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Last Updated: April 2, 2026, 4:39 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 544029 | NSE: GANDHAR

Gandhar Oil Refinery (India) Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹81.24Overvalued by 35.01%vs CMP ₹125.00

P/E (11.5) × ROE (6.7%) × BV (₹132.00) × DY (0.60%)

₹159.89Undervalued by 27.91%vs CMP ₹125.00
MoS: +21.8% (Adequate)Confidence: 43/100 (Low)Models: 4 Under, 1 Fair, 4 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹73.1022%Over (-41.5%)
Graham NumberEarnings₹179.5916%Under (+43.7%)
Earnings PowerEarnings₹102.3611%Over (-18.1%)
DCFCash Flow₹79.3213%Over (-36.5%)
Net Asset ValueAssets₹132.287%Fair (+5.8%)
EV/EBITDAEnterprise₹173.209%Under (+38.6%)
Earnings YieldEarnings₹108.607%Over (-13.1%)
ROCE CapitalReturns₹437.309%Under (+249.8%)
Revenue MultipleRevenue₹399.615%Under (+219.7%)
Consensus (9 models)₹159.89100%Undervalued
Key Drivers: Wide model spread (₹73–₹437) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -10.0%

*Investments are subject to market risks

Investment Snapshot

59
Gandhar Oil Refinery (India) Ltd scores 59/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health70/100 · Strong
ROCE 10.6% AverageROE 6.7% AverageD/E 0.17 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money60/100 · Moderate
FII holding up 0.16% (6mo) Slight increaseDII holding down 1.36% MF sellingPromoter increased by 1.17% Positive
Earnings Quality50/100 · Moderate
OPM stable around 6% Steady
Quarterly Momentum80/100 · Strong
Revenue (4Q): +6% YoY GrowingProfit (4Q): +35% YoY Strong
Industry Rank25/100 · Weak
P/E 11.5 vs industry 13.7 In-lineROCE 10.6% vs industry 23.6% Below peersROE 6.7% vs industry 18.4% Below peers3Y sales CAGR: 3% Slow

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 4:39 am

Market Cap 1,219 Cr.
Current Price 125
Intrinsic Value₹159.89
High / Low 184/115
Stock P/E11.5
Book Value 132
Dividend Yield0.60 %
ROCE10.6 %
ROE6.65 %
Face Value 2.00
PEG Ratio-1.15

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Gandhar Oil Refinery (India) Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Gandhar Oil Refinery (India) Ltd 1,219 Cr. 125 184/11511.5 1320.60 %10.6 %6.65 % 2.00
Savita Oil Technologies Ltd 2,143 Cr. 313 478/28612.0 2551.28 %9.84 %6.10 % 2.00
Veedol Corporation Ltd 2,246 Cr. 1,289 2,035/1,23811.6 5614.19 %23.7 %19.8 % 2.00
GP Petroleums Ltd 132 Cr. 25.9 52.0/23.24.87 66.80.00 %10.8 %8.38 % 5.00
Gulf Oil Lubricants India Ltd 4,428 Cr. 896 1,332/86412.0 3355.35 %28.3 %25.5 % 2.00
Industry Average4,601.33 Cr415.5713.70206.962.34%23.55%18.39%3.29

All Competitor Stocks of Gandhar Oil Refinery (India) Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 1,0989871,0701,0011,1039399959351,0059629031,0601,167
Expenses 1,0289409869251,0189069348959649288579941,108
Operating Profit 70478476853460404234466659
OPM % 6%5%8%8%8%4%6%4%4%3%5%6%5%
Other Income 16612255224334
Interest 19141315161413111014101010
Depreciation 4555566667777
Profit before tax 63346758661946252717325145
Tax % 21%18%19%18%23%37%29%26%24%27%18%22%24%
Net Profit 49285448511233182012264034
EPS in Rs 5.422.775.594.914.830.933.151.861.981.192.683.683.31

Last Updated: February 1, 2026, 9:46 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 27, 2026, 5:35 am

