Integrated Filing — IndAS



General information about company

Scrip Code 544029
NSE Symbol GANDHAR
MSEI Symbol LISTED
ISIN INE717W01049
Name of company GANDHAR OIL REFINERY (INDIA) LIMITED
Type of company Main Board
Class of security Equity
Date of start of financial year 01-04-2025
Date of end of financial year 31-03-2026
Date of board meeting when results were approved 12-11-2025
Date on which prior intimation of the meeting for considering financial results was informed to the exchange 05-11-2025
Description of presentation currency INR
Level of rounding used in financial results Lakhs
Reporting Type Quarterly
Reporting Quarter Second quarter
Nature of report standalone or consolidated Consolidated
Whether results are audited or unaudited for the quarter ended Unaudited
Whether results are audited or unaudited for the Year to date for current period ended/year ended Unaudited
Segment Reporting Single segment
Description of single segment petroleum products specialty oils
Start date and time of board meeting 12-11-2025   13:15:00
End date and time of board meeting 12-11-2025   15:40:00
Whether cash flow statement is applicable on company Yes
Type of cash flow statement Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification Not applicable



Financial Results Ind-AS

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-07-2025 01-04-2025
B Date of end of reporting period 30-09-2025 30-09-2025
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Consolidated Consolidated
1 Income
Revenue from operations 1,05,991.30 1,96,287.40
Other income 295.20 564.50
Total income 1,06,286.50 1,96,851.90
2 Expenses
(a) Cost of materials consumed 95,205.20 1,76,083.00
(b) Purchases of stock-in-trade 455.80 455.80
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (1,889.30) (2,593.90)
(d) Employee benefit expense 1,175.30 2,326.40
(e) Finance costs 1,027.40 1,988.50
(f) Depreciation, depletion and amortisation expense 748.60 1,474.70
(f) Other Expenses
1 Consumption of Stores and Spares 92.80 177.60
2 Power and Fuel 197.40 334.60
3 Electricity Charges 9.00 20.90
4 Labour Charges 304.90 554.90
5 Water Charges 1.50 2.60
6 Security Charges 26.70 49.10
7 Repairs and Maintenance 99.90 416.60
8 Laboratory Expenses 0.40 0.60
9 Rsesearch & Development expenditure 100.90 203.80
10 Others 3,627.00 7,075.80
Total other expenses 4,460.50 8,836.50
Total expenses 1,01,183.50 1,88,571.00
3 Total profit before exceptional items and tax 5,103.00 8,280.90
4 Exceptional items 0.00 0.00
5 Total profit before tax 5,103.00 8,280.90
6 Tax expense
7 Current tax 1,156.00 1,727.30
8 Deferred tax (18.90) (21.40)
9 Total tax expenses 1,137.10 1,705.90
10 Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement 0.00 0.00
11 Net Profit Loss for the period from continuing operations 3,965.90 6,575.00
12 Profit (loss) from discontinued operations before tax 0.00 0.00
13 Tax expense of discontinued operations 0.00 0.00
14 Net profit (loss) from discontinued operation after tax 0.00 0.00
15 Share of profit (loss) of associates and joint ventures accounted for using equity method 11.40 11.40
16 Total profit (loss) for period 3,977.30 6,586.40
17 Other comprehensive income net of taxes (521.10) (579.20)
18 Total Comprehensive Income for the period 3,456.20 6,007.20
19 Total profit or loss, attributable to
Profit or loss, attributable to owners of parent 3,605.50 6,228.30
Total profit or loss, attributable to non-controlling interests 372.00 358.10
20 Total Comprehensive income for the period attributable to
Comprehensive income for the period attributable to owners of parent 3,353.30 5,939.20
Total comprehensive income for the period attributable to owners of parent non-controlling interests 102.90 68.00
21 Details of equity share capital
Paid-up equity share capital 1,957.60 1,957.60
Face value of equity share capital 2 2
27 Details of debt securities
22 Reserves excluding revaluation reserve
23 Earnings per share
i Earnings per equity share for continuing operations
Basic earnings (loss) per share from continuing operations 3.68 6.36
Diluted earnings (loss) per share from continuing operations 3.68 6.36
ii Earnings per equity share for discontinued operations
Basic earnings (loss) per share from discontinued operations 0 0
Diluted earnings (loss) per share from discontinued operations 0 0
ii Earnings per equity share
Basic earnings (loss) per share from continuing and discontinued operations 3.68 6.36
Diluted earnings (loss) per share from continuing and discontinued operations 3.68 6.36
24 Debt equity ratio 0.14 0.14
25 Debt service coverage ratio 6.42 5.62
26 Interest service coverage ratio 5.69 4.88
27 Disclosure of notes on financial results Textual Information(1)



