Gandhar Oil Refinery (India) Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2022 • Petroleum Products & Speciality Oil: 97.5% • Non-Coking Coal: 2.3% • Others: 0.2%
AI Sector View
AI GENERATEDOil Gas & Consumable Fuels
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.
PROS
- Company has delivered good profit growth of 21.9% CAGR over last 5 years
- Company is almost debt free
- Latest quarter profit grew 581.7% YoY, showing strong momentum
- Stock looks reasonably valued - P/E of 8.9 is below its historical median
- Company converts assets efficiently - asset turnover of 2.0x
CONS
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.03x)
- Operating cash flow has been negative in recent years
- Equity base is being diluted - shares outstanding up 22.4%
- Operating margins have contracted to 5.9% from 9.5%
- Growth is decelerating - 3Y profit CAGR (-6.5%) trails the 5Y trend (21.9%)
- Though reporting repeated profits, the company pays out little dividend (5.3%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| 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 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 698 | 690 | 737 | 717 | 790 | 761 | 857 | 752 | 745 | 807 | 923 | 929 | 1,591 | |
| 638 | 637 | 666 | 701 | 739 | 727 | 823 | 725 | 705 | 755 | 873 | 864 | 1,358 | |
| Operating Profit | 60 | 53 | 71 | 17 | 51 | 35 | 34 | 26 | 41 | 52 | 49 | 66 | 233 |
| OPM % | 8.55% | 7.65% | 9.63% | 2.31% | 6.45% | 4.54% | 3.91% | 3.51% | 5.45% | 6.46% | 5.33% | 7.06% | 14.64% |
| 4 | 2 | 2 | 9 | 5 | 3 | 3 | 4 | 3 | 4 | 9 | 5 | 3 | |
| Interest | 9 | 11 | 11 | 8 | 9 | 8 | 7 | 9 | 6 | 6 | 6 | 5 | 10 |
| Depreciation | 4 | 4 | 4 | 4 | 5 | 5 | 5 | 7 | 6 | 6 | 6 | 6 | 6 |
| Profit before Tax | 51 | 41 | 58 | 13 | 42 | 25 | 24 | 15 | 32 | 44 | 46 | 60 | 236 |
| Tax % | 24.98% | 25.08% | 25.31% | 53.75% | 31.52% | 25.81% | 26.77% | 27.85% | 17.60% | 25.98% | 22.22% | 25.88% | 24.34% |
| Net Profit | 39 | 30 | 44 | 6 | 29 | 18 | 18 | 11 | 26 | 32 | 36 | 44 | 179 |
| 4.82 | 3.80 | 5.05 | 0.71 | 3.19 | 1.92 | 1.79 | 1.08 | 2.68 | 3.29 | 3.66 | 4.51 | 18.27 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,957 | 2,363 | 3,027 | 2,366 | 1,984 | 2,925 | 2,921 | 2,842 | 3,160 | 3,423 | 4,250 | |
| 1,849 | 2,241 | 2,966 | 2,304 | 1,891 | 2,700 | 2,668 | 2,645 | 3,021 | 3,220 | 3,850 | |
| Operating Profit | 108 | 122 | 61 | 62 | 94 | 224 | 253 | 197 | 139 | 202 | 400 |
| OPM % | 5.50% | 5.17% | 2.03% | 2.63% | 4.73% | 7.67% | 8.66% | 6.94% | 4.40% | 5.90% | 9.41% |
| 16 | 6 | 20 | 16 | 24 | 70 | 25 | 21 | 22 | 28 | 22 | |
| Interest | 30 | 45 | 45 | 47 | 35 | 24 | 39 | 39 | 34 | 24 | 27 |
| Depreciation | 8 | 9 | 7 | 11 | 12 | 12 | 13 | 15 | 22 | 25 | 25 |
| Profit before Tax | 85 | 74 | 29 | 21 | 71 | 258 | 227 | 164 | 105 | 181 | 385 |
| Tax % | 29.09% | 32.59% | 24.64% | 13.22% | 27.97% | 23.86% | 25.42% | 27.45% | 28.60% | 23.51% | 24.51% |
| Net Profit | 61 | 50 | 22 | 18 | 51 | 197 | 170 | 119 | 75 | 138 | 291 |
| EPS | 37.82 | 31.14 | 13.79 | 11.14 | 32.08 | 24.58 | 21.19 | 12.13 | 7.69 | 14.14 | — |
| Dividend Payout % | 5.29% | 6.42% | 72.51% | 40.40% | 3.12% | 22.38% | 0.00% | 4.12% | 6.50% | 5.31% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 8%
- 5 Years:
- 12%
- 3 Years:
- 5%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 25%
- 5 Years:
- 22%
- 3 Years:
- -7%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- —
- 1 Year:
- 88%
RETURN ON EQUITY
- 10 Years:
- 17%
- 5 Years:
- 20%
- 3 Years:
- 10%
- Last Year:
- 11%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 239 | 304 | 307 | 316 | 367 | 518 | 688 | 1,093 | 1,154 | 1,281 | |
| 326 | 283 | 86 | 114 | 74 | 46 | 33 | 57 | 87 | 86 | |
| Trade Payables | 311 | 586 | 672 | 472 | 511 | 470 | 379 | 325 | 287 | 421 |
| 50 | 30 | 42 | 34 | 40 | 41 | 56 | 58 | 41 | 55 | |
| Total Liabilities | 941 | 1,219 | 1,123 | 951 | 1,008 | 1,092 | 1,171 | 1,552 | 1,588 | 1,862 |
| 76 | 96 | 94 | 110 | 104 | 100 | 125 | 243 | 332 | 363 | |
| Capital Work in Progress | 4 | 0 | 5 | 12 | 22 | 43 | 73 | 8 | 8 | 29 |
| 6 | 8 | 7 | 2 | 2 | 2 | 2 | 2 | 3 | 6 | |
| 261 | 300 | 253 | 185 | 199 | 258 | 278 | 280 | 344 | 528 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 532 | 548 | 631 | |
| Cash & Bank | 91 | 187 | 99 | 85 | 106 | 139 | 41 | 235 | 116 | 88 |
| 502 | 628 | 665 | 557 | 576 | 549 | 652 | 252 | 236 | 217 | |
| Total Assets | 941 | 1,219 | 1,123 | 951 | 1,008 | 1,092 | 1,171 | 1,552 | 1,588 | 1,862 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -16 | 230 | 192 | 21 | 106 | 175 | 114 | -83 | -6 | 79 | |
| Cash from Investing | -8 | -6 | 21 | 3 | -6 | 27 | -40 | -29 | -43 | -61 |
| Cash from Financing | 24 | -187 | -175 | -25 | -91 | -115 | -48 | 163 | 36 | -54 |
| -11 | -3 | -1 | 0 | 5 | 30 | -36 | 50 | -12 | -36 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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 - Gandhar Oil Refinery (India) Limited has informed the Exchange about Schedule of meet
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 - 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.
2026-08-20 - 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 - 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 - 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 - 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 - Gandhar Oil Refinery (India) Limited has informed the Exchange about Copy of Newspaper Publication
News
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