BSE: 544029 | NSE: GANDHAR | Lubricants | Small Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that Gandhar Oil Refinery (India) Ltd is a good quality company.
The key valuation ratios of Gandhar Oil Refinery (India) Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Gandhar Oil Refinery (India) Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 14.3% | 12.1% | 22.1% | 20.1% | 14.7% | 16% | 24.1% | 55% | 41% | 21.8% | - |
| Value Creation Index ⓘ | 0.0 | -0.1 | 0.6 | 0.4 | 0.1 | 0.1 | 0.7 | 2.9 | 1.9 | 0.6 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 2,199 | 1,537 | 1,957 | 2,363 | 3,027 | 2,366 | 1,984 | 2,925 | 2,921 | 2,842 | 3,005 |
| Sales YoY Gr. | - | -30.1% | 27.4% | 20.8% | 28.1% | -21.8% | -16.1% | 47.4% | -0.1% | -2.7% | - |
| Adj EPS ⓘ | 3.4 | 2.5 | 7.1 | 6.3 | 9.1 | 4.6 | 6.2 | 24.9 | 21.8 | 11.9 | 9.9 |
| YoY Gr. | - | -26.9% | 185.2% | -11.8% | 44.2% | -49.5% | 35.4% | 301.9% | -12.5% | -45.5% | - |
| BVPS (₹) ⓘ | 23.1 | 24.3 | 31.8 | 40 | 40.3 | 41.5 | 47.9 | 66.8 | 88 | 113.6 | 117.1 |
| Adj Net Profit ⓘ | 27.4 | 20 | 57.1 | 50.4 | 72.6 | 36.6 | 49.6 | 199 | 174 | 116 | 97 |
| Cash Flow from Ops. ⓘ | -93.5 | 219 | -26.6 | 190 | 153 | 22.3 | 102 | 117 | 52.4 | -83.5 | - |
| Debt/CF from Ops. ⓘ | -4.7 | 1.2 | -12.2 | 1.5 | 0.6 | 4.6 | 0.7 | 0.4 | 0.3 | -0.3 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 2.9% | -1.3% | 12.7% | -2.7% | ||||
| Adj EPS ⓘ | 14.8% | 5.6% | 24.2% | -45.5% | ||||
| BVPSⓘ | 19.4% | 23% | 33.4% | 29.2% | ||||
| Share Price | - | - | - | - | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 17.5 | 10.6 | 25.4 | 17.5 | 22.6 | 11.2 | 13.9 | 43.5 | 28.2 | 12.8 | 8.6 |
| Op. Profit Mgn % ⓘ | 3.8 | 4.6 | 5.7 | 5.2 | 3.9 | 3.8 | 4.7 | 8 | 8.9 | 7 | 5.8 |
| Net Profit Mgn % ⓘ | 1.2 | 1.3 | 2.9 | 2.1 | 2.4 | 1.6 | 2.5 | 6.8 | 6 | 4.1 | 3.2 |
| Debt to Equity ⓘ | 2.4 | 1.4 | 1.3 | 0.9 | 0.3 | 0.3 | 0.2 | 0.1 | 0 | 0 | 0 |
| Working Cap Days ⓘ | 109 | 156 | 126 | 129 | 111 | 127 | 139 | 99 | 108 | 128 | 80 |
| Cash Conv. Cycle ⓘ | 51 | 62 | 55 | 44 | 16 | 12 | 18 | 17 | 30 | 51 | 52 |
Sales growth is growing at healthy rate in last 3 years 12.72%
Net Profit is growing at healthy rate in last 3 years 24.21%
Return on Equity has declined versus last 3 years average to 8.60%
Sales growth is not so good in last 4 quarters at 6.80%
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 9.9 | 10.8 |
| TTM Sales (₹ Cr.) | 3,005 | 3,972 |
| BVPS (₹.) ⓘ | 117.1 | 123.4 |
| Reserves (₹ Cr.) ⓘ | 1,127 | 1,188 |
| P/BV ⓘ | 1.78 | 1.69 |
| PE ⓘ | 21.08 | 19.37 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 182.55 / 344.60 |
| All Time Low / High (₹) | 182.55 / 344.60 |
| Market Cap (₹ Cr.) | 2,044 |
| Equity (₹ Cr.) | 19.6 |
| Face Value (₹) | 2 |
| Industry PE ⓘ | 19.7 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 2,199 | 1,537 | 1,957 | 2,363 | 3,027 | 2,366 | 1,984 | 2,925 | 2,921 | 2,842 |
| Operating Expenses ⓘ | 2,125 | 1,473 | 1,849 | 2,241 | 2,966 | 2,304 | 1,891 | 2,700 | 2,668 | 2,645 |
| Manufacturing Costs | 176 | 84 | 81 | 91 | 169 | 111 | 106 | 144 | 137 | 156 |
| Material Costs | 1,899 | 1,342 | 1,718 | 2,101 | 2,647 | 2,111 | 1,692 | 2,467 | 2,447 | 2,403 |
| Employee Cost | 12 | 13 | 20 | 16 | 19 | 22 | 23 | 28 | 39 | 40 |
| Other Costs ⓘ | 38 | 34 | 30 | 33 | 131 | 60 | 70 | 62 | 44 | 45 |
| Operating Profit ⓘ | 74 | 63 | 108 | 122 | 61 | 62 | 94 | 224 | 253 | 197 |
| Operating Profit Margin (%) | 3.4% | 4.1% | 5.5% | 5.2% | 2.0% | 2.6% | 4.7% | 7.7% | 8.7% | 6.9% |
| Other Income ⓘ | 10 | 11 | 16 | 6 | 36 | 16 | 24 | 70 | 25 | 21 |
| Interest ⓘ | 40 | 47 | 30 | 45 | 45 | 47 | 35 | 24 | 39 | 39 |
| Depreciation ⓘ | 8 | 8 | 8 | 9 | 7 | 11 | 12 | 12 | 13 | 15 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | -16 | 0 | 0 | 1 | 0 | 0 |
