Gandhar Oil Refinery (India) Limited has released the transcript of its earnings conference call for the third quarter and nine months ended December 31, 2025. The call, hosted by MUFG Intime Private Limited, featured insights from Joint Managing Director Mr. Aslesh Parekh and CFO Mr. Indrajit Bhattacharyya. During the call, the management discussed the global white oil market, which was valued at approximately $3.6 billion in 2025 and is projected to reach $4.66 billion by 2034, with a CAGR of about 3%. Asia Pacific remains the largest market, accounting for over 40% of global consumption. For Q3 FY26, Gandhar Oil reported a consolidated revenue of ₹1,167 crore, marking a 16% year-on-year improvement and a 10% quarter-on-quarter growth. The nine-month period ended FY26 saw total revenue of around ₹3,130 crore. International sales contributed approximately 45% of the consolidated revenue during this nine-month period. Consolidated EBITDA for Q3 FY26 stood at ₹59 crore, and for the nine months ended FY26, it was ₹171 crore. Profit After Tax (PAT) for Q3 FY26 was ₹34 crore, with the nine-month PAT reaching ₹100 crore. The company's segmental revenue mix for the nine months FY26 was led by PHPO at 50%, followed by lubricants at 26.8%, and PIO at 9.5%. Management highlighted that while transformer oil is a growing segment, it involves higher working capital. The company is focused on the PHPO segment due to its sticky customer base and the potential for growth, especially with anticipated recovery in the FMCG sector post-GST rate cuts and increased liquidity. The company also plans to purchase additional land at its Silvassa and Taloja units for future expansion. Regarding the Vadhvan port project, tenders have not yet been floated by the government.
