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

• Market Cap: ₹14.72B
• Dividend Yield: 0.33%
• Average Volume (3M): 17.09K
• Price to Earnings (P/E): 19.5
• Beta (1Y): 1.23
• Revenue Growth: -5.76%
• EPS Growth: -40.43%
• Country: IN
• Employees: 381
• Sector: Energy
• Sector Strength: 44
• Industry: Oil & Gas Refining & Marketing
• EPS (TTM): 2.68
• Shares Outstanding: 97,879,530
• 10 Day Avg. Volume: 21,796
• 30 Day Avg. Volume: 17,094
• PEG Ratio: N/A
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• 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: ₹189.00
• Price Target Upside: 25.71% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1

• Rating: 73 Outperform
• Price Target: ₹189.00 ▲(25.71% Upside)

Gandhar Oil Refinery is supported by strong valuation metrics with a high dividend yield and reasonable P/E ratio. However, financial performance scores are dampened by challenges in cash flow management and declining net profit margins. The technical analysis suggests a neutral market momentum.

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

Company Description

Gandhar Oil Refinery (India) Limited (GANDHAR) is a prominent player in the oil refining sector in India. The company specializes in producing a diverse array of petroleum products, including white oils, liquid paraffin, and industrial oils. With a focus on high-quality production and sustainability, Gandhar has established itself as a key supplier to various industries such as pharmaceuticals, cosmetics, and manufacturing.

How the Company Makes Money

Gandhar Oil Refinery (India) Limited generates revenue primarily through the sale of its refined petroleum products to domestic and international markets. The company operates through several key revenue streams, including the production and sale of white oils, liquid paraffin, and industrial oils. Gandhar serves a wide range of industries, which helps diversify its revenue base. Significant partnerships with major distributors and long-term contracts with industrial clients also contribute to its earnings. The company leverages its extensive distribution network to efficiently deliver products to its customers, ensuring sustained revenue growth.

Gandhar Oil Refinery (India) Limited Financial Statement Overview

Summary

Gandhar Oil Refinery demonstrates sturdy financial health with strong equity and manageable debt levels. However, the company 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	Mar 2025	Mar 2023	Mar 2024	Mar 2022	Mar 2021
Income Statement
Total Revenue	39.10B	40.79B	41.13B	33.87B	20.62B
Gross Profit	4.40B	5.06B	4.86B	4.38B	3.63B
EBITDA	1.89B	3.41B	2.76B	2.60B	2.40B
Net Income	800.32M	1.91B	1.41B	1.68B	1.52B
Balance Sheet
Total Assets	19.59B	16.13B	19.40B	13.18B	10.98B
Cash, Cash Equivalents and Short-Term Investments	1.52B	468.46M	714.28M	596.79M	112.82M
Total Debt	3.05B	2.20B	2.71B	1.91B	2.03B
Total Liabilities	6.70B	8.53B	7.16B	7.58B	7.22B
Stockholders Equity	12.36B	7.25B	11.72B	5.41B	3.70B
Cash Flow
Free Cash Flow	-429.25M	322.71M	-1.25B	510.23M	1.08B
Operating Cash Flow	147.13M	879.27M	-693.37M	1.67B	1.18B
Investing Cash Flow	-480.98M	-721.87M	-659.19M	-1.16B	-223.56M
Financing Cash Flow	125.54M	-285.73M	1.60B	-41.28M	-910.86M

Gandhar Oil Refinery (India) Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 150.35
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

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 150.35 is below the 20-day moving average (MA) of 162.36, below the 50-day MA of 168.06, and below the 200-day MA of 176.40, indicating a bearish trend. The MACD of -4.53 indicates Positive momentum. The RSI at 27.73 is Positive, neither overbought nor oversold. The STOCH value of 15.07 is Positive, 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
GANDHAR	73 Outperform	₹14.72B	19.51		0.33%	-5.76%	-40.43%
SOTL	68 Neutral	₹27.99B	21.87		0.98%	1.89%	-30.27%
GULFOILLUB	67 Neutral	₹57.26B	15.89		3.44%	10.94%	13.06%
KIRLOSENG	67 Neutral	₹130.08B	27.55		0.72%	8.02%	-0.95%
Sector *	65 Neutral	$14.84B	8.64	2.77%	5.45%	4.51%	-62.52%
INDOSOLAR	57 Neutral	₹15.72B	8.90		―	―	―
MRPL	53 Neutral	₹221.00B	461.09		2.38%	-3.99%	-110.83%