Gandhar Oil Refinery (India) Ltd.

•

gandharoil.comBSE: 544029NSE: GANDHAR

Market Cap₹ 2,669 Cr.

Current Price

High / Low₹ 303 / 115

Stock P/E9.2

Book Value₹ 151

Price to Book0.88

Dividend Yield0.28 %

ROCE16.6 %

ROE11.2 %

Face Value₹ 2

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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 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

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 9.2 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

Oil Gas & Consumable FuelsAutomobile & AncillariesLubricants

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

S.No.	Name
1.	CASTROLIND	187.95	17.50	18590.56	4.66	347.70	42.50	1871.47	25.03	61.82	26.41
2.	GULFOILLUB	1060.60	14.02	5255.86	4.81	120.84	26.96	1327.21	30.57	26.41	12.49
3.	SOTL	716.05	11.86	4909.27	0.70	288.06	414.80	1479.76	50.65	15.18	24.59
4.	PANAMAPET	482.95	6.10	2921.54	0.62	308.91	624.80	1735.15	150.30	19.58	22.35
5.	GANDHAR	272.70	8.86	2669.17	0.28	205.89	689.15	1731.93	91.81	14.99	16.24
6.	VEEDOL	1426.80	11.31	2486.06	4.07	77.92	56.88	608.57	18.49	24.70	17.48

Detailed Comparison with:

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:: 87%

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

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

2026-09-11

Shareholders meeting

2026-09-11 - Gandhar Oil Refinery (India) Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on September 11, 2026. Further, the company has informed the Exchange regarding voting results.

2026-09-11

Shareholders meeting

2026-09-11 - Gandhar Oil Refinery (India) Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on September 11, 2026

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.

News

Recent coverage and analyst commentary for GANDHAR

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Gandhar Oil Refinery (India) Ltd.

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Name

CASTROLIND

187.95

17.50

18590.56

4.66

347.70

42.50

1871.47

25.03

61.82

26.41

GULFOILLUB

1060.60

14.02

5255.86

4.81

120.84

26.96

1327.21

30.57

26.41

12.49

SOTL

716.05

11.86

4909.27

0.70

288.06

414.80

1479.76

50.65

15.18

24.59

PANAMAPET

482.95

6.10

2921.54

0.62

308.91

624.80

1735.15

150.30

19.58

22.35

GANDHAR

272.70

8.86

2669.17

0.28

205.89

689.15

1731.93

91.81

14.99

16.24

VEEDOL

1426.80

11.31

2486.06

4.07

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

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

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%

Interest

Depreciation

Profit before Tax

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

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

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

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%

Interest

Depreciation

Profit before Tax

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

197

170

119

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%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

239

304

307

316

367

518

688

1,093

1,154

1,281

326

283

114

Trade Payables

311

586

672

472

511

470

379

325

287

421

Total Liabilities

941

1,219

1,123

951

1,008

1,092

1,171

1,552

1,588

1,862

110

104

100

125

243

332

363

Capital Work in Progress

261

300

253

185

199

258

278

280

344

528

532

548

631

Cash & Bank

187

106

139

235

116

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

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-16

230

192

106

175

114

-83

-6

Cash from Investing

-8

-6

-40

-29

-43

-61

Cash from Financing

-187

-175

-25

-91

-115

-48

163

-54

-11

-3

-1

-36

-12

-36

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