Gandhar Oil Refinery (India) cash flow

Latest FY26

Cash from operations: ₹128cr+768.4% on FY25
Capital spending: ₹79.8cr+38.4% on FY25
Free cash flow: ₹48.0cr−₹42.9 cr in FY25
Cash from financing: −₹88.1cr₹12.6 cr in FY25

₹ crore except per share

Tap a line for its trend	Last 12Mto Sep 2026	FY26Mar 2026	FY25Mar 2025	FY24Mar 2024

Adjustments to reconcile profit — non-cash items
	—	29.9	25.9	20.1
	—	37.6	48.4	0.0
	—	0.1	0.0	−0.1
	—	0.1	0.1	0.0
	—	−15.7	−4.9	0.2
	—	2.0	−0.1	−2.8
	—	0.0	0.0	−0.2
Changes in working capital
	—	−182	−15.0	3.1
	—	−44.2	−47.1	−61.5
	—	−3.1	6.6	−3.3
	—	19.2	−2.2	−69.3
	—	−2.0	1.3	0.0
	—	123	−57.5	−195
	—	20.9	−7.7	0.0
	—	6.2	−6.4	21.0
	—	0.0	0.0	3.5
	—	0.1	−0.6	2.7
	—	0.5	1.7	0.0
Cash from operating activities
	609	180	114	210
	—	−7.6	−57.6	−282
	—	173	56.8	−71.2
	—	−10.3	−11.1	−8.8
	—	0.0	0.0	−58.2
	—	34.8	30.9	47.5
	—	128	14.7	−69.3
Cash from investing activities
	—	79.8	57.6	0.0
	—	0.0	0.0	−55.3
	—	−2.7	1.6	0.0
	—	0.0	0.0	−23.2
	—	0.0	0.0	3.8
	—	10.3	11.1	8.8
	—	4.7	−0.0	0.0
	—	−62.2	−48.1	−65.9
Cash from financing activities
	—	0.0	0.2	302
	—	−0.8	−9.3	0.0
	—	0.0	0.0	33.6
	—	13.1	21.6	0.0
	—	14.6	12.3	5.5
	—	—	—	3.2
	—	37.6	48.4	58.2
	—	12.2	4.9	4.0
	—	−9.8	109	−105
	—	−88.1	12.6	160
	—	−22.4	−20.8	24.6
	—	−22.4	−20.8	24.6
	—	—	—	71.4
Reference items
	692	234	176	279
	11.8%	5.5%	4.5%	6.8%
	48.0	48.0	−42.9	−69.3
	—	−2.7	−113	—
	₹4.90	₹4.90	−₹4.38	−₹7.08
	50.59×	—	—	—
	—	0.93×	0.18×	−0.42×
	—	34.8	30.9	47.5
	—	37.6	48.4	58.2

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From the company's filings with NSE and BSE (Ind-AS), consolidated. For information only, not investment advice.