Disclosure of notes on financial results

Textual Information(1) NOTES TO THE CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER 2025 1.The Statement of Consolidated Unaudited Financial Results for the quarter and half year ended September 30, 2025 have been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 Interim Financial Reporting (Ind AS 34), prescribed under Section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India, read with relevant rules issued thereunder and in terms of the Securities and Exchange Board of India (Listing Obligations and Dislcosure Requirements) Regulations, 2015 as amended (‘Listing Regulations'). 2.The above Unaudited consolidated financial results have been reviewed and recommended by Audit Committee and approved by the Board of Directors at their respective meetings held on November 12, 2025. 3.The Parent Company has received an amount of Rs 3,020.00 million (Net Proceeds Rs.2,785.38 million) from proceeds out of fresh issue of equity shares. The utilisation of IPO proceeds is summarised as under:(Rs in Million) Objects of the Issue Amount to be utilised as per Prospectus Utilisation up to September 30, 2025 Un-utilised amount as on September 30, 2025 Investment into subsidiary company -Texol Lubritech FZC by way of a loan for financing the repayment/pre-payment of a loan facility availed by Texol Lubritech FZC from the Bank of Baroda 227.13 227.13 - Capital expenditure through purchase of equipment and civil work required for expansion in capacity of automotive oil at our Silvassa Plant 277.29 277.12 0.17 Funding working capital requirements of our Company 1,850.08 1,911.29 (61.21) General corporate purposes 819.85 758.22 61.63 Net Proceeds 3,174.35 3,173.76 0.59 4.The Group is primarily engaged in manufacturing and trading of of petroleum products / specialty oils. Accordingly, the company has only one reportable segment “petroleum products / specialty oils” as per IND AS 108- “Operating Segment”. 5.Previous quarter's / half year's / year's figures have been regrouped / rearranged wherever necessary to confirm to those of current quarter / half year /year classification. 6.The above results are available on the Company's website (www.gandharoil.com) and also on the website of BSE (www.bseindia.com) and NSE (www.nseindia.com), where the shares of the Company are listed.



Remarks

Debt equity ratio
Debt service coverage ratio
Interest service coverage ratio


Statement of Asset and Liabilities

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
Date of start of reporting period 01-04-2025
Date of end of reporting period 30-09-2025
Whether results are audited or unaudited Unaudited
Nature of report standalone or consolidated Consolidated
Assets
1 Non-current assets
Property, plant and equipment 33,334.80
Capital work-in-progress 3,179.40
Investment property 82.30
Goodwill 33.00
Other intangible assets 77.90
Intangible assets under development 0.00
Biological assets other than bearer plants 0.00
Investments accounted for using equity method 0.00
Non-current financial assets
Non-current investments 281.80
Trade receivables, non-current
Loans, non-current 24.50
Other non-current financial assets 2,041.60
Total non-current financial assets 2,347.90
Deferred tax assets (net) 0.00
Other non-current assets 12,188.70
Total non-current assets 51,244.00
2 Current assets
Inventories 61,884.60
Current financial asset
Current investments 0.00
Trade receivables, current 73,393.10
Cash and cash equivalents 2,878.60
Bank balance other than cash and cash equivalents 9,527.10
Loans, current 478.80
Other current financial assets 2,296.80
Total current financial assets 88,574.40
Current tax assets (net) 19.50
Other current assets 17,950.20
Total current assets 1,68,428.70
3 Non-current assets classified as held for sale 0.00
4 Regulatory deferral account debit balances and related deferred tax Assets 0.00
Total assets 2,19,672.70
Equity and liabilities
1 Equity
Equity attributable to owners of parent
Equity share capital 1,957.60
Other equity 1,27,030.70
Total equity attributable to owners of parent 1,28,988.30
Non controlling interest 5,350.60
Total equity 1,34,338.90
2 Liabilities
Non-current liabilities
Non-current financial liabilities
Borrowings, non-current 2,946.50
Trade payables, non-current
(A) Total outstanding dues of micro enterprises and small enterprises 0.00
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 0.00
Total Trade payable 0.00
Other non-current financial liabilities 13,188.60
Total non-current financial liabilities 16,135.10
Provisions, non-current 626.60
Deferred tax liabilities (net) 558.50
Deferred government grants, Non-current 0.00
Other non-current liabilities 0.00
Total non-current liabilities 17,320.20
Current liabilities
Current financial liabilities
Borrowings, current 16,421.70
Trade payables, current
(A) Total outstanding dues of micro enterprises and small enterprises 1,004.90
(B) Total outstanding dues of creditors other than micro enterprises and small enterprises 42,045.20
Total Trade payable 43,050.10
Other current financial liabilities 6,077.40
Total current financial liabilities 65,549.20
Other current liabilities 2,310.00
Provisions, current 32.50
Current tax liabilities (Net) 121.90
Deferred government grants, Current 0.00
Total current liabilities 68,013.60
3 Liabilities directly associated with assets in disposal group classified as held for sale 0.00
4 Regulatory deferral account credit balances and related deferred tax liability 0.00
Total liabilities 85,333.80
Total equity and liabilites 2,19,672.70
Disclosure of notes on assets and liabilities



