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As of 6 Nov 2026, Gandhar Oil Refinery (India) trades at 5.6× trailing earnings, below the industry P/E of 14.3×, and the shares are 21% below their 52-week high. Sales grew 1.3% a year over 3 years while net profit fell 11%; its ROCE of 13% is the second-lowest among the 7 largest Oil & Gas Refining & Marketing peers. Debt is 0.13× equity, and its dividend yield is 1.1%. It is a small-cap company with a market cap of ₹2,462 Cr, ranked 12th of 20 Oil & Gas Refining & Marketing companies by market cap; the shares rose 90% over the past year.

As of 6 Nov 2026Prices are delayed about 15 minutes; fundamentals are from the quarter ended Sep 2026.How we calculate this

past year
Open
₹255.40
Day high
₹256.88
Day low
₹248.00
Prev. close
₹254.20
Volume
7.4 L

Health check

4 good · 1 fair · 1 to check
  • ReturnsAhead

    +90.4% over a year, better than 7 of 7 peers.

  • Price tagCheaper

    P/E 5.6 vs industry 14.3.

  • GrowthSteady

    Sales +1.3%, profit −10.8% a year over 3 years.

  • ProfitabilityWeak

    ROCE 13.4% vs peer median 20.5%.

  • Balance sheetSolid

    Debt 0.13× equity, interest covered 6.8×, Piotroski 6 of 9.

  • Red flagsNone found

    No warning signs in the headline numbers.

Compared with 7 industry peers. Computed from reported figures. Educational, not a recommendation.

Oil & Gas Refining & Marketing

19 listed peers. Screen the industry

Small cap

₹2,462 Cr, #12 of 20 in its industry by size.

Defensive

Beta 0.57 vs the NIFTY 50: moves less than the market.

Key metrics

Last 12 months to Sep 2026: sales ₹5,849 Cr · profit ₹440 Cr
Market cap
₹2,462 Cr
Small cap
P/E
5.6
Industry 14.3
Price to book
1.45
Peers 1.81
Dividend yield
1.09%
ROE
29.8%
Peers 17.3%
ROCE
13.4%
Peers 20.5%
Debt to equity
0.13
Debt ₹233 Cr
EPS (TTM)
₹44.99
Face value ₹2
OPM (TTM)
11.8%
Net margin 7.5%
Sales growth
+72.9%
Latest quarter vs a year ago
Profit growth
+385.2%
Latest quarter vs a year ago
Price to sales
0.42
EV/EBITDA 3.9

Strengths and risks

Strengths

  • Return on equity of 29.8%.
  • Quarterly profit up 385.2% on a year ago.
  • Quarterly sales up 72.9% on a year ago.
  • P/E of 5.6 against an industry P/E of 14.3.
  • Promoter stake up from 65.0% to 66.7%.

No obvious red flags in the headline numbers.

Derived automatically from reported figures. Not a recommendation.

About Gandhar Oil Refinery (India)

Gandhar Oil Refinery (India) Limited manufactures and sells white oils in India. It offers mineral and specialty oils, petroleum jellies, industrial solvents, and paraffin waxes for consumer, healthcare, chemicals, and plastics sectors; lubricants, including automotive oils and industrial oils for automobile, and industrial machines and equipment; and process and insulating oils comprising transformer oils and rubber processing oils for transformer…

Headquarters
Mumbai
Employees
365
Sector
Energy
ISIN
INE717W01049
Website
gandharoil.com

Price range

52 weeks

₹115.00₹318.90

Today

₹248.00₹256.88
Avg volume (3M)
11.1 L
1-year return
plus 90.4%
From 52-week high
minus 21.1%

Peers · Oil & Gas Refining & Marketing

Capital-heavy industry columns

Compare with peersScreen the whole industry
Company
RELIANCEReliance Industries1,320.00plus 0.50%17,86,28621.810.79.0%11.2%0.446.4%minus 10.8%
IOCIndian Oil Corporation146.25plus 1.21%2,06,5234.33.820.5%7.3%0.58−2.2%minus 14.6%
BPCLBharat Petroleum Corporation319.90plus 0.88%1,38,7898.73.826.4%3.4%0.62−1.2%minus 15.0%
HINDPETROHindustan Petroleum Corporation387.15plus 1.87%82,37957.44.223.3%1.2%1.400.2%minus 21.6%
PETRONETPetronet LNG317.000.00%47,55010.37.121.2%16.0%0.09−9.7%plus 13.0%
AEGISLOGAegis Logistics1,141.10minus 3.77%40,05330.126.714.2%20.9%0.51−1.3%plus 55.4%
MRPLMangalore Refinery & Petrochemicals175.67plus 1.12%30,7887.06.119.0%6.3%0.60−6.7%minus 1.2%
GANDHARGandhar Oil Refinery (India)251.48minus 1.07%2,4625.611.713.4%11.8%0.131.3%plus 90.4%
Median of 7 peers–0.88%82,37910.36.120.5%7.3%0.58−1.3%−10.8%

Quarterly results

Consolidated, ₹ crore
SalesSelect a row below to chart it
₹ CrSep 25Dec 25Mar 26Jun 26Sep 26
1,0681,1671,0931,7321,847
1,0021,1081,0301,4511,559
65.859.163.6281288
6.2%5.1%5.8%16.2%15.6%
3.13.64.233
10.310.17.612.713.3
7.57.57.77.88
––––−21.3
51.145.152.5264248
22.2%23.9%29.4%21.9%24.9%
36.132.440.7192175
3.683.314.1619.6517.87

Profit & loss

Yearly, ₹ crore
Sales CAGR 3Y
+1.3%
Profit CAGR 3Y
−10.8%
EPS CAGR 3Y
−16.6%
ROE
29.8%
Net profitSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
4,0764,1113,8934,231
–+0.9%minus 5.3%+8.7%
3,7523,8353,7113,996
324276182235
8.0%6.7%4.7%5.6%
−1.30.46.711
34.145.839.331.2
16.820.125.929.9
−0.1−0.2−9.5−4.4
272210114181
21.3%21.4%26.9%24.0%
19114180.1135
–minus 26.4%minus 43.0%+69.1%
23.8616.278.1813.83

Forecast

Your assumptions, not a prediction

Balance sheet

At each financial year end, ₹ crore
Total assetsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
1619.619.619.6
7271,1531,2171,333
220271305315
668497418558
1,6321,9401,9592,225
311370457529
76.111.39.132.3
0.20.20.33.2
46.871.450.628.2
1,1971,4871,4421,633
1,6321,9401,9592,225

Cash flow

Yearly, ₹ crore
Cash from operationsSelect a row below to chart it
₹ CrMar 2023Mar 2024Mar 2025Mar 2026
87.9−69.314.7128
−72.2−65.9−48.1−62.2
−28.616012.5−88.1
−12.824.6−20.8−22.4
−55.7−55.3−57.6−79.8
32.3−125−42.948
–−4−4.9−12.2

Shareholding pattern

Source: NSE filings
66.7%
promoters
  • Promoters66.65%
  • Public33.35%
  • As of 30 Sep 2026
QuarterSplitPromotersPublicPromoter change
30 Sep 202666.65%33.35%plus 0.05
30 Jun 202666.60%33.40%plus 0.13
31 Mar 202666.47%33.53%plus 0.29
31 Dec 202566.18%33.82%plus 1.17
30 Sep 202565.01%34.99%–

Major shareholders

NSE filing

Filings & events

News

No recent news coverage found.

My notes

Private to you