Highlights

• Gandhar Oil Refinery reported higher FY26 revenue, EBITDA and profit compared with FY25.
• Q4 FY26 EBITDA increased 88% year-on-year amid improved product mix and operating efficiencies.
• PHPO segment contributed 48% of FY26 consolidated revenue for the company.

Shares of Gandhar Oil Refinery (India) Limited (NSE:GANDHAR) gained over 5.5% on May 27 after the company announced audited financial results for the quarter and financial year ended March 31, 2026.

The stock traded at INR 170.70 during morning trade on the NSE, up 5.24% from the previous close of INR 162.50. The company reported growth in revenue, EBITDA, and profit during both the fourth quarter and full financial year.

FY26 Revenue And Profit Register Annual Growth

Gandhar Oil Refinery reported consolidated revenue from operations of INR 4,241.2 crore in FY26 compared with INR 3,896.9 crore in FY25.

Consolidated EBITDA for FY26 stood at INR 234.5 crore against INR 175.6 crore in the previous financial year. Profit after tax for FY26 came at INR 137.2 crore compared with INR 83.5 crore reported in FY25.

For Q4 FY26, consolidated revenue from operations stood at INR 1,093.4 crore versus INR 961.7 crore in Q4 FY25. Quarterly EBITDA increased to INR 63.6 crore from INR 34 crore, while PAT rose to INR 37 crore from INR 12.3 crore year-on-year.

Manufacturing Volumes Rise During FY26

The company reported consolidated manufacturing sales volumes of 5,45,755 KL during FY26, reflecting a 9% increase from 5,00,231 KL recorded in FY25.

According to the company, the Pharmaceutical, Health Care and Performance Oil segment remained the largest contributor during the financial year. PHPO contributed 48% of FY26 consolidated revenue, while lubricants accounted for 27%.

Channel partners contributed 14.81% to revenue during FY26, while Process Insulating Oil represented 10.19% of total revenue.

Management Highlights Market Conditions

Commenting on the results, Joint Managing Director Aslesh Parekh said the company witnessed sustained domestic demand momentum despite macroeconomic pressures and logistical constraints linked to geopolitical developments in the Middle East.

He added that temporary closure of the Strait of Hormuz contributed to higher oil prices during the period. The management also noted expectations of easing logistical constraints and stabilizing input costs going forward.

Product Portfolio Continues To Support Business Mix

The company manufactures specialty oils and lubricants including white oils, transformer oils, industrial oils, waxes, jellies, and rubber processing oils under the “Divyol” brand.

Gandhar Oil Refinery stated that demand from personal care and healthcare sectors continued supporting the PHPO segment during FY26.

Source: Company Filing

Key Risks Investors Should Track

• Crude oil price volatility may impact input costs and operating margins.
• Geopolitical disruptions could affect logistics and supply chain operations.
• Dependence on specialty oil demand may influence revenue growth trends.
• Currency fluctuations may affect export-linked business performance and costs.

Summary

Gandhar Oil Refinery (NSE:GANDHAR) reported higher revenue, EBITDA, and profit during FY26, supported by manufacturing volume growth and contribution from the PHPO segment. Q4 earnings also showed year-on-year improvement across operational parameters. The company highlighted logistical challenges and oil price volatility linked to Middle East geopolitical developments while indicating stable domestic demand conditions during the financial year.

FAQs

Q: Why did Gandhar Oil shares rise on May 27, 2026?
A: Shares gained after the company reported higher FY26 revenue, EBITDA, and profit growth.

Q: What was Gandhar Oil Refinery’s FY26 consolidated revenue?
A: The company reported consolidated revenue from operations of INR 4,241.2 crore during FY26.

Q: Which segment contributed most to Gandhar Oil revenue in FY26?
A: The PHPO segment contributed 48% of the company’s consolidated FY26 revenue.