Format for Reporting Segment wise Revenue, Results and Capital Employed along with the company results

Amount in (Lakhs)

Particulars 3 months/ 6 month ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period 01-07-2025 01-04-2025
Date of end of reporting period 30-09-2025 30-09-2025
Whether results are audited or unaudited Unaudited Unaudited
Nature of report standalone or consolidated Consolidated Consolidated
1 Segment Revenue (Income)
(net sale/income from each segment should be disclosed)
Total Segment Revenue
Less: Inter segment revenue
Revenue from operations
2 Segment Result
Profit (+) / Loss (-) before tax and interest from each segment
Total Profit before tax
i. Finance cost
ii. Other Unallocable Expenditure net off Unallocable income
Profit before tax
3 (Segment Asset - Segment Liabilities)
Segment Asset
Total Segment Asset
Un-allocable Assets null null
Net Segment Asset null null
4 Segment Liabilities
Segment Liabilities
Total Segment Liabilities
Un-allocable Liabilities null null
Net Segment Liabilities null null
Disclosure of notes on segments



Other Comprehensive Income

Amount in (Lakhs)

Particulars 3 months/ 6 months ended (dd-mm-yyyy) Year to date figures for current period ended (dd-mm-yyyy)
A Date of start of reporting period 01-07-2025 01-04-2025
B Date of end of reporting period 30-09-2025 30-09-2025
C Whether results are audited or unaudited Unaudited Unaudited
D Nature of report standalone or consolidated Consolidated Consolidated
Other comprehensive income [Abstract]
1 Amount of items that will not be reclassified to profit and loss
1 Remeasurement of Defined benefit -Actuarial Gain/Loss 2390000 280000
Total Amount of items that will not be reclassified to profit and loss 23.90 2.80
2 Income tax relating to items that will not be reclassified to profit or loss 539.00 581.30
3 Amount of items that will be reclassified to profit and loss
Total Amount of items that will be reclassified to profit and loss
4 Income tax relating to items that will be reclassified to profit or loss 6.00 0.70
5 Total Other comprehensive income (521.10) (579.20)



Cash flow statement, indirect

Amount in (Lakhs)

