Gandhar Oil Refinery (India) Ltd has witnessed another strategic acquisition by its promoter group, with Gandhar Coals & Mines Private Limited completing a significant open market purchase. The latest transaction, executed on February 5, 2026, demonstrates the promoter group's continued confidence in the oil refinery company's prospects and their commitment to maintaining a strong stake.

Latest Transaction Details

Gandhar Coals & Mines Private Limited acquired 25,000 equity shares through open market purchase, representing 0.02% of the total voting capital. The acquisition was disclosed under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, with the formal disclosure filed on February 9, 2026.

Updated Shareholding Pattern

The latest acquisition has resulted in a notable increase in the promoter group's shareholding position. The data reveals that the promoter group has successfully increased their stake from 1.59% to 1.61% through this strategic acquisition.

Company Capital Structure

Gandhar Oil Refinery's equity share capital structure remained unchanged following the transaction. The company maintains its existing capital base with no dilution from the promoter group's acquisition, ensuring stability for existing shareholders.

Regulatory Compliance and Market Presence

The disclosure was filed in full compliance with SEBI regulations governing substantial acquisitions. Gandhar Oil Refinery shares are listed on both BSE Limited and National Stock Exchange of India Limited, ensuring broad market accessibility. The transaction documentation was signed by Saurabh Ramesh Parekh, Whole Time Director of Gandhar Coals & Mines Private Limited, with DIN: 02907808.

This acquisition reflects the promoter group's strategic approach to gradually increasing their stake in the company while maintaining full regulatory transparency. The open market purchase indicates sustained confidence in the company's operational performance and growth trajectory, providing positive signals to the broader investor community.

Gandhar Oil Refinery (India) Limited conducted its Q3FY26 earnings conference call on January 28, 2026, reporting strong financial performance with consolidated revenue growth of 16% year-on-year. The company's management, led by Joint Managing Director Aslesh Parekh and CFO Indrajit Bhattacharyya, discussed the quarter's results and business outlook during the investor call.

Strong Revenue Performance Across Quarters

The company delivered robust financial results for the third quarter and nine-month period ended December 31, 2025. Key performance metrics demonstrate sustained growth momentum:

Profitability and Operational Metrics

The company maintained healthy profitability levels despite market challenges, with EBITDA and profit after tax showing year-on-year improvements:

Diversified Revenue Portfolio

Gandhar Oil maintains a well-balanced product mix across its key business segments for the nine-month period:

Market Outlook and Growth Drivers

Management highlighted positive industry trends, with the global white oil market valued at approximately USD 3.6 billion in 2025 and expected to reach USD 4.66 billion by 2034, representing a CAGR of approximately 3%. The Asia Pacific region accounts for over 40% of global white oil consumption, supporting the company's strategic positioning.

The company operates with over 4,000 customers and maintains a 75% repeat order rate, demonstrating strong customer relationships. Approximately 35% of business operates under price pass-through mechanisms, helping manage raw material price volatility.

Capacity Utilization and Expansion Plans

The company currently operates with a total capacity of 6 lakh kiloliters across three plants. The Sharjah facility operates at 70-72% utilization, with management expecting this to reach 90-95% within two to two-and-a-half years as customer accreditation processes complete.

Management indicated plans for capacity expansion, with land purchases approved at both Silvassa and Talaja facilities. New capex announcements are expected by the end of the current year or early next year.

Financial Health and Working Capital Management

The company maintains efficient working capital management with inventory levels of 40-45 days and 80% of products presold. Export operations provide slightly better margins and working capital efficiency due to advance payments and letter of credit arrangements. The cash conversion cycle showed quarter-on-quarter improvement, with receivables maintained around 65-70 days.