Gandhar Oil Refinery (India) Ltd (GANDHAR) — share price & stock analysis

Market cap

₹1,805 Cr

P/E

13.3×

ROE

10.5%

vs own history (since 2024)

41st pctile

Book value / share

₹138

EPS (TTM)

₹13.9

10-yr median P/E

15.9×

Revenue (FY26)

₹4,241 Cr

Profit after tax (FY26)

₹137 Cr

Weinstein stage

Stage 2 (3 weeks)

Data as of

1 July 2026

5 of the 6 things we track are currently moving the right way — nearly everything is pulling in the same direction.

Where the levels actually stand: ROCE 13% — decent; effectively no debt; margins mid-band. Momentum says which way things are moving; these say where they are.

Read this number for what it is: it measures the DIRECTION of change, not the quality of the business. A mediocre business getting better scores high here; a great one having a soft quarter scores low. Profit, sales and margins count double, and a quarter of the score comes from our earnings-recovery lens (is the profit cycle turning up off its trough?).

Price and profits are moving together

Since May 2024, the stock is down 11% and earnings per share are down 15% — the price has tracked the profits, not run ahead of them.pricettm_eps

The market is paying for delivery, not promises. What you see in earnings is what you get in the price.

Today’s P/E of 13.3× is the middle of its own range against its own history since 2024 (41st percentile) — neither a bargain nor a stretch, by its own standards.pe_ratio

Price is the weekly close (₹). EPS is trailing-twelve-month profit per share, anchored on Screener's own snapshots (the window starts at the first stable snapshot — earlier IPO-era share-count revisions are excluded, since they are not earnings events); between snapshots it is filled from price ÷ P/E (an exact identity), and any fill straying more than 18% from the neighbouring snapshots is dropped rather than shown. The lower panel is the P/E — what the market pays per rupee of profit; the dotted line is its long-run median (15.9×).

The price is in a confirmed uptrend — 3 weeks and counting

Stock prices move through four repeating stages: basing (1), advancing (2), topping (3) and declining (4). This one is in Stage 2: advancing, 3 weeks in, confirmed.stage

The price sits above its rising 200-day average (₹152 today) and its strength against the index is still improving — trends like this persist more often than they reverse, which is why the system rides them instead of guessing the top.dma_200

Beating NIFTY 500 for 14 weeks — relative strength is the market’s live opinion, and right now it is on this stock’s side.rs_mansfield

What would end it: two Friday closes in a row below the 200-day line. That is the house exit rule — mechanical, no debates.dma_200

A lumpy ride — no clean trend in profits

Over 10 years, sales went from ₹1,756 Cr to ₹4,241 Cr (about 9% a year), and profit from ₹26.0 Cr to ₹137 Cr.revenuenet_profit

Sales grew 14% last quarter

Mar 26 sales were ₹1,093 Cr, up 14% on the same quarter last year.revenue

Margins are widening — 3% → 6% in a year

Of every ₹100 of sales, the company keeps ₹5.8 as operating profit (a year ago it kept ₹3.5).opm_pct

The gross margin barely moved (12% → 12%), so the change came from running costs — the business is getting more efficient as it scales.gpm_pctopm_pct

Profit exploded 208% — mostly from keeping more of each sale

Mar 26 profit after tax was ₹37.0 Cr, up 208% year on year.net_profit

Profits on paper, cash lagging behind

Over the last 5 profitable years, the business reported ₹763 Cr of profit and collected ₹329 Cr of operating cash — about 43% conversion.operating_cash_flownet_profit

The cash cycle is stable

One rupee now takes about 82 days to go out the door as materials and come back as collected cash.cash_conversion_cycle

The biggest mover: inventory sitting longer in the warehouse (50 → 63 days).inventory_days

The asset base keeps compounding — this company builds

The productive asset base has gone from ₹74.0 Cr (FY16) to ₹498 Cr, with another ₹29.0 Cr of capacity under construction right now.fixed_assetscwip

The build is bigger than the cash engine: investing outflows (₹176 Cr) exceeded operating cash (₹74.0 Cr) over the last 3 years — the difference comes from debt or shareholders.investing_cash_flowoperating_cash_flow

Almost no debt — this company cannot be killed by a bad year

For every ₹100 shareholders have put in (and left in), the company has borrowed ₹23.borrowings

Every ₹100 kept in the business earns ₹13 — decent, not special

Return on capital employed is 13.0% (a year ago: 11.0%). This is the single best test of business quality: what the company earns on the money it keeps.roce_pct

Promoters are adding — up 1.8 points over 8 quarters

Promoters hold 66.5% (up 1.8 points over 8 quarters). Foreign funds own 0.1%, domestic funds 0.1%.promoters_pctfiis_pctdiis_pct

Meanwhile domestic funds have been the sellers — from 10.7% to 0.1% over the window. Someone on the other side of the table disagrees; both sides count.diis_pct

Interesting, not obvious

The numbers are genuinely mixed, and the price is roughly fair to the delivery so far.

Best thing in the data: cash generation rising (₹15.0 Cr → ₹128 Cr).operating_cash_flow

Biggest worry: domestic-fund holding falling (1.8% → 0.1%).diis_pct

Machine-written research from Screener data — every number traces to its source column. Sector Alpha is not a SEBI-registered investment adviser; nothing here is a recommendation to buy or sell. Not investment advice.

Straight answers from the data