Stock Price and Market Performance
On 8 December 2025, Gandhar Oil Refinery (India) closed at a level just 0.16% above its 52-week low of ₹123.55, signalling a near-record trough in its share price. The stock underperformed its sector peers, declining by 2.11% on the day compared to the Sensex's modest fall of 0.26%. Over the past week, the stock has recorded a 5.35% reduction, while the Sensex remained relatively stable with a 0.18% decrease.
Monthly and quarterly figures further illustrate the stock's challenges, with a 6.71% decline over one month and a 16.46% drop over three months. These figures contrast sharply with the Sensex, which posted gains of 2.73% and 5.82% respectively over the same periods.
Yearly performance paints a more severe picture: Gandhar Oil Refinery (India) has seen its share price fall by 48.55% over the last 12 months, while the Sensex has advanced by 4.62%. Year-to-date, the stock has declined by 42.23%, in contrast to the Sensex's 9.40% rise. Over longer horizons, the stock has not recorded appreciable gains over three, five, or ten years, remaining flat, whereas the Sensex has delivered returns of 36.62%, 87.43%, and 237.75% respectively.
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Technical Indicators and Trading Trends
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 downward momentum. This technical positioning suggests that the stock has not found a stable support level in recent months.
Financial Performance and Growth Metrics
Over the past five years, Gandhar Oil Refinery (India) has experienced a compound annual decline in net sales of 2.76%, while operating profit has contracted at an annual rate of 21.51%. These figures underscore the company's difficulties in sustaining growth and profitability over the medium term.
Profitability metrics for the most recent quarter show some of the highest levels recorded by the company, with net sales reaching ₹1,059.91 crore and PBDIT at ₹65.84 crore. The operating profit to interest ratio stood at 6.41 times, reflecting a relatively comfortable coverage of interest expenses during this period.
Return on capital employed (ROCE) is reported at 10.6%, which is considered attractive within the sector. The enterprise value to capital employed ratio is approximately 1, indicating valuation levels that are modest relative to the company's capital base.
Debt and Shareholding Structure
The company maintains a low average debt-to-equity ratio of 0.10 times, suggesting limited leverage on its balance sheet. Promoters remain the majority shareholders, maintaining control over the company's strategic direction.
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Comparative Sector and Market Context
Within the oil sector, Gandhar Oil Refinery (India) has lagged behind broader market indices and sector benchmarks. While the Sensex and BSE500 indices have shown positive returns over the past three months, one year, and three years, Gandhar Oil Refinery (India) has recorded negative returns over these periods. This divergence highlights the stock's relative underperformance in both short and long-term contexts.
Despite some quarterly improvements in sales and profitability, the overall trend remains subdued, with profits falling by 11.6% over the past year. The stock's valuation is discounted relative to its peers' historical averages, reflecting market caution.
Summary of Current Situation
Gandhar Oil Refinery (India) is currently trading near historic lows, with a share price that has not recovered over multiple years. The company’s financial data reveals a pattern of declining sales and operating profits over the medium term, alongside a stock price that has underperformed key market indices. While recent quarterly results show some of the highest sales and profit figures recorded, these have not translated into sustained market confidence or price recovery.
The stock’s position below all major moving averages and its proximity to the 52-week low underscore the challenges faced by the company in regaining investor traction. The low leverage and promoter majority ownership provide a stable capital structure, but the broader market context and financial trends indicate a cautious outlook.
Conclusion
Gandhar Oil Refinery (India) remains in a phase marked by subdued market valuation and financial performance. The stock’s all-time low price reflects a combination of long-term sales contraction, profit pressures, and relative underperformance against market benchmarks. Investors and market participants will continue to monitor the company’s financial disclosures and market movements as it navigates this challenging environment.
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