Gandhar Oil Refinery (India) Ltd

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Gandhar Oil Ref. Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents
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Gandhar Oil Refinery (India) Ltd

₹ 265 0.36%
13 Nov - close price
gandharoil.com BSE: 544029 NSE: GANDHAR
About

Incorporated in 1992, Gandhar Oil Limited is a prominent manufacturer of white oils that caters to the consumer and healthcare end industries.[1]

Key Points

Market Leader in White Oils[1]
The company is one of India’s largest manufacturers of white oils and one of the top 5 players globally. It has 26.5% market share in India in white oil and 9.6% market share globally in white oil.

Website BSE NSE
  • Market Cap ₹ 2,590 Cr.
  • Current Price ₹ 265
  • High / Low ₹ 320 / 115
  • Stock P/E 5.92
  • Book Value ₹ 166
  • Dividend Yield 0.76 %
  • ROCE 15.5 %
  • ROE 11.2 %
  • Face Value ₹ 2.00
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Pros

  • Company is almost debt free.
  • Company is expected to give good quarter

Cons

  • The company has delivered a poor sales growth of 11.5% over past five years.
  • Company has a low return on equity of 10.1% over last 3 years.
  • Dividend payout has been low at 5.31% of profits over last 3 years

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Energy Oil, Gas & Consumable Fuels Petroleum Products Lubricants

Part of BSE Energy

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026 Sep 2026
690 737 717 790 761 857 752 745 815 923 929 1,591 1,730
637 666 701 739 727 823 725 705 763 873 864 1,342 1,470
Operating Profit 53 71 17 51 35 34 26 41 52 49 66 249 260
OPM % 8% 10% 2.3% 6% 4.5% 3.9% 3.5% 5% 6% 5% 7% 16% 15%
2 2 9 5 3 3 4 3 4 9 5 3 -18
Interest 11 11 8 9 8 7 9 6 6 6 5 10 11
Depreciation 4 4 4 5 5 5 7 6 6 6 6 6 7
Profit before tax 41 58 13 42 25 24 15 32 44 46 60 236 225
Tax % 25% 25% 54% 32% 26% 27% 28% 18% 26% 22% 26% 24% 27%
30 44 6 29 18 18 11 26 32 36 44 179 163
EPS in Rs 3.81 4.46 0.62 2.96 1.87 1.79 1.08 2.68 3.29 3.66 4.51 18.27 16.66
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
2,363 3,027 2,366 1,984 2,925 2,921 2,842 3,160 3,423 5,173
2,242 2,966 2,304 1,873 2,696 2,668 2,641 3,014 3,214 4,549
Operating Profit 121 61 62 111 229 253 201 146 208 624
OPM % 5% 2.0% 2.6% 6% 8% 9% 7% 4.6% 6% 12%
6 20 16 7 66 25 17 15 21 0
Interest 44 44 47 35 24 39 39 34 24 32
Depreciation 9 7 11 12 12 13 15 22 25 25
Profit before tax 74 29 21 71 258 227 164 105 181 567
Tax % 33% 25% 13% 28% 24% 25% 27% 29% 24%
50 22 18 51 197 170 119 75 138 422
EPS in Rs 6.23 2.76 2.23 6.42 24.58 21.19 12.13 7.69 14.14 43.10
Dividend Payout % 6% 0% 40% 3% 0% 2% 4% 6% 5%
Compounded Sales Growth
10 Years: %
5 Years: 12%
3 Years: 5%
TTM: 63%
Compounded Profit Growth
10 Years: %
5 Years: 22%
3 Years: -7%
TTM: 406%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: %
1 Year: 82%
Return on Equity
10 Years: %
5 Years: 16%
3 Years: 10%
Last Year: 11%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 Sep 2026
Equity Capital 16 16 16 16 16 16 20 20 20 20
Reserves 304 306 316 367 518 688 1,093 1,154 1,281 1,603
283 86 118 79 43 35 64 90 88 132
616 713 503 546 515 432 376 325 474 914
Total Liabilities 1,219 1,121 953 1,008 1,092 1,171 1,552 1,588 1,862 2,669
100 98 114 105 101 126 244 333 363 371
CWIP 0 5 12 22 43 73 8 8 29 40
Investments 8 7 2 2 2 2 2 3 6 9
1,111 1,011 824 879 945 970 1,298 1,244 1,464 2,249
Total Assets 1,219 1,121 953 1,008 1,092 1,171 1,552 1,588 1,862 2,669

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
190 153 22 102 117 52 -83 -6 80
-6 20 3 -6 27 -40 -29 -43 -61
-187 -175 -25 -91 -115 -48 163 36 -54
Net Cash Flow -3 -1 0 5 30 -36 50 -12 -36
Free Cash Flow 179 144 6 91 87 3 -129 -60 3
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit 190% 290% 34% 95% 77% 45% -18% 17% 55%

Ratios

Standalone / View Consolidated

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 82 62 64 87 52 58 68 63 67
Inventory Days 51 34 32 43 37 41 43 46 66
Days Payable 100 91 82 110 68 56 49 38 52
Cash Conversion Cycle 33 5 15 20 22 43 62 71 81
Working Capital Days 47 14 22 31 30 53 78 88 91
ROCE % 18% 16% 23% 53% 40% 21% 11% 15%

Insights

In beta
Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Installed Capacity
kL

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Lubricants Sales Volume
kL
Overseas Revenue Share
%
PHPO Revenue Share
%
PHPO Sales Volume
kL
Total Sales Manufacturing Volume
kL
Capacity Utilization
%
PIO Sales Volume
kL
Manufacturing Gross Margin Spread
INR/kL

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Shareholding Pattern

Numbers in percentages

14 Recently
Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
64.63% 64.63% 64.63% 64.63% 64.63% 65.01% 65.01% 65.01% 66.18% 66.47% 66.60% 66.65%
2.53% 0.53% 0.18% 0.02% 0.62% 0.18% 0.24% 0.17% 0.34% 0.14% 1.27% 5.46%
6.61% 3.47% 2.65% 1.84% 1.70% 1.79% 1.97% 2.05% 0.43% 0.09% 1.02% 1.07%
26.24% 31.37% 32.56% 33.52% 33.05% 33.03% 32.80% 32.77% 33.05% 33.30% 31.10% 26.81%
No. of Shareholders 1,82,5321,80,7271,72,3051,67,0011,53,2631,50,4031,45,6481,41,4061,38,3471,39,4821,34,2651,21,234

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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