The Board of Directors of Gandhar Oil Refinery (India) Limited (“The Company” or “Your Company” or “Gandhar”) are pleased to presentthe 34th Annual Report on the business operations and state of affairs of the Company together with the Audited (Standalone & Consolidated)Financial Statements of the Company for the Financial Year ended March 31, 2026.
State of the Company Affairs:
1. Financial performance:
The summary of the financial performance of the Company on a standalone & consolidated basis, for the Financial Year 2025-2026 ascompared to the previous Financial Year 2024-2025 is as follows:
Standalone
Consolidated
Financial
Particulars
Year ended
Yearended
% Change
31st March
2026
2025
Total Income
3,444.00
3,175.11
8.47
4,254.60
3,909.93
8.82
Profit before Finance Costs, Depreciation/Amortisation and Tax
229.11
160.39
42.84
247.90
188.66
31.40
Less: Finance Cost
(23.52)
(33.11)
(28.94)
(37.59)
(48.40)
(22.33)
Less: Depreciation and Amortisation Expense
(24.66)
(21.82)
13.04
(29.87)
(25.90)
15.34
Profit before share of Profit/(loss) of a jointventure and tax
180.93
105.46
71.56
180.43
114.36
57.77
Share of Profit/(Loss) of a Joint Venture
-
0.11
(0.11)
200.00
Profit before tax
35.55
180.54
114.25
58.02
Tax expenses
(42.55)
(30.16 )
32.85
(43.29)
(30.73)
40.91
Profit after taxation
138.39
75.30
36.58
137.25
83.52
64.33
The Financial Statements for the financial year endedMarch 31, 2026 have been prepared in accordance with theapplicable provisions of the Companies Act 2013 (“the Act”),Indian Accounting Standards (‘IND AS') and the Securities andExchange Board of India (Listing Obligations and DisclosureRequirements) Regulations, 2015 [“SEBI Listing Regulations”].
The Board of Directors review the operations of your Companyas a whole, as one single segment. Accordingly, there are noseparate reportable segments.
2. Business Overview and state of Company’s affairs:
Performance Overview:
i. Consolidated Financials:
Revenue from Operations for the financial year 2025-26was H 4241.18 crore, as compared to H 3896.93 crore forfinancial year 2024-25.
The Other Income for the financial year 2025-26 wasH 13.42 crore as compared to H13.00 crore in the previousyear. Resultantly Total Income for the financial year 2025-
26 was H 4254.60 crore, as compared to H3909.93 crorefor financial year 2024-25.
Profit Before Tax for the financial year 2025-26 wasH180.54 crore, as compared to H 114.25 crore forfinancial year 2024-25.
ii. Standalone Financials:
Revenue from Operations for the financial year 2025-26was H 3422.56 crore, as compared to H 3160.26 crore forfinancial year 2024-25.
The Other Income for the financial year 2025-26 wasH 21.44 crore as compared to H 14.85 crore in the previousyear. Resultantly Total Income for the financial year 2025¬26 was H 3444.00 crore, as compared to H 3175.11 crorefor financial year 2024-25.
Profit Before Tax for the financial year 2025-26 wasH 180.93 crore, as compared to H 105.46 crore forfinancial year 2024-25.
Further, overall Business Performance is laid below
In Crores
FY22
FY23
FY24
FY25
FY26
Revenue from operations
3,579
4,103
4,123
3,897
4,241
EBITDA
241
316
279
176
235
PAT
164
214
165
84
137
ROE
32%
17%
7%
10%
D/E
0.17
0.22
0.27
0.14
0.12
(EBITDA=Net Profit Before Tax Depreciation and Amortisation Finance cost - OtherIncome; Finance cost Principal Repayment of Term Loan)
3. Dividend Distribution Policy:
Pursuant to the requirement of Regulation 43A of the SEBI(Listing Obligation & Disclosure Requirements) Regulations,2015 (the ‘Listing Regulations') the Company has formulated itsdividend distribution policy the details of which are available onthe Company's website at https://gandharoil.com/wp-content/uploads/2023/11/10.-Dividend-declaration-policy.pdf
4. Interim dividend
The Board of Director of the company declared an InterimDividend of J 0.75 per Equity share of the company (i.e 37.5%of the face value of H 2 each of equity share) for the financialyear 2025-26. Further, record date was January 30, 2026 fordetermining entitlement of members to an interim dividend forthe Financial Year 2025-26.
