GANDHAR OIL REFINERY INDIA LTD (GANDHAR): Financials & Fundamentals History

Share price

Closing priceAdjusted for splits and bonus issues.

3M1YAll

₹260.97 latest close · +39.8% over the last 90 sessions

₹260.97 month-end · +99.6% over 12 months

₹260.97 month-end · −13.4% since Nov '23

52-week range ₹115.00 to ₹318.90 · 1-year volatility 54.6%

Was the rally earned?

1 year3 years

+100%share price, 1 yearLower P/E held it back

Mostly yes, with a catch.

Per-share earnings added 200 points, but investors now pay less per rupee of profit (P/E 17.0x to 8.5x), which took 100 points back.
The share count rose 4%.

Net profit growth+206 ptsNet profit rose about 317%, which lifts the price.

P/E change-100 ptsThe P/E fell from 17.0x to 8.5x, which lowers the price.

Share count change-6 ptsShare count rose 4%, which lowers the price.

-13%share price, 3 yearsLower P/E held it back

Earnings helped, the multiple did not.

Per-share earnings added 24 points, but investors now pay less per rupee of profit (P/E 12.6x to 8.5x), which took 37 points back.
The share count rose 15%.

Net profit growth+37 ptsNet profit rose about 48%, which lifts the price.

P/E change-37 ptsThe P/E fell from 12.6x to 8.5x, which lowers the price.

Share count change-13 ptsShare count rose 15%, which lowers the price.

What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Not shown for 5 years: earnings were negative at one end, or there is not enough history.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with ASIAN PAINTS INDIA

How rough has the ride been?

Maximum drawdown-62.3%recovered 2026-10

1-year volatility54.6%annualised

Beta vs sector index1.093-year daily, correlation 0.44

Volume spikes11last 90 sessions, 5x the 50-day median

Drawdown from peak

Largest drawdowns

-62.3% (2023-12 peak to 2026-03 low, recovered 2026-10)

-21.2% (2026-10 peak to 2026-10 low, not yet recovered)

Most recent volume spikes

2026-10-28: 11.2x the 50-day median, price -17.2% that day

2026-08-06: 6.7x the 50-day median, price +5.0% that day

2026-07-31: 7.8x the 50-day median, price +2.9% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Is it expensive against its own past and its peers?

8.5xP/E todayNear its historic low

Against its own history11th percentile

CheapestMedian 15.0xDearest

Usual range 8.8x to 19.1x since 2023-11.

Against Process Industries8.5x vs 18.1x

This company

8.5x

Sector median

18.1x

53% below the Process Industries median.

P/EP/BP/S

P/E (this company)10th to 90th percentile of its own historyIts medianProcess Industries median

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P/B (this company)10th to 90th percentile of its own historyIts medianProcess Industries median

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianProcess Industries median

How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Process Industries is valued

Where does it rank among Process Industries peers?

Each cell is the company's percentile rank among its Process Industries peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

ROCE59th▲ 8 pts vs a year ago
Op. margin72nd▲ 47 pts vs a year ago
Revenue growth88th▲ 73 pts vs a year ago
EPS growth98th▲ 80 pts vs a year ago
Debt/equity ↓63rdflat vs a year ago
Cash cycle ↓65thflat vs a year ago
P/E ↓84th▲ 23 pts vs a year ago
12M momentum96th▲ 81 pts vs a year ago

Rank history

ROCE

Op. margin

Revenue growth

EPS growth

Debt/equity ↓

Cash cycle ↓

P/E ↓

12M momentum

Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26

Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Process Industries sector page Watch it move against Process Industries in the Observatory

What is the price implying?

~14%annual earnings growth implied by the priceIn line with delivered growth

At normalised P/E (five-year average earnings) of 17.6x, a holder earning 12%/yr needs earnings to grow about 13.6%/yr for 10 years, then trade at 15x.

Delivered13.2%/yrEPS, last 10 fiscal years · 3-yr avg to 3-yr avg

Gap+0.3 ptsimplied minus delivered

Rank518thmost demanding of 856

Over time

Implied growth by month (solid) and delivered growth (dashed).

Change the assumptions

Exit P/E / return	11%	12%	13%
12x	15.1%	16.1%	17.1%
15x	12.6%	13.6%	14.6%
20x	9.4%	10.4%	11.4%

Drag a slider to test other assumptions

Required return 12.0% Years 10 Exit P/E 15x Implied: 13.6%/yr

“Implied growth” is what the current price would require under our stated assumptions, not what we expect. How this is calculated and the market-wide lists.

What prices imply across Process Industries The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov: ₹260.97
P/E: 8.5x
ROCE: 13.0%
Market Cap: ₹2551 cr
Revenue (TTM): ₹5060 cr
P/S: 0.5x
P/B: 1.9x
ROE: 22.3%
Operating Margin: 16.0%
Debt / Equity: 0.2x
Promoter Holding: 66.6%
12M Momentum: 99.6%

52-week range

₹115.00₹318.90

72% of the way from its 52-week low to its high

Price risk

1Y volatility

54.6%

Beta vs sector

1-year daily

1.11

Balance sheet & cash

Interest cover

operating profit ÷ interest

11.1x

Cash from profit, 3Y

operating cash flow ÷ net profit

0.19x

low

Share count, 1Y

unchanged

Are profits backed by cash?

