Gandhar Oil Refinery (India) Limited (NSE:GANDHAR), announced its unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, following approval by its Board of Directors on January 23, 2026. The results reflect steady operating performance, supported by the company’s diversified product portfolio, strong export presence, and focus on consumer and healthcare end-markets.
Key Financial Performance – Q3 and 9M FY26
For the quarter ended December 31, 2025 (Q3 FY26), Gandhar Oil reported:
- Revenue from operations: ₹922.60 crore
- Profit after tax (PAT): ₹35.80 crore
- Earnings per share (EPS): ₹3.66
For the nine months ended December 31, 2025, performance scaled meaningfully:
- Revenue from operations: ₹2,475.31 crore
- Profit after tax: ₹94.27 crore
- EPS: ₹9.63
- The nine-month results demonstrate cumulative growth over the quarterly run rate, reflecting volume expansion, sustained demand across end-industries, and operating leverage.
Manufacturing & Sales Volume Trends (FY21 – 9M FY26)
Total Sales Volumes (kL):
- FY21: 3,22,009
- FY23: 4,33,498
- FY25: 5,00,231
- 9M FY26: 4,09,974
Segment Volumes (9M FY26):
- PHPO: 2,05,721 kL
- Lubricants: 95,797 kL
Strategic Revenue Mix (9M FY26)
- PHPO: 50%
- Lubricants: 26.8%
- Channel Partners: 13.7%
- PIO: 9.5%
Market Leadership & Global Presence
- Domestic Market Share: #1 in India, 26.5% in white oil.
- Global Ranking: Top 5 player globally, 9.6% market share.
- International Sales: 40.21% of revenue, sold in 100+ countries.
Business Mix and Growth Drivers
Personal Care, Healthcare and Performance Oils (PHPO) remains the company’s largest business division, contributing approximately 47.3% of consolidated revenue from finished goods sold in FY25. The PHPO segment has delivered strong long-term growth, driven by increasing penetration in consumer and healthcare applications, high customer stickiness, and stringent accreditation processes that create entry barriers.
Exports continue to be a key growth pillar, contributing over 40% of consolidated revenue in FY25, supported by long-term relationships with global customers and suppliers.
Strategic Milestones and Achievements
During the quarter, the Board approved:
- An interim dividend of ₹0.75 per equity share for FY26, underscoring confidence in cash flows.
- Acquisition of land adjacent to the existing manufacturing facility, aligned with long-term expansion plans. Sale of a non-core immovable property in Mohali, Punjab, as part of asset rationalization.
- The company also continues to strengthen its R&D capabilities, with DSIR-certified facilities and advanced testing infrastructure to support customized and high-value product development.
Summary and Outlook
In summary, Gandhar Oil Refinery Q3 and nine-month FY26 performance reflects stable revenue growth, healthy profitability, and disciplined capital management. The company’s leadership position in white oils, diversified end-market exposure, expanding global footprint, and strategic investments in capacity and R&D position it well for sustainable long-term growth, while ongoing shareholder returns reinforce financial resilience.