Gandhar Oil Refinery (India) Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Gandhar Oil Refinery (India) Ltd filed with BSE on 02 Jun 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Gandhar Oil Refinery reported consolidated Q4 FY26 revenue of Rs 1,093 crore, up 14% year-on-year, with full-year FY26 revenue at approximately Rs 4,241 crore, a growth of about 9-10% over FY25. EBITDA for Q4 FY26 stood at Rs 64 crore and full-year EBITDA was Rs 234 crore, while profit after tax rose to Rs 137 crore for FY26 from a lower base in FY25. Management discussed geopolitical disruptions linked to the Strait of Hormuz affecting the Sharjah plant and base oil sourcing, along with capacity utilization levels and plans for land acquisitions in Taloja and a new subsidiary in South Africa.
Numbers mentioned
Consolidated revenue: INR1,093 crores (Q4 FY26)
p. 4
“During the Q4 FY26, we have reported consolidated revenue of INR1,093 crores, reflecting a healthy year-on-year growth of 14%.”
Aslesh Parekh, page 4 of the filed PDF · View the filing
Consolidated revenue: approximately INR4,241 crores (FY26)
p. 4
“For the full year of FY26, the revenue stood at approximately INR4,241 crores, representing almost a 10% growth over the previous year.”
Aslesh Parekh, page 4 of the filed PDF · View the filing
Cash flow from operations: positive INR127.77 crores (as of 31st March 2026)
p. 4
“Our cash flow from the operations stood at a positive INR127.77 crores as of 31st March 2026 compared to INR14.71 crores in the previous year, reflecting a stronger operating efficiency and working capital management.”
Aslesh Parekh, page 4 of the filed PDF · View the filing
International business share of revenue: approximately 42.8% (FY26)
p. 4
“Our international business continues to be a key pillar of growth, contributing approximately 42.8% of consolidated revenues, supported by a strong export network and diversified customer base.”
Aslesh Parekh, page 4 of the filed PDF · View the filing
EBITDA: INR64 crores (Q4 FY26)
p. 5
“EBITDA for Q4 FY26 stood at INR64 crores, reflecting an improvement over the preceding quarter as well as on a year-on-year basis despite input cost movements for the full year '26, EBITDA stood at INR234 crores, underscoring the resilience of our operations.”
Indrajit Bhattacharya, page 5 of the filed PDF · View the filing
Profit after tax: INR37 crores (Q4 FY26)
p. 5
“Profit after tax for Q4 FY26 stood at INR37 crores compared to INR12 crores in Q4 FY25.”
Indrajit Bhattacharya, page 5 of the filed PDF · View the filing
Profit after tax: INR137 crores (FY26)
p. 5
“For the full year FY26, PAT stood at INR137 crores, reflecting a strong improvement over the previous year.”
Indrajit Bhattacharya, page 5 of the filed PDF · View the filing
EPS: INR13.8 (FY26)
p. 5
“In line with this performance, key return metrics also improved during the year with EPS at INR13.8 compared to INR8.18 in FY25.”
Indrajit Bhattacharya, page 5 of the filed PDF · View the filing
ROE: 10.21% (FY26)
p. 5
“ROE at 10.21% versus 6.65% and ROCE at 13.5% compared to 10.8% in the previous year.”
Indrajit Bhattacharya, page 5 of the filed PDF · View the filing
Gross margin spread: INR9,351 per kL (Q4 FY26)
p. 5
“During the quarter, gross margin spread stood at INR9,351 per kL.”
Indrajit Bhattacharya, page 5 of the filed PDF · View the filing
Manufacturing volumes: 5,54,212 kL (FY26)
p. 5
“Manufacturing volumes for FY26 stood at 5,54,212 kL, reflecting a year-on-year growth of 8%, indicating strong operational execution.”
Indrajit Bhattacharya, page 5 of the filed PDF · View the filing
Finance cost: INR37.59 crores (FY26)
p. 5
“Also pertinent to point out that on a consolidated basis, our finance cost has come down from INR48.40 crores in FY25 to INR37.59 crores in FY26.”
Indrajit Bhattacharya, page 5 of the filed PDF · View the filing
Gross margin: 12.49% (Q4 FY26)
p. 5
“gross margins have improved from 10.96% to 11.48% on a consolidated basis. For Q4 '26, it was 12.49%.”
Indrajit Bhattacharya, page 5 of the filed PDF · View the filing
Average realization: INR76,526 per kL (FY26)
p. 5
“So on a consolidated basis of all the products taken together, we have closed this year at INR76,526 per kL.”
Indrajit Bhattacharya, page 5 of the filed PDF · View the filing
EBITDA margin: 5.53% (FY26)
p. 11
“The EBITDA margin for the year ended is at 5.53% on consol level. For the quarter, it is 5.81%.”
Indrajit Bhattacharya, page 11 of the filed PDF · View the filing
Capacity utilization (India plants): 126% (FY26)
p. 12
“As against this 3,62,000 in India, we have achieved a utilization of 4,58,853, which works out to 126% capacity utilization.”
Indrajit Bhattacharya, page 12 of the filed PDF · View the filing
Capacity utilization (all plants): 93% (FY26)
p. 12
“So on a totality, we have 5,97,403 kL, by totality, I mean the Sharjah plant also, 5,97,403 kL as against which we have achieved 5,54,212 kL, which is about a 93% capacity utilizations.”
