| ₹ crore | Q2 FY27 | Q2 FY26 | Change |
|---|---|---|---|
| Revenue | 1,847 | 1,060 | +74.2% |
| EBITDA | 288 | 65.8 | +337.0% |
| EBITDA margin | 15.6% | 6.2% | +9.4 pts |
| Profit before tax | 248 | 51.0 | +386.2% |
| Net profit | 186 | 39.8 | +368.4% |
| EPS | ₹17.87 | ₹3.68 | +385.6% |
Amounts on the left scale in ₹ crore; per cent on the right, dashed. L = lakh crore, K = thousand crore. Touch the chart to read any period.
| Tap a line for its trend | Currentlast 12M | FY26Mar 2026 | FY25Mar 2025 | FY24Mar 2024 |
|---|
| 2,429 | — | — | — | |
| 41.6 | 28.2 | 50.6 | 71.4 | |
| 71.4 | 47.2 | 52.8 | 51.4 | |
| 168 | 168 | 182 | 203 | |
| 2,627 | — | — | — | |
| 5,839 | 4,241 | 3,897 | 4,113 | |
| — | +8.8% | −5.3% | — | |
| 692 | 234 | 176 | 279 | |
| 11.8% | 5.5% | 4.5% | 6.8% | |
| 661 | 205 | 150 | 259 | |
| 464 | 137 | 83.5 | 165 | |
| 7.9% | 3.2% | 2.1% | 4.0% | |
| ₹44.97 | ₹13.83 | ₹8.17 | ₹14.35 | |
| — | +69.1% | −43.0% | — | |
| — | 128 | 14.7 | −69.3 | |
| — | −79.8 | −57.6 | 0.0 | |
| 48.0 | 48.0 | −42.9 | −69.3 | |
From the company's filings with NSE and BSE (Ind-AS), consolidated. For information only, not investment advice.
In ₹ Crore except Per Share 12 Months Ending | FY24 31/03/2024 | FY25 31/03/2025 | FY26 31/03/2026 | Current/LTM TTM · last close | |
|---|---|---|---|---|---|
| Market Capitalization | — | — | — | 2,428.9 | |
| - Cash, Equiv & ST Investments | 71.4 | 50.6 | 28.2 | 41.6 | |
| + Minority Interest | 51.4 | 52.8 | 47.2 | 71.4 | |
| + Total Debt | 203.1 | 181.6 | 168.5 | 168.5 | |
| Enterprise Value | — | — | — | 2,627.1 | |
| Revenue | 4,113.2 | 3,896.9 | 4,241.2 | 5,838.9 | |
| Growth %, YoY | — | -5.3 | +8.8 | — | |
| EBITDA | 278.7 | 175.6 | 234.5 | 691.7 | |
| Margin % | 6.78 | 4.51 | 5.53 | 11.85 | |
| EBIT | 258.6 | 149.7 | 204.6 | 660.7 | |
| Net Income | 165.3 | 83.5 | 137.3 | 463.6 | |
| Margin % | 4.02 | 2.14 | 3.24 | 7.94 | |
| EPS, Adj (current shares) | 14.35 | 8.17 | 13.83 | 44.97 | |
| Growth %, YoY | — | -43.0 | +69.1 | — | |
| Cash from Operations | -69.3 | 14.7 | 127.8 | — | |
| Capital Expenditures | -0.0 | -57.6 | -79.8 | — | |
| Free Cash Flow | -69.3 | -42.9 | 48.0 | 48.0 | |
Prices at the previous close · figures from the company's filings with NSE
Gandhar Oil Refinery (NSE: GANDHAR) had a market capitalisation of ₹2,429 crore at the previous close (₹248.10 a share), a PE ratio of 5.5 on the last four quarters' profit and a price-to-book ratio of 1.43. In FY26 its consolidated net profit attributable to shareholders was ₹135 crore on revenue of ₹4,241 crore; in Q2 FY27 (July–September 2026) it was ₹175 crore, up 385.1% year on year. Its debt-to-equity ratio was 0.05 on 30 September 2026. Promoters held 66.65% of the shares on 30 September 2026.
Gandhar Oil Refinery's PE ratio is 5.5 at the previous close (₹248.10 a share): a market capitalisation of ₹2,429 crore divided by consolidated net profit attributable to shareholders of ₹440 crore over the last four quarters (Q3 FY26 to Q2 FY27). On FY26 net profit attributable to shareholders (₹135 crore) it is 17.9.
Gandhar Oil Refinery's price-to-book (PB) ratio is 1.43 at the previous close: a market capitalisation of ₹2,429 crore divided by shareholders' equity (book value) of ₹1,699 crore on 30 September 2026. That is a book value of ₹173.57 per share against a share price of ₹248.10.
