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Gandhar Oil Refinery (India) Results: Latest Quarterly Results & Analysis

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Gandhar Oil Refinery (India) Ltd. 13 Nov 2025 12:54 PM
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Q2FY26 Quarterly Result Announced for Gandhar Oil Refinery (India) Ltd.

Refineries & Petro-Products company Gandhar Oil Refinery (India) announced Q2FY26 results

  • Consolidated Revenues for Q2FY26 were at Rs 10,599 million compared to Rs 9,030 million in Q1FY26.
  • Consolidated EBITDA for Q2FY26 stood at Rs 658 million, up by 43% from Rs 460 million in Q1FY26.
  • Consolidated PAT for Q2FY26 stood at Rs 398million, up by 52% from Rs 261 million in Q1FY26.
  • Consolidated Manufacturing Gross Margin Spread for Q2FY26 stood at Rs 8,662 per KL.

Aslesh Parekh, Joint Managing Director, said: “We delivered a strong Q2FY26 performance, supported by robust domestic demand and our focus on high-margin PHPO products. Despite global headwinds and logistical challenges, we achieved sequential growth across key metrics.

Revenue for Q2 stood at Rs 10,599 million, up 17% over Q1, while EBITDA rose 43% to Rs 658 million and PAT increased 52% to Rs 398 million. For H1FY26, revenue reached Rs 19,629 million and EBITDA stood at Rs 1,118 million, with manufacturing sales volumes at 261,524 KL, up 9% YoY.

PHPO continues to lead with nearly 50% of revenue, driven by strong demand in personal care and healthcare. Our balance sheet remains healthy with negligible debt, despite higher working capital days due to longer export lead times.

During the quarter, we secured a significant Rate Contract from Bharat Heavy Electricals Limited (BHEL), Jhansi, for the supply of Transformer Oil over two years, valued at Rs 24.60 crore. This reinforces our capabilities in industrial oil solutions.

We remain optimistic about domestic demand and expect gradual stabilization in global supply chains, strengthening our confidence in Gandhar’s long-term growth trajectory.”

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Refineries & Petro-Products company Gandhar Oil Refinery (India) announced Q1FY26 results

  • Consolidated Revenues for the Q1FY26 at Rs 9,030 million compared to Rs 9,617 million in Q4FY25.
  • Consolidated EBITDA for Q1FY26 stood at Rs 460 million, up by 37% from Rs 336 million in Q4 FY25.
  • Consolidated PAT for Q1FY26 stood at Rs 261 million, up by 112% from Rs 123 million in Q4 FY25.
  • Consolidated Manufacturing Gross Margin Spread for Q1FY26 stood at Rs 8,274 per KL

Aslesh Parekh, Joint Managing Director said: “Despite a volatile geopolitical environment and external challenges such as the Red Sea disruption and depreciation pressures on the Indian Rupee against the US Dollar, we remain confident and optimistic about the foreseeable future.

We are steadily transitioning towards higher-margin products, particularly in the PHPO segment, including the manufacturing of emollients and ester-based value-added solutions with applications in the FMCG space. Our presence across India continues to strengthen, with operations now spanning 24 states and the addition of 69 new distributors nationwide.

For Q1FY26, consolidated manufacturing volumes stood at 1,21,733 KL, reflecting stable throughput despite macroeconomic headwinds. Consolidated EBITDA for the quarter was Rs 460 million, a 37% increase from Rs 336 million in Q4FY25. Consolidated PAT rose to Rs 261 million, marking a 112% growth from Rs 123 million in the previous quarter.

We remain optimistic about the upcoming quarters, anticipating stabilization in global supply chains and gradual improvement in realizations. These factors reinforce our confidence in the business’s long-term fundamentals and growth trajectory.”

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Refineries & Petro-Products company Gandhar Oil Refinery (India) announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Consolidated Revenues for Q4FY25 stood at Rs 9,617 million compared to Rs 9,392 million in Q4FY24 showcasing a growth of 2.4%, while for FY25 it stood at Rs 38,969 million. Standalone Revenues for Q4FY25 stood at Rs 7,517 million compared to Rs 7,172 million in Q4FY24 showcasing a growth of 4.8% despite challenging market conditions
  • EBITDA remained flat (Rs 336 million vs Rs 336 million).
  • PAT increased slightly by 1.7% (Rs 123 million vs Rs 121 million).
  • EPS rose by 9.1% (Rs 1.2 vs Rs 1.1).

FY25 Financial Highlights:

  • Revenue from Operations declined by 5.3% (Rs 38,969 million vs Rs 41,132 million).
  • EBITDA fell by 37% (Rs 1,756 million vs Rs 2,788 million).
  • PAT dropped by 49.5% (Rs 835 million vs Rs 1,653 million).
  • EPS declined by 49.7% (Rs 8.2 vs Rs 16.3).