5. Investor Education and Protection Fund:
For detailed analysis, refer para of ‘Transfer of unclaimed/ unpaid amounts / shares to the Investor Education andProtection Fund (IEPF)' for details on transfer of unclaimed/unpaid amount/ shares to IEPF in Corporate GovernanceReport forming part of this Annual Report.
6. Transfer to Reserves:
During the financial year under review, no amount has beentransferred to the General Reserves of the Company.
7. Annual Return:
Pursuant to Sections 92(3) and 134(3) (a) of the CompaniesAct, 2013 a copy of the Annual Return as on March 31, 2026 isavailable on the website of the Company and can be accessedat https://qandharoil.com/investor-relations/annual-reports/ .
8. Share Capital:
i. Authorized Share Capital:
The Authorized Share Capital of the Company isH30,00,00,000/- (Rupees Thirty Crores only) divided into15,00,00,000 (Fifteen Crore) equity shares of face value of H2/- (Rupees Two only) each as on March 31, 2026.
ii. Issued, Subscribed & Paid-up Share Capital:
The Issued, Subscribed & Paid-up Share Capital of theCompany is H19,57,59,060/- (Rupees Nineteen Crores Fifty-Seven Lakhs Fifty-Nine Thousand and Sixty Only) fully paidup divided into 9,78,79,530 equity shares of face value H2/-(Rupees Two only) each as on March 31, 2026.
iii. Subsidiaries, Associates & Joint Venture:
The Company has following subsidiaries and Joint venture ason March 31, 2026:
Subsidiaries
• Gandhar Shipping and Logistics Private Limited-WhollyOwned Subsidiary (Under Liquidation process).
• Gandhar Lifesciences Private Limited-WhollyOwned Subsidiary
• Texol Lubritech FZC, Sharjah-Subsidiary.
• Gandhar Foundation - Section 8 Company
• Texol Manufacturing LLC - a Stepdown subsidiaryof the Company -
• Texol Oils FZC, Sharjah-Joint Venture Company(Liquidated w.e.f. October 17, 2025)
In addition, the Company does not have any holding companyor associate company, and no company has ceased to be itssubsidiary or joint venture during the reporting period, apartfrom the entity mentioned above. The Company is currentlyin the process of incorporating a new subsidiary companyin South Africa.
9. Material Subsidiaries
As on March 31, 2026, your Company had 1 (one) unlistedmaterial subsidiaries. Your Company has formulated a policyfor determining Material Subsidiaries. The policy on MaterialSubsidiary is available on your Company's website at https://gandharoil.com/wp-content/uploads/2023/11/5.-Policy-on-determining-material-subsidiary.pdf
Pursuant to Section 134 of the Act read with rules madethereunder, the details of developments at the level ofsubsidiaries and joint ventures of your Company are covered inthe Management Discussion and Analysis Report, which formspart of this Annual Report.
10. Performance of Subsidiary Companies /Associate Companies / Joint Ventures ofthe Company
A. Domestic Subsidiary
i. Gandhar Shipping and Logistics Private Limited:
During the year under review the Total income of theCompany was H0.78 Crore compared to Total income ofH 0.64 Crore in the previous year. Profit after Tax stood atH 0.19 Crore compared to the Profit after Tax of H 0.22Crore in the Previous Year.
ii. Gandhar Lifesciences Private Limited:
The Company got incorporated on 23rd of August, 2024.During the year under review the Total income of the
Company was H1.19 Crore compared to Total income ofH0.02 Crore in the previous year. Profit after Tax stood atH 0.26 Crore compared to the Loss after Tax of H 0.01Crore in the Previous Year.
iii. Gandhar Foundation:
During the year under review, the gross receipt of theCompany was H2.15 Crore compared to the gross receiptof H1.29 Crore in the previous year.
B. Overseas Subsidiaries/Joint Ventures:
iv. Texol Lubritech FZC:
The Company has a subsidiary Company namely TexolLubritech FZC at Sharjah in which the Company hasinvested in 50.10% shares. Texol Lubritech has startedits manufacturing operations in the year 2019-20. Thecompany is engaged in the business of manufacturingSpeciality oils and lubricants including liquid paraffin,industrial oil and greases, transformer oils, petroleum jelly,automotive lubricants, and other petrochemical products.
