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Gandhar Oil Refinery (India) Limited
(GANDHAR)
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Rating:72Outperform
Price Target:
₹299.00
▲(5.58% Upside)
Action:Reiterated
Date:07/28/26
The score is led by strong technical strength (price well above key moving averages) and supportive valuation (low P/E). These positives are tempered by mixed financial performance, where cash-flow volatility and uneven profitability offset the benefit of a conservatively leveraged balance sheet.
Positive Factors
Revenue recovery and scale
Revenue returned to growth in 2026 and reached a substantial 42.4B scale, indicating renewed demand across the business. Although the trajectory is uneven, the recovery provides a stronger base for operating leverage, customer expansion, and continued participation in specialty petroleum markets.
Negative Factors
Inconsistent cash generation
Cash generation has improved sharply in 2026 but remains inconsistent across the reported period, with prior negative operating and free cash flow. This working-capital and cycle sensitivity can reduce confidence in steady self-funding, constrain capital allocation, and make cash performance less predictable.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue recovery and scale
Revenue returned to growth in 2026 and reached a substantial 42.4B scale, indicating renewed demand across the business. Although the trajectory is uneven, the recovery provides a stronger base for operating leverage, customer expansion, and continued participation in specialty petroleum markets.
Read all positive factors
Gandhar Oil Refinery (India) Limited (GANDHAR) vs. iShares MSCI India ETF (INDA)
Market Cap
₹26.39B
Dividend Yield1.03%
Average Volume (3M)67.01K
Price to Earnings (P/E)8.7
Beta (1Y)0.74
Revenue Growth32.78%
EPS Growth299.59%
CountryIN
Employees365
SectorGeneral
Sector StrengthN/A
IndustryOil & Gas Refining & Marketing
Share Statistics
EPS (TTM)30.80
Shares Outstanding97,879,530
10 Day Avg. Volume53,258
30 Day Avg. Volume67,008
Financial Highlights & Ratios
PEG Ratio0.12
Price to Book (P/B)0.85
Price to Sales (P/S)0.27
P/FCF Ratio55.30
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Gandhar Oil Refinery (India) Limited Business Overview & Revenue Model
Company Description
Founded in 1992 and based in Mumbai, India, Gandhar Oil Refinery (India) Limited primarily manufactures white oils, with a strategic focus on serving the consumer and healthcare industries throughout India. The company's operations are structured ...
How the Company Makes Money
Gandhar makes money primarily by converting petroleum-derived feedstocks into higher-value specialty products and selling them to business customers (and, where applicable, through distributors) in India and internationally. Key revenue streams in...
Gandhar Oil Refinery (India) Limited Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
76
Positive
Cash Flow
48
Neutral
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 50.52B | 42.41B | 39.10B | 41.13B | 40.79B | 35.43B |
| Gross Profit | 6.48B | 3.98B | 4.40B | 4.86B | 5.16B | 4.24B |
| EBITDA | 4.79B | 2.48B | 1.89B | 2.76B | 3.23B | 2.60B |
| Net Income | 3.01B | 1.35B | 800.32M | 1.41B | 1.91B | 1.68B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 22.25B | 19.59B | 19.40B | 16.13B | 13.18B |
| Cash, Cash Equivalents and Short-Term Investments | 1.32B | 1.32B | 1.52B | 714.28M | 468.46M | 596.79M |
| Total Debt | 0.00 | 3.15B | 3.05B | 2.71B | 2.20B | 1.91B |
| Total Liabilities | -14.00B | 8.26B | 6.70B | 7.16B | 8.53B | 7.58B |
| Stockholders Equity | 14.00B | 13.52B | 12.36B | 11.72B | 7.25B | 5.41B |
Cash Flow | ||||||
| Free Cash Flow | 24.52M | 206.70M | -429.25M | -1.25B | 322.71M | 510.23M |
| Operating Cash Flow | 331.76M | 1.00B | 147.13M | -693.37M | 879.27M | 1.67B |
| Investing Cash Flow | -292.91M | -724.00M | -480.98M | -659.19M | -721.87M | -1.16B |
| Financing Cash Flow | -256.96M | -504.60M | 125.54M | 1.60B | -285.73M | -41.28M |
Gandhar Oil Refinery (India) Limited Technical Analysis
Positive
283.20
Price Trends
249.41
Positive
207.29
Positive
173.60
Positive
Market Momentum
6.59
Positive
57.47
Neutral
68.50
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:GANDHAR, the sentiment is Positive. The current price of 283.2 is above the 20-day moving average (MA) of 264.92, above the 50-day MA of 249.41, and above the 200-day MA of 173.60, indicating a bullish trend. The MACD of 6.59 indicates Positive momentum. The RSI at 57.47 is Neutral, neither overbought nor oversold. The STOCH value of 68.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:GANDHAR.
