Gandhar Oil Refinery (India) Ltd - Stock Valuation and Financial Performance

BSE: 544029 | NSE: GANDHAR | Lubricants | Small Cap

Gandhar Oil Refinery Share Price

220.15 -0.50 -0.23%
as on 12-Apr'24 10:20

DeciZen - make an informed investing decision on Gandhar Oil Refinery

Overall Rating
Bole Toh

1. Quality

2. Valuation

Overvalued

3. Price Trend

Gandhar Oil Refinery (India) stock performance -

mw4me loader
P/E Ratio (SA):
12.69
Market Cap:
2,150.7 Cr.
52-wk low:
198.5
52-wk high:
344.6

Is Gandhar Oil Refinery (India) Ltd an attractive stock to invest in?

1. Is Gandhar Oil Refinery (India) Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Gandhar Oil Refinery (India) Ltd is a good quality company.

2. Is Gandhar Oil Refinery (India) Ltd undervalued or overvalued?

The key valuation ratios of Gandhar Oil Refinery (India) Ltd's currently when compared to its past seem to suggest it is in the Overvalued zone.

3. Is Gandhar Oil Refinery (India) Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Gandhar Oil Refinery (India) Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Gandhar Oil Refinery:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Gandhar Oil Refinery (India) Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Value Creation Index Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
ROCE % 15.9%10.5%9.7%14.9%13.8%20.6%16.5%16.8%42.1%31.1%-
Value Creation
Index
0.1-0.3-0.30.10.00.50.20.22.01.2-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 1,5642,1991,5371,9572,3633,0272,3661,9842,9252,9222,922
Sales YoY Gr.-40.6%-30.1%27.4%20.8%28.1%-21.8%-16.1%47.4%-0.1%-
Adj EPS 6.23.42.57.16.39.14.66.224.921.817.3
YoY Gr.--44.6%-26.9%185.2%-11.8%44.2%-49.5%35.4%301.9%-12.5%-
BVPS (₹) 18.323.124.331.84040.341.547.966.888133.9
Adj Net
Profit
43.227.42057.150.472.636.649.6199174169
Cash Flow from Ops. -11.5-93.5219-26.619015322.310211752.4-
Debt/CF from Ops. -26.9-4.71.2-12.21.50.64.60.70.40.3-

CAGR

CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 7.2%4.3%7.3%-0.1%
Adj EPS 15.1%28.2%68.2%-12.5%
BVPS19%17.1%28.5%31.8%
Share Price - - - -

Key Financial Parameters

Performance Ratio Colour Code Guide

Mar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23TTM
Return on
Equity %
3817.510.625.417.522.611.213.943.528.215.6
Op. Profit
Mgn %
63.84.65.75.23.93.84.7898
Net Profit
Mgn %
2.81.21.32.92.12.41.62.56.865.8
Debt to
Equity
2.42.41.41.30.90.30.30.20.10-
Working Cap
Days
1211091561261291111271399910850
Cash Conv.
Cycle
5851625544161218173022

Recent Performance Summary

Net Profit is growing at healthy rate in last 3 years 68.21%

Return on Equity has declined versus last 3 years average to 15.60%

Sales growth has been subdued in last 3 years 7.29%

Sales growth is not so good in last 4 quarters at -2.40%

Latest Financials - Gandhar Oil Refinery (India) Ltd.

Standalone Consolidated
TTM EPS (₹) 17.3 19.4
TTM Sales (₹ Cr.) 2,922 4,079
BVPS (₹.) 133.9 140
Reserves (₹ Cr.) 1,291 1,350
P/BV 1.64 1.57
PE 12.69 11.31
From the Market
52 Week Low / High (₹) 198.50 / 344.60
All Time Low / High (₹) 198.50 / 344.60
Market Cap (₹ Cr.) 2,151
Equity (₹ Cr.) 19.6
Face Value (₹) 2
Industry PE 21.3

Management X-Ray of Gandhar Oil Refinery:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Gandhar Oil Refinery

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Sales1,5642,1991,5371,9572,3633,0272,3661,9842,9252,922
Operating Expenses 1,5032,1251,4731,8492,2412,9662,3041,8912,7002,668
Manufacturing Costs62176848191169111106144136
Material Costs1,3711,8991,3421,7182,1012,6472,1111,6922,4672,447
Employee Cost 12121320161922232839
Other Costs 583834303313160706245
Operating Profit 627463108122616294224255
Operating Profit Margin (%) 3.9%3.4%4.1%5.5%5.2%2.0%2.6%4.7%7.7%8.7%
Other Income 1010111663616247024
Interest 30404730454547352439
Depreciation 38889711121213
Exceptional Items 00000-160010
Profit Before Tax 3835198574292171258227
Tax 17144252473206258
Profit After Tax 2121156150221851197170
PAT Margin (%) 1.3%1.0%1.0%3.1%2.1%0.7%0.8%2.6%6.7%5.8%
Adjusted EPS (₹)3.02.61.97.66.22.82.26.424.621.2
Dividend Payout Ratio (%)13%15%11%5%6%73%40%3%22%2%

