Gandhar Oil Refinery (India) Limited (GANDHAR.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-28.0%

₹190.83

vs ₹265.05 price

Levered DCF

-₹42.40

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

4.59

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	8.44×	18.24×	13.58×	12.63×	17.55×	19.46×	41.06×	25.74×
P/B	0.85×	1.18×	1.63×	4.07×	5.45×	6.38×	1.23×	1.25×
P/S	0.27×	0.37×	0.46×	0.72×	0.83×	1.33×	0.19×	0.14×
EV / EBITDA	5.35×	8.55×	7.63×	9.68×	11.84×	12.64×	7.16×	7.19×
Gross margin	9.4%	11.3%	11.8%	12.7%	12.0%	12.8%	11.3%	12.0%
Operating margin	4.8%	9.9%	10.2%	7.6%	12.4%	4.7%	3.1%	3.4%
Net margin	3.2%	2.0%	3.4%	4.7%	4.7%	6.8%	0.5%	0.5%
Current ratio	2.61×	2.91×	2.52×	1.61×	1.53×	1.37×	1.45×	1.32×
Debt / equity	0.23×	0.25×	0.23×	0.3×	0.35×	0.2×	0.37×	0.3×
Interest coverage	5.44×	8×	7.22×	5.93×	13.46×	2.88×	1.58×	2.51×
Dividend yield	1.1%	0.3%	0.2%	0.0%	1.5%	0.0%	1.5%	4.1%
Payout ratio	9.0%	6.1%	2.8%	0.0%	27.1%	0.0%	61.3%	106.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	10.0%	6.5%	12.0%	26.3%	31.1%	32.8%	3.0%	4.9%
Return on invested capital	9.0%	17.6%	22.0%	24.8%	42.3%	14.3%	11.8%	16.9%
Return on assets	6.1%	4.1%	7.2%	11.8%	12.8%	13.8%	1.1%	1.5%
Free cash flow yield	1.8%	-2.9%	-6.5%	1.1%	1.7%	3.6%	-3.6%	24.1%
Earnings yield	11.8%	5.5%	7.4%	6.5%	5.7%	5.1%	2.4%	3.9%
Enterprise value	₹13.3B	₹16.1B	₹21.1B	₹31.2B	₹30.8B	₹30.3B	₹6.2B	₹5.9B
Net debt / EBITDA	0.74×	0.81×	0.72×	0.54×	0.5×	0.32×	1.59×	1.33×
Cash conversion cycle (days)	82	80	65	40	23	38	32	19