Gandhar Oil Refinery (India) Limited (GANDHAR)

Oil Gas & Consumable Fuels · Petroleum Products · NSE · Updated 15 July 2026

₹206.82 ↑ 21.64% (1Y)

🎯 Key Takeaways

Gandhar Oil Refinery is in a growth phase driven by export expansion and margin resilience, with strategic focus on capacity utilization and PHPO segment development. Management is leveraging pricing power and international demand to sustain profitability amid macro volatility, signaling a deliberate scaling trajectory rather than a turnaround or distressed scenario.
Revenue grew 7.5% QoQ to ₹1,005 in Q3FY25.
⚠️ Overreliance on export markets (42.8% of revenue) exposes the company to geopolitical instability, trade policy shifts, and global demand fluctuations

Market Cap

₹1,468

P/E Ratio

18.0

Div Yield

0.00%

Promoter

0.0%

✨ Ask AI About GANDHAR 📊 Interactive Charts

📖 The Story

Gandhar Oil Refinery is in a growth phase driven by export expansion and margin resilience, with strategic focus on capacity utilization and PHPO segment development. Management is leveraging pricing power and international demand to sustain profitability amid macro volatility, signaling a deliberate scaling trajectory rather than a turnaround or distressed scenario.

📰 What's Happening

In Q4 FY26, the company reported ₹1,093 crores in revenue (14% YoY growth), ₹37 crores PAT, and ₹64 crores EBITDA, with export revenue contributing 42.8% of total sales. Management highlighted volume growth, index-linked pricing, and incremental capex to expand Sharjah utilization to 125%, supported by stable domestic demand and favorable trade conditions. The PHPO division grew 21% YoY and contributed 48% of revenue, underpinning the growth narrative. A board-approved postal ballot is underway for shareholder voting, though no operational details were disclosed. No new filings since June 2026 have introduced operational updates.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Q2FY24	Q3FY24	Q4FY24	Q1FY25	Q2FY25	Q3FY25
Revenue	1,001	1,103	939	995	935	1,005
Operating Profit	78	87	38	65	42	44
OPM %	7.6%	7.7%	3.6%	6.1%	4.3%	4.1%
Net Profit	48	51	12	33	18	20
EPS	₹4.92	₹5.47	₹1.06	₹3.40	₹1.91	₹1.98

Revenue has shown consistent YoY growth, rising from ₹1,001 crores in Q2FY24 to ₹1,093 crores in Q4FY26, with PAT expanding from ₹12 crores in Q4FY24 to ₹37 crores in Q4FY26, indicating improving profitability. Operating margins peaked at 6.1% in Q1FY25 but stabilized around 4% in recent quarters, reflecting margin pressure despite revenue growth. The company attributes margin resilience to cost optimization, mix improvement, and pass-through mechanisms for raw material costs, while maintaining ROCE at 13.5% and ROE at 10.21%.

🔮 Management Outlook & What's Next

Management expressed cautious optimism on Sharjah normalization and plans phased capex deployment over the next 2-3 quarters to support capacity expansion. They emphasized leveraging pricing power, index-linked contracts, and export growth to sustain margins, while expanding customer relationships and geographies to deepen market penetration. No formal long-term guidance was provided, but near-term focus remains on utilization targets and incremental investment.

Extracted from official company announcements. Not StockFin.ai's opinion.

⚖️ Peer Comparison — Petroleum Products

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
Reliance Industries Limited	18.08 L Cr	21.7	11.2%	9.9%	0.41
Indian Oil Corporation Limited	1.90 L Cr	17.4	—	—	—
Bharat Petroleum Corporation Limited	1.23 L Cr	4.9	25.4%	30.2%	0.63
Hindustan Petroleum Corporation Limited	77,963	12.9	—	—	—
Mangalore Refinery and Petrochemicals Limited	26,345	32.0	—	—	—
Castrol India Limited	17,947	18.7	—	—	—
Chennai Petroleum Corporation Limited	15,025	40.4	—	—	—
Gulf Oil Lubricants India Limited	4,665	13.1	—	—	—
Savita Oil Technologies Limited	2,805	24.7	—	—	—
Veedol Corporation Limited	2,497	16.0	—	—	—

🔗 Peer Stock Analyses

RELIANCE IOC BPCL HINDPETRO MRPL

⚠️ Risk Factors

1. Overreliance on export markets (42.8% of revenue) exposes the company to geopolitical instability, trade policy shifts, and global demand fluctuations. 2. Margin resilience is tied to pass-through mechanisms for raw material costs, which may not fully offset volatility in crude prices or currency depreciation. 3. Execution risk in scaling Sharjah utilization to 125% amid competitive and operational challenges. 4. Limited visibility into capex funding requirements and balance sheet leverage.

📋 Recent Filings

🧠 Analyst's Read

Gandhar Oil Refinery is executing a clear growth strategy anchored in export expansion and operational efficiency, with improving profitability and stable returns on capital. Investors should monitor execution of the Sharjah expansion plan, global pricing trends, and any updates on capital allocation or shareholder actions in upcoming filings.

Based on filing content and financial data. Not a recommendation.

Read the full analysis

Quarterly trends, balance sheet, cash flow, peer comparison, and AI insights — sign up free to unlock.

2 free AI queries per day.

✨ Deep Dive with AI on GANDHAR

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-07-15.

📡 Get AI alerts when GANDHAR files new disclosures

Track GANDHAR filings, board meetings, and corporate actions. Free email alerts at 5 PM.

Track GANDHAR — Free

Free account · 2 AI queries/day