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View Promises →Gandhar Oil Refinery (India) Limited — Q4 FY26
Gandhar Oil Refinery reported a strong Q4 FY26 with consolidated revenue of ₹1,093 crore (+14% YoY) and EBITDA of ₹64 crore, driven by resilient demand in healthcare and personal care segments despite geopolitical disruptions.
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Gandhar Oil Refinery reported a strong Q4 FY26 with consolidated revenue of ₹1,093 crore (+14% YoY) and EBITDA of ₹64 crore, driven by resilient demand in healthcare and personal care segments despite geopolitical disruptions. Full-year revenue reached ₹4,241 crore (+9% YoY) with PAT of ₹137 crore, supported by improved operating cash flows (₹127.77 crore vs ₹14.71 crore) and lower finance costs. Management highlighted stable domestic demand and export tailwinds from rupee depreciation, while navigating Middle East tensions through diversified sourcing and inventory optimization. Capacity utilization stood at 93% overall, with Indian plants at 126% on a two-shift basis. Risks include potential escalation in the Strait of Hormuz impacting raw material supply and margins, though management expressed confidence in maintaining current EBITDA margins around 6%.
गंधार ऑयल रिफाइनरी ने वित्त वर्ष 2026 की चौथी तिमाही में अच्छा प्रदर्शन किया। कंपनी की कुल कमाई ₹1,093 करोड़ रही, जो पिछले साल से 14% ज़्यादा है। मुनाफा (EBITDA) ₹64 करोड़ रहा। यह स्वास्थ्य और व्यक्तिगत देखभाल के क्षेत्रों में मज़बूत मांग के कारण हुआ, भले ही दुनिया में कुछ परेशानियाँ थीं। पूरे साल की कमाई ₹4,241 करोड़ (+9%) और शुद्ध मुनाफा (PAT) ₹137 करोड़ रहा। कंपनी का नकदी प्रवाह बेहतर हुआ (₹127.77 करोड़ बनाम ₹14.71 करोड़) और कर्ज पर ब्याज कम हुआ। प्रबंधन ने कहा कि देश में मांग स्थिर है और रुपये के कमज़ोर होने से निर्यात को फ़ायदा हुआ। उन्होंने मिडिल ईस्ट के तनाव से बचने के लिए दूसरे स्रोतों से सामान लाकर और स्टॉक को बेहतर बनाकर काम चलाया। कारखानों की क्षमता 93% इस्तेमाल हुई, भारतीय प्लांट 126% पर चले। खतरा यह है कि अगर होर्मुज़ जलडमरूमध्य में तनाव बढ़ा तो कच्चे माल की आपूर्ति और मुनाफा प्रभावित हो सकता है, लेकिन कंपनी को अपने मौजूदा मुनाफे (लगभग 6%) को बनाए रखने का भरोसा
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Geopolitical disruption in Strait of Hormuz
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Manufacturing Volume (FY26)
5,54,212 KL
+8% YoY
Total manufacturing volume for FY26 grew 8% year-on-year, indicating strong operational execution.
Export Revenue Share
42.8%
N/A
International business contributed 42.8% of consolidated revenues, supported by a diversified export network.
Gross Margin Spread (Q4)
₹9,351/KL
N/A
Gross margin spread per kiloliter improved to ₹9,351 in Q4 FY26 from ₹8,696 in FY26 full year.
Capacity Utilization (India)
126%
N/A
Indian plants operated at 126% capacity on a two-shift basis, reflecting peak utilization.
What Changed vs Last Quarter
NEW
Maintain EBITDA margin around 6%
Management expressed confidence in sustaining current EBITDA margins of approximately 6% in coming quarters.
NEW
Capex plans for Taloja expansion in 2-3 quarters
The company is drawing up capex plans for the Taloja land for plant expansion, with details expected in the next 2-3 quarters.
UPDATED
Volume growth of ~10% annually
Historically, the company has achieved volume growth of around 10% per year, and management expects this trend to continue.
DROPPED
EBITDA margin target of 5-12% annually
Management expects EBITDA margins to exceed 5-12% annually, with gradual improvement from current levels.
DROPPED
Gross margin spread to stay around ₹7.8-8 per liter
Management guided that gross margin spread should remain around ₹7.8-8 per kiloliter going forward, improving from the current ₹7,271.
DROPPED
Land acquisition for future expansion
The company has approved purchase of 453 decimals of land adjacent to existing plants at Silvassa and Taloja for future capacity expansion.
NEW RISK
Geopolitical disruption in Strait of Hormuz
Escalating tensions in the Middle East could disrupt crude oil supply and increase freight costs, impacting margins.
NEW RISK
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.
NEW RISK
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.
RISK GONE
Prolonged weakness in domestic FMCG demand
The FMCG sector has been sluggish for 1.5-2 years, impacting PHP segment growth. Recovery depends on GST rate cuts and liquidity improvement.
RISK GONE
Gross margin compression due to raw material volatility
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.
RISK GONE
Working capital intensity from transformer oil business
Transformer oil segment blocks significant working capital due to longer collection cycles, though management expects debtor days to stay at 65-70 days.
RISK GONE
Geopolitical disruptions impacting freight costs
While freight rates are currently stable, any sudden geopolitical event could increase costs. Management mitigates via FOB shipments for majority customers.
Fast read
Guidance and risk preview
Management expressed confidence in sustaining current EBITDA margins of approximately 6% in coming quarters.
Escalating tensions in the Middle East could disrupt crude oil supply and increase freight costs, impacting margins.
View Risks →