What Gandhar Oil Refinery does

Gandhar Oil Refinery (India) Limited, incorporated in 1992 and listed on Indian exchanges (BSE: 544029), manufactures specialty oils and lubricants under the flagship Divyol brand. Its product portfolio spans more than 350 SKUs across six core categories: white oils, petroleum jellies and mineral oils (PHPO — personal care, health care, and performance oils); industrial oils (hydraulic, compressor, turbine, gear, metalworking, heat transfer); automotive engine oils (motorcycle, passenger car, heavy-duty diesel, CNG, agricultural); rubber process oils; transformer insulating oils; and specialty waxes and solvents. Manufacturing is based on severely hydro-treated naphthenic and paraffinic base oils, with production concentrated at three sites — Taloja (Maharashtra, operational since 1994), Silvassa (since 2000), and a wholly-owned subsidiary Texol Lubritech FZC in Sharjah's Hamriyah Free Zone (UAE, consolidated in March 2022) — collectively delivering 545,755 kilolitres of annual sales volume in FY26.

The company sells primarily B2B on a quote-based, one-time-purchase model with no publicly disclosed pricing, reaching 3,558 customers across pharmaceuticals, FMCG, automotive, power transmission, industrial machinery, rubber, and personal care end-markets. Named customers include Marico, Dabur, Encube, Gulf Oil, Toshiba Transmission, and Adani Ports & SEZ. Distribution combines direct sales from plants, six Indian regional branch offices (Indore, Haridwar, Baroda, Surat, Udaipur, Chandigarh, Visakhapatnam), company and partner depots, and an international export network covering 100+ countries. Higher-margin PHPO products now contribute 48% of revenue and represent the explicit strategic focus, with FY26 consolidated revenue of Rs 42,412 million (approximately US$500–510 million), full-year PAT of Rs 137.2 crore, Q4 PAT growth of 201% YoY, Q4 EBITDA growth of 89% YoY, and 230 basis points of YoY margin expansion.

The company is promoter-controlled by the Parekh family (Chairperson & Managing Director Ramesh B. Parekh, Vice Chairperson Samir Parekh, Joint Managing Director Aslesh R Parekh, plus Rajiv Parekh leading UAE operations). It is expanding into Africa via a new South Africa subsidiary (May 2026), has approved land acquisitions at Silvassa and Raigad totalling up to Rs 20+ crore for capacity build-out, and holds a 26.5% Indian white oils market share alongside a top-5 global position with 7.6% market share — backed by a heavy regulatory and certification footprint (ISO 9001/14001/45001, GMP, India FDA, Kosher, Halal, BIS, DSIR R&D recognition) that materially raises barriers to entry in pharmaceutical- and personal-care-grade white oils.

Name

Gandhar Oil Refinery

Legal name

Gandhar Oil Refinery (India) Ltd.

Website

https://gandharoil.com

Company type

Public

Founded year

1992

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Gandhar Oil Refinery (India) Limited is a Mumbai-listed specialty oils and lubricants manufacturer producing 350+ SKUs under the Divyol brand across white oils, industrial oils, automotive lubricants, rubber process oils, and transformer oils, serving 3,558 B2B customers in pharmaceuticals, FMCG, automotive, power, and industrial sectors across 100+ countries from plants in Taloja, Silvassa, and Sharjah.

Ownership category

akta.pro rank

Product category

Specialty Oils and Lubricants Manufacturing

NAICS

Petroleum Lubricating Oil and Grease Manufacturing (324191), Petroleum and Coal Products Manufacturing (324)

SIC

Fats & Oils (2070), Chemicals & Allied Products (2800)

akta.pro primary industry

Base Oil Production & Supply (Group I–V, Re-refined) (EUALAJAA)

akta.pro secondary industry

Oilfield & Refining Specialty Chemicals (IMAEABAI)

Keywords

• Specialty oils manufacturing
• Industrial lubricants production
• Petroleum jelly manufacturing
• Transformer oils supply
• Automotive lubricants manufacturing

