Gandhar Oil Ref. Q3 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 16 Jul 2026 | Petroleum Products | Market Cap: ₹2.4K Cr
Current installed capacity is 6 lakh kiloliters with an expected 30% increase (~60,000 kL) in the next 2 years. Gandhar Oil Refinery expects EBITDA margins to improve from the current ~5-5.5% level, aiming for expansion in the near future.
From Gandhar Oil Ref.'s Q3 FY26 earnings-call transcript · updated 23 Aug 2026.
Price
₹250
Market Cap
₹2.4K Cr
P/E Ratio
8.0
How does Gandhar Oil Ref. rank in Petroleum Products?
Compare Gandhar Oil Ref. against every Petroleum Products company this quarter on revenue, margins and earnings-call signals.
Gandhar Oil Ref. — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹1.1K Cr, net profit ₹37 Cr.
Full financials →📊 Revenue & Sales Performance
- →Current installed capacity is 6 lakh kiloliters with an expected 30% increase (~60,000 kL) in the next 2 years.
- →Volume growth of 10-15% per year is expected over the next 2-3 years even without new land expansion.
- →Exports currently contribute about 45% of revenue, expected to grow by another 5-10%, reaching 50-55% in the short to medium term.
- →Peak revenue per liter is estimated to be around INR 7,500 to INR 7,800 at current prices.
- →PHPO (personal care, health care products) segment expected to grow at high single digits, driven by FMCG sector recovery and export growth.
- →New product formulations under R&D with multinational customers aim to diversify and enhance future revenues, but currently no revenue from these.
- →Export growth expected from Asia-Pacific, Africa, and potentially accelerated growth from the U.S. and Europe following new trade deals.
📈 Profitability & Margins
- →Gandhar Oil Refinery expects EBITDA margins to improve from the current ~5-5.5% level, aiming for expansion in the near future.
- →Revenue growth CAGR guidance for the next 2-3 years was not explicitly provided but is expected to be positive with volume increases of 10-15% annually over the next 1.5-2 years without new land-based capacity expansions.
- →Exports are anticipated to grow by 5-10%, contributing around 50-55% of total revenue in the short to medium term, with slightly better margins than domestic sales.
- →New product developments (currently under R&D) are expected to contribute to future revenue but currently generate no revenue.
- →Improvement in profitability is supported by better product mix, operational efficiency, controlled expenses, and potential price increases based on raw material costs and forex trends.
- →The company is optimistic about demand recovery in PHPO (personal care, health care products) fueled by FMCG sector revival, expecting growth in high single digits.
🏗️ Capital Expenditure Plans
- →Yes, Gandhar Oil Refinery is planning capital expenditure (capex) and expansion:
- → - Purchased 453 decimals of land adjacent to existing factories at Silvassa and Taloja for future expansion.
- → - Expect new capex to start by end of this year or next year.
- → - Current capex related to maintenance, debottlenecking, and additional storage tanks has been completed.
- →Sharjah plant:
- → - Currently operating at ~70-72% capacity.
- → - Raw material supply and customer accreditation ongoing to reach near full capacity in 2-2.5 years.
- →Vadhvan port project:
- → - Awaiting government tender flotation; involves chemical storage and existing operations support.
- → - Company pursuing the matter actively but no firm updates yet.
- →Management indicates continuous volume growth (10-15% yearly) over next 1.5-2 years even before utilizing new land expansion.
💰 Fundraising & Capital Structure
📋 Order Book & Pipeline
Key Metrics
Frequently Asked Questions
What were Gandhar Oil Ref. Q3 FY26 results?
Current installed capacity is 6 lakh kiloliters with an expected 30% increase (~60,000 kL) in the next 2 years. Gandhar Oil Refinery expects EBITDA margins to improve from the current ~5-5.5% level, aiming for expansion in the near future.
What is Gandhar Oil Ref. share price analysis?
Gandhar Oil Ref. currently shows a neutral. The stock trades at a P/E of 8.0 with a market cap of ₹2,404 Cr. Investors should review the full earnings analysis for detailed insights.
Is Gandhar Oil Ref. planning capital expenditure?
Yes, Gandhar Oil Refinery is planning capital expenditure (capex) and expansion: - Purchased 453 decimals of land adjacent to existing factories at Silvassa and Taloja for future expansion.
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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.