1. India Stocks

  2. •

    Energy

  3. •

    Oil & Gas Refining & Marketing
Gandhar Oil Refinery (India) Limited

Gandhar Oil Refinery (India) Limited

GANDHAR.NS
Gandhar Oil Refinery (India) LimitedIN flagNational Stock Exchange of India
192.56
INR
-0.09
- -
18.85BMarket Cap
Gandhar Oil Refinery (India) Limited
GANDHAR.NS
(National Stock Exchange of India)

Recent

price

192.56

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
14,002
15,118
11,430

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
- -
- -
- -
- -
- -
Similar Companies
Sanrin Co., Ltd. (7486.T)
Saras S.p.A. (SAAFY)
China CBM Group Company Limited (8270.HK)
Shandong Shengli Co., Ltd. (000407.SZ)
Public Joint Stock Company Slavneft-Yaroslavnefteorgsintez (JNOS.ME)
Reliance Industries Limited (RIGD.IL)
Business
Gandhar Oil Refinery (India) Limited manufactures and sells specialty oils and lubricants primarily under its flagship brand Divyol. The company's product portfolio includes white oils, waxes, and petroleum jellies catering to the pharmaceutical, healthcare, plastics, chemical, textile, and fragrance industries; industrial and automotive lubricants serving automobile and industrial machinery sectors; and process and insulating oils, such as transformer oils and rubber processing oils, targeting transformer manufacturers, power generation and distribution businesses, and tire and rubber product manufacturers. The company also operates in the non-coking coal procurement and logistics support services segment for domestic clients. Gandhar Oil operates manufacturing facilities in India and the United Arab Emirates and serves domestic and international markets. Founded in 1983 and headquartered in Mumbai, India, it holds a significant presence in the Indian specialty oil segment. Recent developments include the voluntary liquidation of its wholly-owned subsidiary Gandhar Shipping and Logistics Private Limited and termination plans for its joint venture Texol Oils FZC in Sharjah, UAE. The company secured a significant contract from Bharat Heavy Electricals Limited (BHEL) worth approximately ₹24.60 crore. It discontinued the amalgamation scheme and has been focusing on consolidating operations after these strategic shifts. The company reported a consolidated revenue of ₹10.6 billion and a net profit of ₹398 million for the second quarter of fiscal year 2026. These changes indicate a focus on core operations and strengthening its specialty oils business, while scaling down non-core logistics and joint venture activities. Gandhar Oil remains a leading manufacturer of white oils and specialty lubricants in India, emphasizing healthcare and consumer sectors with a strategic positioning to leverage growing demands in these markets.