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices11 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Specialty Oils and Lubricants Sales: Manufacturing and sale of specialty oils and lubricants including white oils, waxes, jellies, automotive oils, industrial oils, transformer oils and rubber processing oils. Products sold under Divyol brand to diverse customer base of 3,558 customers during fiscal 2023.
2. PHPO Products: Personal Care, Health Care, and Performance Oil segment contributes 48% of total revenue with higher margins.
3. Manufacturing Sales Volume: 9% increase in annual manufacturing sales volumes to 545,755 kilolitres for FY26.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels10 records

Core offering

Gandhar Oil Refinery manufactures and sells specialty oils and lubricants under the Divyol brand, including white oils, petroleum jellies, waxes, automotive engine oils, industrial oils (hydraulic, compressor, turbine, gear, metal working, heat transfer), transformer oils, rubber process oils, and solvents. The company serves B2B customers across pharmaceutical, personal care, FMCG, automotive, industrial machinery, power transmission, and rubber manufacturing sectors through its own plants in India (Taloja, Silvassa) and UAE (Sharjah). PHPO (Personal Care, Health Care, Performance Oil) is the highest-margin segment, contributing 48% of total revenue.

Product overview

Gandhar Oil Refinery (India) Limited is a leading manufacturer of specialty oils and lubricants with three decades of experience. The company operates a multi-category product portfolio sold under the flagship Divyol brand, encompassing: (1) White oils, petroleum jellies, and mineral oils for pharmaceutical, healthcare, and personal care (PHPO segment contributing 48% of revenue); (2) Industrial oils including hydraulic, compressor, turbine, gear, metalworking, and heat transfer fluids; (3) Automotive engine oils for motorcycles, passenger cars, and heavy-duty diesel vehicles; (4) Rubber process oils for tire and rubber manufacturing; (5) Transformer oils for power infrastructure; (6) Specialty waxes and solvents. The company has manufacturing facilities in Taloja (Maharashtra), Silvassa, and a wholly-owned subsidiary Texol Lubritech FZC in Sharjah, UAE.

Differentiator

Problem solved

Functional benefit

Brands

• Divyol: Flagship brand under which the company sells its specialty oils, waxes, jellies, automotive oils, industrial oils, transformer oils and rubber processing oils products.

Products and services

• Industrial Oils A broad category of specialty oils for industrial machinery including Hydraulic Oil, Lube Oil, Compressor Oil, Turbine Oil, Industrial Gearbox Oil, Quenching Oil, Metal Working Fluids, Heat Transfer Fluid, Refrigeration Oil, Rust Preventive Oil, Spark Erosion Oil, Textile Machinery Lubricants, and other machinery lubricants. Targeted at industrial manufacturers, plant operators, and machinery maintenance buyers across multiple sectors.
• Automotive Engine Oils Complete range of automotive lubricants including 4-Stroke and 2-Stroke Motorcycle Oils, Passenger Car Motor Oils, Heavy Duty Diesel Engine Oils, Gas Engine Oils, CNG Engine Oils, Transmission Oils, Automotive Gear Oils, and Agricultural Oils. Targeted at automotive OEMs, commercial transport operators, motorcycle and passenger car markets, and agricultural equipment users.
• Mineral Oils & Petroleum Jelly Pharmaceutical and personal care grade white oils including Light Liquid Paraffin Oil, Heavy Liquid Paraffin Oil, White Petroleum Jelly, Yellow Petroleum Jelly, Soft Gels, and Spray Oils. Targeted at pharmaceutical, healthcare, and personal care manufacturers (the PHPO segment contributing 48% of total revenue).
• Rubber Process Oils Specialty oils for the rubber industry including Aromatic Oil, Naphthenic Oil, and Paraffinic Oil used in tire and rubber product manufacturing. Targeted at rubber goods and tire manufacturers requiring processing properties and consistent product quality.
• Transformer Oils Insulating and cooling oils for power transformers and electrical equipment, providing electrical insulation and thermal management in energy infrastructure. Targeted at power transmission equipment manufacturers, electrical infrastructure operators, and utilities (PIO division).
• Greases Automotive and industrial greases including Three Wheeler Grease and other specialized lubricating greases for various mechanical applications. Targeted at automotive aftermarket and industrial machinery maintenance buyers.
• Solvents Industrial solvent products for various manufacturing and processing applications. Targeted at industrial buyers across manufacturing sectors needing cleaning and processing solvents.
• Waxes Paraffin waxes and specialty waxes for industrial, cosmetic, and packaging applications. Targeted at industrial manufacturers, cosmetics producers, and packaging companies.
• Divyol Ink Oils (VG 10, VG 15, VG 22) Specialty ink oils manufactured from highly refined naphthenic and paraffinic base oils, used in commercial printing for color pigments, resins, and high-performance ink formulations. Colorless, odorless, chemically stable with low polycyclic aromatic hydrocarbon content and non-carcinogenic properties. Targeted at printing ink manufacturers and commercial printing applications.
• Divyol DISOL Range Advanced diesel engine oils designed for commercial transport, agriculture, and mining equipment, formulated to combat soot, oxidation, and protect turbochargers and emission systems. Targeted at commercial diesel vehicle operators, agricultural fleet operators, and mining equipment users.

