Gandhar Oil Refinery (India) Limited Earnings Summary — Q1 FY2027

• Consolidated revenue grew 91.8% YoY to ₹1,731.93 crore, driven by strong growth in the petroleum products and specialty oils segment.
• Net profit witnessed an explosive 689% YoY increase, significantly outperforming historical margin trends which previously hovered in the 4-8% range.
• Operating margins expanded sharply to approximately 16%, a notable reversal from the margin contraction seen in the prior fiscal year.
• The Board declared a 100% interim dividend of ₹2 per equity share for FY2026-27, with a record date set for July 24, 2026.
• The Texol Lubritech-FZC subsidiary continues to be a major contributor, delivering ₹144.54 crore in revenue and ₹27.30 crore in net profit for the quarter.
• The company is altering its Memorandum of Association to include a new clause allowing for active trading and hedging in various financial and commodity derivatives.
• Management underwent a governance update with the appointment of Mr. Shyam Chandrabhan Agrawal as an Independent Director and Chairman of the Risk Management Committee.

The company has updated its Memorandum of Association to include objects related to hedging and transacting in commodity derivatives and financial instruments, suggesting a move toward more sophisticated risk management of raw material volatility.

Improving

The results mark a dramatic recovery in both profitability and margins compared to the stagnation and ROCE erosion noted in the FY2026 annual commentary.

The outlook is highly positive given the sudden acceleration in earnings power. The company's expansion into commodity hedging objects suggests a focused attempt to stabilize margins and mitigate the impact of volatile base oil prices that previously impacted ROE.