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Revenue
₹1,167 Cr
verified against source
Revenue YoY
16%
reported change
EBITDA
₹59 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Gandhar Oil Refinery reported Q3 FY26 consolidated revenue of ₹1,167 crore, up 16% YoY, driven by steady volumes and consistent demand. EBITDA stood at ₹59 crore with margins around 5%, while PAT came in at ₹34 crore, up from ₹20 crore in Q3 FY25. The manufacturing gross margin spread contracted to ₹7,271 per kiloliter, a 12-quarter low, due to raw material price pressures and subdued FMCG demand. Management expects EBITDA margins to exceed 5-12% annually and gross margins to stabilize around ₹7.8-8 per liter. Exports contributed 45% of 9-month revenue, with Asia-Pacific and Africa driving growth. The company plans land acquisition for future expansion but provided no specific revenue guidance. A key risk is the prolonged weakness in domestic FMCG demand, which could delay margin recovery.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects EBITDA margins to exceed 5-12% annually, with gradual improvement from current levels.
- Management guided that gross margin spread should remain around ₹7.8-8 per kiloliter going forward, improving from the current ₹7,271.
- Management expects to increase volumes by 10-15% annually over the next 2-3 years without additional capacity expansion.
- The company has approved purchase of 453 decimals of land adjacent to existing plants at Silvassa and Taloja for future capacity expansion.
Risks flagged
- The FMCG sector has been sluggish for 1.5-2 years, impacting PHP segment growth. Recovery depends on GST rate cuts and liquidity improvement.
- Manufacturing gross margin spread hit a 12-quarter low of ₹7,271 per kiloliter, pressured by raw material costs and inability to fully pass through prices.
- Transformer oil segment blocks significant working capital due to longer collection cycles, though management expects debtor days to stay at 65-70 days.
- While freight rates are currently stable, any sudden geopolitical event could increase costs. Management mitigates via FOB shipments for majority customers.
Key quotes
- We expect EBITDA in excess of about 5-12% annually and we expect it to keep going up from now.
- Getting onboarded with these marquee names or the big players takes anything less nothing less than six to seven years.
- The promoter sees the potential of the company to take it further.
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