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Gandhar Oil Refinery (India) Ltd

| Quarterly Financial Results Q3 FY 2025-26

BULLISH SENTIMENT

Report Source

⬤23rd Jan 26

Summary : Gandhar Oil Refinery declared interim dividend, approved land purchase for expansion, and reported strong Q3 and 9M financial results.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Standalone Total Expenses for Q3 FY26: Rs. 885.85 Cr (9M FY26: Rs. 2,369.92 Cr).
  2. Consolidated Total Expenses for Q3 FY26: Rs. 1,125.50 Cr (9M FY26: Rs. 3,011.19 Cr).
  3. Standalone Revenue from operations for Q3 FY26: Rs. 922.60 Cr (9M FY26: Rs. 2,475.31 Cr).
  4. Consolidated Revenue from operations for Q3 FY26: Rs. 1,167.06 Cr (9M FY26: Rs. 3,129.93 Cr).
  5. Texol Lubritech FZC (subsidiary) revenue for Q3 FY26: Rs. 247.15 Cr (9M FY26: Rs. 661.95 Cr).
  6. Gandhar Foundation (subsidiary) revenue for Q3 FY26: Rs. 0.25 Cr (9M FY26: Rs. 1.95 Cr).
  7. Gandhar Lifesciences Private Limited (subsidiary) revenue for Q3 FY26: Rs. 0.01 Cr (9M FY26: Rs. 0.04 Cr).
  8. Standalone Other Equity as of December 31, 2025: Rs. 1,242.66 Cr.
  9. Consolidated Other Equity as of December 31, 2025: Rs. 1,301.96 Cr.
  10. The land purchase from Narmada Creations is not a related party transaction.
  11. Both standalone and consolidated unaudited financial results are presented.
  12. Standalone Profit for Q3 FY26: Rs. 35.80 Cr; Consolidated Profit for Q3 FY26: Rs. 34.33 Cr.
  13. Standalone Basic/Diluted EPS for Q3 FY26: Rs. 3.66; Consolidated Basic/Diluted EPS for Q3 FY26: Rs. 3.31.

Corporate Overview

  1. India (Mumbai, Silvassa Plant, Punjab)
  2. International (Texol Lubritech FZC subsidiary)
  3. Manufacturing and trading of petroleum products and specialty oils.
  4. Factual and positive, highlighting strategic expansion and dividend declaration.
  5. Petroleum products
  6. Specialty oils
  7. Expansion in capacity of automotive oil at Silvassa Plant.
  8. Approved purchase of 453.55 decimals of land adjoining present factory for long-term expansion.
  9. Capital expenditure for expansion in automotive oil capacity at Silvassa Plant.

Risk Factors

  1. Reliance on other auditors' reports.
  2. Interim results are unaudited.
  3. Volatility in petroleum product prices.
  4. Regulatory changes in oil industry.

Key Drivers

  1. Interim dividend declared for shareholders.
  2. Land acquired for future expansion.
  3. Strong Q3 and 9M financial performance.
  4. Expanding automotive oil production capacity.

Auditor’s Report

  1. Unmodified conclusion on the unaudited standalone and consolidated financial results.
  2. The auditor did not review unaudited standalone financial results for Q1 FY26, Q3 FY25, and 9M FY25, nor audited FY25 standalone results; these were reviewed/audited by other firms with unmodified conclusions.
  3. The auditor did not review unaudited consolidated financial results for Q1 FY26, Q3 FY25, and 9M FY25, nor audited FY25 consolidated results; these were reviewed/audited by other firms with unmodified conclusions.
  4. Consolidated financial information includes 3 subsidiaries (Texol Lubritech FZC, Gandhar Foundation, Gandhar Lifesciences Private Limited) not reviewed by KJK & Associates, relying on subsidiary auditors' reports.
  5. Financial information of foreign subsidiary (Texol Lubritech FZC) prepared under local GAAP, converted to Indian GAAP by management, and reviewed by other auditors.

Board Commentary

  1. Declared an interim dividend of Rs. 0.75 per Equity Share (37.5% of face value) for FY 2025-26, with record date January 30, 2026.
  2. Approved purchase of a 453.55-decimal land parcel adjoining the present factory for long-term expansion.
  3. Approved sale of immovable property located in Mohali, Punjab, with expected completion by March 31, 2026, for not less than Rs. 1.60 Crores.
  4. Utilisation of IPO proceeds for investment in Texol Lubritech FZC, capital expenditure for Silvassa Plant expansion, funding working capital, and general corporate purposes.

Corporate Governance

  1. Audit Committee reviewed and recommended the financial results.

Management Discussion & Analysis

Future Strategy

  1. Long-term expansion strategy through land acquisition to strengthen operational capabilities.

Operational Focus Areas

  1. Strengthen and augment operational capabilities.

Performance Drivers

  1. Increased revenue from operations for both standalone and consolidated entities.
  2. Improved profit for the period year-on-year.
Gandhar Oil Refinery (India) Ltd (GANDHAR) Quarterly Report Analysis & Insights | Dhanarthi