Stock Price Movement and Market Context
On 8 December 2025, Gandhar Oil Refinery (India) recorded an intraday low of Rs.122.25, representing a fall of 2.74% for the day. This new low also stands as the stock’s all-time lowest price. The stock underperformed its sector by 2.23% on the same day, indicating relative weakness compared to its oil industry peers.
The broader market, represented by the Sensex, experienced a decline of 0.37%, closing at 85,393.16 points after falling 231.68 points from its flat opening. Despite this, the Sensex remains close to its 52-week high of 86,159.02, trading approximately 0.9% below that peak. The index is supported by bullish moving averages, with the 50-day moving average positioned above the 200-day moving average, signalling a generally positive market trend.
In contrast, Gandhar Oil Refinery (India) is trading below all key moving averages, including the 5-day, 20-day, 50-day, 100-day, and 200-day averages. This technical positioning highlights the stock’s current downward momentum and the challenges it faces in regaining upward traction.
Long-Term Performance and Financial Trends
Over the past year, Gandhar Oil Refinery (India) has delivered a return of -48.69%, a stark contrast to the Sensex’s 4.52% gain during the same period. The stock’s 52-week high was Rs.244.55, underscoring the extent of the decline to its current level.
Examining the company’s financial performance over the last five years reveals subdued growth trends. Net sales have shown a compound annual rate of -2.76%, while operating profit has reflected a decline at an annual rate of -21.51%. These figures suggest that the company has faced difficulties in expanding its revenue base and maintaining profitability over the medium term.
In addition, Gandhar Oil Refinery (India) has underperformed the BSE500 index over the last three years, one year, and three months, indicating a consistent lag behind a broad market benchmark.
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Recent Quarterly Highlights
Despite the overall downward trend, the company reported some notable quarterly figures in September 2025. Net sales for the quarter reached Rs.1,059.91 crore, the highest recorded in recent periods. Operating profit before depreciation, interest, and taxes (PBDIT) also peaked at Rs.65.84 crore, while the operating profit to interest ratio stood at 6.41 times, indicating a relatively strong coverage of interest expenses.
These quarterly results suggest that the company has managed to achieve some operational efficiencies and revenue milestones in the short term, even as the broader financial picture remains challenging.
Capital Structure and Valuation Metrics
Gandhar Oil Refinery (India) maintains a low average debt-to-equity ratio of 0.10 times, reflecting a conservative approach to leverage. This low gearing level may provide some financial flexibility amid the current market conditions.
The company’s return on capital employed (ROCE) stands at 10.6%, a figure that indicates moderate capital efficiency. Additionally, the enterprise value to capital employed ratio is approximately 1, suggesting that the stock is trading at a valuation discount relative to its peers’ historical averages.
However, over the past year, profits have declined by 11.6%, reinforcing the pressures on the company’s earnings capacity.
Shareholding and Sector Position
The majority of Gandhar Oil Refinery (India)’s shares are held by promoters, indicating concentrated ownership. The company operates within the oil industry, a sector that has experienced volatility due to fluctuating commodity prices and evolving market dynamics.
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Summary of Current Position
Gandhar Oil Refinery (India) is currently positioned at a significant low point in its stock price history, with the Rs.122.25 level marking both a 52-week and all-time low. The stock’s performance over the past year and longer term has been subdued relative to market benchmarks and sector peers. While recent quarterly data shows some positive figures in sales and operating profit, the overall financial trends reflect challenges in growth and profitability.
The company’s low leverage and moderate capital returns provide some stability, but the stock remains below all major moving averages, indicating continued downward pressure in the near term. The broader market environment, with the Sensex trading near its highs, contrasts with the stock’s current trajectory.
Investors and market watchers will note the divergence between Gandhar Oil Refinery (India)’s recent performance and the general market trend, underscoring the importance of monitoring sector-specific and company-specific developments closely.
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