Commenting on the Results, Aslesh Parekh, Joint Managing Director said, “We remain one of the largest producers of White Oils globally, with our PHPO (Personal, Healthcare & Performance Oil) segment continuing to play a pivotal role, contributing 47.27% to our consolidated turnover in FY25. Our Lubricants and PIO (Process & Industrial Oil) segments including rubber processing oil and transformer oil further strengthen our diversified product portfolio.

Our consolidated manufacturing volumes for Q4 FY25 grew by 6.5% year-on-year to 127,726 KL, reflecting stable operational throughput despite external challenges. On a standalone basis, volumes rose by 7.7% Yo-Y to 99,934 KL. For the full year FY25, consolidated volumes stood at 500,231 KL, while standalone volumes reached 409,186 KL, marking a 19.7% Y-o-Y growth.

Consolidated revenues for Q4 FY25 stood at Rs 9,617 million, up 2.4% from Rs 9,392 million in Q4 FY24. On a standalone basis, revenues came in at Rs 7,517 million, a growth of 4.8% over Rs 7,172 million in the same quarter last year.

We are also pleased to have signed a non-binding MoU with Jawaharlal Nehru Port Authority to explore participation in the Vadhvan Port project, with an estimated investment of Rs 1,000 Crores. This aligns with our long-term strategy to enhance infrastructure and logistics capabilities.

We remain optimistic about the coming quarters, as we expect stabilization in global supply chains and a gradual improvement in realizations, reinforcing our confidence in the business’s long-term fundamentals and growth trajectory.”

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Refineries & Petro-Products company Gandhar Oil Refinery (India) announced Q3FY25 results

  • Revenue: Rs 10,053 million comapared to Rs 11,026 million during Q3FY24.
  • EBITDA:  Rs 416 million compared to Rs 851 million during Q3FY24.
  • PAT: Rs 204 million compared to Rs 509 million during Q3FY24.
  • EPS: Rs 2 compared to Rs 5.5 during Q3FY24.

Aslesh Parekh, Joint Managing Director, said: “We remain one of the largest producers of white oils globally, with PHPO products accounting for 47.14% of our consolidated turnover. Additionally, our lubricants and PIO products, including rubber processing oil and transformer oil, contribute to the diversification of our portfolio. Our consolidated manufacturing volumes for Q3FY25 remained stable at 132,187 KL, while standalone volumes rose by 13.4% QoQ to 112,483 KL. Revenues for Q3FY25 grew by 7.5% to Rs 10,053 million compared to Rs 9,351 million in Q2 FY25, with standalone revenues reaching Rs 8,569 million in Q3FY25, up from Rs 7,612 million in Q2FY25.

During the 9MFY25 ended we have faced headwinds in terms of decline in Realization/KL and consequent reduction in margins also caused by increased freight costs, but we remain confident of riding the wave and seeing a better Q4FY25 and the foreseeable future due to our resilient products and our ability to overcome choppy and volatile environment.”

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Refineries/Petro-Products company Gandhar Oil Refinery (India) announced H1FY25 & Q2FY25 results

  • Consolidated Manufacturing Volumes for Q2FY25 remained stable at 118,302 KL, while for H1FY25 it stood at 240,318 KL. On a Standalone basis, Manufacturing Volumes increased by 1.6% to 99,172 KL.
  • Consolidated Revenues for Q2FY25 stood at Rs 9,351 million compared to Rs 9,948 million in Q1FY25, while for H1FY25 it stood at Rs 19,299 million. Standalone Revenues for Q2FY25 stood at Rs 7,612 million compared to Rs 7,902 million in Q1FY25.
  • For H1FY25, the consolidated revenue breakdown is as follows: PHPO leads with 47.9%, Lubricants account for 28.2%, PIO represents 9.5%, and Channel Partners contribute 14.4%.
  • The Consolidated Manufacturing Gross Margin Spread for Q2FY25 stood at Rs 8,299 per KL while for Q1FY25 it was Rs 8,755 per KL. The spread for H1FY25 stood at Rs 8,531 per KL.

Aslesh Parekh, Joint Managing Director, Gandhar Oil Refinery (India), said: “Despite a challenging external environment, Gandhar remains one of the largest global producers of white oils, primarily supplying essential sectors such as Pharma, FMCG, and Cosmetics. In H1FY25, our PHPO products alone accounted for 47.9% of our consolidated turnover, underscoring our continued leadership in this segment. Additionally, we are committed to serving diverse industries with our lubricant and PIO products, including rubber processing and transformer oils.

In Q2FY25, we saw stable manufacturing volumes on a consolidated basis compared to the previous quarter, while standalone manufacturing volumes increased by 1.6% to 99,172 KL. However, our revenue witnessed a 6% decrease on a consolidated basis, largely attributed to a decline in average selling prices. This reduction reflects broader market factors, including a drop in crude oil prices, a sluggish demand environment in the Pharma and FMCG sectors, and escalating freight costs due to geopolitical issues in the Red Sea.

Our focus remains on leveraging our industry position to adapt and innovate. By enhancing our operational efficiency and expanding product applications, we aim to navigate these market challenges and sustain long-term value creation for our stakeholders..

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