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Gandhar Oil Refinery (India) Ltd.

Automobile & AncillariesLubricants

www.gandharoil.com BSE: 544029NSE: GANDHAR

₹270.00BSE5.20%

17 Sep, 4:01 PM

₹270.00

₹2.64K Cr

8.75

1.69

10.61%

₹271.60

₹256.65

₹303.20

₹116.00

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Price Performance

Peer Comparison

Name
GULFOIL LUB GULFOILLUB	1,064.00	14.08	5,272.71	4.79	120.84	26.96%	1,327.21	30.57%	26.41
SOTL SOTL	692.95	11.45	4,750.89	0.72	288.06	414.80%	1,479.76	49.60%	15.18
PANAMA PETRO PANAMAPET	458.95	5.81	2,776.35	0.65	308.91	624.80%	1,735.15	150.30%	19.58
Gandhar Oil Refinery (India) Ltd. GANDHAR	270.00	8.75	2,637.85	0.28	205.89	689.15%	1,731.93	91.81%	14.99
VEEDOL VEEDOL	1,390.85	11.01	2,423.42	4.17	77.92	56.88%	608.57	18.33%	24.70
CASTROL CASTROLIND	191.50

Quarterly Results

consolidated figures in ₹ Crores · Quarterly

Particulars	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	939.24	994.82	935.09	1,005.29	961.72	902.96	1,059.91	1,167.06	1,093.37	1,731.93
Expenses	905.64	934.49	894.92	963.72	928.14	857.00	994.07	1,107.94	1,029.82	1,450.61
	33.60	60.33	40.17	41.57	33.58	45.96	65.84	59.12	63.55	281.32
	3.58%	6.06%	4.30%	4.14%	3.49%	5.09%	6.21%	5.07%	5.81%	16.24%
	4.79	5.04	2.28	2.14	3.54	2.69	2.95	3.58	4.20	3.02
Interest	13.64	12.99	11.40	10.50	13.51	9.61	10.27	10.10	7.61	12.74
	5.54	6.36	6.37	6.33	6.84	7.26	7.49	7.46	7.66	7.84
	19.21	46.02	24.57	26.88	16.77	31.78	51.15	45.14	52.48	263.76
	36.96%	29.05%	26.15%	24.03%	26.71%	17.90%	22.23%	23.95%	29.40%	21.94%
	9.14	30.83	18.19	19.33	11.68	26.23	36.06	32.40	40.68	192.29
	0.93	3.15	1.86	1.97	1.19	2.68	3.68	3.31	4.16	19.64

Profit & Loss

consolidated figures in ₹ Crores · Annual

Particulars	FY 2021-22 (Mar)	FY 2022-23 (Mar)	FY 2023-24 (Mar)	FY 2024-25 (Mar)	FY 2025-26 (Mar)
No of Months	12.00	12.00	12.00	12.00	12.00
INCOME :
	3,543.37	4,079.03	4,113.21	3,896.93	4,241.18
	3,543.37	4,079.03	4,113.21	3,896.93	4,241.18
EXPENDITURE :
Increase/Decrease in Stock	-2.47	15.62	-2.90	-14.15	-19.49
Raw Material Consumed	2,997.75	3,475.29	3,552.21	3,412.45	3,693.62
Power & Fuel Cost	3.61	4.37	4.56	5.56	7.08
Employee Cost	36.61	52.39	56.74	53.13	59.50
Other Manufacturing Expenses	176.14	158.22	176.43	201.80	208.36
General and Administration Expenses	16.37	23.64	22.52	28.59	24.72
Selling and Distribution Expenses	24.27	19.84	23.01	22.95	22.12
Miscellaneous Expenses	44.49	12.72	4.96	17.50	14.97
	3,296.78	3,762.08	3,837.52	3,727.83	4,010.88
Operating Profit (Excl OI)	246.60	316.95	275.69	169.10	230.30
	25.83	23.99	13.92	20.41	19.66
	272.43	340.95	289.61	189.51	249.96
Interest	32.60	52.30	59.18	49.25	39.66
PBDT	239.83	288.64	230.43	140.26	210.30
	15.10	16.79	20.13	25.90	29.87
Profit Before Taxation & Exceptional Items	224.72	271.86	210.30	114.36	180.43
Exceptional Income / Expenses	0.51
	225.23	271.86	210.30	114.25	180.54
Provision for Tax	61.65	57.93	44.99	30.73	43.29
	163.58	213.93	165.32	83.52	137.25
Extra items				0.00	0.00
Minority Interest	-16.23	-23.05	-24.80	-3.46	-1.88
Consolidated Net Profit	147.36	190.88	140.52	80.06	135.37
Adjustments to PAT			0.00
Profit Balance B/F	285.83	388.57	579.45	715.97	791.11
Appropriations	433.19	579.45	719.97	796.03	926.48
Equity Dividend %	275.00%		25.00%	25.00%	37.50%
	18.42	23.86	14.36	8.18	13.83
Adjusted EPS	18.42	23.86	14.36	8.18	13.83

Balance Sheet

consolidated figures in ₹ Crores

Particulars	FY 2021-22 (Mar)	FY 2022-23 (Mar)	FY 2023-24 (Mar)	FY 2024-25 (Mar)	FY 2025-26 (Mar)
	16.00	16.00	19.57	19.58	19.58
Share Warrants & Outstandings			0.08	0.12	0.17
Total Reserves	525.12	727.41	1,152.56	1,216.40	1,332.63
Reserve excluding Revaluation Reserve	525.12	727.41	1,152.56	1,216.40	1,332.63
Revaluation reserve	0.00
	541.12	743.41	1,172.21	1,236.10	1,352.38
Minority Interest	19.58	34.91	51.40	52.83	47.24
Secured Loans	33.90	22.30	3.37
Unsecured Loans			27.64	28.35	31.31
Deferred Tax Assets / Liabilities	0.19	-0.10	2.04	5.79	6.26
Other Long Term Liabilities	27.89	46.33	62.97	118.20	140.95
Long Term Provisions	2.38	3.48	4.24	5.96	6.45
Total Non-Current Liabilities	64.34	72.01	100.26	158.30	184.97
Trade Payables	517.33	567.25	372.18	314.68	437.22
Other Current Liabilities	58.92	87.50	74.57	43.56	64.30
Short Term Borrowings	111.02	123.45	168.36	153.23	137.15
Short Term Provisions	5.90	3.15	1.03	0.40	1.97
Total Current Liabilities	693.16	781.35	616.13	511.87	640.64
Total Liabilities	1,318.21	1,631.67	1,940.00	1,959.10	2,225.23
Gross Block	253.43	314.65	444.08	554.54	632.35
Less: Accumulated Depreciation	64.58	77.81	84.24	105.36	134.81
Net Block	188.85	236.84	359.85	449.18	497.54
Capital Work in Progress	44.01	72.67	8.58	7.65	28.95
Non Current Investments	0.17	0.16	0.24	0.30	3.23
Long Term Investment	0.17	0.16	0.24	0.30	3.23
Long Term Loans & Advances	7.37	9.40	9.26	7.14	10.51
Other Non Current Assets	15.38	56.63	9.18	4.51	11.14
Total Non-Current Assets	256.62	376.53	387.93	469.61	552.19
Inventories	325.63	450.87	447.75	462.70	644.31
Sundry Debtors	441.98	561.80	623.26	670.37	720.88
Cash and Bank	182.79	108.24	276.73	152.40	131.69
Other Current Assets	15.22	19.73	25.84	19.38	30.77
Short Term Loans and Advances	95.97	114.50	178.50	184.64	145.39
Total Current Assets	1,061.59	1,255.14	1,552.07	1,489.49	1,673.04
Net Current Assets (Including Current Investments)	368.42	473.79	935.94	977.62	1,032.40
Total Assets	1,318.21	1,631.67	1,940.00	1,959.10	2,225.23
Contingent Liabilities	449.75	408.15	418.23	331.35	367.77
Total Debt	158.16	169.53	203.14	181.58	168.46
	67.64	92.93	119.76	126.25	138.12
Adjusted Book Value	67.64	92.93	119.76	126.25	138.12

Cash Flow

consolidated figures in ₹ Crores

Particulars	FY 2021-22 (Mar)	FY 2022-23 (Mar)	FY 2023-24 (Mar)	FY 2024-25 (Mar)	FY 2025-26 (Mar)
No of Months	12.00	12.00	12.00	12.00	12.00
	225.23	271.86	210.30	114.25	180.54
Adjustment	50.34	44.02	69.37	67.76	54.01
Changes In working Capital	-52.50	-166.71	-301.51	-136.39	-71.97
Cash Flow after changes in Working Capital	223.07	149.18	-21.84	45.62	162.58
Cash Flow from Operating Activities	166.65	87.93	-69.34	14.72	127.77
Cash Flow from Investing Activities	-115.96	-72.19	-65.92	-48.10	-62.15
Cash Flow from Financing Activitie	-4.13	-28.57	159.84	12.54	-88.05
Net Cash Inflow / Outflow	46.57	-12.83	24.58	-20.84	-22.43
Opening Cash & Cash Equivalents	13.11	59.68	46.85	71.43	50.59
Closing Cash & Cash Equivalent	59.68	46.85	71.43	50.59	28.16

Ratios

Valuation

8.75

1.69

5.53

0.52

30.80

159.19

Profitability

10.61

14.99

6.56

5.43

3.24

Leverage & Liquidity

0.12

2.61

5.55

Returns

0.28

2.03

Shareholding Pattern

Numbers in percentages

Particulars	Jun '24	Sep '24	Dec '24	Mar '25	Jun '25	Sep '25	Dec '25	Mar '26	Jun '26
	64.63	64.63	64.63	65.01	65.01	65.01	66.18	66.47	66.60
	2.82	1.86	2.32	1.96	2.20	2.22	0.78	0.23	2.30
	32.55	33.51	33.05	33.03	32.79	32.77	33.05	33.30	31.10
	35.37	35.37	35.37	34.99	34.99	34.99	33.82	33.53	33.40
No. of Shareholders	1,72,305	1,67,001	1,53,263	1,50,403	1,45,648	1,41,406	1,38,347	1,39,482	1,34,265

Corporate Actions

Showing: All

Date	Type	Details	Ex-Date	Record Date
2026-08-19	AGM
2026-07-22	Ex Dividend	Rs.2.0000 per share(100%)Interim Dividend	2026-07-31	2026-07-31
2026-07-15	Board Meeting	Interim Dividend & Quarterly Results

Insider Trading

Date	Person	Category	Transaction Type	Shares
2026-09-09	Ramesh Babulal Parekh	Market	Buy	19,000
2026-09-09	Ramesh Babulal Parekh	Market	Buy	31,000
2026-06-18	Ramesh Babulal Parekh	Market	Buy	50,000
2026-06-11	Ramesh Babulal Parekh	Market	Buy	25,738
2026-06-10	Ramesh Babulal Parekh	Market	Buy	50,000

Sector Overview

Automobile & AncillariesLubricants

Gandhar Oil Refinery (India) Ltd. operates in the Automobile & Ancillaries sector under the Lubricants industry. This sector is one of the key drivers of the Indian economy and is closely tracked by the relevant Nifty sectoral index.