MarketFriction

Gandhar Oil Refinery (India) Ltd

NSE GANDHAR · BSE 544029 · Lubricants
₹282.60 +1.34%
NSE close2026-10-01
52 week range115.00 - 303.17
Market cap₹2,676 Cr.
P/E8.88
IPO 2023 · +67% since ASM long-term Price band 20% Delivery 48.1%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales1,0011,1039399959351,0059629031,0601,1671,0931,732
Expenses9251,0189069348959649288579941,1081,0301,451
Operating Profit7685346040423446665964281
OPM %8%8%3.6%6%4.3%4.1%3.5%5%6%5%6%16%
Other Income225522433443
Interest15161413111014101010813
Depreciation556666777788
Profit before tax5866194625271732514552264
Tax %18%23%37%29%26%24%27%18%22%24%29%22%
Net Profit4851123318201226403437206
EPS in Rs4.914.830.933.151.861.981.192.683.683.314.1619.65
Mar 2016Mar 2017Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,7562,1693,5682,5042,2213,5434,0794,1133,8974,2415,052
Expenses1,6802,0423,4962,4442,0813,2963,7623,8333,7204,0044,582
Operating Profit761277260140247317280176237470
OPM %4.3%6%2.0%2.4%6%7%8%7%4.5%6%9%
Other Income1013111329262410131314
Interest4731485037335259494041
Depreciation8981111151720263030
Profit before tax311002713120225272210114181413
Tax %16%26%30%24%17%27%21%21%27%24%
Net Profit2674191010016421416584137317
EPS in Rs162.1946.4311.716.1662.7018.4223.8614.368.1813.8330.80
Dividend Payout %1,778%0%85%73%0%0%2%3%6%5%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth9%14%1%33%
Compounded Profit Growth18%6%-11%300%
Stock Price CAGR%%%93%
Return on Equity%15%10%10%
Mar 2016Mar 2017Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital16161616161616202020
Reserves2122853683304295257271,1531,2171,333
Borrowings27232611614690191220271305315
Other Liabilities374481771516566586668497418558
Total Liabilities8751,1081,2711,0081,1011,3181,6321,9401,9592,225
Fixed Assets7478999788190238361450498
CWIP245122244739829
Investments0010700003
Other Assets7981,0251,1668999841,0841,3211,5701,5011,695
Total Assets8751,1081,2711,0081,1011,3181,6321,9401,9592,225
Mar 2016Mar 2017Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity214-261657011816788-6915128
Cash from Investing Activity-10-81-24-22-116-72-66-48-62
Cash from Financing Activity-22124-176-45-91-4-2916013-88
Net Cash Flow-16-10-112547-1325-21-22
Free Cash Flow195-41154541085132-12515128
CFO/OP299%-11%265%118%85%90%47%-8%26%69%
Mar 2016Mar 2017Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days90956364844650556362
Inventory Days54513032384047465064
Days Payable848184821016359383443
Cash Conversion Cycle6065914222238637983
Working Capital Days70751723371933587778
ROCE %23%13%31%39%37%22%11%13%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters64.63%64.63%64.63%64.63%64.63%64.63%65.01%65.01%65.01%66.18%66.47%66.60%
FIIs3.87%2.53%0.53%0.18%0.02%0.62%0.18%0.24%0.17%0.34%0.14%1.27%
DIIs10.72%6.61%3.47%2.65%1.84%1.70%1.79%1.97%2.05%0.43%0.09%1.02%
Public20.79%26.24%31.37%32.56%33.52%33.05%33.03%32.80%32.77%33.05%33.30%31.10%
No. of Shareholders1,22,4631,82,5321,80,7271,72,3051,67,0011,53,2631,50,4031,45,6481,41,4061,38,3471,39,4821,34,265

