Arthneeti

Gandhar Oil Refinery (India) Q2 FY27 Share Price & Earnings Call Analysis

₹249.65+0.62% today
Market cap
₹2,446 Cr
P/E
8.12
ROE
10.48%
PEG
-0.74
Price to sales
0.48
Debt to equity
0.23
52W high / low
₹315 / ₹117
Sales growth (5Y)
13.81%
EBITDA margin
9.30%
Net profit margin
3.24%
Promoter holding
66.65%
Sales (last year)
₹5,052 Cr

Incorporated in 1992, Gandhar Oil Limited is a prominent manufacturer of white oils that caters to the consumer and healthcare end industries.[1]

Guidance scorecard · Q2 FY27 call

What Gandhar Oil Refinery (India) Ltd's management guided
and where it ranks in Petroleum Products

#8of 10 in
Petroleum Products
Revenue10–20%MarginsFlatCapexPlannedFundraisingPlannedOrder bookWhat management said

RevenueQ1 FY27 call

10–20%
  • 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.

2 more points from Gandhar Oil Refinery (India) Ltd's call on revenue

Create a free account to keep reading this call

Full Q1 FY27 analysis

MarginsQ1 FY27 call

Flat

See what Gandhar Oil Refinery (India) Ltd said on margins — free account, 30 seconds.

Full Q1 FY27 analysis

CapexQ1 FY27 call

Planned
  • 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.

2 more points from Gandhar Oil Refinery (India) Ltd's call on capex

Create a free account to keep reading this call

Full Q1 FY27 analysis

FundraisingQ1 FY27 call

Planned

See what Gandhar Oil Refinery (India) Ltd said on fundraising — free account, 30 seconds.

Full Q1 FY27 analysis

Order bookQ1 FY27 call

  • 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.
  • The company continues to maintain long-term contracts with customers, particularly in specialty oils.
Full Q1 FY27 analysis
Full Petroleum Products ranking

Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.

Potential multibaggers · Q2 FY27

Potential multibaggers in Petroleum Products
on management's own guidance

  1. Arabian Petrol.Good growth
    2
  2. Continental Petroleums LtdGood growth
    1
  3. Gulf Oil Lubricants India LtdModerate growth
    3
See all potential multibaggersWhere does Gandhar Oil Refinery (India) Ltd rank?

Portfolio builder

Build your portfolio
from the top-ranked stocks

  1. 1. Pick 3–15 stocks
  2. 2. Choose large, mid or small cap and your sectors
  3. 3. Get a portfolio built from the rankings
Build my portfolio

Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Petroleum Products companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
1Continental Petroleums Ltd20–40%Up 2%+₹70 Cr20.7
2Arabian Petrol.20–40%Up 0–2%₹114 Cr10.1
3Gulf Oil Lubricants India Ltd10–20%Up 0–2%₹5,402 Cr13.6
410–20%Flat₹16.39L Cr21.9
510–20%Flat₹1.84L Cr5.5
610–20%Flat₹30,270 Cr7.3

Sign up free to see every company in the sector ranking and track Gandhar Oil Refinery (India) Ltd.

Pro shows every company guiding 40%+ revenue growth →Full Petroleum Products ranking

Financials of Gandhar Oil Refinery (India) Ltd

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Gandhar Oil Refinery (India) Ltd

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +64.63%64.63%64.63%64.63%64.63%65.01%65.01%65.01%66.18%66.47%66.60%66.65%
FIIs +2.53%0.53%0.18%0.02%0.62%0.18%0.24%0.17%0.34%0.14%1.27%5.46%
DIIs +6.61%3.47%2.65%1.84%1.70%1.79%1.97%2.05%0.43%0.09%1.02%1.07%
Public +26.24%31.37%32.56%33.52%33.05%33.03%32.80%32.77%33.05%33.30%31.10%26.81%
No. of Shareholders1,82,5321,80,7271,72,3051,67,0011,53,2631,50,4031,45,6481,41,4061,38,3471,39,4821,34,2651,21,234

Financials of Gandhar Oil Refinery (India) Ltd

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +1,0011,1039399959351,0059629031,0681,1671,0931,7321,847
Expenses +9251,0189069348959649288571,0021,1081,0301,4511,559
Operating Profit7685346040423446665964281288
OPM %8%8%3.6%6%4.3%4.1%3.5%5%6%5%6%16%16%
Other Income +225522433443-18
Interest1516141311101410101081313
Depreciation5566667777888
Profit before tax5866194625271732514552264248
Tax %18%23%37%29%26%24%27%18%22%24%29%22%25%
Net Profit +4851123318201226403437206186
EPS in Rs4.914.830.933.151.861.981.192.683.683.314.1619.6517.87

