Gandhar Oil Refinery (India) Ltd.

•

gandharoil.comBSE: 544029NSE: GANDHAR

Market Cap₹ 2,602 Cr.

Current Price

High / Low₹ 303 / 115

Stock P/E8.6

Book Value₹ 159

Price to Book0.85

Dividend Yield0.28 %

ROCE15.0 %

ROE10.6 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2022 • Petroleum Products & Specialty Oils: 96.1% • Non-Coking Coal: 3.4% • Others: 0.6%

AI Sector View

AI GENERATED

Oil Gas & Consumable Fuels

Reduce

Sector economics are clouded by input volatility and uneven volume trends. WPI fuel inflation is very high at 20.05% (Jul/26), crude oil output is -5.3% YoY (2026-07), natural gas is -3.7% YoY (2026-07), and natural gas consumption is -3.0% YoY (2026-06), although refinery products grew 2.7% YoY (2026-07) and coal was 7.6% YoY (2026-07). Heavy FPI outflows of INR -15293 crore over 3 months to 2026-08-31 and negative oil-linked news flow reinforce the underweight.

Confidence

78%

View full sector analysis →

PROS

Latest quarter profit grew 689.2% YoY, showing strong momentum
Company has consistently been profitable over the last 5 years
Stock looks reasonably valued - P/E of 8.6 is below its historical median
Company maintains a comfortable, low leverage position
Company converts assets efficiently - asset turnover of 2.0x

CONS

Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.19x)
Equity base is being diluted - shares outstanding up 22.4%
Company has delivered a poor profit growth of 6.5% over past five years
Growth is decelerating - 3Y profit CAGR (-13.8%) trails the 5Y trend (6.5%)
Though reporting repeated profits, the company pays out little dividend (5.4%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Oil Gas & Consumable FuelsAutomobile & AncillariesLubricants

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	CASTROLIND	189.40	17.63	18733.98	4.62	347.70	42.50	1871.47	25.03	61.82	26.41
2.	GULFOILLUB	1080.45	14.28	5354.23	4.72	120.84	26.96	1327.21	30.57	26.41	12.49
3.	SOTL	689.80	11.43	4729.30	0.72	288.06	414.80	1479.76	50.65	15.18	24.59
4.	PANAMAPET	497.50	6.29	3009.56	0.60	308.91	624.80	1735.15	150.30	19.58	22.35
5.	GANDHAR	265.80	8.63	2601.64	0.28	205.89	689.15	1731.93	91.81	14.99	16.24
6.	VEEDOL	1443.25	11.44	2514.72	4.02	77.92	56.88	608.57	18.49	24.70	17.48

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	1,070	1,001	1,103	939	995	935	1,005	962	903	1,060	1,167	1,093	1,732
	986	925	1,018	906	934	895	964	928	857	994	1,108	1,030	1,471
Operating Profit	84	76	85	34	60	40	42	34	46	66	59	64	261
OPM %	7.86%	7.59%	7.72%	3.58%	6.06%	4.30%	4.14%	3.49%	5.09%	6.21%	5.07%	5.81%	15.05%
	1	2	2	5	5	2	2	4	3	3	4	4	3
Interest	13	15	16	14	13	11	10	14	10	10	10	8	13
Depreciation	5	5	5	6	6	6	6	7	7	7	7	8	8
Profit before Tax	67	58	66	19	46	25	27	17	32	51	45	52	264
Tax %	19.15%	17.54%	22.53%	36.96%	29.05%	26.05%	24.03%	26.71%	17.90%	22.28%	23.95%	29.40%	21.94%
Net Profit	0	0	0	0	33	18	20	12	26	40	34	37	206
	5.59	4.92	5.47	1.06	3.40	1.91	1.98	1.19	2.68	3.68	3.31	4.16	19.65