Quantifiable outcome

• 201% YoY increase in Q4 PAT to Rs 37 crore
• +5 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

One partnership is on record.

• Texol Lubritech FZCcoreStrategic or Co-development Partner · 30 March 2022Texol Lubritech FZC became a wholly-owned subsidiary of Gandhar Oil Refinery with effect from March 30, 2022. Established in 2017 in Hamriyah Free Zone, Sharjah, UAE, it represents the company's first overseas manufacturing expansion. The subsidiary manufactures specialty oils and lubricants serving Middle East and global markets.

Scale indicators13 records

Recent moves11 records

Expansion highlights6 records

Direct peers

• Castrol India: Castrol India is a leading automotive and industrial lubricants manufacturer in India, directly comparable to Gandhar Oil's automotive and industrial oil segments under similar distribution-led B2B models. Both compete in the Indian specialty lubricants market with overlapping product portfolios.
• Gulf Oil Lubricants India: Gulf Oil Lubricants is a major Indian lubricants player and existing customer of Gandhar Oil (for base oils). Both companies serve automotive, industrial, and specialty lubricant segments in India with comparable B2B distribution-led GTM motions.
• Savita Oil Technologies: Savita Oil Technologies manufactures specialty petroleum products including transformer oils, liquid paraffins, and petroleum jellies — directly overlapping with Gandhar's PHPO, PIO, and specialty oils portfolio. Strong comparable in white oils and pharmaceutical-grade specialty oils in India.
• Panama Petrochem: Panama Petrochem is an Indian manufacturer of petroleum specialty products including industrial oils, rubber process oils, and white oils. Highly comparable product mix and target customer base to Gandhar Oil's specialty oils portfolio.
• Apar Industries: Apar Industries operates in specialty oils, lubricants, and transformer oils alongside conductors and cables. Directly comparable in transformer oils (PIO segment) and industrial lubricants with similar B2B distribution model in India and global markets.

Broad incumbents

• Indian Oil Corporation: Indian Oil Corporation is India's largest integrated oil company with a broad lubricants and specialty products division. Overlaps with Gandhar in base oils, lubricants, and petroleum jellies, but operates at vastly greater scale across the full oil & gas value chain.
• Bharat Petroleum: Bharat Petroleum is a major Indian PSU refiner-marketer with a lubricants division. Comparable as a broad incumbent in the Indian petroleum products space, though with much larger scope across refining, marketing, and downstream specialty products.
• Hindustan Petroleum: Hindustan Petroleum is an Indian PSU oil company with lubricants and specialty oils operations. Competes broadly with Gandhar in industrial and automotive lubricants but operates as a diversified downstream player rather than a specialty-focused manufacturer.
• Shell India (Shell Lubricants): Shell's lubricants business in India competes with Gandhar in automotive and industrial oils. As a global major with much larger R&D, brand, and distribution investment, Shell represents a key competitive incumbent — particularly in automotive and industrial lubricant categories.
• ExxonMobil India: ExxonMobil's India lubricants operations compete with Gandhar across automotive, industrial, and specialty oils. Comparable as a multinational incumbent with significant technology and brand investment, particularly relevant in higher-grade specialty applications.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/divyol
• YouTubeyoutube.com/@divyolbygandharoil
• Facebookfacebook.com/DivyolOil
• LinkedInlinkedin.com/company/gandhar-oil-refinery-india-ltd
• Instagraminstagram.com/divyolbygandhar

Compliance10 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Gandhar Oil Refinery