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.

Gandhar Oil Refinery (India) Limited has announced an interim dividend payment for the financial year 2025-26, following a Board of Directors meeting held on January 23, 2026. The company has declared a dividend of Rs 0.75 per equity share, representing 37.5% on the face value of Rs 2.00 each.

Dividend Payment Details

The interim dividend will be payable to shareholders whose names appear in the Register of Members or the list of Beneficial Owners as provided by the depositories (NSDL and CDSL) as on the record date.

Tax Deduction Requirements

As per the Income Tax Act, 1961, dividends paid after April 1, 2020, are taxable in shareholders' hands, requiring the company to deduct tax at source (TDS) during payment. The TDS rates vary based on shareholder category and residential status.

Resident Shareholders Tax Structure

Non-Resident Shareholders Tax Structure

Important Compliance Guidelines

Shareholders must submit required documents by visiting the designated link before January 30, 2026, to ensure appropriate TDS rates. The company has emphasized that no communications or documents regarding tax determination will be considered after 11:59 PM IST on January 30, 2026.

Key compliance points include:

• Valid PAN recording is mandatory for all categories
• Absence of valid PAN results in 20% TDS under Section 206AA
• Multiple account holders under single PAN will face higher applicable tax rates
• TDS certificates will be sent to registered email addresses post-dividend payment

Administrative Details

The company's registrar and transfer agent, MUFG Intime India Private Limited, will handle the dividend distribution process. Shareholders can access TDS credits through Form 26AS on the income tax e-filing portal. The company has clarified that shareholders can claim appropriate refunds through income tax returns if higher rates are deducted due to missing documentation.

Gandhar Oil Refinery operates from its registered office at DLH Park, 18th Floor, S.V. Road, Goregaon West, Mumbai, and maintains its commitment to transparent shareholder communication through this comprehensive dividend announcement.