Fundamentals

Market Cap₹ 2,676 Cr.
Current Price₹ 274
Stock P/E8.88
Book Value₹ 138
ROCE13.3 %
ROE10.5 %
Dividend Yield0.73 %
Face Value₹ 2.00
Compounded Sales Growth (TTM)33%
Compounded Profit Growth (TTM)300%
Consolidated figures.
Valuation
Market capRs 2,766 Cr
Enterprise valueRs 2,949 Cr
P/E (TTM)9.18x
Price to book2.05x
Price to sales0.55x
EV / EBITDA6.10x
EV / EBIT6.51x
EV / sales0.58x
Price to cash flow21.65x
Earnings yield10.90%
Dividend yield0.27%
P/E, 3-year average13.23x
P/B, 3-year average1.21x
P/E, 5-year average13.23x
P/B, 5-year average1.21x
Profitability
Operating margin (excl. other income)5.58%
Operating margin (incl. other income)5.90%
EBITDA margin9.57%
Pre-tax margin8.16%
Net profit margin5.97%
Net margin, latest quarter11.10%
ROE10.46%
ROCE13.73%
ROA6.47%
ROE, 3-year average10.59%
ROCE, 3-year average15.69%
ROA, 3-year average6.15%
ROE, 5-year average18.28%
ROCE, 5-year average25.20%
ROA, 5-year average8.71%
ROIC (approx.)22.44%
Tax rate23.98%
Other income / net worth0.98%
Growth
Sales growth (latest year)8.83%
Profit growth (latest year)69.09%
Sales CAGR, 3 years1.31%
Sales CAGR, 5 years13.81%
Profit CAGR, 3 years-10.82%
Profit CAGR, 5 years6.18%
Sales growth QoQ58.40%
Profit growth QoQ372.69%
Sales growth YoY (latest quarter)91.81%
Profit growth YoY (latest quarter)633.09%
Per share
EPS (TTM)Rs 30.79
EPS (latest year)Rs 13.83
EPS (latest quarter)Rs 19.65
EPS, 3-year averageRs 12.12
EPS, 5-year averageRs 15.73
Book value per shareRs 138.17
Sales per shareRs 516.17
Cash flow per shareRs 13.05
Free cash flow per shareRs 13.08
Dividend per share (latest year)Rs 0.75
Dividend per share, 3-year averageRs 0.58
Dividend per share, 5-year averageRs 0.56
Dividends
Dividend payout5.42%
Dividend payout, 3-year average5.01%
Dividend payout, 5-year average4.28%
Efficiency
Asset turnover1.91x
Fixed asset turnover8.51x
Inventory turnover6.03x
Inventory days61 days
Debtor days62 days
Debtors turnover5.88x
Creditor days43 days
Cash conversion cycle83 days
Working capital days78 days
Leverage
Total debtRs 315 Cr
Cash and bankRs 132 Cr
Net debtRs 183 Cr
Debt to equity0.23x
Net debt / EBITDA0.38x
Interest coverage11.13x
Current ratio (filing 2026-03-31)2.61x
Quick ratio (filing 2026-03-31)1.61x
Trade payables (filing 2026-03-31)Rs 437 Cr
Owners' fund to total sources60.77%
Debt to assets14.16%
Cash flow
Cash from Operating Activity (latest year)Rs 128 Cr
Cash from Investing Activity (latest year)Rs -62 Cr
Cash from Financing Activity (latest year)Rs -88 Cr
Net Cash Flow (latest year)Rs -22 Cr
Free cash flow (latest year)Rs 128 Cr
FCFE (approx.: FCF + change in debt)Rs 138 Cr
Cash from ops / profit, 5 years0.43x
Sales to cash flow33.19x
Statement figures
Net sales (TTM)Rs 5,052 Cr
Net sales (latest year)Rs 4,241 Cr
Sales (latest quarter)Rs 1,732 Cr
Operating profit excl. other income (latest year)Rs 237 Cr
Operating profit (latest quarter)Rs 281 Cr
Other income (TTM)Rs 14 Cr
EBITDA (TTM)Rs 484 Cr
PBDT (TTM)Rs 443 Cr
Profit before tax (TTM)Rs 413 Cr
Tax (latest year)Rs 43 Cr
Net profit (TTM)Rs 301 Cr
Net profit (latest year)Rs 135 Cr
Net profit (latest quarter)Rs 192 Cr
Depreciation (TTM)Rs 30 Cr
Depreciation (latest quarter)Rs 8 Cr
Interest (TTM)Rs 41 Cr
Cost of goods sold (latest year)Rs 3,883 Cr
Total expenditure (latest year)Rs 4,004 Cr
Total income (latest year)Rs 4,254 Cr
Share capitalRs 20 Cr
ReservesRs 1,333 Cr
Shareholders' fundsRs 1,352 Cr
Total assetsRs 2,225 Cr
Net blockRs 498 Cr
Capital work in progressRs 29 Cr
InvestmentsRs 3 Cr
ReceivablesRs 721 Cr
InventoryRs 644 Cr
Other liabilitiesRs 558 Cr
Shares outstanding (crore)9.79
Ownership
Promoter holding66.60% (+1.59 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 9.2 is at the 6th percentile of its own 3.0-year range (median 14.6, low 8.4, high 21.9).
P/B 2.05 is at the 78th percentile (median 1.50).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodGANDHARNifty 50Difference
1 week+7.6%-2.8% +10.4 pts
1 month+7.9%-6.8% +14.7 pts
3 months+51.3%-7.6% +59.0 pts
6 months+142.0%+0.4% +141.6 pts
1 year+98.4%-9.9% +108.3 pts
2 years+34.7%-13.6% +48.3 pts
1 mutual fund schemes hold about ₹7 Cr. Over three months 1 bought more and 0 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
ITI ELSS Tax Saver Fund1.58%7 +100%

