Gandhar Oil: Consol PAT up 368% YoY to ₹186 Cr; OPM holds ~16% despite flood charge

Gandhar Oil Refinery's consolidated PAT for Q2 FY27 (quarter ended September 30, 2026) came in at ₹186.28 Cr, up 368% year-on-year from ₹39.77 Cr in Q2 FY26, on revenue from operations of ₹1,846.56 Cr, up 74.2% YoY. Sequentially, revenue rose 6.6% over Q1 FY27's ₹1,731.93 Cr, but headline PAT dipped 9.5% QoQ from ₹205.89 Cr — the fall is entirely attributable to a ₹21.29 Cr exceptional provision booked this quarter for stock loss, contamination and repair costs from floods at the company's Silvassa plant. Stripped of that one-off, underlying PAT was roughly ₹207.6 Cr, up ~422% YoY and broadly flat QoQ (+0.8%). No consensus PAT estimate for this specific quarter turned up in public previews — this appears to be a stock without active broker coverage publishing quarterly estimates — so the print's performance against street is unknown rather than a confirmed beat or miss. Operating margin (EBITDA/revenue) expanded sharply YoY to 15.6% from 6.2% in Q2 FY26, consistent with the structurally better specialty-oils mix the company has run through FY27 so far, but it eased sequentially from 16.2% in Q1 FY27 and sits just under the "16%+" management said in its July 2026 call it was hopeful to sustain "for the next 1-2 quarters" — a narrow miss on that specific guidepost, though the gap is thin, and the exceptional item sits outside the expense line so it isn't the direct explanation for the shortfall. Net margin shows the same pattern: 10.1% this quarter versus 3.7% a year ago (expansion), down from 11.9% in Q1 FY27 (compression), with the QoQ dip tracking the flood charge rather than a reversal in the underlying business. Standalone PAT actually grew faster YoY (₹163.11 Cr vs ₹32.22 Cr, +406%) than consolidated (+368%), and standalone revenue growth (+112% YoY) outpaced consolidated (+74% YoY) — the divergence traces to overseas unit Texol Lubritech FZC (₹22.75 Cr PAT, ₹134.55 Cr revenue this quarter) growing more slowly than the parent, which pulls the blended consolidated growth rate down relative to standalone. The flood-related charge ties directly to two board actions taken alongside this result: the appointment of Santosh Kumar Singh as Factory Manager of the Silvassa plant effective October 27, 2026, and a ₹2.1 Cr land parcel purchase on September 4, 2026 — both read as operational responses to the Silvassa disruption rather than unrelated news. No standalone management press release was available to cross-check management's own framing of the quarter. ₹11.37 Cr of the ₹186.28 Cr consolidated PAT is attributable to non-controlling interests, up from ₹3.72 Cr a year ago, consistent with the minority-held Texol entities scaling with the group. The flood insurance claim has not been recognized as income pending the required level of certainty, per the filing's notes — any future recovery would land as a separate one-time credit, not embedded in this quarter's numbers. Going into Q3 FY27, the two things to track are whether OPM climbs back above the 16% guided threshold now that the one-off is behind the company, and whether an insurance recovery for the Silvassa flood materializes as a future PAT add-back. Management's volume-growth target of 8-10% YoY (last evidenced at 1,31,247 kl in Q1 FY27, up from 1,21,733 kl a year earlier) was not broken out in this filing, so that guidance checkpoint remains unverified this quarter.