During the year under review the Total income of theCompany was J 827.63 Crore compared to Total incomeof J 758.32 Crore in the previous year. The Company hasearned profit of J 3.77 Crore compared to J 6.95 Crore inthe previous year.
v. Texol Oils FZC:
The Company has a Joint Venture Company namelyTexol Oils FZC at Sharjah incorporated on January 11,2023 in which the Company is holding 50% shares. Thecompany is proposed to be engaged in the businessof manufacturing and trading of Grease & Lubricants,Grease & Lubricants Blending, Beauty and PersonalCare Requisites Manufacturing, Refining and Blendingof Petroleum Products, Petrochemicals & Lubricants.Import / Export / Storage / Trading of PetroleumProducts, Petrochemicals, Lubricants & Grease, TradingRefined Oil Products.
The Company at its Board Meeting held on September23, 2025 has approved the closure/wound-upof the Joint Venture company formed namelyTexol Oils FZC
vi. Texol Lubricants Manufacturing LLC
The Company has a Stepdown Subsidiary Companynamely Texol Lubricants Manufacturing LLC which wasincorporated on February 23, 2022 in the Emirate ofAjman in the United Arab Emirates as a limited liabilitycompany in accordance with Federal Decree-Law No.(32) of 2021 regarding commercial companies. TexolLubricants Manufacturing LLC is authorized under theprovisions of its trade license to engage in the businessof grease and lubricants packaging and lubricants andcoolants manufacturing. Texol Lubritech FZC infusedfunds towards subscribing to the initial share capital inTexol Lubricants Manufacturing LLC on March 31, 2023.Consequently, Texol Lubricants Manufacturing LLC hasbeen recognized as a subsidiary of Texol Lubritech FZCwith effect from March 31, 2023 in accordance with theapplicable laws and accounting standards of the UAE.
In accordance with Section 129(3) of the Act, theConsolidated Financial Statements of the Companyhas been prepared and forms part of the Annual Report.Further, a separate statement containing the salientfeatures of financial statements of subsidiary in theprescribed Form AOC-1 is enclosed to the financialstatements provided in the Annual Report
The annual accounts of the said Subsidiaries and JointVenture Company and other related information will bemade available to any member of the Company seekingsuch information at any point of time and are alsoavailable for inspection by any member of the Companyat the registered office of the Company and pursuantto the provisions of Section 136 of the Act, the financialstatements of the Company, consolidated financialstatements along with relevant documents and separateaudited financial statements in respect of subsidiariesand joint ventures, are available on the website of theCompany viz. https://gandharoil.com/investor-relations/financial-statements/.
Pursuant to Section 134 of the Act read with rules madethereunder, the details of developments at the level ofsubsidiaries and joint ventures of your Company arecovered in the Management Discussion and AnalysisReport, which forms part of this Annual Report.
During the financial year 2025-26, there were no funds raised through preferential allotment or qualified institutions placement asspecified under Regulation 32(7A) of the SEBI Listing Regulations.
During the financial year 2023-24, the Company has raised Rs. 500.69 crore through Initial Public Offering (“IPO”). The issue comprise of afresh issue of 1,78,69.822 equity shares aggregating to Rs. 302 crores and offer for sale of 1,17,56,910 equity shares by selling shareholdersaggregating to Rs. 198.69 crore. The utilization of IPO proceeds is summarised as under.
Sl.
No.
Object
Amount Allocated(J In Crore)
Amount utilized ason March 31, 2026(J In Crore)
1
Investment in Texol by way of a loan for financing the repayment/pre-payment of aloan facility availed by Texol from the Bank of Baroda
22.71
2
Capital expenditure through purchase of equipment and civil work required forexpansion in capacity of automotive oil at our Silvassa Plant
27.73
3
Funding working capital requirements of our Company; and
185.01
4
General corporate purposes & IPO Expences
81.99
81.44
TOTAL
317.44
Your Company has appointed ICRA as Monitoring Agencyin terms of Regulation 41 of the Securities and ExchangeBoard of India (Issue of Capital and Disclosure Requirements)Regulations, 2018 (‘SEBI ICDR Regulations'), as amendedfrom time to time, to monitor the utilization of IPO proceedsand the Company has obtained monitoring reports from theMonitoring Agency from time to time confirming no deviationor variation in the utilization of proceeds of the IPO from theobjects stated in the Prospectus dated November 25, 2023.The Company has submitted the statement(s) and report asrequired under Regulation 32 of the SEBI LODR Regulationsto both the exchanges where the shares of the Company arelisted, namely, NSE and BSE on timely basis. The proceedshave been fully utilized.
