$GANDHAR Gandhar Oil Refinery – Specialty Oils Leader with Strong Margin Expansion

$GANDHAR Gandhar Oil Refinery (India) Limited is a leading manufacturer of white oils, pharmaceutical oils, lubricants, and process oils, serving pharmaceutical, healthcare, personal care, automotive, and industrial sectors. The company benefits from a diversified product portfolio, export presence across 100+ countries, and increasing demand for high-margin specialty oils. Key Financial Highlights • FY26 revenue increased to approximately ₹4,241 crore, up from ₹3,897 crore in FY25. • FY26 profitability improved sharply, supported by stronger product mix and margin expansion. • Q4 FY26 revenue stood at ₹1,093 crore, up 13.7% YoY. • Q4 FY26 net profit rose over 200% YoY to ₹37 crore. • Manufacturing volumes grew 9% YoY to 5.46 lakh KL in FY26. Investment Rationale • Market leader in white oils and specialty oil products. • Strong presence in pharmaceutical and healthcare segments, which offer higher margins. • Export-focused business with diversified global customer base. • Rising contribution from value-added products supports profitability. • Capacity expansion and volume growth provide long-term earnings visibility. • Beneficiary of increasing demand from pharma, personal care, and industrial sectors. With strong volume growth, improving margins, a diversified specialty product portfolio, and growing global demand, Gandhar Oil Refinery is well-positioned to benefit from long-term growth in specialty oils and lubricants markets.