alphave

GANDHAR₹248.10

Gandhar Oil Refinery (India) Limited

· Energy & Power

₹ CrorePeersVEEDOL PANAMAPET SOTL GULFOILLUBMcap ₹2,429 Cr

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In ₹ Crore except Per Share 12 Months Ending	FY24 31/03/2024	FY25 31/03/2025	FY26 31/03/2026	Last 12M 30/09/2026
Adjustments to Reconcile Profit — Non-cash Items
+ Depreciation & Amortisation	20.1	25.9	29.9	—
+ Finance Costs	0.0	48.4	37.6	—
+ Fair Value (Gains) / Losses	-0.1	0.0	0.1	—
+ Share-based Payments	0.0	0.1	0.1	—
+ Unrealised FX (Gain) / Loss	0.2	-4.9	-15.7	—
+ Other Non-cash Items	-2.8	-0.1	2.0	—
+ Other Reconciling Items	-0.2	0.0	0.0	—
Changes in Working Capital
+ Inventories	3.1	-15.0	-181.6	—
+ Trade Receivables — Current	-61.5	-47.1	-44.2	—
+ Other Financial Assets — Current	-3.3	6.6	-3.1	—
+ Other Current Assets	-69.3	-2.2	19.2	—
+ Other Non-current Assets	0.0	1.3	-2.0	—
+ Trade Payables — Current	-195.1	-57.5	122.5	—
+ Other Financial Liabilities — Current	0.0	-7.7	20.9	—
+ Other Current Liabilities	21.0	-6.4	6.2	—
+ Other Non-current Liabilities	3.5	0.0	0.0	—
+ Provisions — Current	2.7	-0.6	0.1	—
+ Provisions — Non-current	0.0	1.7	0.5	—
Cash from Operating Activities
Profit Before Tax (per I/S)	210.3	114.3	180.4	609.5
+ Total Adjustments (incl. Working Capital)	-281.5	-57.6	-7.6	—
Cash from Operations (pre-tax)	-71.2	56.8	172.8	—
+ Interest Received — Operating	-8.8	-11.1	-10.3	—
+ Interest Paid — Operating	-58.2	0.0	0.0	—
+ Income Taxes Paid	47.5	30.9	34.8	—
Cash from Operating Activities	-69.3	14.7	127.8	—
Cash from Investing Activities
+ Acq of Fixed Assets (Capex)	0.0	57.6	79.8	—
+ Disp of Fixed Assets	-55.3	0.0	0.0	—
+ Acq of Investment Property	0.0	1.6	-2.7	—
+ Disp of Investment Property	-23.2	0.0	0.0	—
+ Loans & Advances Repaid	3.8	0.0	0.0	—
+ Interest Received — Investing	8.8	11.1	10.3	—
+ Other Inflows / (Outflows) — Investing	0.0	-0.0	4.7	—
Cash from Investing Activities	-65.9	-48.1	-62.2	—
Cash from Financing Activities
+ Proceeds from Issue of Shares	302.0	0.2	0.0	—
+ Proceeds from Other Equity Instruments	0.0	-9.3	-0.8	—
+ Proceeds from Borrowings	33.6	0.0	0.0	—
+ Repayment of Borrowings	0.0	21.6	13.1	—
+ Payment of Lease Liabilities	5.5	12.3	14.6	—
+ Payment of Finance Lease Liabilities	3.2	—	—	—
+ Interest Paid	58.2	48.4	37.6	—
+ Dividends Paid	4.0	4.9	12.2	—
+ Other Inflows / (Outflows) — Financing	-104.9	108.9	-9.8	—
Cash from Financing Activities	159.8	12.6	-88.1	—
Net Changes in Cash (pre-FX)	24.6	-20.8	-22.4	—
Net Changes in Cash	24.6	-20.8	-22.4	—
Closing Cash	71.4	—	—	—
Reference Items
EBITDA	278.7	175.6	234.5	691.7
EBITDA Margin %	6.78	4.51	5.53	11.85
Free Cash Flow (CFO − Capex)	-69.3	-42.9	48.0	48.0
Free Cash Flow to Equity	—	-112.9	-2.7	—
Free Cash Flow per Basic Share	-7.08	-4.38	4.90	4.90
Price to Free Cash Flow	—	—	—	50.59
Cash Flow to Net Income	-0.42	0.18	0.93	—
Cash Paid for Taxes	47.5	30.9	34.8	—
Cash Paid for Interest	58.2	48.4	37.6	—

As filed, sign as filed: a payment tagged as a positive magnitude in the filing stays positive here, so read the label, not the sign. A line appears only when the company tagged that concept in at least one period shown — depth follows the filer, so a thin statement means a thin filing. Total Adjustments is the filer's own grand total of the reconciliation and spans BOTH the non-cash items and the working-capital block; Profit Before Tax plus it equals Cash from Operations (pre-tax). It can be reported when its components are not, so it is never a sum of the rows above it. No consensus estimates → no Est columns. Click any row to chart it.

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Data & compliance. Descriptive financial information from official NSE/BSE filings — for information and education only, not investment advice, a recommendation, or a valuation. Standalone = parent entity; consolidated includes subsidiaries. Historical multiples pair each fiscal year's filed figures with that FY-end market close; the Current column uses the last close with the latest filed annuals. Figures are cross-verified via accounting identities and NSE×BSE agreement — XBRL cross-verified ✓ 95%.