Gandhar Oil Refinery reports 10% revenue growth in FY26
Gandhar Oil Refinery India Limited reported a 10% increase in consolidated revenue to INR4,241 crores for FY26, with Q4 FY26 revenue rising 14% to INR1,093 crores. Profit after tax for the year reached INR137 crores, while EBITDA stood at INR234 crores. The company remains debt-free with reserves of INR1,200 crores and is focusing on expanding its PHPO segment and global footprint despite geopolitical challenges.
*this image is generated using AI for illustrative purposes only.
Gandhar Oil Refinery India Limited has released the transcript of its earnings call for the quarter and financial year ended March 31, 2026 (Q4 & FY26). The company reported a consolidated revenue of INR4,241 crores for FY26, representing a growth of 10% over the previous year, driven by stable volumes and steady demand across key markets. For Q4 FY26, revenue stood at INR1,093 crores, reflecting a 14% year-on-year increase. The transcript was submitted to the exchanges pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Profit after tax for FY26 stood at INR137 crores, a significant improvement compared to the previous year. EBITDA for the full year was INR234 crores, while Q4 FY26 EBITDA stood at INR64 crores. The company noted that its cash flow from operations improved to INR127.77 crores as of March 31, 2026, compared to INR14.71 crores in the previous year, attributed to stronger operating efficiency and working capital management. Key return metrics also improved, with ROE at 10.21% and ROCE at 13.5% for FY26.
Financial Performance
| Metric | Q4 FY26 | FY26 |
|---|---|---|
| Consolidated Revenue | INR1,093 crores | INR4,241 crores |
| EBITDA | INR64 crores | INR234 crores |
| Profit After Tax | INR37 crores | INR137 crores |
| EBITDA Margin | 5.81% | 5.53% |
The international business contributed approximately 42.8% of consolidated revenues. The company’s manufacturing volumes for FY26 stood at 5,54,212 kL, an 8% year-on-year growth. Management highlighted that the global white oil market is expected to grow at a CAGR of 5.5%, supported by increasing regulatory requirements and rising healthcare awareness.
Operational Highlights
The company addressed concerns regarding geopolitical tensions, specifically the impact on the Strait of Hormuz. Management stated that while supply chain tightness and elevated shipping costs persisted, they had mitigated risks by diversifying raw material sourcing away from the Middle East and increasing procurement from domestic and Korean suppliers. The Texol plant in Sharjah faced temporary disruptions due to port closures but has since normalized operations with a shift to domestic sourcing in the region.
Gandhar Oil Refinery India Limited’s Board and management focused on maintaining healthy EBITDA margins through cost optimization and efficient sourcing. The company remains debt-free on a standalone basis and holds reserves and surplus of approximately INR1,200 crores. Future growth strategies include expanding the PHPO segment and increasing the global footprint, with recent approvals for investments in South Africa. Binal Khosla, Company Secretary & Compliance Officer, signed the disclosure on June 02, 2026.
Historical Stock Returns for Gandhar Oil Refinery
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.72% | +3.49% | +17.87% | +20.37% | +5.15% | -38.38% |
How will the recent investments in South Africa specifically contribute to the company's goal of increasing its global footprint?
What are the detailed capital allocation plans for the INR 1,200 crores in reserves and surplus given the debt-free status?
Can the company sustain the current EBITDA margin levels if shipping costs remain elevated due to prolonged geopolitical instability?
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