Geopolitical disruption in Strait of Hormuz
Escalating tensions in the Middle East could disrupt crude oil supply and increase freight costs, impacting margins.
GANDHAR / Q4-FY26 / risks
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Gandhar Oil Refinery (India) · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
UAE plant underutilization due to regional tensions
The Sharjah plant faced operational challenges due to port closures and raw material sourcing issues, though situation is normalizing.
Margin sustainability below FY23 peak
EBITDA margin at 5.81% remains below the FY23 peak of 7.8%, with structural levers to close the gap not clearly quantified.