Gandhar Oil Refinery IPO

Gandhar Oil Refinery Limited

₹14,080 /88 sharesMinimum Investment

Gandhar Oil Refinery IPO Listing Details

Listed OnIssue PriceListing PriceListing Gains
BSE & NSE₹169.00₹298.00₹129.00 (76.33%)

Gandhar Oil Refinery IPO Details

Bidding DatesMin. InvestmentLot SizePrice Range
22 Nov ‘23 - 24 Nov ‘23₹14,08088₹160 - ₹169
Issue SizeIPO Doc
500.00Cr
RHP PDF

Subscription Status As on 24 Nov '23, 5:00 PM

  • Qualified Institutional Buyers
    129.00x
  • Non-Institutional Investor
    62.23x
  • Retail Individual Investor
    28.94x
  • Employees
    0.00x
  • Total
    64.06x

About Gandhar Oil Refinery

Gandhar Oil Refinery is a producer of white oils, focusing on the consumer and healthcare sectors. Their product range includes more than 350 items, mainly falling under personal care, healthcare, performance oils (PHPO), lubricants, and process and insulating oils (PIO) under the brand name 'Divyol.' Gandhar Oil Refinery was India's largest white oil manufacturer by revenue for 2022. As of June 30, 2022, its products reached more than 100 countries worldwide, serving over 3,500 customers, including major companies like Procter & Gamble, Unilever, Marico, Dabur, Encube, Patanjali Ayurved, Bajaj Consumer Care, Emami, and Amrutanjan Healthcare.;
Parent Organisation
Gandhar Oil Refinery Limited
Founded
1992
Managing Director
Mr. Ramesh Babulal Parekh

Strengths & Risks

  • Gandhar Oil Refinery has experienced growth in its pro forma consolidated revenue from finished goods sold, achieving a CAGR of 42.41% over the past three years. In 2022, the PHPO division was the major contributor, accounting for 53.50% of the revenue.
  • With a substantial overseas presence in over 100 countries, the company achieved 43.91% of its revenue from overseas sales in the quarter ended June 30, 2022. The revenue from overseas sales has grown at a CAGR of 53.74% over the last three years.
  • Gandhar Oil Refinery's success is also reflected in its extensive customer base, serving 3,529 Indian and global companies in 2022. Key customers include P&G, Unilever, Marico, and others in the PHPO division, while the lubricants division caters to Gulf Oil and Adani Ports.
  • Operating three manufacturing facilities, Gandhar Oil Refinery has a combined annual production capacity of approximately 497,403 kL as of June 30, 2022, with an R&D facility supporting manufacturing activities.
  • Financially, the company has demonstrated impressive performance, with a PAT recording the highest CAGR among select specialty chemical peers. The RoE in 2022 was 39.4%, the highest among selected specialty oil and specialty chemical peers.
  • Gandhar Oil Refinery heavily relies on its personal care, health care, and performance oil business segment. Downturns or ineffective sales management in these industries could decrease revenue, negatively impacting the company's business, financial condition, and operational results.
  • The fluctuation of exchange rates in various currencies used in business operations may harm Gandhar Oil Refinery's business, financial condition, and operational results.
  • The company's overall business and product demand are closely tied to end industries. Any decline in demand for the customers' end products could adversely affect business, operational results, cash flows, and financial condition.
  • Gandhar Oil Refinery sources a significant portion of raw materials from a limited number of suppliers without long-term contracts. If key suppliers experience business deterioration or reduce dealings, it could adversely impact the company's business, operational results, cash flows, and financial condition.
  • Lack of long-term agreements with customers poses a risk, as a significant number of customers choosing not to place regular purchase orders or terminating contracts could negatively affect the company's business, financial condition, and operational results.
  • Ongoing litigations against the company, subsidiaries, and certain promoters and directors may result in adverse decisions leading to liabilities, penalties, and potential harm to the company's business, cash flows, financial condition, and reputation.
  • Obligations related to the company's coal trading business continue to impact its financial condition, cash flows, and operational results.
  • Historical and potential future negative operating cash flows are a matter of concern for the company.
  • Gandhar Oil Refinery relies on external transporters, including a member of its promoter group, for raw material and product transportation. Disruptions or increased transportation costs may adversely affect the company's business, operational results, and financial condition.
  • Promoters' involvement in regulatory actions, proceedings, and investigations, particularly in criminal matters, poses a risk to the company's business, reputation, financial condition, and operational results.
  • The company has availed unsecured credit facilities from its promoters, and Texol has an unsecured loan from ESPE Petrochemicals FZC. The recall of these loans at any time is a potential risk.
  • Certain contingent liabilities, if realized, may adversely affect Gandhar Oil Refinery's financial condition.

Financials

*All values are in Rs. Cr
No Graph Data To Display

Application details

Apply asPrice bandApply upto
Regular160 - 169₹2 Lakh
High Networth Individual160 - 169₹2 - 5 Lakh
For Gandhar Oil Refinery IPO, eligible investors can apply as Regular.
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