In FY26, Gandhar Oil Refinery's return on equity (ROE) was 10.5% and its return on capital employed (ROCE) was 13.5%. ROE is net profit attributable to shareholders divided by average shareholders' equity (the start and end of the year); ROCE is operating profit (EBIT) divided by average capital employed (total assets less current liabilities). In FY25, ROE was 6.7% and ROCE 10.8%.
Gandhar Oil Refinery's market capitalisation was ₹2,429 crore at the previous close: 9.79 crore shares at ₹248.10 each.
No. Gandhar Oil Refinery had borrowings of ₹84.6 crore on 30 September 2026 (consolidated balance sheet), a debt-to-equity ratio of 0.05. Its cash and current investments were ₹135 crore, so it held net cash of ₹50 crore.
Gandhar Oil Refinery's basic earnings per share (EPS) were ₹13.83 in FY26, against ₹8.18 in FY25. Over the last four quarters (Q3 FY26 to Q2 FY27) they add up to ₹44.99.
Gandhar Oil Refinery's debt-to-equity ratio was 0.05 on 30 September 2026: borrowings of ₹84.6 crore against total equity of ₹1,771 crore. A year earlier, on 30 September 2025, it was 0.14.
Gandhar Oil Refinery's net worth — shareholders' equity in its consolidated balance sheet — was ₹1,699 crore on 30 September 2026, up 31.7% from ₹1,290 crore a year earlier. Its market value is a different figure: a market capitalisation of ₹2,429 crore at the previous close.
In 2026, Gandhar Oil Refinery has declared two dividends totalling ₹2.75 a share: ₹0.75 (interim) with record date 30 January 2026 and ₹2 (interim) with record date 31 July 2026.
Gandhar Oil Refinery's book value per share was ₹173.57 on 30 September 2026: shareholders' equity of ₹1,699 crore divided by the 9.79 crore shares in issue, up 31.7% from ₹131.78 a year earlier. The share price at the previous close was ₹248.10.
Gandhar Oil Refinery's dividend yield is 1.11% at the previous close: dividends of ₹2.75 a share that went ex-dividend in the 12 months before that day, divided by the share price of ₹248.10. They were ₹2 on 31 July 2026 (interim) and ₹0.75 on 30 January 2026 (interim).
Promoters held 66.65% of Gandhar Oil Refinery on 30 September 2026, up 0.05 percentage points from 66.60% the previous quarter and up 1.64 percentage points from 65.01% a year earlier, according to the shareholding pattern filed with NSE.
On 30 September 2026, Gandhar Oil Refinery's shares were held by promoters 66.65%, foreign portfolio investors (FII/FPI) 5.47%, domestic institutions (DII) 1.07% (including mutual funds at 0.29%) and retail and other non-institutional investors 26.81%. Over the year, FII holding was up 5.30 percentage points from 0.17% and DII holding was down 0.98 percentage points from 2.05%.
In FY26, Gandhar Oil Refinery generated ₹128 crore of cash from operations and spent ₹79.8 crore on capital expenditure (property, plant, equipment and intangibles), leaving free cash flow of ₹48 crore. In FY25 it was −₹42.9 crore.
In FY26, Gandhar Oil Refinery earned net profit attributable to shareholders of ₹135 crore on revenue of ₹4,241 crore, against ₹192 crore on ₹2,169 crore for Veedol Corporation. Gandhar Oil Refinery's operating margin was 4.8% (Veedol Corporation 8.9%) and its return on equity 10.5% (Veedol Corporation 19.7%).
Gandhar Oil Refinery's latest results are for Q2 FY27 (July–September 2026), filed on 27 October 2026: consolidated net profit attributable to shareholders ₹175 crore, up 385.1% from ₹36.1 crore in Q2 FY26; revenue from operations ₹1,847 crore, up 74.2% year on year.
In FY26 (April 2025–March 2026), Gandhar Oil Refinery's consolidated net profit attributable to shareholders was ₹135 crore, up 69.1% from ₹80 crore in FY25, on revenue from operations of ₹4,241 crore (up 8.8%).
Gandhar Oil Refinery has reported Q2 FY27. Its next results, for Q3 FY27 (October–December 2026), are due by 14 February 2027 under SEBI's 45-day rule; the company notifies the board-meeting date at least two working days before.
On FY26 consolidated figures, against Veedol Corporation, Panama Petrochem and Savita Oil Technologies: Gandhar Oil Refinery's operating margin of 4.8% is the lowest of the four (Veedol Corporation 8.9%, Panama Petrochem 8.5%, Savita Oil Technologies 5.0%; peer average 7.5%); its return on equity of 10.5% is the third highest of the four (Veedol Corporation 19.7%, Panama Petrochem 15.6%, Savita Oil Technologies 10.5%; peer average 15.2%).
From Gandhar Oil Refinery's own consolidated results, balance sheets and shareholding patterns filed with NSE. Ratios are calculated by Alphave from those filings as each answer describes.
Consolidated figures from the company's filings with NSE; prices are NSE closing prices.