Gandhar Oil Refine IND L
NSE: GANDHAR · Lubricants · sector
₹300.25NSE close 2026-10-26
Key numbers
Market cap₹2,939 cr
Price₹300.25
52w high / low₹314 / ₹115
P/E9.8xSector median 10.6x
P/B2.2xSector median 2.1x
Book value₹138.1
Dividend yield0.41%Sector median 0.64%
ROE23.3%Sector median 23.5%
ROCE29.8%Sector median 28.5%
OPM9.3%Sector median 11.2%
Debt / equity0.12xSector median 0.05x
EV/EBITDA6.3xSector median 7.9x
Interest cover11.1x
Current ratio2.61x
Sales growth 3y–Sector median +6.3%
Profit growth 3y–Sector median +1.7%
PEG0.03x
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 8 companies in Lubricants (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹132 cr vs borrowings ₹168 cr (FY26): borrowings are higher by ₹37 cr.
- Operating profit covered interest 11.1x in the last 12 months.
- Promoter holding rose by 1.64 percentage points in a year, to 66.65% (2026-09-30).
- Operating cash flow was below net profit in 3 of the last 3 years (FY26, FY25, FY24).
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 5% of net profit in the last 12 months.
- Dividend paid in 2 of the last 3 financial years.
- Price ₹300.25 on 2026-10-26: -4.2% from the 52-week high, +161.1% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹300.25 · low ₹121.88
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 935 | 1,005 | 962 | 903 | 1,060 | 1,167 | 1,093 | 1,732 |
| EBITDA | 40 | 42 | 34 | 46 | 66 | 59 | 64 | 281 |
| OPM % | 4.3% | 4.1% | 3.5% | 5.1% | 6.2% | 5.1% | 5.8% | 16.2% |
| Other income | 2 | 2 | 4 | 3 | 3 | 4 | 4 | 3 |
| Net profit | 18 | 19 | 12 | 26 | 36 | 32 | 41 | 192 |
| EPS (₹) | 1.91 | 1.98 | 1.19 | 2.68 | 3.68 | 3.31 | 4.16 | 19.65 |
| Revenue YoY | +13.3% | +16.1% | +13.7% | +91.8% | ||||
| Profit YoY | +98.2% | +67.6% | +248.6% | +633.1% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|
| Revenue | 4,113 | 3,897 | 4,241 | 5,052 |
| EBITDA | 279 | 176 | 234 | 470 |
| Net profit | 141 | 80 | 135 | 301 |
| EPS (₹) | 16.27 | 8.18 | 13.83 | 30.80 |
| Revenue growth | -5.3% | +8.8% | +32.8% | |
| Profit growth | -43.0% | +69.1% | +299.6% | |
| Dividend / share (₹) | – | 0.50 | 1.25 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | – | – | +32.8% |
| Net profit | – | – | +299.6% |
| EPS | – | – | – |
| Share price | – | +10.6% (2y) | +105.1% |
Balance sheet
| ₹ cr | FY24 | FY25 | FY26 |
|---|---|---|---|
| Shareholders' equity | 1,172 | 1,236 | 1,352 |
| Borrowings | 203 | 182 | 168 |
| Cash & equivalents | 277 | 152 | 132 |
| Total assets | 1,940 | 1,959 | 2,225 |
| Fixed assets | 298 | 338 | 374 |
| Capital work in progress | 9 | 8 | 29 |
| Investments | 0 | 0 | 3 |
| Receivables | 623 | 670 | 721 |
| Inventory | 448 | 463 | 644 |
| Payables | 372 | 315 | 437 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY24 | FY25 | FY26 |
|---|---|---|---|
| Cash from operations | -69 | 15 | 128 |
| Cash from investing | -66 | -48 | -62 |
| Cash from financing | 160 | 13 | -88 |
| Capex | 0 | 58 | 80 |
| Free cash flow | -69 | -43 | 48 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY24 | FY25 | FY26 |