11. Designated person for the purpose ofdeclaration of beneficial interest in the shares ofthe company:
Pursuant to amendment in the Rule 9 of Companies (Managementand Administration) Rules, 2014, Mrs. Binal Khosla, CompanySecretary and Compliance Officer, shall be responsible forfurnishing, and extending co-operation for providing, informationto the Registrar or any other authorized officer with respect tobeneficial interest in shares of the company.
12. Directors’ Responsibility Statement:
Pursuant to the requirement under Section 134(3) (C) of theAct, the Directors hereby confirm and state that:
a. in the preparation of the annual accounts for the yearended March 31, 2026, the applicable accountingstandards had been followed along with properexplanation relating to material departures, if any;
b. the directors have selected such accounting policiesand applied them consistently and made judgments andestimates that are reasonable and prudent so as to givea true and fair view of the state of affairs of the companyat the end of the financial year and of the profit of thecompany for that period;
c. the directors have taken proper and sufficient carefor the maintenance of adequate accounting recordsin accordance with the provisions of this Act forsafeguarding the assets of the company and forpreventing and detecting fraud and other irregularities;
d. the directors have prepared the annual accounts on agoing concern basis;
e. the directors have laid down internal financial controlsto be followed by the Company and that such internalfinancial controls are adequate and were operatingeffectively; and
f. the directors have devised proper systems to ensurecompliance with the provisions of all applicable laws andthat such systems were adequate and operating effectively.
13. Details of status of mergers, acquisition,expansion, modernization, diversification:
At its Board Meeting held on November 12, 2025, the Boardof Directors approved the discontinuation of the proposed
Scheme of Amalgamation of the Company's wholly ownedsubsidiary, Gandhar Shipping & Logistics Private Limited,with the Company, considering the prevailing business andoperational considerations.
The Board further approved the voluntary liquidation ofGandhar Shipping & Logistics Private Limited under theapplicable provisions of the Insolvency and Bankruptcy Code,2016, the Insolvency and Bankruptcy Board of India (VoluntaryLiquidation Process) Regulations, 2017, and other applicablelaws. The process of voluntary liquidation is currently ongoing.The subsidiary is not a material subsidiary of the Company, andthe voluntary liquidation is not expected to have any materialimpact on the business or consolidated financial statements ofthe Company.
14. Employees’ Stock Option Plan:
Employee stock option plan is designed to enhance retentionof human talent by creating sense of ownership. It further alignsemployee's interest with success of the company.
Accordingly, the company had introduced Employee StockOption Plan namely Gandhar Employee Stock Option Plan2022 (“ESOP 2022") which was ratified and approved by theshareholders via postal ballot on 23rd March, 2024.
Pursuant to the requirements of the Securities and ExchangeBoard of India (Share Based Employee Benefits and SweatEquity) Regulations, 2021, a certificate has been issued bythe Secretarial Auditor of the Company confirming that thescheme has been implemented in accordance with the saidRegulations, would be placed at the website of your Companyat https://qandharoil.com/investor-relations/annual-reports/
A statement containing the relevant disclosures pursuant toRule 12(9) of the Companies (Share Capital and Debentures)Rules, 2014, and Regulation 14 of the SEBI SBEB Regulationsfor the financial year ended on March31, 2026 can be accessedon the website of your Company at https://gandharoil.com/investor-relations/company-policies/
15. Credit rating:
The Company's financial discipline and prudence is reflected inthe strong credit ratings ascribed by rating agencies. The detailsof credit rating are disclosed in the Corporate GovernanceReport, which forms part of this Integrated Annual Report.
16. Public Deposits:
During the financial year under review, your Company hasnot accepted any deposits within the meaning of Sections 73and 76 of the Act read with the Companies (Acceptance ofDeposits) Rules, 2014 as amended from time to time.
