Gandhar Oil Refinery shares rally 20% to hit upper circuit following strong earnings; check all Q1 numbers

The manufacturer of white oils reported a 638% year-on-year (YoY) growth in consolidated net profit at ₹192 crore for the quarter ended June 30, 2026. In the corresponding quarter last year, the company had posted a net profit of ₹26 crore.

For Q1 FY27, the company’s revenue from operations increased 92% YoY to ₹1,732 crore as compared to ₹903 crore in Q1 FY26.

On the operational level, Gandhari Oil Refinery’s earnings before interest, taxes, depreciation and amortisation (EBITDA) stood at ₹282 crore, marking a jump of 513% from ₹46 crore in the same quarter of the previous fiscal year. The company’s EBITDA margin expanded to 16.28% in contrast to 5.09% YoY.

The company witnessed a 3.4x YoY expansion in gross margin spread to ₹28,145 per kilolitres in Q1 FY27 compared to the same period last year. It also recorded an 8% yearly increase in volumes, which rose to 1,31,449 kilolitres during the quarter.

“The operating environment during the quarter remained dynamic, shaped by geopolitical developments in West Asia, crude oil price volatility, and periodic supply chain disruptions. Our ability to respond swiftly through agile sourcing, prudent inventory management, and a favourable product mix translated into strong financial performance,” said Aslesh Parekh, Joint Managing Director at Gandhari Oil Refinery.

Parekh further added that the strong performance was driven by healthy demand across key end-user industries and sustained momentum across product categories, while continued focus on value-added offerings, efficient procurement practices, and cost optimisation initiatives helped the company achieve higher margins and support volume growth.

Dividend details

Along with earnings, the board of directors announced an interim dividend of ₹2 per equity share for the financial year 2026–27, which represents 100% of the face value of ₹2 per share.

The company has fixed July 24, 2026, as the record date to determine the eligibility of shareholders for receiving the interim dividend.

Manufacturing volumes report

Gandhar Oil Refinery India’s total manufacturing volume was seen at 1,31,247 kilolitres in Q1 FY27, compared with 1,21,733 kilolitres in the corresponding quarter last year. The overall volumes were supported by higher production across select segments during the period.

Among key segments, PHPO volumes stood at 68,815 kilolitres in Q1 FY27, up from 58,379 kilolitres YoY, while PIO volumes rose to 17,998 kilolitres from 14,085 kilolitres.

“The PHPO segment continued to anchor our growth, driven by sustained demand from the personal care, healthcare, and pharmaceutical sectors. The quarter also witnessed encouraging traction in the PIO business, reflecting healthy demand across transformer, power & rubber manufacturers,” said Parekh.

Furthermore, the volumes of lubricants volumes were largely stable at 30,073 kilolitres, whereas Channel Partners' volumes declined to 14,360 kilolitres from 18,787 kilolitres in the year-ago quarter.

“While growth in the Lubricants segment remained largely stable, it continued to contribute meaningfully to our diversified business mix. Supported by growing export presence and stronger engagement with marquee customers, the Company sustained positive business momentum throughout the quarter,” added Parekh.

Gandhari Oil Refinery stock price

From the beginning of the year, Gandhar Oil Refinery India's shares have soared 84%. Over a month’s time, the stock has jumped 57%, while it has zoomed 74% in the past six months.

According to NSE data, as of July 23, 2026, Gandhari Oil Refinery India has a total market capitalisation of ₹2,774.10 crore.