|---|---|---|---|
| ROE % | 12.0% | 6.5% | 10.0% |
| ROCE % | 19.5% | 11.5% | 14.3% |
| Debtor days | 55 | 63 | 62 |
| Inventory days | 45 | 49 | 63 |
| Payable days | 38 | 33 | 43 |
| Cash conversion cycle (days) | 62 | 79 | 82 |
| Working capital days | 83 | 92 | 89 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 66.65% |
| FIIs | 5.47% |
| DIIs | 1.07% |
| of which Mutual funds | 0.29% |
| Public (non-institutions) | 26.81% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 64.63% | 65.01% | 65.01% | 65.01% | 66.18% | 66.47% | 66.60% | 66.65% |
| Promoter group | % |
|---|---|
| Ramesh Babulal Parekh | 28.80% |
| Gulab Jitendra Parekh | 8.73% |
| Padmini Kailash Parekh | 8.73% |
| Sunita Rameshkumar Parekh | 2.76% |
| Rajiv Jitendra Parekh | 2.17% |
| Saurabh Ramesh Parekh | 2.09% |
| Aslesh Rameshkumar Parekh | 1.97% |
| Kunal Kailash Parekh | 1.97% |
| Samir Ramesh Parekh | 1.97% |
| Gandhar Coals & Mines Private Limited | 1.72% |
| Divya Binit Shah | 1.58% |
| Pooja Nishant Shah | 1.58% |
| Alka Rajivkumar Parekh | 0.77% |
| Sharmishtha Samir Parekh | 0.77% |
| Dimple Aslesh Parekh | 0.51% |
1,21,234 shareholders. Pledged: – of promoter shares.
Peers in Lubricants
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| CASTROLIND | ₹18,870 cr | 17.8x | 9.9x | 57.0% | 75.8% | 24.0% | – | – |
| GULFOILLUB | ₹5,201 cr | 13.8x | 3.4x | 25.0% | 27.3% | 12.1% | +10.6% | 4.64% |
| SOTL | ₹4,723 cr | 11.4x | 2.6x | 23.8% | 31.8% | 10.7% | +6.3% | 0.58% |
| GANDHAR | ₹2,939 cr | 9.8x | 2.2x | 23.3% | 29.8% | 9.3% | – | 0.41% |
| PANAMAPET | ₹2,817 cr | 5.9x | 1.9x | 35.2% | 39.2% | 14.8% | +10.9% | 0.64% |
| VEEDOL | ₹2,166 cr | 9.8x | 2.1x | 22.6% | 23.9% | 11.7% | +5.4% | 4.67% |
| GULFPETRO | ₹333 cr | 8.2x | 0.9x | 11.9% | 15.1% | 7.6% | -6.7% | – |
| GVL | ₹43 cr | 57.2x | 0.5x | 1.6% | 1.8% | 8.9% | – | – |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-07-31 | Dividend | Interim Dividend - Rs 2 Per Share |
| 2026-01-30 | Dividend | Interim Dividend - Re 0.75 Per Share |
| 2025-08-01 | Dividend | Dividend - Re 0.50 Per Share |
| 2024-08-28 | Other | Annual General Meeting |
| 2024-08-23 | Dividend | Dividend - Re 0.50 Per Share |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Manufacturing of speciality Oil & Lubricants: The Company specialize in the manufacturing of a wide range of specialty oils, lubricants, mineral oils, and consumer and healthcare products. Diverse portfolio includes premium offerings such as white oils, waxes, jellies, automotive oils, industrial oils, transformer oils, and rubber processing oils, all marketed under our renowned brand, Divyol.
| Sector | Energy |
| Industry | Lubricants |
| Sub-industry | Lubricants |
| Symbol | GANDHAR |
| BSE code | 544029 |
| ISIN | INE717W01049 |
| Face value | ₹2.0 |
| Incorporated | 1992-10-07 |
| Website | www.gandharoil.com |
| Plants (India / abroad) | 2 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-22 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.