 kL per annum with high gross margins, positively impacting EBITDA and profitability.
- Texol UAE branch utilization is around 70-72%, expected to reach full capacity in 1.5 to 2 years, supporting export growth.
- Management is open to inorganic growth; evaluating options for strategic acquisitions but no concrete deals yet.
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Top-ranked in Petroleum Products
Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
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Order Book & Pipeline
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Gandhar Oil Refinery (India) Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹1.1K Cr, net profit ₹37 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Gandhar Oil Refinery (India) Ltd's management said in earlier quarters
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Frequently Asked Questions
What were Gandhar Oil Refinery (India) Ltd Q2 FY26 results?
Historical and expected volume growth is around 10% to 12% per annum, with confidence in achieving this for FY26. Gandhar Oil expects volume growth of 10%-12% per annum, consistent with historical trends.
What is Gandhar Oil Refinery (India) Ltd share price analysis?
Gandhar Oil Refinery (India) Ltd currently shows a neutral. The stock trades at a P/E of 9.6 with a market cap of ₹2,905 Cr. Investors should review the full earnings analysis for detailed insights.
Is Gandhar Oil Refinery (India) Ltd planning capital expenditure?
No capacity expansion is planned for the next 2 to 3 years; current focus is on increasing capacity utilization before new capex.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.