Synopsis: Gandhar Oil Refinery (India) Limited reported 92% Q1 FY27 revenue growth and 692% profit growth, driven by higher exports, strong manufacturing volumes, and expanding global operations across diversified end markets.
This Small-Cap Stock, engaged in manufacturing specialty oils, white oils, lubricants, process oils, transformer oils, and healthcare products, serving automotive, personal care, pharmaceutical, industrial, and global export markets, hit a 20 percent upper circuit after the company reported June quarterly results with a 692.31 percent YoY increase in net profit.
With a market capitalization of Rs. 2,778.31 crores, the shares of Gandhar Oil Refinery (India) Limited hit a 20 percent upper circuit of Rs. 283.85 per share on Thursday, up from its previous closing price of Rs. 236.55 per share.
Q1 FY27 Result Walkthrough:
Coming into the quarterly results of Gandhar Oil Refinery (India) Limited, the company’s consolidated revenue from operations increased by 91.81 percent YOY, from Rs. 903 crore in Q1 FY26 to Rs. 1,732 crore in Q1 FY27, and grew by 58.46 percent QoQ from Rs. 1,093 crore in Q4 FY26.
In Q1 FY27, Gandhar Oil Refinery (India) Limited’s consolidated net profit increased by 692.31 percent YOY, reaching Rs. 206 crore compared to Rs. 26 crore during the same period last year. As compared to Q4 FY26, the net profit has increased by 456.76 percent, from Rs. 37 crore. The basic earnings per share increased by 633.21 percent and stood at Rs. 19.65 as against Rs. 2.68 recorded in the same quarter in the previous year, FY2026.
Export Revenue:
Gandhar Oil has built a strong global presence, with exports contributing a significant share of its revenue over the years. In Q1 FY27, export revenue increased to Rs. 882 crore from Rs. 337 crore in Q1 FY26, with exports contributing 51 percent of consolidated revenue. The company currently serves customers in more than 100 countries across six continents, reflecting its diversified international business.
India remains Gandhar Oil’s core market, supported by manufacturing facilities at Taloja and Silvassa and its leading position in the white oil segment. The company is also expanding its presence across the Middle East, Africa, Asia-Pacific, the Americas, and Europe. It plans to enter South Africa while identifying Indonesia, Europe, and the US as key future growth markets, strengthening its global expansion strategy.
Manufacturing Volumes (Q1 FY27):
In Q1 FY27, Gandhar Oil reported total sales manufacturing volume of 1,31,247 kilolitres. The company sold 68,815 kilolitres of PHPO products, 17,998 kilolitres of process oils (PIO), and 30,073 kilolitres of lubricants during the quarter. Sales through channel partners stood at 14,360 kilolitres, reflecting steady demand across its key product segments and distribution network.
Business Highlights:
Gandhar Oil Refinery (India) Limited serves customers across more than 100 countries and caters to over 10 diversified end markets, helping it maintain a broad and balanced business. Gandhar Oil has built long-standing relationships with more than 4,000 customers, reflecting its strong market presence and customer trust.
Gandhar Oil operates three integrated manufacturing facilities with a total installed production capacity of 597,403 kilolitres. Its global reach, diversified customer base, and strong manufacturing capabilities position the company well to benefit from rising demand for specialty oils in both domestic and international markets.
Company Overview:
Gandhar Oil Refinery (India) Limited is one of India’s leading manufacturers of specialty oils, serving industries such as healthcare, personal care, automotive, and industrial applications. The company offers a diversified range of value-added products through globally certified manufacturing facilities. With more than 30 years of experience, Gandhar Oil has built a strong reputation for quality, innovation, and long-term customer relationships. It is also the largest white oil player in India and among the top five global white oil manufacturers.
Annual Performance of FY26:
Gandhar Oil Refinery (India) Limited’s revenue has increased from Rs. 3,897 crore in FY25 to Rs. 4,241 crore in FY26, which has grown by 8.83 percent. The net profit has also grown by 65.06 percent from Rs. 83 crore in FY25 to Rs. 137 crore in FY26.
Gandhar Oil Refinery (India) Limited’s revenue and net profit have grown at a CAGR of 14 percent and 6 percent, respectively, over the last five years. In terms of return ratios, the company’s ROCE and ROE stand at 13.2 percent and 10.5 percent, respectively. Gandhar Oil Refinery (India) Limited’s debt-to-equity ratio is 0.23x.
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