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Gandhar Oil Refinery (India) Limited (GANDHAR)

Oil Gas & Consumable Fuels · Petroleum Products · NSE · Updated 16 June 2026

₹158.48 ↓ 8.04% (1Y)

🎯 Key Takeaways

Gandhar Oil Refinery is transitioning from a mature refining operator to a growth-oriented specialty chemicals and export-focused enterprise, with its narrative centered on margin resilience and strategic expansion in high-value segments like PHPO. The company is leveraging pricing power and export demand to drive profitability amid macro volatility, signaling a deliberate shift toward value accretion rather than volume-driven growth.
Revenue grew 7.5% QoQ to ₹1,005 in Q3FY25.
⚠️ 1) Overreliance on export markets (42.8% of revenue) exposes the company to geopolitical instability, particularly in the Middle East, and global trad

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 transitioning from a mature refining operator to a growth-oriented specialty chemicals and export-focused enterprise, with its narrative centered on margin resilience and strategic expansion in high-value segments like PHPO. The company is leveraging pricing power and export demand to drive profitability amid macro volatility, signaling a deliberate shift toward value accretion rather than volume-driven growth.

📰 What's Happening

In Q4 FY26, the company reported ₹1,093 crores in revenue (14% YoY growth) and ₹37 crores in PAT, with EBITDA at ₹64 crores and gross margin expanding to 12.49%. Full-year FY26 revenue reached ₹4,241 crores (9% YoY), driven by 21% growth in the PHPO division, which contributed 48% of revenue. Management highlighted volume growth, index-linked pricing, and plans to increase Sharjah plant utilization to 125% through incremental capex over the next 2-3 quarters. Export revenue accounted for 42.8% of total, supported by sales to 100+ countries. The company also emphasized deepening customer relationships and expanding into new geographies to sustain momentum.

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 growth has accelerated from 3.6% OPM in Q4 FY24 to 4.1% in Q3FY25 and 6.1% in Q1FY25, with PAT rising sharply to ₹33 crores in Q1FY25 before stabilizing. The recent FY26 results show a significant inflection, with PAT nearly doubling to ₹137.2 crores and EBITDA growing to ₹234.5 crores, indicating improved operational efficiency and margin expansion. This trend aligns with management’s focus on higher-margin PHPO products and export-led growth, supported by index-linked pricing and cost optimization, which have helped offset rupee depreciation and geopolitical headwinds.

🔮 Management Outlook & What's Next

Management expressed cautious optimism regarding Sharjah normalization and plans for phased capex deployment over the next 2-3 quarters to scale capacity. They highlighted pass-through mechanisms for raw material cost increases and confidence in sustaining margin expansion through export growth and pricing power. The investor presentation underscores future focus on penetrating existing geographies and entering new markets to deepen customer relationships, with no guidance provided on specific revenue or margin targets but emphasis on maintaining growth momentum.

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, particularly in the Middle East, and global trade volatility. 2) The resignation of an independent director from key governance committees may weaken board oversight and strategic continuity, potentially affecting investor confidence in governance standards.

📋 Recent Filings

🧠 Analyst's Read

Gandhar Oil Refinery is executing a clear pivot toward higher-margin specialty products and export growth, supported by strong operational performance and margin resilience. Investors should monitor execution of capex plans, Sharjah utilization targets, and management’s ability to sustain pricing power amid evolving global oil dynamics as critical near-term catalysts.

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

✨ Deep Dive with AI on GANDHAR

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-06-16.