6 of 7checks within range1 beyond a threshold

Other income reliance3%Within range

Other income as a share of pre-tax profit (trailing twelve months): 3.4%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate24%Within range

Median quarterly effective tax rate over about 2.5 years: 24.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion0.19xBeyond threshold

Operating cash flow divided by net profit over the last three fiscal years: 0.19x (cash from operations ₹74 cr, net profit ₹386 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow4 of 5 yrsWithin range

Fiscal years with positive free cash flow in the last 5: 4. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+7 daysWithin range

Debtor days are above the median of the previous three fiscal years by 7 days (62 vs 55). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress6% of fixed assetsWithin range

Capital work-in-progress is 6% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+5 days / 2 yrsWithin range

Days payable changed by +5 over two years. Bands: rise of up to 30 days; more than 30 days.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

Over 3 years, DIIs trimmed 9.7 pts; FIIs trimmed 2.6 pts; promoters added 2.0 pts.
The number of shareholders rose from 1.2 lakh to 1.3 lakh (+10%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change

Promoters64.6%66.6%+2.0 pts

FIIs3.9%1.3%-2.6 pts

DIIs10.7%1.0%-9.7 pts

Public and others20.8%31.1%+10.3 pts

Number of shareholders

1.3 lakhshareholders+10% since Sep '23

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

+6.2%typical 12-month return vs the marketAbove the base rate

We found 50 past situations where a non-financial company looked like GANDHAR OIL REFINERY INDIA LTD today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
Over the following 12 months the middle half of them returned −16% to +46% vs the market, against −3% for all non-financial companies in the same months.
The analogs' median sat above that base rate (gap +9.6%, 80% range +1.8% to +23.7%), but the matches cluster in only 6 distinct 12-month windows.

Where the 50 outcomes landed

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 4 beyond the range shown, drawn at the edge

Similar setups' median

+6.2%

All companies' median

−3.4%

Beat the market

56% vs 46%

50 past situations · 50 companies · 30 months · 2020–2025

The closest matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
IRCON Industrial Services	Jun 2023	10x	16%	+132%	−4%	+120%
SUNFLAG Non-Energy Minerals	Dec 2022	9x	16%	+62%	−12%	+47%
RPSGVENT Finance	Sep 2021	—	9%	+322%	−11%	−48%
VASCONEQ Industrial Services	Aug 2023	13x	11%	+139%	−4%	−21%
SCI Transportation	Aug 2020	5x	5%	+110%	−14%	+13%

Show the other 3 matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
JKIL Industrial Services	Jun 2024	19x	18%	+176%	−7%	−15%
UNIVCABLES Electronic Technology	Jun 2023	11x	12%	+170%	−7%	+23%
RUCHIRA Process Industries	Dec 2022	10x	14%	+82%	−13%	−16%

How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: drawdown from 12-month high, ROCE and size. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to GANDHAR OIL REFINERY INDIA LTD. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

Feature	Weight	Non-financial	Financial
P/E	1	yes	yes
P/S	1	yes	—
P/B	1	—	yes
ROCE	1	yes	—
operating margin	1	yes	—
ROE	1	—	yes
debt/equity	0.75	yes	—
interest cover	0.5	yes	—
revenue growth	0.75	yes	yes
12-month momentum	1	yes	yes
drawdown from 12-month high	0.75	yes	yes
size	0.75	yes	yes
volatility	0.5	yes	yes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

G N A AXLESGNA

Producer Manufacturing

62%similar

market capdebt/equity

S.P. APPARELSSPAL

Consumer Non-Durables

60%similar

EPS growthmarket cap

KIRLOSKAR INDUSTRIESKIRLOSIND

Non-Energy Minerals

57%similar

debt/equityEPS growth

IFB AGRO INDUSTRIESIFBAGRO

Consumer Non-Durables

56%similar

ROCErevenue growth

UNIVERSAL CABLESUNIVCABLES

Electronic Technology

56%similar

ROCEvolatility

SPORTKING INDIASPORTKING

Process Industries

67%similar

ROCEmarket cap

INDIA GLYCOLSINDIAGLYCO

Process Industries

57%similar

P/Erevenue

EPIGRALEPIGRAL

Process Industries

56%similar

debt/equityrevenue growth

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

25 events since Mar '24

2026
OctPriceRegained the 2023-12 peak, 7 months after the low.
OctPriceVolume reached 11.2x its 50-day median on 2026-10-28; price -17.2% that day.
SepValuationP/E fell below the 10th percentile of its own history to date (9.1x).
SepPeer rankMoved into the 2nd quartile of Process Industries on operating margin (from the 3rd quartile).
JulPriceVolume reached 51.7x its 50-day median on 2026-07-24; price +0.2% that day.
JunResultsRevenue (TTM) reached a new high of ₹4,231 cr.
JunPeer rankMoved into the 2nd quartile of Process Industries on ROCE (from the 3rd quartile).
MayPriceVolume reached 73.1x its 50-day median on 2026-05-06; price +13.8% that day.

