Gandhar Oil Refinery (India) Ltd – Investor Presentation Summary

Key Operational Highlights

  • Manufacturing volumes shown across business divisions: PHPO, Lubricants, PIO, and Channel Partners
  • Set up Texol plant in 2017 in UAE to expand overseas operations
  • Leveraging existing customer relationships to expand into manufacturing ingredients for their products in other geographies including Indonesia, Europe and the United States
  • Strong relationships with leading global base oil suppliers with contracts renewed on annual basis
  • Adopted price pass-through contracts for certain clients and just-in-time inventory management

Segment-wise Performance

  • PHPO (White Oils) is the largest business division with exposure to fast-growing consumer and healthcare end-industries
  • Channel partners contributed 14.81% of FY26 consolidated revenue from finished goods sold
  • Three main business divisions: PHPO, lubricants and PIO

Financial Highlights

Q4 FY26 Performance:

  • Revenue: ₹1,093.4 crore (Q4 FY25: ₹961.7 crore)
  • EBITDA: ₹63.6 crore (Q4 FY25: ₹33.6 crore)
  • PAT: ₹37.0 crore (Q4 FY25: ₹12.3 crore)
  • EPS: ₹4.2 (Q4 FY25: ₹1.2)

FY26 Annual Performance:

  • Revenue: ₹4,241.2 crore
  • Cost of Material Consumed: ₹3,719.5 crore
  • Gross Profit: ₹487.1 crore
  • EBITDA: ₹234.5 crore
  • PAT: ₹137.2 crore
  • EPS: ₹13.8

Balance Sheet Snapshot

FY26 Assets (₹ crore):

  • Property, plant and equipment: ₹373.8
  • Capital work-in-progress: ₹29.0
  • Right of use assets: ₹122.4
  • Inventories: ₹644.3
  • Trade receivables: ₹720.9
  • Cash and cash equivalents: ₹28.2
  • Bank balances other than cash: ₹103.5
  • Total Assets: ₹2,225.3

FY26 Liabilities & Equity (₹ crore):

  • Equity share capital: ₹19.6
  • Other equity: ₹1,332.8
  • Total Equity: ₹1,399.6
  • Borrowings (non-current): ₹31.3
  • Lease liabilities (non-current): ₹140.9
  • Borrowings (current): ₹137.2
  • Trade payables: ₹426.3
  • Total Liabilities: ₹825.7

Capex & Cash Flow Health

  • Capital work-in-progress: ₹29.0 crore as of FY26
  • Property, plant and equipment increased from ₹337.7 crore in FY25 to ₹373.8 crore in FY26

Strategic & R&D Initiatives

  • Expansion of product portfolio and ability to respond to emerging industry trends towards consumer and healthcare end-industries
  • Increase in share of business with existing customers and winning new customers
  • Supplier arrangements incorporate index-linked pricing based on ICIS benchmarks for base oil
  • Strong supplier base with assured volumes of raw material and volume-based discounts

Management Commentary & Growth Outlook

  • Company has increased scale of operations over three decades while increasing efficiency and reducing costs
  • Difficult for new entrants to replicate quality, scale and business operations due to stringent quality standards
  • Experienced board of directors with industry expertise