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	2,169	2,730	3,568	2,504	2,221	3,543	4,079	4,113	3,897	4,241	5,052
	2,051	2,606	3,496	2,449	2,086	3,297	3,762	3,838	3,728	4,011	4,603
Operating Profit	118	124	71	55	134	247	317	276	169	230	449
OPM %	5.44%	4.56%	2.00%	2.18%	6.06%	6.96%	7.77%	6.70%	4.34%	5.43%	8.89%
	22	20	11	19	27	26	24	14	20	20	14
Interest	31	46	48	50	37	33	52	59	49	40	41
Depreciation	9	10	8	11	11	15	17	20	26	30	30
Profit before Tax	100	89	27	13	120	225	272	210	114	181	412
Tax %	25.80%	27.24%	29.62%	23.57%	16.62%	27.37%	21.31%	21.39%	26.90%	23.98%	23.15%
Net Profit	74	64	19	10	100	164	214	165	84	137	317
EPS	46.43	40.28	11.71	1.23	12.52	18.42	23.86	14.36	8.18	13.83	—
Dividend Payout %	4.31%	4.97%	85.41%	73.03%	1.60%	29.86%	0.00%	3.48%	6.11%	5.42%	—

COMPOUNDED SALES GROWTH

10 Years:: 9%
5 Years:: 14%
3 Years:: 1%

COMPOUNDED PROFIT GROWTH

10 Years:: 18%
5 Years:: 6%
3 Years:: -11%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: 88%

RETURN ON EQUITY

10 Years:: 18%
5 Years:: 20%
3 Years:: 12%
Last Year:: 11%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	16	16	16	16	16	16	16	20	20	20
Minority Interest	0	0	0	0	0	20	35	51	53	47
	285	366	368	330	428	525	727	1,153	1,216	1,333
	328	306	116	142	85	186	216	262	300	309
Trade Payables	411	596	706	479	523	517	567	372	315	437
	68	41	65	39	48	54	70	82	56	79
Total Liabilities	1,108	1,325	1,271	1,006	1,101	1,318	1,632	1,940	1,959	2,225
	78	96	94	91	86	189	237	360	449	498
Capital Work in Progress	4	0	5	12	22	44	73	9	8	29
	0	2	1	0	7	0	0	0	0	3
	261	300	253	185	199	326	451	448	463	644
	0	0	0	0	0	0	0	623	670	721
Cash & Bank	97	207	115	100	121	183	108	277	152	132
	667	719	803	617	666	577	763	224	216	199
Total Assets	1,108	1,325	1,271	1,006	1,101	1,318	1,632	1,940	1,959	2,225

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-14	228	206	71	119	223	149	-69	15	128
Cash from Investing	-8	-5	1	-24	-22	-116	-72	-66	-48	-62
Cash from Financing	24	-175	-176	-45	-91	-4	-29	160	13	-88
	-10	5	-11	2	5	47	-13	25	-21	-22

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	64.63	64.63	64.63	65.01	65.01	65.01	66.18	66.47	66.60
	0.18	0.02	0.62	0.18	0.24	0.17	0.34	0.14	1.27
	2.65	1.84	1.70	1.79	1.97	2.05	0.43	0.09	1.02
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	32.55	33.51	33.05	33.03	32.79	32.77	33.05	33.30	31.10

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-04

Agreements

2026-09-04 - Gandhar Oil Refinery (India) Limited has informed the Exchange that in continuation to intimation 26th May, 2026, 13th August, 2026 and pursuant to Regulation 30 of SEBI (LODR) Regulation, 2015, the Company has entered into purchase agreement for purchase of land at Panvel

2026-09-01

Analysts/Institutional Investor Meet/Con. Call Updates

2026-09-01 - Gandhar Oil Refinery (India) Limited has informed the Exchange about Schedule of meet

2026-09-01

Credit Rating- Others

2026-09-01 - Gandhar Oil Refinery (India) Limited has informed the Exchange that pursuant to Regulation 30 read with Para A of Part A of Schedule III of the SEBI (LODR) Regulations 2015, we would like to inform that CRISIL Ratings Limited has assigned Credit ratings to bank facilities of the Company.

2026-09-01

Credit Rating- New

2026-08-20

Copy of Newspaper Publication

2026-08-20 - Gandhar Oil Refinery (India) Limited has informed the Exchange about Copy of Newspaper Publication - Disclosure under Regulation 30 and Regulation 47 ofSEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( SEBI ListingRegulations ):

2026-08-19

Shareholders meeting

2026-08-19 - Gandhar Oil Refinery (India) Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 11, 2026

2026-08-18

Shareholders meeting

2026-08-18 - Gandhar Oil Refinery (India) Limited has informed the Exchange regarding Proceedings of Postal Ballot. Further, the company has submitted the Exchange a copy of Scrutinizers report along with voting results.

