Gandhar Oil Refinery (India) IPO is now live on Upstox!

Incorporated in 1992, Gandhar Oil Refinery (India) is India’s largest manufacturer of white oils by revenue in FY23. Its portfolio comprises over 440 products, including PHPOs (Personal care, Healthcare and Performance Oils), PIOs (Process and Insulating Oils) and lubricants. These products are used as ingredients to manufacture end products for the consumer, healthcare, automotive, industrial, power, tyre and rubber sectors.

The company procures its base oil from SK Lubricants, S-Oil, GS Caltex, and other Indian and global base oil suppliers and oil refining companies. The products are then manufactured in three manufacturing facilities in Maharashtra, Silvassa and the UAE, all of which are ISO-certified.

It caters to global as well as Indian customers and served more than 3,500 customers in FY23, including Procter & Gamble (P&G), Unilever, Marico, Dabur, Encube, Patanjali Ayurved, Bajaj Consumer Care, Emami and Amrutanjan Healthcare. As of 30 June 2023, the company’s products were sold in more than 100 countries.

The company saw a CAGR rise of over 22% in its revenue from operations and 26% in its profit between FY21 and FY23. Moreover, white oil is the fastest-growing segment of the Indian specialty oil market, and is estimated to grow at a CAGR of 9.8% between FY22 and FY27. All this could be beneficial for the company.

And now, Gandhar Oil Refinery (India) Limited is coming out with its initial public offer (IPO). The IPO will be an offer for sale as well as a fresh issue. The money raised through the fresh issue will be utilised for investment in Texol for repayment/pre-payment of borrowings, fund capital expenditure for plant expansion and working capital requirements, and for general corporate purposes. Its shares will be listed on the NSE and the BSE.

Here are key details about the Gandhar Oil Refinery (India) IPO:

Company Name — Gandhar Oil Refinery (India) Limited
Company Type — Private
Company Established — 1992
IPO Open Date — 22 November 2023
IPO Close Date — 24 November 2023
IPO Allotment Status — 29 November 2023
Credit of Shares to Demat — 1 December 2023
IPO Listing Date — 4 December 2023
IPO Face Value — ₹2 per share
IPO Lot size — 88 shares
IPO Issue Size — Approx ₹500 crore
IPO Listed at — NSE, BSE
IPO Price — ₹160 – ₹169 per share


  • India’s largest manufacturer of white oils in terms of revenue in FY23.
  • The company has an extensive and diversified customer base, including Gulf Oil, Adani Ports and Special Economic Zone for lubricants and Toshiba Transmission and Distribution Systems (India) for its PIO division.
  • Strategically located manufacturing facilities such as the Taloja Plant, which is in close proximity to the Mumbai port and the JNPT port.
  • In-house R&D facility located at the Silvassa manufacturing facility.
  • Scalable business model as the company started operations in 1993, set up the Silvassa Plant in 2000, and set up Texol, now a subsidiary, in 2017.
  • Diversified customer base as its top 20 customers accounted for 28% of pro forma consolidated revenue from finished goods sold in FY23.

Risks and threats

  • It depends significantly on its PHPO division as it accounted for 54% of its pro forma consolidated revenue from finished goods sold in FY23.
  • Subject to strict quality requirements, standards and inspections.
  • Exposed to the risk of price fluctuations and supply of crude oil as its raw material is a by-product of crude oil, which it sources from suppliers in South Korea and the Gulf Co-operation Council region (GCC Region).
  • Exposed to counterparty credit risk as its outstanding trade receivables accounted for ₹561 crore in FY23.
  • Exposed to the risk associated with exchange rate fluctuations, as 53% of its revenue from operations was undertaken in foreign currencies in FY23.
  • Operates a capital-intensive business.
  • Faces competition from both domestic and international markets.

You can now apply for the Gandhar Oil Refinery (India) IPO. Click here to apply.