| Profit Before Tax ⓘ | 35 | 19 | 85 | 74 | 29 | 21 | 71 | 258 | 227 | 164 |
| Tax ⓘ | 14 | 4 | 25 | 24 | 7 | 3 | 20 | 62 | 58 | 45 |
| Profit After Tax | 21 | 15 | 61 | 50 | 22 | 18 | 51 | 197 | 170 | 119 |
| PAT Margin (%) | 1.0% | 1.0% | 3.1% | 2.1% | 0.7% | 0.8% | 2.6% | 6.7% | 5.8% | 4.2% |
| Adjusted EPS (₹) | 2.6 | 1.9 | 7.6 | 6.2 | 2.8 | 2.2 | 6.4 | 24.6 | 21.2 | 12.1 |
| Dividend Payout Ratio (%) | 15% | 11% | 5% | 6% | 73% | 40% | 3% | 22% | 0% | 4% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 184 | 194 | 255 | 320 | 323 | 332 | 383 | 534 | 704 | 1,112 |
| Share Capital ⓘ | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 16 | 20 |
| Reserves ⓘ | 168 | 178 | 239 | 304 | 307 | 316 | 367 | 518 | 688 | 1,093 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 438 | 268 | 320 | 279 | 82 | 100 | 64 | 39 | 5 | 24 |
| Long Term Debt | 6 | 12 | 10 | 6 | 3 | 16 | 18 | 5 | 4 | 3 |
| Short Term Debt | 432 | 256 | 311 | 273 | 79 | 84 | 47 | 34 | 1 | 20 |
| Trade Payables | 338 | 305 | 311 | 586 | 672 | 472 | 511 | 470 | 379 | 325 |
| Others Liabilities ⓘ | 32 | 25 | 55 | 35 | 46 | 47 | 50 | 48 | 83 | 91 |
| Total Liabilities ⓘ | 992 | 792 | 941 | 1,219 | 1,123 | 951 | 1,008 | 1,092 | 1,171 | 1,552 |
Fixed Assets | ||||||||||
| Gross Block | 87 | 101 | 112 | 113 | 118 | 145 | 151 | 158 | 190 | 309 |
| Accumulated Depreciation | 25 | 27 | 36 | 18 | 24 | 35 | 47 | 57 | 65 | 67 |
| Net Fixed Assetsⓘ | 61 | 73 | 76 | 96 | 94 | 110 | 104 | 100 | 125 | 243 |
| CWIP ⓘ | 5 | 2 | 4 | 0 | 5 | 12 | 22 | 43 | 73 | 8 |
| Investmentsⓘ | 6 | 6 | 6 | 8 | 7 | 2 | 2 | 2 | 2 | 2 |
| Inventories | 260 | 226 | 261 | 300 | 253 | 185 | 199 | 258 | 278 | 280 |
| Trade Receivables | 419 | 358 | 443 | 530 | 517 | 417 | 475 | 419 | 463 | 532 |
| Cash Equivalents | 191 | 79 | 91 | 187 | 99 | 85 | 106 | 139 | 41 | 235 |
| Others Assetsⓘ | 51 | 48 | 58 | 98 | 148 | 140 | 101 | 130 | 189 | 252 |
| Total Assets ⓘ | 992 | 792 | 941 | 1,219 | 1,123 | 951 | 1,008 | 1,092 | 1,171 | 1,552 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | -94 | 219 | -27 | 190 | 153 | 22 | 102 | 117 | 52 | -83 |
| PBT ⓘ | 35 | 19 | 85 | 74 | 45 | 21 | 71 | 258 | 227 | 164 |
| Adjustment ⓘ | 44 | 49 | 31 | 52 | 59 | 58 | 59 | -14 | 41 | 40 |
| Changes in Working Capital ⓘ | -152 | 163 | -132 | 104 | 88 | -57 | -24 | -69 | -155 | -240 |
| Tax Paid ⓘ | -21 | -11 | -10 | -40 | -23 | 1 | -4 | -58 | -62 | -47 |
| Cash Flow From Investing Activity ⓘ | -4 | -14 | -8 | -6 | 21 | 3 | -6 | 27 | -40 | -29 |
| Capex | -15 | -18 | -13 | -9 | -10 | -17 | -10 | -30 | -50 | -45 |
| Net Investments | 0 | 0 | 0 | -2 | 2 | 5 | 0 | 6 | 0 | 0 |
| Others ⓘ | 10 | 5 | 6 | 5 | 29 | 15 | 5 | 51 | 10 | 16 |
| Cash Flow From Financing Activityⓘ | 127 | -220 | 24 | -187 | -175 | -25 | -91 | -115 | -48 | 163 |
| Net Proceeds from Shares ⓘ | 38 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 302 |
| Net Proceeds from Borrowing ⓘ | 2 | 8 | -3 | -3 | -4 | 11 | 2 | -12 | 6 | -8 |
| Interest Paid ⓘ | -39 | -46 | -29 | -44 | -44 | -46 | -34 | -24 | -38 | -38 |
| Dividend Paid ⓘ | -2 | -5 | 0 | -3 | -19 | -7 | 0 | -46 | 0 | -4 |
| Others ⓘ | 129 | -178 | 55 | -137 | -108 | 16 | -59 | -34 | -17 | -89 |
| Net Cash Flow ⓘ | 30 | -15 | -11 | -3 | -1 | 0 | 5 | 30 | -36 | 50 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 13.44 | 8.04 | 26.97 | 17.34 | 6.87 | 5.45 | 14.36 | 42.88 | 27.39 | 13.07 |
| ROCE (%) | 14.25 | 12.14 | 22.06 | 20.08 | 14.7 | 15.97 | 24.05 | 55.04 | 41 | 21.8 |
| Asset Turnover Ratio | 2.63 | 1.79 | 2.33 | 2.2 | 2.58 | 2.28 | 2.03 | 2.79 | 2.58 | 2.09 |
| PAT to CFO Conversion(x) | -4.48 | 14.6 | -0.44 | 3.8 | 6.95 | 1.22 | 2 | 0.59 | 0.31 | -0.7 | Working Capital Days |
| Receivable Days | 63 | 89 | 72 | 75 | 63 | 72 | 82 | 56 | 55 | 64 |
