Financial Performance
Gandhar Oil Refinery (India) Ltd reported a consolidated net profit of ₹186 crore for the second quarter of FY27, representing a 368% increase over the same quarter last year. Revenue reached a record ₹1,847 crore, up 73% YoY, marking the highest quarterly turnover in the company’s history.
Margin and Operational Metrics
EBITDA expanded to ₹288 crore, reflecting a 337% YoY rise and indicating strong operating leverage. The gross margin spread widened to ₹29,128 per kiloliter, which is three times the level recorded in the prior year. Gross margin percentage improved to 21.0%, an 880‑basis‑point uplift, while the EBITDA margin rose to 15.6%, up 940 basis points YoY. The per‑kiloliter gross margin spread increased from ₹130 in Q2FY26 to ₹388 in Q2FY27. An exceptional item of ₹21.29 crore was recorded for flood‑related losses at the Silvassa unit.
Working Capital and Cash Flow
Trade receivables grew sharply to ₹1,338.95 crore as of 30 September 2026, compared with ₹720.88 crore on 31 March 2026. Inventories increased to ₹736.78 crore from ₹644.31 crore over the same period. Despite the buildup in working‑capital assets, the company generated positive operating cash flow of ₹179.74 crore in the first half of FY27, up from ₹127.77 crore in FY26. Pre‑tax profit for the half‑year stood at ₹511.85 crore.
Credit Rating and Funding
CRISIL reaffirmed Gandhar Oil Refinery’s A+/Stable credit rating and noted the enhancement of bank facilities supporting the company’s liquidity position.