Recent Price Movements and Market Context
On 5 December 2025, Gandhar Oil Refinery (India) recorded its lowest price ever at Rs.124.1. This level represents a continuation of a seven-day losing streak, during which the stock has returned -5.63%. The daily change on this date was -0.88%, contrasting with the Sensex’s marginal positive movement of 0.04%. Over the past week, the stock’s return stood at -5.01%, while the Sensex declined by -0.48%. The one-month period shows a -7.07% return for Gandhar Oil Refinery (India), whereas the Sensex gained 2.20%.
Extending the timeframe, the stock’s three-month return is -17.27%, compared to the Sensex’s 5.68%. Over the last year, Gandhar Oil Refinery (India) has posted a return of -46.70%, while the Sensex recorded a positive 4.32%. Year-to-date figures reveal a -41.64% return for the stock against a 9.16% gain for the benchmark index.
The stock is trading below all key moving averages, including the 5-day, 20-day, 50-day, 100-day, and 200-day averages, indicating a persistent bearish trend. Additionally, the stock underperformed its sector by 0.46% on the day of the all-time low.
Long-Term Performance and Growth Metrics
Gandhar Oil Refinery (India) has exhibited limited growth over the longer term. Net sales have shown a compound annual rate of -2.76% over the past five years, while operating profit has reflected a decline at an annual rate of -21.51% during the same period. The stock’s three-year and five-year returns remain at 0.00%, contrasting sharply with the Sensex’s 35.75% and 89.21% gains respectively. Over a decade, the Sensex has appreciated by 232.69%, while Gandhar Oil Refinery (India) has not recorded any growth in share price.
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Profitability and Valuation Insights
Despite the subdued share price performance, Gandhar Oil Refinery (India) reported some notable quarterly figures in September 2025. Net sales for the quarter reached Rs.1,059.91 crores, the highest recorded in recent periods. Operating profit before depreciation, interest, and taxes (PBDIT) stood at Rs.65.84 crores, also the highest quarterly figure. The operating profit to interest ratio was 6.41 times, indicating a comfortable coverage of interest expenses.
The company’s return on capital employed (ROCE) is 10.6%, which is considered attractive within the sector. Furthermore, the enterprise value to capital employed ratio is 1, suggesting the stock is trading at a discount relative to its peers’ historical valuations.
Debt and Shareholding Structure
Gandhar Oil Refinery (India) maintains a low average debt-to-equity ratio of 0.10 times, reflecting limited leverage. The majority shareholding is held by promoters, indicating concentrated ownership within the company’s management and founding group.
Comparative Market Performance
When compared with the broader BSE500 index, Gandhar Oil Refinery (India) has underperformed over multiple timeframes including the last three months, one year, and three years. The stock’s returns have lagged behind both the sector and the benchmark indices, highlighting the challenges faced in generating shareholder value.
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Summary of Current Situation
The stock’s recent all-time low price of Rs.124.1 is a reflection of its extended period of subdued performance across multiple financial and market metrics. The downward trend is evident in both short-term and long-term returns, with the stock consistently trading below key moving averages and underperforming benchmark indices.
While quarterly sales and profitability figures show some strength, these have not translated into positive share price momentum. The company’s low leverage and promoter majority ownership provide a stable capital structure, yet the overall market assessment remains cautious given the stock’s relative performance.
Investors analysing Gandhar Oil Refinery (India) will note the contrast between its valuation metrics and its share price trajectory, underscoring the complexities faced by the company within the oil sector environment.
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