MetricMar 2016Mar 2017Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 1,7562,1693,5682,5042,2213,5434,0794,1133,8974,092
Expenses 1,6802,0423,4962,4442,0813,2963,7623,8333,7213,887
Operating Profit 761277260140247317280176204
OPM % 4%6%2%2%6%7%8%7%5%5%
Other Income 10131113292624101313
Interest 47314850373352594943
Depreciation 89811111517202629
Profit before tax 311002713120225272210114145
Tax % 16%26%30%24%17%27%21%21%27%
Net Profit 2674191010016421416583112
EPS in Rs 162.1946.4311.716.1662.7018.4223.8614.368.1810.86
Dividend Payout % 1,778%0%85%73%0%0%2%3%6%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2016-20172019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)184.62%-47.37%900.00%64.00%30.49%-22.90%-49.70%
Change in YoY Net Profit Growth (%)0.00%-231.98%947.37%-836.00%-33.51%-53.39%-26.80%

Gandhar Oil Refinery (India) Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 7 years from 2016-2017 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:%
5 Years:9%
3 Years:3%
TTM:-6%
Compounded Profit Growth
10 Years:%
5 Years:52%
3 Years:-18%
TTM:-40%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:%
1 Year:-33%
Return on Equity
10 Years:%
5 Years:18%
3 Years:15%
Last Year:7%

Last Updated: September 5, 2025, 3:31 pm

Balance Sheet

Last Updated: December 4, 2025, 2:55 am

MonthMar 2016Mar 2017Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 16161616161616202020
Reserves 2122853683304295257271,1531,2171,270
Borrowings 27232611614690191220271305331
Other Liabilities 374481771516566586668497418575
Total Liabilities 8751,1081,2711,0081,1011,3181,6321,9401,9592,197
Fixed Assets 7478999788190238361450456
CWIP 245122244739832
Investments 0010700003
Other Assets 7981,0251,1668999841,0841,3211,5701,5011,706
Total Assets 8751,1081,2711,0081,1011,3181,6321,9401,9592,197

Reserves and Borrowings Chart

Cash Flow

MonthMar 2016Mar 2017Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 214-261657011816788-6915
Cash from Investing Activity + -10-81-24-22-116-72-66-48
Cash from Financing Activity + -22124-176-45-91-4-2916013
Net Cash Flow -16-10-112547-1325-21
Free Cash Flow 195-41154541085132-125-43
CFO/OP 299%-11%265%118%85%90%47%-8%26%

Free Cash Flow

MonthMar 2016Mar 2017Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-196.00-199.00-44.00-86.0050.0056.0097.009.00-129.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2016Mar 2017Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 909563648446505563
Inventory Days 545130323840474650
Days Payable 8481848210163593834
Cash Conversion Cycle 60659142222386379
Working Capital Days 707517233719335877
ROCE %23%13%31%39%37%22%11%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 64.63%64.63%64.63%64.63%64.63%64.63%65.01%65.01%65.01%66.18%
FIIs 3.87%2.53%0.53%0.18%0.02%0.62%0.18%0.24%0.17%0.34%
DIIs 10.72%6.61%3.47%2.65%1.84%1.70%1.79%1.97%2.05%0.43%
Public 20.79%26.24%31.37%32.56%33.52%33.05%33.03%32.80%32.77%33.05%
No. of Shareholders 1,22,4631,82,5321,80,7271,72,3051,67,0011,53,2631,50,4031,45,6481,41,4061,38,347