2026-08-18

Copy of Newspaper Publication

2026-08-18 - Gandhar Oil Refinery (India) Limited has informed the Exchange about Copy of Newspaper Publication - Disclosure under Regulation 30 and 47 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations")

2026-08-17

Copy of Newspaper Publication

2026-08-17 - Gandhar Oil Refinery (India) Limited has informed the Exchange about Copy of Newspaper Publication

News

Recent coverage and analyst commentary for GANDHAR

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Gandhar Oil Refinery (India) Ltd.

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Name

CASTROLIND

189.40

17.63

18733.98

4.62

347.70

42.50

1871.47

25.03

61.82

26.41

GULFOILLUB

1080.45

14.28

5354.23

4.72

120.84

26.96

1327.21

30.57

26.41

12.49

SOTL

689.80

11.43

4729.30

0.72

288.06

414.80

1479.76

50.65

15.18

24.59

PANAMAPET

497.50

6.29

3009.56

0.60

308.91

624.80

1735.15

150.30

19.58

22.35

GANDHAR

265.80

8.63

2601.64

0.28

205.89

689.15

1731.93

91.81

14.99

16.24

VEEDOL

1443.25

11.44

2514.72

4.02

77.92

56.88

608.57

18.49

24.70

17.48

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

1,070

1,001

1,103

939

995

935

1,005

962

903

1,060

1,167

1,093

1,732

986

925

1,018

906

934

895

964

928

857

994

1,108

1,030

1,471

Operating Profit

261

OPM %

7.86%

7.59%

7.72%

3.58%

6.06%

4.30%

4.14%

3.49%

5.09%

6.21%

5.07%

5.81%

15.05%

Interest

Depreciation

Profit before Tax

264

Tax %

19.15%

17.54%

22.53%

36.96%

29.05%

26.05%

24.03%

26.71%

17.90%

22.28%

23.95%

29.40%

21.94%

Net Profit

206

5.59

4.92

5.47

1.06

3.40

1.91

1.98

1.19

2.68

3.68

3.31

4.16

19.65

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

2,169

2,730

3,568

2,504

2,221

3,543

4,079

4,113

3,897

4,241

5,052

2,051

2,606

3,496

2,449

2,086

3,297

3,762

3,838

3,728

4,011

4,603

Operating Profit

118

124

134

247

317

276

169

230

449

OPM %

5.44%

4.56%

2.00%

2.18%

6.06%

6.96%

7.77%

6.70%

4.34%

5.43%

8.89%

Interest

Depreciation

Profit before Tax

100

120

225

272

210

114

181

412

Tax %

25.80%

27.24%

29.62%

23.57%

16.62%

27.37%

21.31%

21.39%

26.90%

23.98%

23.15%

Net Profit

100

164

214

165

137

317

EPS

46.43

40.28

11.71

1.23

12.52

18.42

23.86

14.36

8.18

13.83

—

Dividend Payout %

4.31%

4.97%

85.41%

73.03%

1.60%

29.86%

0.00%

3.48%

6.11%

5.42%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Minority Interest

285

366

368

330

428

525

727

1,153

1,216

1,333

328

306

116

142

186

216

262

300

309

Trade Payables

411

596

706

479

523

517

567

372

315

437

Total Liabilities

1,108

1,325

1,271

1,006

1,101

1,318

1,632

1,940

1,959

2,225

189

237

360

449

498

Capital Work in Progress

261

300

253

185

199

326

451

448

463

644

623

670

721

Cash & Bank

207

115

100

121

183

108

277

152

132

667

719

803

617

666

577

763

224

216

199

Total Assets

1,108

1,325

1,271

1,006

1,101

1,318

1,632

1,940

1,959

2,225

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-14

228

206

119

223

149

-69

128

Cash from Investing

-8

-5

-24

-22

-116

-72

-66

-48

-62

Cash from Financing

-175

-176

-45

-91

-4

-29

160

-88

-10

-11

-13

-21

-22

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

64.63

65.01

66.18

66.47

66.60

0.18

0.02

0.62

0.18

0.24

0.17

0.34

0.14

1.27

2.65

1.84

1.70

1.79

1.97

2.05

0.43

0.09

1.02

Government

0.00

32.55

33.51

33.05

33.03

32.79

32.77

33.05

33.30

31.10

Gandhar Oil Refinery (India) Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

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Gandhar Oil Refinery (India) Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI