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Gandhar Oil Refinery (India) (GANDHAR)₹260.97−0.53%Lubricants
In the Sep 2026 quarter (consolidated), Gandhar Oil Refinery (India) reported sales of ₹1,850 Cr, up 73.0% from Sep 2025, and net profit of ₹186 Cr, up 365.3% year on year. For the year to Mar 2026, sales were ₹4,249 Cr and net profit ₹137 Cr.
Company filings, consolidated accounts; latest reported quarter Sep 2026
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,105 | 940 | 996 | 936 | 1,007 | 964 | 904 | 1,070 | 1,169 | 1,095 | 1,734 | 1,850 |
| Expenses | 1,020 | 908 | 935 | 897 | 966 | 930 | 859 | 1,003 | 1,111 | 1,032 | 1,454 | 1,561 |
| Operating Profit | 85.37 | 34.13 | 60.20 | 40.11 | 42.13 | 34.12 | 46.15 | 66.24 | 59.19 | 64.27 | 282 | 289 |
| OPM % | 8.0% | 3.6% | 6.0% | 4.3% | 4.1% | 3.5% | 5.0% | 6.0% | 5.0% | 6.0% | 16.0% | 16.0% |
| Other Income | 1.99 | 5.01 | 4.99 | 2.01 | 2.01 | 4.01 | 2.99 | 2.99 | 4.01 | 3.99 | 2.99 | −18.01 |
| Interest | 15.97 | 13.96 | 12.97 | 10.98 | 9.97 | 13.96 | 9.98 | 9.97 | 9.97 | 7.97 | 12.96 | 12.98 |
| Depreciation | 4.99 | 5.99 | 5.99 | 5.99 | 5.99 | 6.99 | 6.99 | 6.99 | 6.99 | 7.99 | 7.99 | 7.99 |
| Profit before tax | 65.82 | 18.94 | 45.86 | 24.90 | 26.94 | 16.93 | 31.88 | 50.80 | 44.86 | 51.83 | 263 | 247 |
| Tax % | 23.0% | 36.9% | 29.0% | 25.9% | 23.9% | 27.0% | 18.0% | 21.9% | 24.0% | 28.9% | 22.0% | 24.9% |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | −16.04 |
| Net Profit | 50.89 | 11.97 | 32.91 | 17.95 | 19.96 | 11.97 | 25.92 | 39.91 | 33.94 | 36.91 | 206 | 186 |
| EPS (Rs) | 4.82 | 0.92 | 3.14 | 1.85 | 1.97 | 1.18 | 2.67 | 3.67 | 3.30 | 4.15 | 19.60 | 17.82 |
| Mar 2016 | Mar 2017 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,760 | 2,173 | 3,575 | 2,508 | 2,224 | 3,550 | 4,089 | 4,118 | 3,907 | 4,249 | 5,849 |
| Expenses | 1,682 | 2,047 | 3,500 | 2,449 | 2,084 | 3,303 | 3,770 | 3,843 | 3,729 | 4,012 | 5,158 |
| Operating Profit | 76.27 | 127 | 72.23 | 60.18 | 141 | 248 | 318 | 281 | 177 | 238 | 695 |
| OPM % | 4.3% | 6.0% | 2.0% | 2.4% | 6.0% | 7.0% | 8.0% | 7.0% | 4.5% | 6.0% | 11.9% |
| Other Income | 9.99 | 13.01 | 11.01 | 13.01 | 28.99 | 25.99 | 24.02 | 10.01 | 13.01 | 12.99 | −7.02 |
| Interest | 46.87 | 30.92 | 47.90 | 49.88 | 36.89 | 32.91 | 51.84 | 58.83 | 48.87 | 39.87 | 43.88 |
| Depreciation | 7.98 | 8.98 | 7.99 | 10.98 | 10.98 | 14.99 | 16.98 | 19.96 | 25.98 | 29.96 | 30.96 |
| Profit before tax | 30.90 | 99.72 | 26.91 | 12.95 | 120 | 224 | 271 | 209 | 114 | 180 | 607 |
| Tax % | 16.0% | 25.9% | 30.0% | 24.0% | 17.0% | 27.0% | 21.0% | 20.9% | 27.0% | 23.9% | — |
| Exceptional items | 0.00 | 0.00 | 1.01 | 0.00 | 0.00 | 4.01 | 0.00 | 0.00 | 0.00 | 0.00 | −16.04 |
| Net Profit | 25.92 | 73.85 | 18.97 | 9.98 | 99.84 | 164 | 214 | 165 | 83.82 | 137 | 462 |
| EPS (Rs) | 3.23 | 9.27 | 2.33 | 1.22 | 12.52 | 18.40 | 23.81 | 14.32 | 8.16 | 13.80 | 44.87 |
| Dividend payout % | 1,778.0% | 0.0% | 85.0% | 73.0% | 0.0% | 0.0% | 2.0% | 3.0% | 6.0% | 5.0% | — |
| Mar 2016 | Mar 2017 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 16.03 | 16.03 | 16.04 | 16.03 | 16.03 | 16.03 | 16.03 | 20.02 | 20.03 | 20.04 |
| Reserves | 212 | 285 | 368 | 330 | 430 | 526 | 728 | 1,154 | 1,218 | 1,336 |
| Borrowings | 272 | 326 | 116 | 146 | 90.06 | 191 | 220 | 271 | 305 | 315 |
| Other Liabilities | 373 | 479 | 771 | 516 | 565 | 585 | 667 | 495 | 416 | 556 |
| Total Liabilities | 874 | 1,107 | 1,271 | 1,008 | 1,101 | 1,318 | 1,632 | 1,939 | 1,959 | 2,226 |
| Fixed Assets | 74.21 | 78.13 | 99.26 | 97.26 | 88.24 | 190 | 239 | 362 | 451 | 499 |
| CWIP | 1.99 | 3.99 | 4.99 | 11.98 | 21.95 | 43.88 | 72.86 | 8.98 | 7.99 | 28.96 |
| Investments | 0.00 | 0.00 | 0.99 | 0.00 | 7.01 | 0.00 | 0.00 | 0.00 | 0.00 | 3.01 |
| Other Assets | 797 | 1,024 | 1,166 | 899 | 983 | 1,083 | 1,320 | 1,568 | 1,500 | 1,694 |
| Inventories | 226 | 261 | 253 | 185 | 199 | 326 | 451 | 449 | 463 | 644 |
| Trade receivables | 431 | 564 | 613 | 440 | 515 | 442 | 563 | 623 | 670 | 721 |
| Cash & equivalents | 86.77 | 96.83 | 115 | 99.79 | 121 | 183 | 108 | 276 | 152 | 132 |
| Total Assets | 874 | 1,107 | 1,271 | 1,008 | 1,101 | 1,318 | 1,632 | 1,939 | 1,959 | 2,226 |
| Mar 2016 | Mar 2017 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operating activity | 213 | −25.89 | 165 | 69.73 | 118 | 167 | 87.78 | −68.82 | 14.96 | 128 |
| Cash from investing activity | −9.98 | −7.98 | 0.99 | −23.97 | −21.96 | −116 | −71.93 | −65.92 | −47.96 | −61.91 |
| Cash from financing activity | −222 | 24.07 | −177 | −45.17 | −91.25 | −4.01 | −29.12 | 161 | 13.04 | −88.37 |
| Net cash flow | −16.05 | −10.04 | −11.03 | 2.01 | 5.02 | 47.15 | −13.05 | 25.11 | −21.08 | −22.08 |
| Capex | 19.03 | 15.03 | 10.01 | 17.03 | 10.02 | 116 | 56.06 | 55.04 | 0.00 | 0.00 |
| Free cash flow | 195 | −41.08 | 154 | 54.09 | 108 | 51.05 | 32.07 | −125 | 15.02 | 128 |
| CFO / OP % | 298.9% | −11.0% | 264.9% | 117.9% | 84.9% | 90.0% | 46.9% | −8.0% | 25.9% | 68.9% |
| Mar 2016 | Mar 2017 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Debtor days | 91 | 96 | 64 | 65 | 85 | 47 | 51 | 56 | 64 | 63 |
| Inventory days | 54 | 51 | 30 | 32 | 38 | 40 | 47 | 46 | 50 | 64 |
| Days payable | 83 | 80 | 83 | 81 | 100 | 62 | 58 | 37 | 33 | 42 |
| Cash conversion cycle | 61 | 66 | 10 | 15 | 23 | 23 | 39 | 64 | 80 | 84 |
| Working capital days | 69 | 74 | 16 | 22 | 36 | 18 | 32 | 57 | 76 | 77 |
| ROCE % | — | 23.0% | — | 13.0% | 31.0% | 39.0% | 37.0% | 22.0% | 11.0% | 13.0% |
For the Sep 2026 quarter, Gandhar Oil Refinery (India) reported sales of ₹1,850 Cr, up 73.0% year on year and net profit of ₹186 Cr, up 365.3% year on year. The operating margin was 16.0%.
Gandhar Oil Refinery (India)'s sales for the year to Mar 2026 were ₹4,249 Cr; over the last twelve months they were ₹5,849 Cr.
Net profit for the year to Mar 2026 was ₹137 Cr, and ₹462 Cr over the last twelve months. Earnings per share over the same trailing period were ₹44.87.
Gandhar Oil Refinery (India) reported borrowings of ₹315 Cr at Mar 2026, against cash and equivalents of ₹132 Cr.
Cash from operations was ₹128 Cr in the year to Mar 2026; after capital spending, free cash flow was ₹128 Cr.