Gandhar Oil Refinery (India) Limited (GANDHAR) AI Stock Analysis

• Market Cap: ₹13.09B
• Dividend Yield: 0.37%
• Average Volume (3M): 10.63K
• Price to Earnings (P/E): 17.4
• Beta (1Y): 1.19
• Revenue Growth: -1.05%
• EPS Growth: -11.57%
• Country: IN
• Employees: 381
• Sector: Energy
• Sector Strength: 52
• Industry: Oil & Gas Refining & Marketing
• EPS (TTM): 3.68
• Shares Outstanding: 97,879,530
• 10 Day Avg. Volume: 10,147
• 30 Day Avg. Volume: 10,634
• PEG Ratio: -0.37
• Price to Book (P/B): 1.18
• Price to Sales (P/S): 0.37
• P/FCF Ratio: -34.01
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 70 Outperform
• Price Target: ₹163.00 ▲(20.70% Upside)

The overall stock score is primarily influenced by the company's strong financial position, despite challenges in revenue growth and cash flow management. Technical indicators suggest bearish momentum, while the valuation is fair. The absence of earnings call data and corporate events means these factors did not impact the score.

Gandhar Oil Refinery (India) Limited Business Overview & Revenue Model

Company Description

Gandhar Oil Refinery (India) Limited manufactures white oils with focus on the consumer and healthcare end-industries in India. The company operates through Specialty Oil, Non-coking Coal and Logistics Support Services, and Others. The company offers white oils, waxes, and jellies for consumer, healthcare, plastics, chemical, textiles, and fragrance industries; lubricants, including automotive oils and industrial oils for automobile, and industrial machines and equipment; and process and insulating oils comprising transformer oils and rubber processing oils for transformer manufacturers, power generation and distribution, and tire and rubber product manufacturers. It is also involved in trading non-coking coal; and the provision of logistics support services, including cargo handling and transportation. In addition, the company operates consignment and del-credere agency; and trades in polymer products, gypsum, and PVC. It sells its products to India, the rest of Asia-Pacific, North America, South America, Africa, and Europe. The company was incorporated in 1992 and is based in Mumbai, India.

How the Company Makes Money

Gandhar Oil Refinery generates revenue primarily through the sale of its refined oil products and lubricants. The company’s revenue model is centered around the production and distribution of high-quality industrial and automotive lubricants, which account for a significant portion of its earnings. Key revenue streams include bulk sales to distributors, direct sales to manufacturers, and retail sales through various channels. Additionally, GANDHAR may engage in partnerships with other businesses in the automotive and industrial sectors, enhancing its market reach and sales potential. The company’s ability to innovate and expand its product offerings also contributes to its financial growth.

Gandhar Oil Refinery (India) Limited Financial Statement Overview

Summary

Gandhar Oil Refinery shows strong equity and manageable debt levels, but faces challenges in revenue growth and profitability margins, alongside cash flow management issues. The company must focus on enhancing revenue growth and improving cash conversion to strengthen its financial standing.

Income Statement

The company shows a mixed performance in the income statement. There is a decline in total revenue from the previous year, with a revenue growth rate of -4.95% from 2024 to 2025. Despite this, the company maintains a stable gross profit margin of 11.26% in 2025, indicating effective cost management. The EBIT margin is strong at 9.90%, although it has decreased compared to 2024. However, the net profit margin dropped significantly from 3.42% to 2.05%, pointing to higher costs or lower efficiency in profit conversion.

Balance Sheet

Gandhar Oil Refinery has a solid balance sheet with a debt-to-equity ratio of 0.25 in 2025, reflecting low financial leverage. The return on equity stands at 6.48%, showcasing reasonable profitability relative to equity. The equity ratio is robust at 63.08%, indicating a strong equity base in relation to total assets. However, there has been a slight increase in total liabilities, which is a point of concern but not significant enough to offset the overall strong equity position.

Cash Flow

The cash flow statement reveals challenges in cash management, as indicated by a negative free cash flow of -429.25 million in 2025. The operating cash flow to net income ratio is a low 0.18, which suggests inefficiencies in converting net income into cash. The free cash flow to net income ratio further highlights issues with a negative value, emphasizing the need for improved cash generation and cost control.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	38.09B	39.10B	41.13B	40.79B	33.87B	22.21B
Gross Profit	4.04B	4.40B	4.86B	5.16B	4.38B	2.85B
EBITDA	1.71B	1.89B	2.76B	3.41B	2.60B	2.40B
Net Income	760.42M	800.32M	1.41B	1.91B	1.68B	1.52B
Balance Sheet
Total Assets	0.00	19.59B	19.40B	16.13B	13.18B	10.98B
Cash, Cash Equivalents and Short-Term Investments	505.97M	1.52B	714.28M	468.46M	596.79M	1.21B
Total Debt	0.00	3.05B	2.71B	2.20B	1.91B	2.03B
Total Liabilities	-12.89B	6.70B	7.16B	8.53B	7.58B	7.22B
Stockholders Equity	12.89B	12.36B	11.72B	7.25B	5.41B	4.63B
Cash Flow
Free Cash Flow	0.00	-429.25M	-1.25B	322.71M	510.23M	1.08B
Operating Cash Flow	0.00	147.13M	-693.37M	879.27M	1.67B	1.18B
Investing Cash Flow	0.00	-480.98M	-659.19M	-721.87M	-1.16B	-223.56M
Financing Cash Flow	0.00	125.54M	1.60B	-285.73M	-41.28M	-910.86M

Gandhar Oil Refinery (India) Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 135.05
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:GANDHAR, the sentiment is Negative. The current price of 135.05 is below the 20-day moving average (MA) of 137.27, below the 50-day MA of 140.07, and below the 200-day MA of 152.77, indicating a bearish trend. The MACD of -0.04 indicates Negative momentum. The RSI at 42.97 is Neutral, neither overbought nor oversold. The STOCH value of 27.18 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:GANDHAR.

Gandhar Oil Refinery (India) Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GULFOILLUB	73 Outperform	₹62.41B	16.87	―	4.08%	11.94%	10.23%
GANDHAR	70 Outperform	₹13.09B	17.36	―	0.37%	-1.05%	-11.57%
KIRLOSENG	68 Neutral	₹168.93B	33.32	―	0.56%	11.85%	-3.66%
MRPL	68 Neutral	₹308.28B	29.74	―	1.72%	-11.96%	14.31%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
SOTL	64 Neutral	₹27.26B	21.30	―	1.10%	5.84%	-17.92%
INDOSOLAR	50 Neutral	₹24.12B	11.30	―	―	2412.32%	―