Particulars Year ended (dd-mm-yyyy)
A Date of start of reporting period 01-04-2025
B Date of end of reporting period 30-09-2025
C Whether results are audited or unaudited Unaudited
D Nature of report standalone or consolidated Consolidated
Statement of cash flows
Cash flows from used in operating activities
Profit before tax 8,280.90
Adjustments for reconcile profit (loss)
Adjustments for finance costs 1,988.50
Adjustments for decrease (increase) in inventories (15,614.20)
Adjustments for decrease (increase) in trade receivables, current (7,858.60)
Adjustments for decrease (increase) in trade receivables, non-current 0.00
Adjustments for decrease (increase) in other current assets (102.60)
Adjustments for decrease (increase) in other non-current assets 22.90
Adjustments for other financial assets, non-current 0.00
Adjustments for other financial assets, current 928.10
Adjustments for other bank balances 0.00
Adjustments for increase (decrease) in trade payables, current 11,582.30
Adjustments for increase (decrease) in trade payables, non-current 0.00
Adjustments for increase (decrease) in other current liabilities 307.50
Adjustments for increase (decrease) in other non-current liabilities 0.00
Adjustments for depreciation and amortisation expense 1,474.70
Adjustments for impairment loss reversal of impairment loss recognised in profit or loss 0.00
Adjustments for provisions, current (7.10)
Adjustments for provisions, non-current 30.60
Adjustments for other financial liabilities, current 4,236.90
Adjustments for other financial liabilities, non-current 0.00
Adjustments for unrealised foreign exchange losses gains (606.20)
Adjustments for dividend income 0.00
Adjustments for interest income 0.00
Adjustments for share-based payments 3.30
Adjustments for fair value losses (gains) (1.80)
Adjustments for undistributed profits of associates 0.00
Other adjustments for which cash effects are investing or financing cash flow 0.00
Other adjustments to reconcile profit (loss) 0.00
Other adjustments for non-cash items 20.90
Share of profit and loss from partnership firm or association of persons or limited liability partnerships 0.00
Total adjustments for reconcile profit (loss) (3,594.80)
Net cash flows from (used in) operations 4,686.10
Dividends received 0.00
Interest paid 0.00
Interest received (440.30)
Income taxes paid (refund) 928.10
Other inflows (outflows) of cash 0.00
Net cash flows from (used in) operating activities 3,317.70
Cash flows from used in investing activities
Cash flows from losing control of subsidiaries or other businesses 0.00
Cash flows used in obtaining control of subsidiaries or other businesses 0.00
Other cash receipts from sales of equity or debt instruments of other entities 0.00
Other cash payments to acquire equity or debt instruments of other entities 0.00
Other cash receipts from sales of interests in joint ventures 0.00
Other cash payments to acquire interests in joint ventures 0.00
Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships 0.00
Cash payment for investment in partnership firm or association of persons or limited liability partnerships 0.00
Proceeds from sales of property, plant and equipment 0.00
Purchase of property, plant and equipment 3,072.40
Proceeds from sales of investment property 0.00
Purchase of investment property 306.60
Proceeds from sales of intangible assets 0.00
Purchase of intangible assets 0.00
Proceeds from sales of intangible assets under development 0.00
Purchase of intangible assets under development 0.00
Proceeds from sales of goodwill 0.00
Purchase of goodwill 0.00
Proceeds from biological assets other than bearer plants 0.00
Purchase of biological assets other than bearer plants 0.00
Proceeds from government grants 0.00
Proceeds from sales of other long-term assets 0.00
Purchase of other long-term assets 0.00
Cash advances and loans made to other parties 0.00
Cash receipts from repayment of advances and loans made to other parties 0.00
Cash payments for future contracts, forward contracts, option contracts and swap contracts 0.00
Cash receipts from future contracts, forward contracts, option contracts and swap contracts 0.00
Dividends received 0.00
Interest received 440.30
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash 9.60
Net cash flows from (used in) investing activities (2,929.10)
Cash flows from used in financing activities
Proceeds from changes in ownership interests in subsidiaries 0.00
Payments from changes in ownership interests in subsidiaries 0.00
Proceeds from issuing shares 809.30
Proceeds from issuing other equity instruments (884.40)
Payments to acquire or redeem entity's shares 0.00
Payments of other equity instruments 0.00
Proceeds from exercise of stock options 0.00
Proceeds from issuing debentures notes bonds etc 0.00
Proceeds from borrowings 1,209.30
Repayments of borrowings 0.00
Payments of lease liabilities 820.70
Dividends paid 489.40
Interest paid 1,988.50
Income taxes paid (refund) 0.00
Other inflows (outflows) of cash (405.20)
Net cash flows from (used in) financing activities (2,569.60)
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes (2,181.00)
Effect of exchange rate changes on cash and cash equivalents
Effect of exchange rate changes on cash and cash equivalents 0.00
Net increase (decrease) in cash and cash equivalents (2,181.00)
Cash and cash equivalents cash flow statement at beginning of period 5,059.70
Cash and cash equivalents cash flow statement at end of period 2,878.70