Gandhar Oil Refinery (India) Q2 FY27 Results: Consolidated Net Profit ₹186 Crore on Total Income of ₹1,850 Crore
Earnings
petroleum products / specialty oils
Blacklitt Research3 min read
Gandhar Oil Refinery (India) reported total income of ₹1,849.54 crore and a consolidated net profit of ₹186.28 crore for the quarter ended 30 Sep 2026, it said in a filing on 27 Oct 2026. Standalone total income was ₹1,733.50 crore and standalone net profit ₹163.11 crore.
Key highlights
Consolidated
Including its subsidiaries
Total income: ₹1,849.54 crore, up 72.7% YoY and 6.6% QoQ
Net profit and EPS: ₹186.28 crore; basic EPS ₹17.87, up from ₹3.68 a year earlier
Exceptional item: ₹21.29 crore expense for Silvassa flood losses
Profit attributable to owners: ₹174.91 crore
Standalone
The company on its own, without its subsidiaries
Total income: ₹1,733.50 crore, up 111.7% YoY and 8.7% QoQ
Net profit and EPS: ₹163.11 crore; basic EPS ₹16.66, up from ₹3.29 a year earlier
Finance costs: ₹10.76 crore, up 78.4% YoY
Summary
Consolidated ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
1,849.54
1,071.06
+72.7%
1,734.95
+6.6%
Revenue from operations
1,846.56
1,068.11
+72.9%
1,731.93
+6.6%
Other income
2.98
2.95
+1.0%
3.02
-1.3%
186.28
39.77
+368.4%
205.89
-9.5%
Profit before tax
248.09
51.14
+385.1%
263.76
-5.9%
Finance costs
13.25
10.27
+29.0%
12.74
+4.0%
Depreciation
8.03
7.49
+7.2%
7.84
+2.4%
Tax expense
61.81
11.37
+443.6%
57.87
+6.8%
Net profit margin
10.07%
3.71%
+6.36 pp
11.87%
-1.80 pp
EPS, basic (₹)
17.87
3.68
+385.6%
19.65
-9.1%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated profit grew far faster than the 72.7% rise in total income compared with a year earlier, but the comparison rests on a weak base: the year-earlier quarter's net profit was ₹39.77 crore. Net profit rose 368.4% YoY, while profit before tax rose 385.1%, so the gap between the two shows how the tax charge of ₹61.81 crore, up 443.6%, moved alongside profit.
Against the previous quarter the picture reverses. Total income rose 6.6% QoQ, yet net profit fell 9.5% to ₹186.28 crore from ₹205.89 crore, and profit before tax fell 5.9%. Finance costs of ₹13.25 crore are 0.7% of total income, and other income of ₹2.98 crore is 0.2% of total income, so neither line is a large part of the result.
The filing records a consolidated exceptional item of ₹21.29 crore, an expense for loss of stock, contaminated stock and repair cost from floods at the Silvassa unit. The company says the insurance claim has not been recognised as income because the required level of certainty has not been achieved. The consolidated profit for the period of ₹186.28 crore compares with ₹174.91 crore attributable to owners of the company.
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
1,733.50
818.99
+111.7%
1,594.47
+8.7%
Revenue from operations
1,729.92
815.47
+112.1%
1,591.05
+8.7%
Other income
3.58
3.52
+1.7%
3.42
+4.7%
163.11
32.22
+406.2%
178.82
-8.8%
Profit before tax
224.84
43.53
+416.5%
236.36
-4.9%
Finance costs
10.76
6.03
+78.4%
9.90
+8.7%
Depreciation
6.43
6.15
+4.6%
6.63
-3.0%
Tax expense
61.73
11.31
+445.8%
57.54
+7.3%
Net profit margin
9.41%
3.93%
+5.48 pp
11.22%
-1.81 pp
EPS, basic (₹)
16.66
3.29
+406.4%
18.27
-8.8%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit rose 406.2% YoY to ₹163.11 crore, faster than total income, which rose 111.7%. Revenue from operations rose 112.1%, while other income of ₹3.58 crore is 0.2% of total income. Tax expense of ₹61.73 crore is 27.5% of profit before tax of ₹224.84 crore.
Standalone net profit fell 8.8% QoQ while total income rose 8.7%. Standalone profit before tax of ₹224.84 crore includes the same ₹21.29 crore exceptional item for the Silvassa flood losses that the consolidated figures carry.
Consolidated net profit of ₹186.28 crore is ₹23.17 crore higher than standalone net profit of ₹163.11 crore, and consolidated total income of ₹1,849.54 crore is ₹116.04 crore higher than standalone total income of ₹1,733.50 crore. Consolidated income grew more slowly than standalone income on both a year-on-year and a quarter-on-quarter basis.
The consolidated figures include five entities, among them Texol Lubritech FZC. Its subsidiary auditors' review report shows quarter revenue of ₹134.55 crore and net profit after tax of ₹22.75 crore for the quarter ended 30 Sep 2026.
Inference
The filing states that the board approved the results on 27 Oct 2026 and that the statutory auditor, K J K & Associates, issued a limited review report with an unmodified conclusion for both sets of results. The filing also records an appointment: Santosh Kumar Singh, Assistant General Manager, Commercial, joined the company on 1 Mar 2002 and is appointed Factory Manager of the Silvassa plant with effect from 27 Oct 2026.
The filing does not state the amount of the insurance claim for the Silvassa flood losses, when it may be recognised, or whether the Silvassa unit has resumed full operations.
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GANDHARGandhar Oil Refinery (India) Ltd.
