Gandhar Oil Refinery (India) Limited
Gandhar Oil Refinery (India) Limited operates in Lubricants, part of the Energy sector. It booked ₹1,732 cr of revenue in its latest quarter (Q1 FY27) and kept 11.1% of sales as profit. It is the 5th largest of 7 Lubricants companies we track, by market value.
“Gandhar Oil Refinery is one of the leading manufacturers of white oils in India and among top five players globally, contributing to a repeated Opportunities significant portion of the revenue.”
“The Company is primarily engaged in manufacturing and trading of of petroleum products / specialty oils.”
Healthier than 69% of companies in Energy, on the 5 of 6 measures we could read for it. Each measure is ranked against the 19–26 companies that reported it.
Measures financial condition, not whether to buy. Learn what this score means · How this is calculated
- RSI (14)
- 60
At close. Not part of the score.
How much profit it earns on the money it employs
How much it owes, and whether earnings cover the interest
Whether reported profit actually arrives as cash
What today's price implies, against our models or its peers
How much of the promoters' stake is pledged, and how much they hold · highest in its sector on what we could measure
Not measurable for this company: growth & consistency. Those pillars are left out of the score rather than counted as zero.
What if I invest in GANDHAR?
Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.
The starting rate is a round number, not a view on this company — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.
P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-09-17.
An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.
| Revenue from Operations | ₹1,732 cr |
| Other Income | ₹3 cr |
| Total Income | ₹1,735 cr |
| Cost of Materials | ₹1,382 cr |
| Purchases of Stock-in-Trade | ₹67 L |
| Inventory Change (±) | ₹-21 cr |
| Employee Benefit Expense | ₹12 cr |
| Finance Costs | ₹13 cr |
| Depreciation & Amortisation | ₹8 cr |
| Other Expenses | ₹77 cr |
| Total Expenses | ₹1,471 cr |
| Profit before Tax | ₹264 cr |
| Tax Expense | ₹58 cr |
| Net Profit | ₹206 cr |
| Net margin on total income | 11.9% |
| Metric | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|
| Revenue | 1,167 cr | 1,093 cr | 1,732 cr |
| Total income | 1,171 cr | 1,098 cr | 1,735 cr |
| Expenses | 1,126 cr | 1,045 cr | 1,471 cr |
| Profit before tax | 45 cr | 52 cr | 264 cr |
| Tax | 11 cr | 15 cr | 58 cr |
| Net profit (owners' share) | 32 cr | 41 cr | 192 cr |
| Net margin (owners' share, on revenue) | 2.8% | 3.7% | 11.1% |
| EPS (₹) | 3.31 | 4.16 | 19.65 |
| Company | Price | Market cap | P/E | ROE | Net margin | 1-yr return |
|---|---|---|---|---|---|---|
| Castrol India Limited | ₹192 | ₹18,963 cr | 13.7 | 72.9% | 18.6% | — |
| Gulf Oil Lubricants India Limited | ₹1,064 | ₹5,269 cr | 10.7 | 32.1% | 9.3% | — |
| Savita Oil Technologies Limited | ₹691 | ₹4,740 cr | 4.1 | 63.5% | 19.5% | — |
| Panama Petrochem Limited | ₹460 | ₹2,781 cr | 2.3 | 84.1% | 17.8% | — |
| Gandhar Oil Refinery (India) Limitedthis company | ₹269 | ₹2,637 cr | 3.4 | 56.9% | 11.1% | — |
| Veedol Corporation Limited | ₹1,385 | ₹2,355 cr | 7.6 | 30.1% | 12.8% | — |
| GP Petroleums Limited | ₹62 | ₹315 cr | 3.8 | 23.2% | 8.9% | — |
| Action | Detail | Ex-date |
|---|---|---|
| Dividend | ₹2 / share | 31 Jul 2026 |
| Dividend | ₹0.75 / share | 30 Jan 2026 |
| Dividend | ₹0.5 / share | 1 Aug 2025 |
| Dividend | ₹0.5 / share | 23 Aug 2024 |
A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.
Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.
Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.
The company also transacted with 15 other related parties — subsidiaries, joint ventures, directors and others — that we could not match by name to the promoter list above. Some may still be connected to the family; we only count the ones the filings let us match with certainty.
Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.
When a company raises money from investors, it has to say up front what the money is for. The rules then make it report, every three months until the money is gone, how much of each of those things it has actually paid for — so a promise made while asking for the money can be checked afterwards.
As of Dec 2025, the company says it has spent 100% of what it set aside. ICRA Limited watches the spending on the exchange’s behalf.
The rupee amounts in this company’s own breakdown don’t add up to the amount it says it raised — a common filing slip, where a table meant to be read in lakhs is entered as whole rupees. Rather than guess which is right, we show only the percentages, which are unaffected.
Every figure above is taken from the statement the company files with the stock exchange each quarter, for as long as money it has raised remains unspent. The only thing we work out is how much of each stated purpose has been paid for — one number divided by another from the same filing. Whether a plan that changed was a good change is not something a filing can tell you. See the filing