17. Particulars of Loans, Guarantees or Investments:
The particulars of loans given, guarantees given, investmentsmade and securities provided by the Company duringthe financial year under review, are in compliance with theprovisions of Section 186 of the Act and the Rules madethereunder and details are given in the Notes to the Accountsof the Standalone Financial Statements which forms part ofthe Annual Report. All the loans given by the Company to thebodies corporate are towards business purposes.
18. Particulars of Contracts or Arrangements withthe Related Parties:
All contracts or arrangements or transactions entered duringthe year with related parties were on arm's-length basisand in the ordinary course of business and in compliancewith the applicable provisions of the Act and the SEBIListing Regulations. None of the contract or arrangement ortransaction with any of the related parties was in conflict withthe interest of the Company.
Further, all the transactions entered during the financial yearunder review with the related parties referred to in Section 188of the Act were in the ordinary course of the business and onthe arm's length basis and are reported /stated in the Notes tothe Accounts of the Standalone Financial Statements of theCompany which forms part of the Annual Report.
All Related Party Transactions entered into during the financialyear were in the ordinary course of business and on an arm'slength basis and were in compliance with the provisions of theCompanies Act, 2013 and Regulation 23 of the SEBI (ListingObligations and Disclosure Requirements) Regulations, 2015,as applicable. There were no materially significant RelatedParty Transactions entered into by the Company with itsrelated parties which could have had a potential conflict withthe interests of the Company. During the year under review, noRelated Party Transaction exceeded the materiality threshold
prescribed under Regulation 23 of the SEBI (Listing Obligationsand Disclosure Requirements) Regulations, 2015 requiringapproval of the Members. The Company did not have anycontracts or arrangements requiring disclosure in Form AOC-2 under Section 134(3)(h) of the Companies Act, 2013 readwith Rule 8(2) of the Companies (Accounts) Rules, 2014 duringthe financial year. Accordingly, Form AOC-2 does not formpart of this Report. The disclosures as required under IndianAccounting Standard (Ind AS) 24 - Related Party Disclosuresform part of the Notes to the Financial Statements. The Policyon Materiality of Related Party Transactions and on dealingwith Related Party Transactions, as approved by the Board inaccordance with Regulation 23 of the SEBI (Listing Obligationsand Disclosure Requirements) Regulations, 2015, is availableon the website of the Company athttps://gandharoil.com/investor-relations/company-policies
19. Directors and Key Managerial Personnel:
As on March 31, 2026, the Board of Directors (the “Board”) ofyour Company comprises of Six (06) Directors comprising ofThree (03) Executive Directors and Three (03) IndependentDirectors, which includes Two (02) Independent WomanDirector. The constitution of the Board of the Company is inaccordance with requirements of Section 149 of the Act andRegulation 17 of the Listing Regulations.
The list of Directors and Key Managerial Personnel as on March 31, 2026 are as follows:
S.
Name
Designation
Date of Appointment/Re-Appointment
Date of Cessation
Mr. Ramesh Parekh
Chairman and Managing Director
21.09.2025
NA
Mr. Samir Parekh
Vice Chairman and Joint Managing Director
01.10.2021
Mr. Aslesh Parekh
Joint Managing Director
Mr. Raj Kishore Singh
Independent Director
28.06.2024
5
Ms. Amrita DC Nautiyal
17.08.2025
6
Mrs. Deena Mehta
22.06.2022
7
Mr. Indrajit Bhattacharyya
Chief Financial Officer
05.01.2017
8
Mrs. Jayshree Soni
Company Secretary & Compliance Officer
01.12.2014
09.12.2025
9
Mrs. Binal Khosla
10.12.2025
Based on the written representations received from theDirectors, none of the Directors of the Company is disqualifiedunder Section 164 of the Act.
Further, None of the Directors on the Board of the Companyhas been debarred or disqualified from being appointed orcontinuing as director of the Company by the SEBI, Ministry ofCorporate Affairs or any other statutory authority.
All Directors are eminent individuals with proven track records,and their detailed backgrounds are provided in the CorporateOverview section forming part of this Annual Report.