Gandhar Oil Refinery (India) Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | ₹193.37B | 18.01 | ― | 5.95% | 11.84% | 11.09% | |
80 Outperform | ₹207.30B | 4.95 | ― | 4.46% | 33.51% | ― | |
73 Outperform | ₹28.83B | 22.00 | ― | 0.11% | 72.45% | 45.85% | |
73 Outperform | ₹52.09B | 14.48 | ― | 4.64% | 16.34% | 1.17% | |
72 Outperform | ₹26.39B | 8.71 | ― | 1.03% | 32.78% | 299.59% | |
58 Neutral | ₹29.10B | 6.07 | ― | 0.62% | 45.85% | 166.77% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:GANDHAR
Gandhar Oil Refinery (India) Limited
268.60
126.39
88.88%
IN:CASTROLIND
Castrol India Limited
193.35
2.65
1.39%
IN:CHENNPETRO
Chennai Petroleum Corporation Limited
1,388.45
671.82
93.75%
IN:CONFIPET
Confidence Petroleum India Limited
89.21
42.51
91.04%
IN:GULFOILLUB
Gulf Oil Lubricants India Ltd
1,098.40
-86.60
-7.31%
IN:PANAMAPET
Panama Petrochem Limited
480.70
191.70
66.33%
Gandhar Oil Refinery (India) Limited Corporate Events
Gandhar Oil Refinery’s 34th AGM Resolutions Passed With Shareholder Majority
Sep 11, 2026
Gandhar Oil Refinery (India) Limited, a listed player in the Indian oil and petrochemical space, maintains an active presence on BSE and NSE and follows SEBI’s corporate governance and disclosure standards. The company engages shareholders t...
Gandhar Oil Refinery Buys Panvel Land Parcel in Infrastructure Push
Sep 4, 2026
Gandhar Oil Refinery (India) Limited has executed a purchase agreement for a land parcel in Panvel, Raigad district, acquiring approximately 3,328.54 square metres for about Rs 2.10 crore. The land forms part of a broader transaction first disclos...
Gandhar Oil Refinery Submits Postal Ballot Voting Results to Exchanges
Aug 18, 2026
Gandhar Oil Refinery (India) Limited, a listed player in India’s oil refining and specialty petroleum products market, serves industrial and commercial users and is traded on both BSE and NSE under its respective codes. Its dual listings and...
Gandhar Oil posts Q1 FY27 earnings call transcript for investors
Jul 28, 2026
Gandhar Oil Refinery (India) Limited has released the official transcript of its Q1 FY 2026-27 earnings conference call with analysts and investors, covering results for the quarter ended June 30, 2026. The document, filed under SEBI’s listi...
Gandhar Oil’s Silvassa Plant Hit by Flooding After Heavy Rains
Jul 24, 2026
Gandhar Oil Refinery (India) Limited has reported that its Silvassa manufacturing plant has been hit by flood-like conditions following unprecedented heavy rainfall over the past 48 hours, leading to severe waterlogging in the area. The company ha...
Gandhar Oil Refinery Declares 100% Interim Dividend, Reshapes Board Governance
Jul 22, 2026
Gandhar Oil Refinery (India) Limited’s board has approved unaudited standalone and consolidated financial results for the quarter ended 30 June 2026 and declared an interim dividend of Rs. 2 per equity share, equivalent to 100% of the face v...
Gandhar Oil Refinery Board Clears Q1 Results, Interim Dividend and Governance Changes
Jul 22, 2026
Gandhar Oil Refinery (India) Limited’s board has approved the unaudited standalone and consolidated financial results for the quarter ended June 30, 2026, alongside declaring an interim dividend of Rs 2 per equity share for FY 2026-27, with ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.