Gandhar Oil Refinery Reports Q2 Revenue At ₹18.47 Billion, Up From ₹17.3 Billion QoQ

Market snapshot: Gandhar Oil Refinery (India) Limited recorded Q2 revenue from operations of ₹18.47 billion, demonstrating sequential growth over the ₹17.3 billion logged in Q1. The expanded top-line reflects sustained demand across its white oils, pharmaceutical, and performance oil segments.

Data Snapshot

• Q2 Revenue from Operations stood at ₹18.47 billion.
• Q1 Revenue from Operations was recorded at ₹17.32 billion.

What's Changed

• Quarter-on-quarter revenue increased by ≈6.64% (derived: ₹18.47 billion vs ₹17.32 billion).

Key Takeaways

• Gandhar Oil Refinery maintained sequential revenue momentum, expanding top-line performance to ₹18.47 billion in Q2.
• The result follows a strong Q1 performance where manufacturing volumes reached 1,31,449 kilolitres.
• Top-line stability underpins the company's position as a leading manufacturer in white oils and personal care performance oils.

SAHI Perspective

Gandhar Oil Refinery's sequential revenue increase demonstrates persistent domestic and export demand across core industrial and personal care categories. Continuing from a high revenue baseline set in Q1, the ₹18.47 billion print indicates resilient throughput despite broader commodity cost volatility.

Market Implications

The positive top-line trend signals healthy utilization rates in specialty oils, providing underlying volume support for specialty chemical manufacturers and refinery operators in India.

Trading Signals

Market Bias: Bullish

The bullish read is driven by sequential top-line growth to ₹18.47 billion from ₹17.32 billion in Q1, signaling underlying volume resilience and sustained operational activity.

Overweight: Specialty Chemicals, White Oils & Lubricants

Trigger Factors:

• Sustained volumetric growth in personal care and healthcare performance oils
• Stability in crude byproduct feedstock costs and gross margin spreads

Time Horizon: Near-term (0-3 months)

Industry Context

The white oil and specialty lubricants market remains driven by demand from pharmaceutical, personal care, and industrial processing industries. Manufacturers with diversified customer channels benefit from steady demand absorption.

Key Risks to Watch

• Fluctuations in base oil and crude derivative raw material prices
• Foreign exchange volatility affecting export realizations

Recent Developments

Gandhar Oil Refinery scheduled its Board of Directors meeting on October 27, 2026, to review and approve un-audited standalone and consolidated financial results for Q2 FY27. In the previous quarter ended June 30, 2026, the company posted consolidated net profit of ₹205.9 crore on revenue of ₹1,731.9 crore.

Closing Insight

Sequential revenue expansion to ₹18.47 billion reinforces Gandhar Oil Refinery's execution discipline and operational footing across core specialty oil markets.

High Performance Trading with SAHI.