Gandhar Oil Refinery India Limited | Globe Capital Market LTD.
Gandhar Oil Refinery India Limited
Price Band
₹160 to ₹169 per share
IPO Issue Period
Nov 22, 2023 to Nov 24, 2023
Issue Size
₹500.00 Cr
Face value
₹2 per share
Fresh issue
₹357.00 Cr
Offer for sale
₹143.00 Cr
Minimum Shares for Retail
Dec 5, 2023
Listing on
Issue Type
Book Building
Registrar to the Issue
Link Intime India Private Ltd
Tentative Listing Date
December 5, 2023

Edelweiss Financial Services Ltd
ICICI Securities Limited

Gandhar Oil Limited is a prominent manufacturer of white oils that caters to the consumer and healthcare end-industries. As of June 30, 2022, the company offers an extensive range of over 350 products that primarily fall under three categories – personal care, healthcare and performance oils (PHPO), lubricants, and process and insulating oils (PIO) – under the brand name “Divyol”.
The company’s products serve as crucial ingredients for various end products in sectors such as consumer goods, healthcare, automotive, industrial, power, tyre, and rubber, and are used by leading Indian and global companies.
As of June 2022, company has catered to 100 countries across the globe. The company served more than 3500 clients including companies like Procter & Gamble (“P&G”), Unilever, Marico, Dabur, Encube, Patanjali Ayurved, Bajaj Consumer Care, Emami and Amrutanjan Healthcare.

For year/ period ended ( in Cr.)

H1FY23 FY22 FY21
Total Revenue 4101.79 3568.96 2242.59
Profit After Tax 213.1 163.5 100.3
EPS 23.77 18.42 12.54
OPM (%) 6.58% 6.27% 5.04%
PATM (%) 5.19% 4.56% 4.46%


  • Leading market share of the Indian white oils market with significant overseas sales, focused on the consumer and healthcare end-industries; Extensive and diversified customer base and a supplier base comprised of leading oil companies with competitive pricing terms;
  • Strategically located manufacturing facilities and in-house R&D capabilities;
  • Resilient, flexible and scalable business model with prudent risk management framework;
  • Track record of consistent financial performance; and
  • Experienced and qualified management team.

The Offer comprises the Fresh Issue and the Offer for Sale. The company will not receive any proceeds from the Offer for Sale and the proceeds received from the Offer for Sale will not form part of the Net Proceeds. The company proposes to utilize the Net Proceeds from the Fresh Issue towards funding the following objects:

  • Investment in Texol by way of a loan for financing the repayment/pre-payment of a loan facility availed by Texol from the Bank of Baroda;
  • Capital expenditure through purchase of equipment and civil work required for (i) expansion in capacity of automotive oil at the company’s Silvassa Plant; (ii) expansion in the capacity of petroleum jelly and accompanying cosmetic product division at the company’s Taloja Plant; and (iii) expansion in capacity of white oils by installing blending tanks at the company’s Taloja Plant;
  • Funding working capital requirements of the Company; and General corporate purposes.

Gandhar Oil Refinery has proven its mettle with growth in top and bottom lines for the reported periods. It has created a niche place for white oil and is among the top 5 players with renowned customers like HUL, P & G, Emami, Marico, Dabur, etc. Investors may lap it up for medium to long term rewards.

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