Gandhar Oil Refinery reports strong Q2, H1 FY26 performance with increased profit

Gandhar Oil Refinery (India) Limited reported a consolidated revenue of INR10,599m for Q2 FY26, a 17% sequential increase from Q1 FY26 and higher than INR9,351m in Q2 FY25. For H1 FY26, revenue reached INR19,629m, up from INR19,299m in H1 FY25. EBITDA for Q2 FY26 surged to INR658m, a 43% increase over Q1 FY26 and significantly higher than INR403m in Q2 FY25. H1 FY26 EBITDA stood at INR1,118m, an improvement from INR1,005m last year, driven by cost management and product mix.

Profit after tax (PAT) for Q2 FY26 was INR397m, a 52% increase from Q1 FY26 and more than double INR184m in Q2 FY25. H1 FY26 PAT was INR658m, compared to INR508m in H1 FY25. The company's strategic focus on Personal Care, Healthcare, and Performance Oils (PHPO) contributed 49% of H1 FY26 segmental revenue, followed by lubricants at 28%. Manufacturing gross margin spread for Q2 FY26 was INR8,662 per kiloliter.

The company's manufacturing volumes for H1 FY26 were 261,524 KL, an increase of approximately 9% year-on-year. Current capacity utilization for Silvassa is around 85-90%, UAE at 70-72%, and Taloja at 95%. Management does not foresee the need for additional capacity expansion for the next 2-3 years, prioritizing utilization of existing capacity and growth in high-margin segments like automobile lubricants.