Gandhar Oil Refinery (India) Limited

Gandhar Oil Refinery (India) Limited

GANDHAR.BO
Gandhar Oil Refinery (India) LimitedIN flagBombay Stock Exchange
188.40
INR
+1.80
- -
18.45BMarket Cap
Gandhar Oil Refinery (India) Limited
GANDHAR.BO
(Bombay Stock Exchange)

Recent

price

188.40

P/E

ratio

- -

div

yld

- -

ROIC.AI

2021
2022
2023
2024
2025
2026
TTM
FRC
210.66
346.03
416.47
476.06
398.16
- -
431.51
Revenue per Share
15.49
17.17
19.5
16.27
8.18
- -
13.83
Basic EPS, GAAP
11
5.21
3.3
-8.03
1.5
- -
- -
Free Cash Flow per Basic Share
- -
4.66
- -
0.46
0.5
- -
- -
Dividend per Share
23.79
41.5
60.84
85.19
82.83
- -
2
Book Value per Share
38.26
57.14
79.38
141.54
131.57
- -
142.88
Tangible Book Value per Share
98
98
98
86
98
- -
98
Basic Weighted Avg Shares
20,618
33,866
40,759
41,106
38,969
42,412
42,233
Sales/Revenue/Turnover
11.39
7.76
7.54
6.22
3.84
4.82
4.84
Operating Margin (%)
114
151
168
201
259
299
299
Depreciation Expense
1,516
1,681
1,909
1,405
801
1,354
1,354
Net Income, GAAP
23.22
20.51
21.31
21.39
26.9
23.98
23.98
Effective Tax Rate (%)
7.35
4.96
4.68
3.42
2.05
3.19
3.2
Profit Margin (%)
2,398
3,684
4,738
9,359
9,776
10,324
10,324
Working Capital
758
618
686
940
1,466
1,723
1,723
LT Debt
3,758
5,607
7,783
12,236
12,889
13,996
13,996
Total Equity
- -
31.47
27.67
16.2
7.13
9.42
9.42
Return on Invested Capital (%)
- -
30.69
26.54
15.9
10.06
20.91
20.91
Return on Capital (%)
- -
52.61
38.11
21.12
10.36
32.61
32.6
Return on Common Equity (%)

Capital Structure

FRC

in mil. unless spec.
Sep'26
Dec'26
Mar'26
ST Debt
1,701
- -
1,428
LT Borrowings
295
- -
313
LT Finance Leases
1,319
- -
1,410
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
98
- -
98
Market Capitalization
13,993
15,117
11,466

Working Capital

FRC

in mil. unless spec.
Sep'26
Dec'26
Mar'26
Total Current Assets
16,843
- -
16,730
Cash, Cash Equivalents & STI
1,470
- -
1,485
Accounts Receivable, Net
7,339
- -
7,209
Inventories
6,188
- -
6,443
Total Current Liabilities
6,801
- -
6,406
Payables & Accruals
- -
- -
- -
ST Debt
1,701
- -
1,428
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
31.83%
8.59%
Free Cash Flow
- -
48.51%
768%
Net Income, GAAP
- -
4.82%
69.09%
Sales/Revenue/Turnover
- -
17.82%
8.83%
Total Cash Common Dividend
- -
- -
150.1%

Quarterly Revenue

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
10,704
10,010
11,026
9,366
41,106
2025
9,948
9,351
10,053
9,617
38,969
2026
9,030
10,599
11,671
10,934
42,412

Quarterly Earnings Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
4.57
4.02
5.47
- -
16.27
2025
3.4
1.91
1.98
1.19
8.18
2026
2.68
3.68
3.31
4.16
- -

Quarterly Dividends Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
0.46
2025
- -
- -
- -
- -
0.5
2026
- -
- -
- -
- -
- -
Business
Gandhar Oil Refinery (India) Limited manufactures and markets specialty oils and lubricants with a primary focus on white oils for consumer, healthcare, and industrial applications; the company produces pharmaceutical, health care, and performance oils (PHPO) including white oils, waxes, and jellies for pharmaceuticals, personal care, plastics, chemicals, textiles, and fragrances; process insulating oils (PIO) such as transformer oils and rubber processing oils for power generation, distribution, transformer manufacturers, and tire producers; and lubricants encompassing automotive oils, industrial oils, hydraulic oils, gear oils, cutting oils, engine oils, transmission fluids, brake fluids, coolants, and heat transfer fluids that meet BSVI, API, India FDA, ISO, Kosher, BIS, and Halal standards. Founded in 1992 and headquartered at DLH Park, 18th Floor, S.V. Road, Goregaon West, Mumbai, India, Gandhar Oil operates manufacturing facilities in Taloja and Silvassa, India, with a combined annual capacity exceeding 522,000 KL; it serves over 3,500 customers across pharmaceuticals, FMCG, cosmetics, automotive, and industrial sectors in more than 100 countries, with exports comprising approximately 64% of sales. The company markets its products under the flagship Divyol brand and maintains an in-house R&D center at Silvassa recognized by the Department of Scientific & Industrial Research (DSIR); it holds certifications as a 4-Star Export House and has secured contracts such as a two-year rate agreement with Bharat Heavy Electricals Limited (BHEL) for transformer oil supply. Recent developments include the approval in September 2025 to terminate the joint venture agreement with ESPE Oils FZC and wind up Texol Oils FZC in Sharjah, UAE, following its transition to a wholly-owned subsidiary in 2022; board re-appointments in 2025 of Ms. Amrita Nautiyal as independent director and Mr. Ramesh Parekh as managing director for five-year terms, alongside new auditor appointments; and financial results for Q2 FY25 showing consolidated profit after tax of Rs. 18.1 crore on revenue of Rs. 935.1 crore, with PHPO contributing nearly 48% of H1 FY25 turnover.