Gandhar Oil Refinery (India) Limited — Investor Meet, 03-02-2026: Analysts/Institutional Investor Meet/Con. Call Updates

Gandhar Oil Refinery reported Q3 FY26 consolidated revenue of INR1,167 Cr (+16% YoY) and PAT of INR34 Cr (+70% YoY). Nine-month revenue stood at INR3,130 Cr with PAT at INR100 Cr. Manufacturing gross margin spread was INR7,271 per kL, with management expecting annual EBITDA margins over 5-5.5% and further improvement, driven by better gross margins and reduced other expenses, particularly freight. PHPO contributed 50% to revenue; the company anticipates FMCG demand revival and continued export growth (currently 45% of revenue, targeting 50-55%), with slightly better margins from exports. Strategic land purchases are planned for future expansion at Silvassa and Taloja. The company is also actively working on new product formulations with key customers.