Shareholding Pattern Chart

No. of Shareholders

Gandhar Oil Refinery (India) Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
HDFC Multi Cap Fund 964,716 0.06 12.611,373,6182025-12-14 00:09:11-29.77%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 2.002.002.002.0010.00
Basic EPS (Rs.) 8.1816.2723.7718.4212.54
Diluted EPS (Rs.) 8.1816.2723.7718.4212.54
Cash EPS (Rs.) 11.1918.9528.7122.3465.39
Book Value[Excl.RevalReserv]/Share (Rs.) 126.29125.0295.0370.09278.01
Book Value[Incl.RevalReserv]/Share (Rs.) 126.29125.0295.0370.09278.01
Revenue From Operations / Share (Rs.) 398.13420.27509.93442.921388.13
PBDIT / Share (Rs.) 19.2729.4942.3733.94100.22
PBIT / Share (Rs.) 16.6327.4340.3132.0693.09
PBT / Share (Rs.) 11.6821.4933.8728.1570.73
Net Profit / Share (Rs.) 8.5416.8926.6520.4558.26
NP After MI And SOA / Share (Rs.) 8.1814.3623.7718.4262.70
PBDIT Margin (%) 4.847.018.307.667.21
PBIT Margin (%) 4.176.527.907.236.70
PBT Margin (%) 2.935.116.646.355.09
Net Profit Margin (%) 2.144.015.224.614.19
NP After MI And SOA Margin (%) 2.053.414.664.154.51
Return on Networth / Equity (%) 6.4711.9826.2127.2322.55
Return on Capital Employeed (%) 11.2420.2838.7441.0231.57
Return On Assets (%) 4.087.2411.7811.179.11
Long Term Debt / Equity (X) 0.020.020.030.060.03
Total Debt / Equity (X) 0.140.170.230.290.17
Asset Turnover Ratio (%) 2.002.312.782.930.00
Current Ratio (X) 2.912.521.611.531.55
Quick Ratio (X) 2.011.791.031.061.23
Inventory Turnover Ratio (X) 8.567.868.579.090.00
Dividend Payout Ratio (NP) (%) 6.112.840.0030.940.00
Dividend Payout Ratio (CP) (%) 4.612.480.0028.060.00
Earning Retention Ratio (%) 93.8997.160.0069.060.00
Cash Earning Retention Ratio (%) 95.3997.520.0071.940.00
Interest Coverage Ratio (X) 3.904.966.588.564.48
Interest Coverage Ratio (Post Tax) (X) 2.733.845.146.143.61
Enterprise Value (Cr.) 1466.031937.660.000.000.00
EV / Net Operating Revenue (X) 0.370.470.000.000.00
EV / EBITDA (X) 7.776.710.000.000.00
MarketCap / Net Operating Revenue (X) 0.350.470.000.000.00
Retention Ratios (%) 93.8897.150.0069.050.00
Price / BV (X) 1.121.670.000.000.00
Price / Net Operating Revenue (X) 0.350.470.000.000.00
EarningsYield 0.050.070.000.000.00

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Gandhar Oil Refinery (India) Ltd. is a Public Limited Listed company incorporated on 07/10/1992 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L23200MH1992PLC068905 and registration number is 068905. Currently Company is involved in the business activities of Manufacture of refined petroleum products. Company's Total Operating Revenue is Rs. 3160.26 Cr. and Equity Capital is Rs. 19.58 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
LubricantsDLH Park, 18th Floor, Mumbai Maharashtra 400062Contact not found
Management
NamePosition Held
Mr. Ramesh Babulal ParekhChairman & Managing Director
Mr. Samir Ramesh ParekhVice Chairman & Jt Manag. Dir.
Mr. Aslesh Ramesh ParekhJoint Managing Director
Mr. Raj Kishore SinghIndependent Director
Ms. Amrita NautiyalIndependent Director
Mrs. Deena Asit MehtaIndependent Director

FAQ

What is the intrinsic value of Gandhar Oil Refinery (India) Ltd and is it undervalued?

As of 10 April 2026, Gandhar Oil Refinery (India) Ltd's intrinsic value is ₹159.89, which is 27.91% higher than the current market price of ₹125.00, suggesting the stock is undervalued. This is calculated using the PE ratio method factoring in ROE (6.65 %), book value (₹132), dividend yield (0.60 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Gandhar Oil Refinery (India) Ltd?

Gandhar Oil Refinery (India) Ltd is trading at ₹125.00 as of 10 April 2026, with a FY2026-2027 high of ₹184 and low of ₹115. The stock is currently near its 52-week low. Market cap stands at ₹1,219 Cr..

How does Gandhar Oil Refinery (India) Ltd's P/E ratio compare to its industry?

Gandhar Oil Refinery (India) Ltd has a P/E ratio of 11.5, which is below the industry average of 13.70. This is broadly in line with or below the industry average.

Is Gandhar Oil Refinery (India) Ltd financially healthy?

Key indicators for Gandhar Oil Refinery (India) Ltd: ROCE of 10.6 % is moderate; ROE of 6.65 % is below ideal levels (industry average: 18.39%). Dividend yield is 0.60 %.

Is Gandhar Oil Refinery (India) Ltd profitable and how is the profit trend?

Gandhar Oil Refinery (India) Ltd reported a net profit of ₹83 Cr in Mar 2025 on revenue of ₹3,897 Cr. Compared to ₹164 Cr in Mar 2022, the net profit shows a declining trend.

Does Gandhar Oil Refinery (India) Ltd pay dividends?

Gandhar Oil Refinery (India) Ltd has a dividend yield of 0.60 % at the current price of ₹125.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Gandhar Oil Refinery (India) Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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