GANDHAR

Gandhar Oil Refinery (India) Limited

Refiner and blender of white oils, lubricants and transformer oils

Energy›Oil, Gas & Consumable Fuels›Petroleum Products›Lubricants

gandharoil.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹296.65
Market cap
2,903 Cr
Stock P/E
9.6
P/B
2.15
Dividend yield
0.4%
ROE (FY26)
9.7%
ROCE (FY26)
13.9%
Operating margin (FY26)
4.8%
Debt / equity (FY26)
0.12
OCF / EBITDA (FY26)
54.5%
OCF / EBITDA (3Y)
10.6%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Gandhar Oil Refinery makes specialty oils, namely PHPO, PIO and automotive lubricants, for more than 4,000 customers in India and exports to over 100 countries.

Company snapshot

5thBy market cap

Ranked among 7 companies in Lubricants.

What we see

Positives
  • ✓Debt-to-equity of 0.12x — the company is largely funded by its own money, not borrowed funds.
Concerns
  • ✗Only 11% of operating profit came in as cash over the last three years — much of it is tied up in unpaid bills or stock.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales1,001 Cr1,103 Cr939 Cr995 Cr935 Cr1,005 Cr962 Cr903 Cr1,060 Cr1,167 Cr1,093 Cr1,732 Cr
Operating expenses (approx.)925 Cr1,017 Cr906 Cr934 Cr895 Cr964 Cr928 Cr857 Cr994 Cr1,108 Cr1,030 Cr1,451 Cr
EBITDA76 Cr85 Cr34 Cr60 Cr40 Cr42 Cr34 Cr46 Cr66 Cr59 Cr64 Cr281 Cr
OPM %7.6%7.7%3.6%6.1%4.3%4.1%3.5%5.1%6.2%5.1%5.8%16.2%
Other income2 Cr2 Cr5 Cr5 Cr2 Cr2 Cr4 Cr3 Cr3 Cr4 Cr4 Cr3 Cr
Interest15 Cr16 Cr14 Cr13 Cr11 Cr10 Cr14 Cr10 Cr10 Cr10 Cr8 Cr13 Cr
Depreciation5 Cr5 Cr6 Cr6 Cr6 Cr6 Cr7 Cr7 Cr7 Cr7 Cr8 Cr8 Cr
Profit before tax58 Cr66 Cr19 Cr46 Cr25 Cr27 Cr17 Cr32 Cr51 Cr45 Cr52 Cr264 Cr
Tax %17.5%22.5%37.0%29.1%26.2%24.0%26.7%17.9%22.2%23.9%29.4%21.9%
Net profit48 Cr51 Cr12 Cr33 Cr18 Cr20 Cr12 Cr26 Cr40 Cr34 Cr37 Cr206 Cr
EPS (₹)₹4.92₹5.47₹1.06₹3.40₹1.91₹1.98₹1.19₹2.68₹3.68₹3.31₹4.16₹19.65

Profit & loss (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales———4,113 Cr3,897 Cr4,241 CrSign in free for the trailing twelve months
Operating expenses (approx.)———3,834 Cr3,721 Cr4,007 CrSign in free for the trailing twelve months
EBITDA———279 Cr176 Cr234 CrSign in free for the trailing twelve months
OPM %———6.8%4.5%5.5%Sign in free for the trailing twelve months
Other income———10 Cr13 Cr13 CrSign in free for the trailing twelve months
Interest———58 Cr48 Cr38 CrSign in free for the trailing twelve months
Depreciation———20 Cr26 Cr30 CrSign in free for the trailing twelve months
Profit before tax———210 Cr114 Cr181 CrSign in free for the trailing twelve months
Tax %———21.4%26.9%24.0%Sign in free for the trailing twelve months
Net profit———165 Cr83 Cr137 CrSign in free for the trailing twelve months
EPS (₹)———₹16.27₹8.18₹13.83Sign in free for the trailing twelve months
Dividend payout %———2.4%5.9%8.9%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital16 Cr16 Cr16 Cr20 Cr20 Cr20 Cr
Reserves429 Cr525 Cr709 Cr1,153 Cr1,217 Cr1,333 Cr
Borrowings79 Cr158 Cr170 Cr203 Cr182 Cr168 Cr
Other liabilities577 Cr599 Cr684 Cr513 Cr489 Cr657 Cr
Total liabilities1,101 Cr1,318 Cr1,613 Cr1,940 Cr1,959 Cr2,225 Cr
Fixed assets (net)74 Cr158 Cr175 Cr298 Cr338 Cr374 Cr
CWIP22 Cr44 Cr73 Cr9 Cr8 Cr29 Cr
Investments7 Cr0.17 Cr0.16 Cr1 Cr1 Cr4 Cr
Loans & advances———5 Cr5 Cr0.25 Cr
Inventories199 Cr326 Cr451 Cr448 Cr463 Cr644 Cr
Trade receivables514 Cr442 Cr562 Cr623 Cr670 Cr721 Cr
Cash & bank13 Cr60 Cr47 Cr71 Cr51 Cr28 Cr
Other assets272 Cr288 Cr306 Cr485 Cr424 Cr425 Cr
Total assets1,101 Cr1,318 Cr1,613 Cr1,940 Cr1,959 Cr2,225 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity118 Cr167 Cr104 Cr-69 Cr15 Cr128 Cr
Cash from investing-22 Cr-116 Cr-73 Cr-66 Cr-48 Cr-62 Cr
Cash from financing-91 Cr-4 Cr-44 Cr160 Cr13 Cr-88 Cr
Net cash flow5 Cr47 Cr-13 Cr25 Cr-21 Cr-22 Cr
Free cash flow (OCF − Capex)108 Cr51 Cr49 Cr-69 Cr-43 Cr48 Cr

Ratios

MetricMar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %———18.8%11.1%13.9%
ROE %———11.5%6.2%9.7%
Debtor days———556362
Inventory days———464963
Days payable———383343
Cash conversion cycle———637882
OCF / EBITDA %———-24.9%8.4%54.5%
OCF / EBITDA % (3 years)—————10.6%
Debt / equity0.180.290.230.170.150.12
Current ratio1.551.531.612.522.912.61
Net debt / EBITDA———0.470.750.60