Event Type and Details:

  • Q1 FY27 Earnings Conference Call hosted by Gandhar Oil Refinery (India) Limited
  • Date: July 23, 2026
  • Time: Morning session (specific time not mentioned)
  • Purpose: Discussion of quarterly results for quarter ended June 30, 2026 (Q1 FY 2026-27)

Management Participants:

  • Mr. Aslesh Parekh, Joint Managing Director
  • Mr. Indrajit Bhattacharyya, Chief Financial Officer
  • Moderated by Ms. Aashvi Shah from Adfactors IR

Availability of Materials:

  • The transcript of the earnings call is available on the Company's website at: https://gandharoil.com/wp-content/uploads/2026/07/Transcript-23.07.2026.pdf
  • The company filed this transcript with BSE and NSE pursuant to Regulation 30 of SEBI Listing Regulations

Financial Period Discussed:

  • Q1 FY27 (quarter ended June 30, 2026)

Forward-Looking Statements and Compliance:

  • Management noted that certain statements made during the call may be forward-looking in nature and subject to risks and uncertainties
  • The company undertook no obligation to publicly update these forward-looking statements

Financial Highlights Disclosed:

  • Revenue: Consolidated revenue stood at INR 1,731.9 crores, representing 92% YoY growth (from INR 903 crores in Q1 FY26) and 58% QoQ growth (from INR 1,093 crores in Q4 FY26)
  • Volume: Total sales volume of approximately 131,000 kilolitres, reflecting 8% YoY growth (from 121,000 kilolitres in Q1 FY26)
  • EBITDA: Consolidated EBITDA of INR 281 crores, representing 512% YoY growth (from INR 46 crores) and 342% QoQ growth (from INR 64 crores)
  • EBITDA Margin: Expanded to 16.20% from 5.1% in Q1 FY26
  • PAT: Profit after tax of INR 206 crores, representing 688% YoY growth (from INR 26 crores) and 456% QoQ growth (from INR 37 crores)
  • Gross Margin Spreads: Expanded to approximately INR 28,145 per kilolitre compared to approximately INR 8,274 per kilolitre in normal operating environment (3.4x YoY improvement)
  • Gross Margin Percentage: 21.4% for the quarter

Segment Performance:

  • PHPO Segment (Personal Care, Healthcare, Performance Oil): 18% YoY growth, driven by sustained demand from personal care, healthcare and pharmaceutical sectors
  • PIO Business (Process and Insulating Oil): 28% YoY growth, supported by healthy demand from transformer, power and rubber manufacturers
  • Lubricant Business: Remained broadly stable, providing resilient revenue base
  • Export Business: 54% YoY growth in export volumes, contributing 51% of consolidated revenue (up from 37% in corresponding quarter last year)

Operational Highlights:

  • Company achieved highest quarterly profit in its history, exceeding profit generated during entire FY26
  • Performance driven by agile sourcing, prudent inventory management, favorable product mix, and disciplined execution
  • Operating environment challenged by geopolitical tensions in Middle East, concerns surrounding Strait of Hormuz, volatility in crude oil and base oil pricing, and intermittent global supply chain disruptions
  • Subsidiary Texol (Hamriyah Free Zone, Sharjah) operations temporarily impacted by regional supply constraints and vessel movement disruptions, but business continuity maintained

Strategic Updates and Guidance:

  • Company remains effectively debt-free on standalone basis
  • Strong profitability strengthened balance sheet and provides financial flexibility for capital allocation
  • Management declared interim dividend of 100% of face value (INR 20 crores allocated for dividend payment)
  • Volume growth guidance: Historically 8-11% range, expected to continue at similar levels
  • Margin outlook: Hopeful of maintaining current margin levels (around 16%) for most of the year, expecting elevated margins for next 1-2 quarters
  • Capacity utilization: Approximately 97% on 2-shift basis across all three plants (capacity fungible among products)
  • South Africa entry strategy being worked out, with clarity expected in next 1-2 quarters

Additional Notes Section:

  • The document contains the full transcript of the earnings conference call, including Q&A session with analysts from Sapphire Capital, Girik Capital, Plus91 Asset Management, Ekant Investments, Tiger Assets, and others
  • The transcript includes detailed management commentary on sourcing strategies, customer relationships, market conditions, and future outlook
  • Financial data was extensively disclosed in the transcript including all key performance metrics