20. Appointments and Re-appointment to the Board:
Appointments and Re-appointment to the Board:
During the financial year under review, the Board of Directors, atits meeting held on May22,2025, approved the re-appointmentof Mr. Ramesh Parekh (DIN: 01108443) as the ManagingDirector of the Company for a period of five (5) consecutive
years, commencing from September 21, 2025 and endingon September 20, 2030 (both days inclusive). The said re¬appointment was approved by the Members of the Companyat the Annual General Meeting held on August 12, 2025.
The Board of Directors, at its meeting held on May 22, 2025,approved the re-appointment of Ms. Amrita Nautiyal (DIN:00123512) as an Independent Director of the Company for asecond term of five (5) consecutive years, commencing fromAugust 17, 2025 and ending on August 16, 2030 (both daysinclusive). The said re-appointment was approved by theMembers of the Company at the Annual General Meeting heldon August 12, 2025.
The Board of Directors, at its meeting held on May 26, 2026,and based on the recommendation of the Nomination andRemuneration Committee (“NRC”), approved the appointmentand re-appointment of the following Directors. The same wereplaced before the Members for approval through Postal Ballot
dated July 15, 2026. The results of the Postal Ballot shall bedeclared on or before August 19, 2026.
i. Mr. Samir Parekh (DIN: 02225839) was appointed asVice Chairman and Joint Managing Director for a periodof five (5) consecutive years commencing from October01st, 2026 to September 30th, 2031 (both days inclusive),on the terms and conditions as set out in the Postal BallotNotice dated July 15, 2026
ii. Mr. Aslesh Parekh (DIN: 02225795) was appointedas Joint Managing Director for a period of five (5)consecutive years commencing from October 01st, 2026to September 30th, 2031 (both days inclusive), on theterms and conditions as set out in the Postal Ballot Noticedated July 15, 2026.
iii. Mr. Jatin Dhamani was appointed as Whole-time Directorfor a period of five (5) consecutive years commencingfrom May 26th, 2026 to May 25th, 2031 (both daysinclusive), on the terms and conditions as set out in thePostal Ballot Notice dated July 15, 2026.
iv. Mr. Santokhsingh Karamsingh Sandhu was appointed asan Independent Director for his first term commencingfrom May 26th, 2026 to May 25th, 2031 (both daysinclusive), on the terms and conditions as set out in thePostal Ballot Notice dated July 15, 2026.
Further, the following director is proposed to be appointed atthe ensuing AGM, the brief details of which are mentioned inthe Notice of 34th AGM forming part of this Annual Report:
Approval of appointment of Mr. Shyam Chandrabhan Agrawal(DIN: 00541214) as an Independent Director of the Companyfor first term of five (5) consecutive years with effect from July22nd, 2026 to July 21st 2031 (both days inclusive)
21. Independent Directors:
The Company has received requisite declarations from theIndependent Directors confirming that they meet the criteriaof Independence as prescribed under Section 149 of the Actread with the Rules framed thereunder and Regulation 16of the Listing Regulations. The Independent Directors havecomplied with the Code for Independent Directors prescribedin Schedule IV to the Act.
The Non-Executive Directors of the Company had no pecuniaryrelationship or transactions with the Company, other than sittingfees, and reimbursement of out of pocket expenses or any profitrelated commission, if any, incurred by them for the purposeof attending meetings of the Company. The IndependentDirectors have also confirmed that they have registered theirnames in the data bank of Independent Directors maintainedwith / by the Indian Institute of Corporate Affairs.
In the opinion of the Board, there has been no change in thecircumstances which may affect the status of IndependentDirectors as an Independent Director of the Company and theBoard is satisfied with the integrity, expertise, and experienceincluding proficiency, in terms of Section 150 of the Act and theRules made thereunder.
22. Retirement by Rotation:
In accordance with the provisions of Section 152(6) of the Actread with the rules made thereunder and in terms of Articles ofAssociation of the Company, Mr. Ramesh Babulal Parekh, (DIN:01108443) Chairman & Managing Director of the Company isliable to retire rotation at the ensuing 34th AGM and being eligible,offered himself for re-appointment. The Board of Directors,on the recommendation of the Nomination and RemunerationCommittee (“NRC”) has recommended his re-appointment.
The disclosures required pursuant to Regulation 36 of theSEBI Listing Regulations read with Secretarial Standard - 2on General Meetings relating to the aforesaid appointment/re-appointment of directors are given in the Notice of AGM.