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23

Equity and Liabilities

Shareholders Fund 128184194255320323332383534704
Share Capital 14161616161616161616
Reserves 114168178239304307316367518688
Minority Interest0000000000
Debt3074382683202798210064395
Long Term Debt56121063161854
Short Term Debt302432256311273798447341
Trade Payables248338305311586672472511470379
Others Liabilities 41322555354647504883
Total Liabilities 7249927929411,2191,1239511,0081,0921,171

Fixed Assets

Gross Block7087101112113118145151158190
Accumulated Depreciation13252736182435475765
Net Fixed Assets576173769694110104100125
CWIP 35240512224373
Investments 1666872222
Inventories188260226261300253185199258278
Trade Receivables364419358443530517417475419463
Cash Equivalents 461917991187998510613941
Others Assets6651485898148140101130189
Total Assets 7249927929411,2191,1239511,0081,0921,171

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Cash Flow From Operating Activity -11-94219-271901532210211752
PBT 3835198574452171258227
Adjustment 3144493152595859-1441
Changes in Working Capital -62-152163-13210488-57-24-69-155
Tax Paid -18-21-11-10-40-231-4-58-62
Cash Flow From Investing Activity -17-4-14-8-6213-627-40
Capex -22-15-18-13-9-10-17-10-30-50
Net Investments 0000-225060
Others 510565291555110
Cash Flow From Financing Activity 14127-22024-187-175-25-91-115-48
Net Proceeds from Shares 133800000000
Net Proceeds from Borrowing 128-3-3-4112-126
Interest Paid -30-39-46-29-44-44-46-34-24-38
Dividend Paid -3-2-50-3-19-70-460
Others 34129-17855-137-10816-59-34-17
Net Cash Flow -1430-15-11-3-10530-36
PARTICULARSMar'14Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23
Ratios
ROE (%)18.2813.448.0426.9717.346.875.4514.3642.8827.39
ROCE (%)16.8914.2512.1422.0620.0814.715.9724.0555.0441
Asset Turnover Ratio2.52.631.792.332.22.582.282.032.792.58
PAT to CFO Conversion(x)-0.52-4.4814.6-0.443.86.951.2220.590.31
Working Capital Days
Receivable Days71638972756372825655
Inventory Days36365644433334352933
Payable Days545688657887991067363

Gandhar Oil Refinery (India) Ltd Stock News

Gandhar Oil Refinery (India) Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Gandhar Oil Refinery on 12-Apr-2024 10:20 is ₹220.2.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 12-Apr-2024 10:20 the market cap of Gandhar Oil Refinery stood at ₹2,150.7.
The latest P/E ratio of Gandhar Oil Refinery as of 12-Apr-2024 10:20 is 12.69.
The latest P/B ratio of Gandhar Oil Refinery as of 12-Apr-2024 10:20 is 1.64.
The 52-week high of Gandhar Oil Refinery is ₹344.6 and the 52-week low is ₹198.5.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Gandhar Oil Refinery is ₹2,922 ( Cr.) .

About Gandhar Oil Refinery (India) Ltd

The company was incorporated on October 7, 1992 at Mumbai, Maharashtra as ‘Gandhar Oil Refinery (India) Private Limited’ under the Companies Act, 1956. Pursuant to fulfilling certain requirements for a public company under the Companies Act, 1956 and conversion into a public limited company, the name of the company was changed to ‘Gandhar Oil Refinery (India) Limited’, and a fresh certificate of incorporation dated January 22, 1997 was issued by the Registrar of Companies, Maharashtra, at Mumbai (RoC). The company was then converted into a private limited company under the provisions of the Companies Act, 1956 and the name of the company was changed to ‘Gandhar Oil Refinery (India) Private Limited’ pursuant to conversion into a private company, and a fresh certificate of incorporation dated January 6, 2003 was issued by the RoC. Subsequently, the name of the company was changed to ‘Sunoco Industries Private Limited’ and a fresh certificate of incorporation dated March 16, 2004 was issued by the RoC. The name of the company was changed again to ‘Gandhar Oil Refinery (India) Private Limited’ and a fresh certificate of incorporation dated July 25, 2005 was issued by the RoC. Pursuant to conversion into a public limited company, the name of the company was changed to ‘Gandhar Oil Refinery (India) Limited’, and a fresh certificate of incorporation dated August 22, 2005 was issued by the RoC.