Show 17 earlier events

2026
MarResultsYear-on-year EPS growth turned positive.
MarPriceFell 62% from the Dec 2023 peak to the Mar 2026 low.
MarPeer rankMoved into the top quartile of Process Industries on EPS growth (from the 3rd quartile).
FebPeer rankSlipped to the 3rd quartile of Process Industries on ROCE (from the 2nd quartile).
JanPriceVolume reached 317.0x its 50-day median on 2026-01-05; price +9.9% that day.
2025
DecPeer rankMoved into the 3rd quartile of Process Industries on EPS growth (from the bottom quartile).
NovPriceVolume reached 22.4x its 50-day median on 2025-11-13; price +4.9% that day.
SepPeer rankMoved into the 3rd quartile of Process Industries on operating margin (from the bottom quartile).
AugPriceVolume reached 10.1x its 50-day median on 2025-08-08; price -4.6% that day.
JunPeer rankSlipped to the 2nd quartile of Process Industries on ROCE (from the top quartile).
MarPeer rankSlipped to the bottom quartile of Process Industries on EPS growth (from the 3rd quartile).
2024
DecPeer rankSlipped to the bottom quartile of Process Industries on operating margin (from the 3rd quartile).
NovSharesShare count is up 25.0% over 12 months.
OctPriceVolume reached 11.8x its 50-day median on 2024-10-15; price +4.9% that day.
AugPriceVolume reached 19.2x its 50-day median on 2024-08-28; price +4.5% that day.
MayPriceVolume reached 8.0x its 50-day median on 2024-05-23; price -8.7% that day.
MarInstitutionsFII + DII holding fell 5.4 pts over 1 quarter to 9.1%.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history37 months · 2023-11 to 2026-11

Month	P/E	Revenue (TTM)	ROE	ROCE	Debt / Equity
2026-11	8.5x	₹5060 cr	22.3%	13.0%	0.2x
2026-10	8.1x	₹5060 cr	22.3%	13.0%	0.2x
2026-09	9.1x	₹5060 cr	22.3%	13.0%	0.2x
2026-08	18.6x	₹4231 cr	9.6%	13.0%	0.2x
2026-07	16.1x	₹4231 cr	9.6%	13.0%	0.2x
2026-06	13.3x	₹4231 cr	9.6%	13.0%	0.2x
2026-05	14.4x	₹4100 cr	8.6%	11.0%	0.2x
2026-04	12.8x	₹4100 cr	8.6%	11.0%	0.2x
2026-03	10.8x	₹4100 cr	8.6%	11.0%	0.2x
2026-02	14.7x	₹3938 cr	7.5%	11.0%	0.2x
2026-01	15.7x	₹3938 cr	7.5%	11.0%	0.2x
2025-12	16.2x	₹3938 cr	7.5%	11.0%	0.2x
2025-11	17.0x	₹3805 cr	5.8%	11.0%	0.2x
2025-10	17.4x	₹3805 cr	5.8%	11.0%	0.2x
2025-09	18.6x	₹3805 cr	5.8%	11.0%	0.2x
2025-08	17.9x	₹3897 cr	6.4%	11.0%	0.2x
2025-07	20.0x	₹3897 cr	6.4%	11.0%	0.2x
2025-06	21.4x	₹3897 cr	6.4%	11.0%	0.2x
2025-05	22.6x	₹3874 cr	6.7%	22.0%	0.2x
2025-04	18.4x	₹3874 cr	6.7%	22.0%	0.2x
2025-03	17.9x	₹3874 cr	6.7%	22.0%	0.2x
2025-02	12.8x	₹3972 cr	9.2%	22.0%	0.2x
2025-01	16.7x	₹3972 cr	9.2%	22.0%	0.2x
2024-12	19.8x	₹3972 cr	9.2%	22.0%	0.2x
2024-11	16.1x	₹4038 cr	11.7%	22.0%	0.2x
2024-10	16.3x	₹4038 cr	11.7%	22.0%	0.2x
2024-09	15.0x	₹4038 cr	11.7%	22.0%	0.2x
2024-08	15.6x	₹4113 cr	13.4%	22.0%	0.2x
2024-07	14.9x	₹4113 cr	13.4%	22.0%	0.2x
2024-06	14.5x	₹4113 cr	13.4%	22.0%	0.2x
2024-05	8.4x	₹4079 cr	27.4%	37.0%	0.3x
2024-04	9.9x	₹4079 cr	27.4%	37.0%	0.3x
2024-03	8.4x	₹4079 cr	27.4%	37.0%	0.3x
2024-02	9.7x	₹4079 cr	27.4%	37.0%	0.3x
2024-01	10.3x	₹4079 cr	27.4%	37.0%	0.3x
2023-12	11.4x	₹4079 cr	27.4%	37.0%	0.3x
2023-11	12.6x	₹4079 cr	27.4%	37.0%	0.3x

Methodology and data notes