Company Overview
Gandhar Oil Refinery (India) Limited reported strong financial performance for FY 2025-26 with consolidated revenue of ₹4,254.6 crore (9% growth) and PAT of ₹137.2 crore (64% increase year-over-year). The company maintained debt-free standalone operations while achieving 93% manufacturing capacity utilization and increasing export contribution to 42.84% of revenue.
Financial Performance Highlights
Consolidated financials showed revenue from operations of ₹4,241.18 crore (₹3,896.93 crore in FY25) with EBITDA growth of 33% to ₹234.5 crore and PAT growth of 64.33% to ₹137.25 crore. Standalone performance included total income of ₹3,444.00 crore (8.47% growth) and PAT of ₹138.39 crore (36.58% growth). The company maintained a strong balance sheet with total assets of ₹1,862.06 crore and equity of ₹1,300.30 crore as of March 31, 2026.
Operational Metrics and Business Segments
Manufacturing sales volume reached 5,45,755 kL (9% increase) with gross margin of ₹8,696 per kL. Product segment performance showed PHPO (Personal, Health Care and Performance Oil) contributing 48% of revenue, Lubricants 27%, Channel Partners 14.81%, and Process and Insulating Oils 10.19%. The customer base exceeded 4,000 accounts with 71.8% repeat business rate across 100+ countries.
Corporate Developments and Capital Structure
Key developments included declaration of interim dividend of ₹0.75 per share, board reappointments of Ramesh Parekh as Chairman & Managing Director and Amrita Nautiyal as Independent Director, and appointments of Samir Parekh and Aslesh Parekh as Joint Managing Directors. The company completed full utilization of ₹302 crore IPO proceeds for Texol loan repayment, Silvassa Plant expansion, working capital, and general corporate purposes.
Subsidiaries and Expansion Activities
Subsidiary Texol Lubritech FZC reported revenue of ₹827.63 crore and PAT of ₹3.77 crore, while Gandhar Shipping and Logistics Private Limited entered voluntary liquidation process. Expansion initiatives included Taloja facility expansion with additional land acquisition, addition of 20,000 kL base oil storage capacity, and establishment of South Africa operations through new subsidiary incorporation.
ESG and Sustainability Performance
The company demonstrated significant ESG progress with 6.5% improvement in electrical efficiency, 22% reduction in domestic water consumption per unit of production, and 3.3% reduction in hazardous waste per kL of production. Solar power generation reached 285,696 kWh with 14,840 kWh exported to grid, while battery-operated forklifts reduced carbon emissions by 24 MT. CSR expenditure totaled ₹2.97 crore focused on healthcare (dialysis center), education, hunger alleviation, and animal welfare.
Regulatory Compliance and Risk Management
The disclosure included comprehensive BRSR data covering waste management metrics, environmental compliance, and sustainability initiatives. Secretarial audit noted minor delay in XBRL filing, but no material regulatory non-compliances or significant orders from regulators/courts. Risk management strategies addressed commodity price volatility through ICIS index-linked pricing, currency fluctuations through hedging policy, and geopolitical risks through diversified sourcing.
Financial Statements and Audit Matters
Auditors issued unmodified opinions on both standalone and consolidated financial statements, highlighting inventory valuation and PPE carrying value as key audit matters. Property, plant and equipment stood at ₹483.59 crore gross with net value of ₹373.84 crore, while capital work in progress increased to ₹28.95 crore. Contingent liabilities totaled ₹367.77 crore including letters of credit (₹159.51 crore), bank guarantees (₹23.24 crore), and disputed tax matters (₹57.29 crore).
Governance and Future Outlook
The 34th AGM was scheduled for September 11, 2026 through video conferencing with agenda items including financial statement adoption and director appointments. The report contained forward-looking statements subject to risks including commodity price volatility, currency fluctuations, geopolitical developments, and regulatory changes, while maintaining positive growth outlook based on current operational performance and expansion initiatives.