| Inventory Days | 36 | 56 | 44 | 43 | 33 | 34 | 35 | 29 | 34 | 36 |
| Payable Days | 56 | 88 | 65 | 78 | 87 | 99 | 106 | 73 | 63 | 53 |
The company was incorporated on October 7, 1992 at Mumbai, Maharashtra as ‘Gandhar Oil Refinery (India) Private Limited’ under the Companies Act, 1956. Pursuant to fulfilling certain requirements for a public company under the Companies Act, 1956 and conversion into a public limited company, the name of the company was changed to ‘Gandhar Oil Refinery (India) Limited’, and a fresh certificate of incorporation dated January 22, 1997 was issued by the Registrar of Companies, Maharashtra, at Mumbai (RoC). The company was then converted into a private limited company under the provisions of the Companies Act, 1956 and the name of the company was changed to ‘Gandhar Oil Refinery (India) Private Limited’ pursuant to conversion into a private company, and a fresh certificate of incorporation dated January 6, 2003 was issued by the RoC. Subsequently, the name of the company was changed to ‘Sunoco Industries Private Limited’ and a fresh certificate of incorporation dated March 16, 2004 was issued by the RoC. The name of the company was changed again to ‘Gandhar Oil Refinery (India) Private Limited’ and a fresh certificate of incorporation dated July 25, 2005 was issued by the RoC. Pursuant to conversion into a public limited company, the name of the company was changed to ‘Gandhar Oil Refinery (India) Limited’, and a fresh certificate of incorporation dated August 22, 2005 was issued by the RoC.
The company is a leading manufacturer of white oils by revenue with a growing focus on the consumer and healthcare end-industries. As of June 30, 2023, its product suite comprised over 440 products primarily across the personal care, healthcare and performance oils (PHPO), lubricants and process and insulating oils (PIO) divisions under the ‘Divyol’ brand. Its products are used as ingredients by leading Indian and global companies for the manufacture of end products for the consumer, healthcare, automotive, industrial, power and tyre and rubber sectors. The white oil market is the fastest growing segment in the specialty oils sector and the company is India’s largest manufacturer of white oils by revenue in Financial Year 2023, including domestic and overseas sales and is one of the top five players globally in terms of market share in the calendar year 2022.
As a manufacturer of speciality oils, its products and processes are required to comply with strict standards and other specifications prescribed by its customers, and its long-standing relationships with several leading Indian and global companies demonstrate its qualification of these requirements. It has completed rigorous selection processes for securing business from several of its customers and has been able to maintain high customer loyalty. Its customer engagement, relationships and the quality and other certifications awarded to its manufacturing facilities demonstrate the quality of its products and its capabilities.
Business area of the company
The company is a leading manufacturer of white oils by revenue with a growing focus on the consumer and healthcare end-industries. It produces a broad variety of speciality oils and lubricants such as White oils, waxes, jellies, automotive oils, industrial oils, transformer oils and rubber processing oils. Its products are sold under its flagship brand ‘Divyol’.
Key awards, accreditations, certifications and recognitions
Major Events
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MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
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The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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