The company is a leading manufacturer of white oils by revenue with a growing focus on the consumer and healthcare end-industries. As of June 30, 2023, its product suite comprised over 440 products primarily across the personal care, healthcare and performance oils (PHPO), lubricants and process and insulating oils (PIO) divisions under the ‘Divyol’ brand. Its products are used as ingredients by leading Indian and global companies for the manufacture of end products for the consumer, healthcare, automotive, industrial, power and tyre and rubber sectors. The white oil market is the fastest growing segment in the specialty oils sector and the company is India’s largest manufacturer of white oils by revenue in Financial Year 2023, including domestic and overseas sales and is one of the top five players globally in terms of market share in the calendar year 2022. 

As a manufacturer of speciality oils, its products and processes are required to comply with strict standards and other specifications prescribed by its customers, and its long-standing relationships with several leading Indian and global companies demonstrate its qualification of these requirements. It has completed rigorous selection processes for securing business from several of its customers and has been able to maintain high customer loyalty. Its customer engagement, relationships and the quality and other certifications awarded to its manufacturing facilities demonstrate the quality of its products and its capabilities.

Business area of the company

The company is a leading manufacturer of white oils by revenue with a growing focus on the consumer and healthcare end-industries. It produces a broad variety of speciality oils and lubricants such as White oils, waxes, jellies, automotive oils, industrial oils, transformer oils and rubber processing oils. Its products are sold under its flagship brand ‘Divyol’.

Key awards, accreditations, certifications and recognitions

  • 2013: ‘First Award’ in the large scale sector awarded by the Export Promotion Council for Basic Chemicals, Pharmaceuticals and Cosmetics (CHEMEXCIL).
  • 2014: ‘Niryat Shree’ gold trophy for the 14th set of awards in the chemicals, drugs, pharma and allied sector for the MSME category awarded by Federation of Indian Export Organisations (FIEO).
  • 2015: ‘Top Start-up of the Year’ award at ASSOCHAM Indiafrica Champion in Biz Awards.
  • 2015: ‘Export Excellence Award’ by FIEO for top exporter star export house- MSME for the year 2012-13.
  • 2016: ‘First Award’ awarded by CHEMEXCIL under the category of ‘Basic Inorganic and Organic Chemicals including Agro Chemicals- (LSM)’ for outstanding export performance for the year 2013-14.
  • 2016: ‘Gold Award’ awarded by CHEMEXCIL under the category of ‘Basic Inorganic and Organic Chemicals including Agro Chemicals- (LSM)’ for outstanding export performance for the year 2014-15.
  • 2017: ‘Trishul Award’ awarded by CHEMEXCIL under the category of ‘Basic Inorganic and Organic Chemicals including Agro Chemicals – (SSM)’ for outstanding export performance for the year 2015-2016.
  • 2017: ‘Top Start-up of the Year’ award at ASSOCHAM Indiafrica Champion in Biz Awards.
  • 2019: ‘Highest Foreign Exchange Earners’ award in the category of Western Region – MSME by FIEO for the year 2016-17.
  • 2022: Best packing award at the ‘SIES SOP Star Awards’.
  • 2022: Star Performer – West Zone-I for Second Highest Sales Growth for F.Y. 2021-22 by Indian Oil Corporation Limited for Polymer DCA cum DOPW.
  • 2023: ‘Great Place to Work’ in the category of mid-size organizations.
  • 2023: Maharashtra State Best Employer Brand Award 2023.
  • 2023: Recognised as ‘one of the top 10 automotive lubricant manufacturers 2023’ by Industry Outlook.

Major Events

  • 1992: Incorporated as a private limited company under the name ‘Gandhar Oil Refinery (India) Private Limited’.
  • 1994: Commenced business operations at the company’s plant at Taloja.
  • 2000: Commenced manufacturing of speciality oils at the company’s plant at Silvassa.
  • 2004: Commenced export of speciality oils.
  • 2010: Received the first order from a Government of India entity, Ministry of Railways.
  • 2013: Turnover of the company crossed Rs 10,000 million.
  • 2013: Established an in-house research and development centre and received recognition from the Department of Scientific and Industrial Research (DSIR), Ministry of Science and Technology, Government of India.
  • 2015: Recognised as a ‘Three Star Export House’ by the Directorate General of Foreign Trade, Ministry of Commerce and Industry.
  • 2018: Consolidated turnover of the company crossed Rs 25,000 million.
  • 2019: Consolidated turnover of the company crossed Rs 30,000 million.
  • 2022: Texol Lubritech FZC became the company’s subsidiary.
  • 2022: Completed 30 years since incorporation.
  • 2023: Recognised as a ‘Four Star Export House’ by the Directorate General of Foreign Trade, Ministry of Commerce and Industry.


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