Indrajit Bhattacharya, page 12 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Capex plan for Taloja expansion — next 2 to 3 quarters
stated conditionally by Indrajit Bhattacharya
p. 14
“we will shortly be drawing up our capex plans in the next 2 to 3 quarters, and we shall let you all know about that.”
Indrajit Bhattacharya, page 14 of the filed PDF · View the filing
Volume growth — in the range of 10%
stated as an aspiration by Indrajit Bhattacharya
p. 15
“Volume-wise also, we have historically had volume growth in the range of 10% also every year. So we expect the volume growth also to be there.”
Indrajit Bhattacharya, page 15 of the filed PDF · View the filing
PHPO segment growth — around 4% CAGR · next 4, 5 years
stated as an aspiration by Indrajit Bhattacharya
p. 13
“We concentrate on the PHPO part of our business, where the growth is around 4% CAGR for the next 4, 5 years, and that remains our forte, and we expect to stay in that.”
Indrajit Bhattacharya, page 13 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said margins are expected to remain healthy going forward, driven by cost efficiencies and finance cost reduction
Answered by Aslesh Parekh
Asked by Bhavesh Patel: Whether the current ~6% EBITDA margin is a new normal or can be improved further
p. 9
“So we have been working hard to increase the profitability year-on-year, and we anticipate margins to remain healthy in the quarters to come.”
Aslesh Parekh, page 9 of the filed PDF · View the filing
Management pointed to cost optimization, customer base expansion and product mix changes as levers, without committing to a specific margin target
Answered by Aslesh Parekh
Asked by Rajiv Jain: What structural levers can close the gap between current EBITDA margins and the FY23 peak of 7.8%
p. 12
“With the cost optimization measures the company has done in terms of reducing the finance cost, increasing its customer base, re-tweaking the product mix, the company is on a growth path of having healthy EBITDA margins in the quarters to come.”
Aslesh Parekh, page 12 of the filed PDF · View the filing
Management said suppliers like Aramco and ADNOC have found alternate routes, ensuring uninterrupted base oil supply
Answered by Aslesh Parekh
Asked by Saumya Raghuvanshi: How is the company mitigating Strait of Hormuz related supply risk
p. 11
“So the company have received uninterrupted supply of its base oil even through the Strait of Hormuz closure. The suppliers have worked out alternate routes and have been shipping our products well on time.”
Aslesh Parekh, page 11 of the filed PDF · View the filing
Management said gross margin improvement shows pass-through is occurring, with formal contracts covering 35-40% of customers
Answered by Indrajit Bhattacharya
Asked by Tejas Mehta: Whether increased raw material and logistics costs are being passed on to customers
p. 13
“We have passed through contracts with about 35%, 40% of our customers. And for the rest also, we have been revising our prices to to pass on all these price rises.”
Indrajit Bhattacharya, page 13 of the filed PDF · View the filing
Management said standalone debt-to-equity is practically nil and they expect to maintain that except for South Africa expansion borrowing
Answered by Indrajit Bhattacharya
Asked by Vinit Thakur: What is the peak debt-equity ratio being targeted
p. 10
“As of now, the debt to equity on a stand-alone basis is practically nil. And on a consol level, it's also very favorable to us.”
Indrajit Bhattacharya, page 10 of the filed PDF · View the filing
Management said the plant faced sourcing headwinds due to port closures but has shifted to domestic buying and expects the situation to normalize
Answered by Aslesh Parekh
Asked by Bhavesh Patel: Update on the Sharjah (Texol) plant operations amid Middle East tensions
p. 13
“Since the Hormuz closure, yes, the company had a bit of headwinds in terms of sourcing the raw material because most of the imports have been impacted and there was no raw material available.”
Aslesh Parekh, page 13 of the filed PDF · View the filing
Risks flagged
Geopolitical tensions and Strait of Hormuz disruption affecting crude and base oil supply
p. 3
“Escalating tensions involving Iran, along with the periodic concern around potential disruptions in the Strait of Hormuz have added uncertainty to the global energy market as one of the world's most critical oil transit choke points and any disruptions in this region has a direct bearing on crude oil availability, pricing and freight cost.”
Aslesh Parekh, page 3 of the filed PDF · View the filing
Elevated shipping and insurance costs on Middle East-linked routes
p. 3
“During the period, this resulted in intermittent volatility in the base oil pricing. Some tightness in supply chain and elevated shipping and insurance costs, particularly for routes linked to the Middle East.”
Aslesh Parekh, page 3 of the filed PDF · View the filing
Sharjah (Texol) plant impacted by port closures due to Hormuz conflict
p. 7
“So obviously, with the Middle East problems, the Texol plant was impacted a bit, because the port was virtually closed because there was no vessel coming into the port, neither the vessels are able to go out of the port.”
Aslesh Parekh, page 7 of the filed PDF · View the filing
US tariffs creating concern for exposure to the US market
p. 6
“With the recent tariffs in the U.S., the U.S. has been a little bit of a concern.”
Aslesh Parekh, page 6 of the filed PDF · View the filing
Dependency on Middle East sourcing for a portion of raw materials
p. 11
“So currently, around 20%, 22% of the total raw material is primarily coming from the Middle East suppliers.”
Aslesh Parekh, page 11 of the filed PDF · View the filing
Volatility in base oil prices relative to crude oil movement
p. 15
“I mean, although the crude oil prices must have increased, say, by, say, 10%, but the base oil prices have increased by, say, 20%, 25%. There has been some unscrewed metrics in the past 1 month.”
Aslesh Parekh, page 15 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.