Stock Price Movement and Market Performance
On 30 March 2026, Gandhar Oil Refinery’s share price touched an intraday low of Rs.117.15, representing a 5.1% drop during the session and a 4.41% decline on the day. This fall outpaced the Sensex’s 2.25% decrease, signalling a sharper negative reaction among investors. The stock has been on a downward trajectory for two consecutive days, losing 9.08% over this period.
The stock’s performance over recent months has been notably weak. It has declined by 7.45% over the past week and 14.15% in the last month, compared to the Sensex’s respective falls of 1.05% and 10.35%. Over three months, the stock’s loss of 20.43% exceeds the Sensex’s 15.05% drop. Year-to-date, Gandhar Oil Refinery has fallen 23.55%, significantly underperforming the Sensex’s 15.60% decline.
Longer-term figures reveal a stagnant picture. The stock has generated zero returns over three, five, and ten-year periods, while the Sensex has delivered gains of 24.10%, 43.47%, and 183.88% respectively. This divergence highlights the company’s challenges in creating shareholder value over extended horizons.
Technical Indicators Confirm Bearish Sentiment
Technical analysis points to a bearish trend for Gandhar Oil Refinery. The stock is trading below all key moving averages, including the 5-day, 20-day, 50-day, 100-day, and 200-day averages. The overall technical trend shifted to bearish on 16 March 2026 at a price of Rs.127.55, confirming the downward momentum.
Key technical indicators such as MACD and Bollinger Bands are signalling bearish conditions on both weekly and monthly charts. The Relative Strength Index (RSI) currently shows no clear signal, while the KST and Dow Theory indicators remain mildly bearish. On-balance volume (OBV) presents a mixed picture with mildly bearish weekly readings but bullish monthly trends.
Immediate support is identified at Rs.120.60, coinciding with the 52-week low, while resistance levels are observed at Rs.131.33 (20-day moving average), Rs.141.40 (100-day moving average), and Rs.148.19 (200-day moving average). The 52-week high stands at Rs.184.25, a distant level given the current price.
Financial and Operational Overview
Despite the share price decline, Gandhar Oil Refinery’s recent quarterly financials show some positive developments. For the quarter ending December 2025, the company reported its highest net sales at Rs.1,167.06 crores. Profit before tax excluding other income (PBT less OI) rose by 44.2% to Rs.41.56 crores compared to the previous four-quarter average. Net profit after tax (PAT) also increased by 38.9% to Rs.32.39 crores over the same period.
These figures suggest operational improvements in the short term, although the company’s return on capital employed (ROCE) for the half year was at a relatively low 10.51%, indicating room for efficiency gains.
Valuation Metrics and Quality Assessment
Gandhar Oil Refinery is classified as a micro-cap stock with a MarketsMOJO Mojo Score of 43.0 and a current Mojo Grade of Sell, downgraded from Hold on 13 February 2026. The valuation multiples as of 30 March 2026 include a price-to-earnings (P/E) ratio of 11x, price-to-book value (P/BV) of 0.93x, and an enterprise value to EBITDA (EV/EBITDA) of 6.88x. The PEG ratio stands at a low 0.30x, reflecting the relationship between price, earnings growth, and valuation.
The stock offers a dividend yield of 1.01%, with the latest dividend declared at Rs.0.74 per share and a payout ratio of 3.48%. The ex-dividend date was 30 January 2026.
From a quality perspective, the company is rated as average overall. It maintains a strong balance sheet with low leverage, evidenced by an average debt-to-equity ratio of 0.10 times and net debt to equity of 0.16. Capital structure is considered good, and there is no promoter share pledging. However, growth metrics remain subdued, with five-year net sales declining at an annualised rate of -0.83% and operating profit shrinking by -19.77% over the same period.
Return on equity (ROE) is weak at 7.98%, while ROCE averages a more respectable 17.77%. Interest coverage is modest, with an average EBIT to interest ratio of 3.94x, indicating limited buffer against interest expenses.
Comparative Performance and Market Context
Gandhar Oil Refinery’s underperformance is evident when compared to broader market indices and sector peers. The stock has lagged the BSE500 index over the last three years, one year, and three months. Its current trading price is approximately 36% below its 52-week high of Rs.184.25, underscoring the extent of the decline.
Delivery volumes have shown some recent increase, with a 1-day delivery volume change of 85.76% compared to the five-day average and a 1-month delivery change of 3.76%. The average daily volume over the trailing month was 1.06 lakh shares, up from 1.1 lakh in the previous month, suggesting modest shifts in trading activity.
Summary of Key Metrics as of 30 March 2026
Price: Rs.118.00
52-Week Range: Rs.120.60 – Rs.184.25
Market Cap Grade: Micro-cap
Mojo Grade: Sell (downgraded from Hold on 13 Feb 2026)
Mojo Score: 43.0
Dividend Yield: 1.01%
P/E Ratio: 11x
P/BV: 0.93x
EV/EBITDA: 6.88x
PEG Ratio: 0.30x
ROCE (Average): 17.77%
Debt to Equity (Average): 0.10x
Conclusion
The fall of Gandhar Oil Refinery (India) Ltd’s stock to an all-time low of Rs.117.15 on 30 March 2026 reflects a sustained period of underperformance relative to market benchmarks and sector peers. While recent quarterly results indicate some improvement in sales and profitability, the company’s longer-term growth trends remain subdued. Technical indicators confirm a bearish market stance, with the stock trading below all major moving averages and facing resistance at multiple levels. The valuation metrics suggest the stock is trading at a discount, but the overall quality and growth profile remain average to below average. This combination of factors has contributed to the stock’s current position at historic lows within a challenging market environment.
