Gandhar Oil Refinery (India) Ltd (BOM:544029)

Q2 2026 Gandhar Oil Refinery (INDIA) Ltd Earnings Call Transcript

Nov 13, 2025 / 05:00 AM GMT

Release Date Price: ₹144.95 (-1.86%)

Transcript

Key Points

Positve

Gandhar Oil Refinery (India) Ltd (NSE:GANDHAR) reported a 17% sequential increase in revenue for Q2 FY26, indicating strong business performance.
EBITDA for Q2 FY26 increased by 43% compared to the previous quarter, reflecting effective cost management and a favorable product mix.
The company has a strong presence in the high-growth PHPO segment, which accounted for nearly half of its revenues in H1 FY26.
Gandhar Oil's strategic focus on high purity and sustainable product segments aligns well with global market trends, particularly in the Asia Pacific region.
The company maintains a healthy balance sheet with a negligible debt-to-equity ratio, ensuring strong liquidity and financial flexibility.

Negative

Working capital days increased to 85 from 77, primarily due to higher inventory days and longer lead times in exports.
International markets continue to face headwinds from global consumption softeners, geopolitical issues, and logistical challenges.
The company's capacity utilization is high, with some facilities operating at 85-95%, which may limit future growth without further expansion.
Freight costs remain high, impacting margins, although the company has managed to pass on some of these costs to customers.
There is uncertainty regarding the timeline for achieving full capacity utilization at the Texol UAE branch, which is expected to take 1.5 to 2 years.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

GADH.NS - Gandhar Oil Refinery (INDIA) Ltd
Q2 2026 Gandhar Oil Refinery (INDIA) Ltd Earnings Call
Nov 14, 2025 / 05:00AM GMT

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Presentation
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Unidentified_1 [1]
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Ladies and gentlemen, good day and welcome to the Gandhar Oil Refinery India Limited Q2NH1FR 26 earnings conference call. As a reminder, all participants' line will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing then 0 on your touchstone phone. Please note that this conference has been recorded. I now hand the conference over to Mr. Rin Sumra.

Thank you and over to you, sir.

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Unidentified_2 [2]
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