Gandhar Oil Refinery (India) Limited (NSE:GANDHAR), has established itself as India’s largest white oil player and a dominant force in the global specialty oils industry. Under the visionary leadership of Founder and CMD Ramesh Parekh, who brings 30 years of industry experience, the company has scaled significantly to become one of the top five white oil players globally.
Beyond its market position, the company is recognized for its corporate culture, earning the “Great Place to Work” certification for 2025-2026.
Resilient Business Model
The company operates on a flexible and scalable business model designed to mitigate the inherent risks of the specialty oil industry. A critical component of this model is the prudent risk management framework. Gandhar mitigates commodity price volatility through index-linked pricing based on ICIS benchmarks and price pass-through contracts with key clients.
Furthermore, its exposure to over 100 countries provides a natural hedge against foreign exchange risks, while a massive base of over 4,000 customers ensures low credit and concentration risk.
Present Market Scenario
Gandhar Oil currently commands a 26.5% market share in India and a 9.6% global market share in the white oil segment. The market scenario is characterized by high barriers to entry; the empanelment process for new suppliers can take up to five years due to stringent quality audits and plant trials.
The company is currently capitalizing on favorable domestic demographics and government initiatives that are driving growth in the pharmaceutical and consumer sectors.
Global Presence and Manufacturing
The company’s operational strength is rooted in its three strategically located manufacturing facilities in Taloja, Silvassa, and Sharjah (UAE), which offer a combined total capacity of 597,403 kL.
The Taloja plant’s proximity to major ports like JNPT facilitates efficient exports, while the Silvassa facility houses a DSIR-registered R&D center focused on developing bespoke products. This global footprint allows Gandhar to serve six continents, with overseas sales accounting for 40.21% of consolidated revenue in FY25.
Diversified Customer Base
Gandhar serves a “who’s who” of Indian and global giants, including Unilever, P&G, Marico, Dabur, and Patanjali. These long-term relationships are reinforced by the company’s ability to provide customized solutions, such as specialized hair serums and automotive oils for sub-zero temperatures. The high cost associated with switching suppliers further solidifies Gandhar’s position with its core clients.
Business Segments
The company’s operations are divided into three primary segments.
- PHPO (Personal care, Healthcare and Performance Oils): The largest division, contributing 50% of 9M FY26 consolidated revenue.
- Lubricants: Accounting for 26.8% of the 9M FY26 revenue.
- PIO (Process and Insulating Oils): Contributing 9.5%, catering to transformer manufacturers and power distribution industries.
- Additionally, channel partners contribute 13.7% to the revenue stream.
Key Takeaway
Gandhar Oil’s roadmap for the future is focused on moving up the value chain through contract manufacturing and increasing its “wallet share” with existing global clients. By targeting expansion in high-growth geographies like the United States, Europe, and Indonesia, the company is well-positioned to leverage its R&D capabilities and manufacturing excellence to maintain its trajectory as a global leader in specialty oils.