Financials of Gandhar Oil Refinery (India) Ltd

Profit & Loss

Annual income statement trend

Mar 2016Mar 2017Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +1,7562,1693,5682,5042,2213,5434,0794,1133,8974,2415,839
Expenses +1,6802,0423,4962,4442,0813,2963,7623,8333,7204,0045,147
Operating Profit761277260140247317280176237692
OPM %4.3%6%2.0%2.4%6%7%8%7%4.5%6%12%
Other Income +10131113292624101313-8
Interest4731485037335259494044
Depreciation8981111151720263031
Profit before tax311002713120225272210114181609
Tax %16%26%30%24%17%27%21%21%27%24%
Net Profit +2674191010016421416584137464
EPS in Rs3.249.292.341.2312.5418.4223.8614.368.1813.8344.99
Dividend Payout %1,778%0%85%73%0%0%2%3%6%5%

Financials of Gandhar Oil Refinery (India) Ltd

Balance Sheet

Capital structure and asset base

Mar 2016Mar 2017Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital1616161616161620202020
Reserves2122853683304295257271,1531,2171,3331,680
Borrowings +27232611614690191220271305315233
Other Liabilities +3744817715165665866684974185581,009
Total Liabilities8751,1081,2711,0081,1011,3181,6321,9401,9592,2252,942
Fixed Assets +7478999788190238361450498503
CWIP24512224473982940
Investments00107000036
Other Assets +7981,0251,1668999841,0841,3211,5701,5011,6952,392
Total Assets8751,1081,2711,0081,1011,3181,6321,9401,9592,2252,942

Financials of Gandhar Oil Refinery (India) Ltd

Cash Flows

Operating, investing and financing cash movement

Mar 2016Mar 2017Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +214-261657011816788-6915128
Cash from Investing Activity +-10-81-24-22-116-72-66-48-62
Cash from Financing Activity +-22124-176-45-91-4-2916013-88
Net Cash Flow-16-10-112547-1325-21-22
Free Cash Flow195-41154541085132-12515128
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit299%-11%265%118%85%90%47%-8%26%69%

Financials of Gandhar Oil Refinery (India) Ltd

Ratios

Working capital efficiency and return ratios

Mar 2016Mar 2017Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days90956364844650556362
Inventory Days54513032384047465064
Days Payable848184821016359383443
Cash Conversion Cycle6065914222238637983
Working Capital Days70751723371933587778
ROCE %23%13%31%39%37%22%11%13%

Guidance history

How Gandhar Oil Refinery (India) Ltd's guidance has moved, call by call

CallRevenueMarginsCapexFundraisingOrder book
Q1 FY27 call →10–20%FlatPlannedPlanned—
Q4 FY26 call →10–20%FlatPlanned——
Q3 FY26 call →10–20%FlatPlanned——
Q2 FY26 call →10–20%Up 0–2%Planned——

What management guided on each call, newest first. Not investment advice, and not a forecast of returns.

46out of 100

Momentum score · price trend

46 out of 100 — Steady

Over the past year its share price has moved roughly in the middle of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months+84.3%92%
Last 6 months+80.0%95%
Last 3 months+11.8%83%

The price is 20.7% below its all-time high of ₹314.9 (27 Oct 2026). Stocks more than 20% below their peak have their score halved, so 91 became 46.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Gandhar Oil Refinery (India) Ltd: 0.4 × 92 + 0.4 × 95 + 0.2 × 83 = 91, halved to 46 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

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

Others in Petroleum Products this season

  • I O C L (Q2 FY27)

    Revenue from Operations (Quarter ended 30.09.2026, Consolidated):** ₹2,68,039.38 Crore, up from ₹2,06,447.11 Crore in Q3 2025 (YoY increase of ~29.9%). Key…

  • Gulf Oil Lubricants India Ltd (Q2 FY27)

    42,264.49 lakhs (approximately 44% increase) . Key results statement takeaways from Gulf Oil Lubricants India Ltd's Q2 FY27 results statement — and how it ranks

  • Kotyark Industries Ltd (Q2 FY27)

    1,240.77 Lakhs (about 22.62%). Key results statement takeaways from Kotyark Industries Ltd's Q2 FY27 results statement — and how it ranks against sector peers.

  • Castrol India Ltd (Q2 FY27)

    3Q 2026 Revenue from Operations:** ₹1,735 crore, up 27% YoY (3Q 2025: ₹1,363 crore). Key results statement takeaways from Castrol India Ltd's Q2 FY27 results st

Compare:vs I O C Lvs Bharat Petroleum Corporation Ltdvs Hindustan Petroleum Corporation Ltd