Recent Price Movement and Market Context
On 5 December 2025, Gandhar Oil Refinery (India) recorded its lowest price in the past year at Rs.123.55. This level also represents the stock’s all-time low, underscoring a sustained downward trajectory. Over the last seven trading sessions, the stock has registered a cumulative return of -5.59%, reflecting a persistent decline. Today’s trading session saw the stock underperform its sector by 0.47%, with a day change of -1.04%.
The stock is currently trading below all key moving averages, including the 5-day, 20-day, 50-day, 100-day, and 200-day averages. This technical positioning indicates a prevailing bearish trend in the short to long term.
In contrast, the broader market has shown resilience. The Sensex, after an initial negative opening of 139.84 points, recovered to close at 85,390.62, up 0.15%. The index remains close to its 52-week high of 86,159.02, trading above its 50-day and 200-day moving averages. Mega-cap stocks have led this market strength, highlighting a divergence between large-cap and smaller-cap performances.
Long-Term Performance and Financial Trends
Gandhar Oil Refinery (India) has experienced a notable decline over the past year, with a total return of -46.78%. This contrasts with the Sensex’s 4.41% return over the same period, emphasising the stock’s relative underperformance. The 52-week high for the stock was Rs.244.55, indicating that the current price is approximately 49.5% below that peak.
Over the last five years, the company’s net sales have shown a compound annual rate of -2.76%, while operating profit has moved at an annual rate of -21.51%. These figures suggest subdued growth and pressure on profitability over an extended period.
Additionally, the stock has underperformed the BSE500 index across multiple time frames, including the last three years, one year, and three months, signalling challenges in both near-term and long-term performance relative to a broad market benchmark.
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Financial Strength and Valuation Metrics
Despite the stock’s price challenges, Gandhar Oil Refinery (India) maintains a relatively low average debt-to-equity ratio of 0.10 times, indicating limited leverage on its balance sheet. This conservative capital structure may provide some stability amid market fluctuations.
Quarterly financial results from September 2025 show some positive indicators. The operating profit to interest ratio reached 6.41 times, the highest recorded, suggesting the company’s earnings before interest and taxes comfortably cover interest expenses. Net sales for the quarter stood at Rs.1,059.91 crore, also the highest quarterly figure, while profit before depreciation, interest, and taxes (PBDIT) was Rs.65.84 crore, marking a quarterly peak.
The company’s return on capital employed (ROCE) is reported at 10.6%, which is considered attractive relative to its valuation. The enterprise value to capital employed ratio stands at 1, indicating the stock is trading at a discount compared to its peers’ historical averages.
However, over the past year, profits have declined by 11.6%, reflecting ongoing pressures on the company’s earnings despite some quarterly improvements.
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Shareholding and Sector Position
The majority shareholding in Gandhar Oil Refinery (India) remains with the promoters, indicating concentrated ownership. The company operates within the oil industry, a sector that has experienced mixed performance amid fluctuating global energy prices and evolving demand patterns.
While the Sensex and mega-cap stocks have shown strength recently, Gandhar Oil Refinery’s stock price movement highlights a divergence within the sector and market capitalisation segments.
Given the stock’s current position below all major moving averages and its recent 52-week low, the market assessment reflects a cautious stance on the company’s near-term prospects.
Summary of Key Price and Performance Data
• New 52-week and all-time low price: Rs.123.55
• Consecutive seven-day decline with -5.59% returns
• Underperformance relative to sector by 0.47% on the latest trading day
• Trading below 5, 20, 50, 100, and 200-day moving averages
• One-year return: -46.78% versus Sensex’s 4.41%
• Five-year net sales CAGR: -2.76%
• Five-year operating profit CAGR: -21.51%
• Quarterly net sales peak at Rs.1,059.91 crore
• Quarterly PBDIT peak at Rs.65.84 crore
• Operating profit to interest coverage at 6.41 times
• ROCE at 10.6% with enterprise value to capital employed at 1
These figures collectively illustrate the stock’s current valuation and financial standing within the oil sector, providing a comprehensive view of its recent market performance and underlying fundamentals.
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