Red flags

F-score 6 of 8
explainWeak cash conversion Cash from operations was 21% of net profit over the last 3 years
lookInventory outrunning sales Inventory grew 39% vs sales +9% in 2026
lookRegulator order or action Regulator order or action 2026-05-30: Gandhar Oil Refinery (India) Limited has informed the Exchange about Action(s) taken or orders passed pursuant to Regulation 30 read with Cl
lookAuditor change Auditor change 2026-05-26: Gandhar Oil Refinery (India) Limited has informed the Exchange regarding Change in Auditors of the company.
lookOn NSE surveillance On NSE surveillance: ASM long-term
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Latest quarter

Jun 2026
Sales ₹1,732 Cr +91.8% vs Jun 2025. Net profit ₹206 Cr +692.3%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-07-31Interim Dividend - Rs 2 Per Share
2026-01-30Interim Dividend - Re 0.75 Per Share
2025-08-01Dividend - Re 0.50 Per Share
2024-08-28Annual General Meeting
2024-08-23Dividend - Re 0.50 Per Share
DateTypeWhat it says
2026-09-30Credit Rating- OthersPursuant to Regulation 30(6) read with Para A of Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 201...
2026-09-24LitigationOutcome of litigation (order passed by court)
2026-09-23Concall / analyst meetPursuant to regulation 30 of SEBI (LODR),2015, we would like to inform you that the representatives of the management of the Company will be participa...
2026-09-11Shareholder meetingVoting results.
2026-09-11Shareholder meetingProceedings of Annual General Meeting held on September 11, 2026
2026-09-04AgreementsIn continuation to intimation 26th May, 2026, 13th August, 2026 and pursuant to Regulation 30 of SEBI (LODR) Regulation, 2015, the Company has entered...
2026-09-01Concall / analyst meetSchedule of meet
2026-09-01Credit Rating- OthersPursuant to Regulation 30 read with Para A of Part A of Schedule III of the SEBI (LODR) Regulations 2015, we would like to inform that CRISIL Ratings ...
2026-09-01Credit Rating- NewPursuant to Regulation 30 read with Para A of Part A of Schedule III of the SEBI (LODR) Regulations 2015, we would like to inform that CRISIL Ratings ...
2026-08-19Shareholder meetingNotice of Annual General Meeting to be held on September 11, 2026
2026-08-18Shareholder meetingProceedings of Postal Ballot. Further, the company has submitted the Exchange a copy of Scrutinizers report along with voting results.
2026-08-13AgreementsPursuant to Regulation 30 of SEBI (LODR), 2015 and in continuation to the intimation dated 26th May, 2026 the Company has entered into purchase agreem...
2026-08-04Disruption of OperationsThis is in continuation to our earlier intimation dated July 24, 2026 submitted to the Stock Exchanges andpursuant to Regulation 30 of the SEBI (Listi...
2026-07-28Concall / analyst meetThatPursuant to Regulation 30 of the Securities and Exchange Board of India (ListingObligations and Disclosure Requirements) Regulations, 2015 ( Listi...
2026-07-27General UpdatesPursuant to the declaration of interim dividend by the Board of Directors of the Companyat its Board Meeting held on July 22nd, 2026, the Company has ...
2026-07-24Disruption of OperationsImpact on Operations due to Flooding caused by Unprecedented Heavy Rains at the Companys Silvassa Plant.
2026-07-23Concall / analyst meetLink of Recording
2026-07-22Press ReleaseApress release on Un-audited Financial Results (Standalone and Consolidated) for the quarter endedJune 30th, 2026 (Q1 FY 2026-27).
2026-07-22Investor PresentationInvestor Presentation
2026-07-22Record DateRecord date for the purpose of Dividend is 31-Jul-2026.
2026-07-22DividendBoard of Directors at its meeting held on July 22, 2026, declared Interim Dividend of Rs. 2 (i.e. 100%of the face value of equity shares).
2026-07-22General UpdatesThe reconstitution of the Risk Management Committee of the company.
2026-07-22Amendment to AOA/MOAThe Amendment to AOA/MOA of the company.
2026-07-22Director changeChange in Director(s) of the company.
2026-07-22Record DateRecord date for the purpose of Dividend is 24-Jul-2026.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Long Term Additional Surveillance Measure (Long Term ASM): stage 1
Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.Updated 2026-10-03