Gandhar Oil Ref. Q2 FY27 Results (NSE: GANDHAR)
Signal: Growth decelerated
The read
The trajectory has inflected sharply upward: Q2 revenue reached a record ₹1,847 crore, up 73% YoY and 6.6% above Q1FY27's ₹1,732 crore in the company history, while EBITDA rose 368% to ₹288 crore and PAT 368% to ₹186 crore. The key confirmation is the ₹29,128/kl gross-margin spread, sustained at 3.0x year-ago levels for the second consecutive quarter; however, the filing does not provide the raw-material, opex, tax or finance-cost detail needed to establish how durable the margin step-up is.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,847 Cr | +73% | N/A |
| Net profit | ₹186 Cr | +368% | |
| EPS | ₹17.87 | +386% |
P&L walk
Consolidated revenue rose to ₹1,847 crore, up 73% YoY, while EBITDA increased 368% to ₹288 crore and PAT rose 368% to ₹186 crore; the disclosed ₹29,128/kl gross-margin spread, 3.0x year-ago, remained sustained for a second consecutive quarter.
Key positives
- Revenue from operations reached a record ₹1,847 crore, up 73% YoY, extending the acceleration from Q1FY27 revenue of ₹1,732 crore.
- Gross-margin spread was ₹29,128/kl, 3.0x YoY and in line with Q1FY27, indicating that the Q1 margin step-up was sustained for a second consecutive quarter.
- PIO H1 sales volume rose 23% YoY to 36,463 kl, supported by transformer, power and rubber-industry demand.
- H1 FY27 PAT reached ₹392 crore, up 490% YoY and nearly three times the profit reported for the whole of FY26, according to management.
- Operations at Silvassa Unit No. 2 were restored in early August after the July flood disruption, and a debottlenecking programme was completed during Q2.
Key concerns
- PHPO H1 sales volume was broadly flat at 130,977 kl versus 130,784 kl, while management cited changing customer requirements and competitive dynamics.
- Lubricants H1 sales volume declined to 62,780 kl from 63,848 kl, a 1.7% YoY reduction, despite management noting sequential improvement in Q2.
- The filing does not disclose raw-material cost, operating-expense, tax, finance-cost or cash-flow data, limiting assessment of whether the ₹288 crore EBITDA and 15.6% derived margin are structurally repeatable.
- West Asia-related geopolitical developments affected base-oil availability, pricing and shipping logistics, leaving supply-chain execution exposed despite the company's diversified sourcing.
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