23. Changes in Key Managerial Personnel:
During the year under review, Mrs. Jayshree Soni, CompanySecretary and Compliance Officer of the Company, resignedfrom the said position with effect from December 9, 2025.Subsequently, Mrs. Binal Khosla was appointed as theCompany Secretary and Compliance Officer of the Companywith effect from December 10, 2025.
24. Performance Evaluation of the Board:
Pursuant to the provisions of the Act and the SEBI ListingRegulations, the Board of Directors has put in place a processto formally evaluate the effectiveness of the Board, itsCommittees and individual Directors. The Board works withthe Nomination and Remuneration Committee to lay down theevaluation criteria.
The Board has carried out evaluation of its own performance,of all the Directors individually as well as the working of itsAudit Committee, Nomination & Remuneration Committee,Stakeholders' Relationship Committee and Risk ManagementCommittee of the Company for the financial year 2025-26. TheBoard has devised questionnaire to evaluate the performancesof each of Executive, Non-Executive and Independent DirectorsSuch questions are prepared considering the business of theCompany and the expectations that the Board have from eachof the Directors. The evaluation framework for assessing theperformance of Directors comprises of the following key areas:
i. Attendance at Board Meetings and Committee Meetings;
ii. Quality of contribution to Board deliberations;
iii. Strategic perspectives or inputs regarding future growthof Company and its performance;
iv. Providing perspectives and feedback going beyondinformation provided by the management.
Additionally, specific feedback was also sought on the mannerin which the Chairperson, the Independent Directors andthe Executive Directors of the Company discharged theirrespective roles.
The Board reviewed and analyzed the responses to theevaluation forms and accordingly completed the Board
evaluation process for financial year 2025-2026 andexpressed their satisfaction with the evaluation process.
The Independent Directors also held a separate meetingduring the financial year, to evaluate the performance of theBoard as a whole, the Non-Independent Directors and thechairperson of the Board.
25. Board Meetings:
The Board met on various occasions to discuss and decideon affairs, operations of the Company and to supervise andcontrol the activities of the Company.
During the Financial Year under review, The Board of Directorsmet Six (6) times as per the details given in the CorporateGovernance Report forming part of this Annual Report. Theintervening gap between two consecutive meetings was withinthe period prescribed under the Act, the Secretarial Standardson Board Meetings issued by the Institute of CompanySecretaries of India (ICSI) and the Listing Regulations.
26. Committee Meetings:
Further, pursuant to the Act and the SEBI Listing Regulations,the Company has constituted various Statutory Committees.As on March 31, 2026, the Board has constituted the followingcommittees / sub-committees.
• Audit Committee
• Nomination and Remuneration Committee
• Stakeholders' Relationship Committee
• Risk Management Committee
• Corporate Social Responsibility Committee
The details with respect to the composition, number ofmeetings held, and terms of reference for each committeeare given in the Corporate Governance Report forming part ofthis Annual Report.
27. Independent Directors’ Meeting:
Pursuant to SEBI (LODR) Third Amendment Regulations,2024, the independent directors of top 2000 listed entitiesas per market capitalization shall endeavor to hold at leasttwo meetings in a financial year, without the presence of non¬independent directors and members of the management andall the independent directors shall endeavor to be presentat such meetings.
Accordingly, Independent Directors met on August 08,2025 and March 23, 2026, without the attendance of Non¬Independent Directors and members of the management.The Independent Directors reviewed the performance ofNon-Independent Directors, the Committees and the Boardas a whole along with the performance of the Chairman of yourCompany, taking into account the views of Executive Directorsand Non-Executive Directors and assessed the quality, quantityand timeliness of flow of information between the managementand the Board that is necessary for the Board to effectively andreasonably perform their duties.
28. Familiarization Programme for IndependentDirectors:
Independent Directors (‘IDs') inducted to the Board are providedorientation on the Company's business operations, products,organization structure as well as the Board constitution and itsprocedures through various programmes / presentations.
The IDs are also provided with an opportunity to visit theCompany's plants. The Company as on date of this reporthas three (3) Independent Directors on its board. Details offamiliarization given to the Independent Directors in the areas ofbusiness, strategy, governance, operations, risk, safety, health,environment are available on the website of the Company.
Further details of programmes conducted in the financialyear under review is available on the website of the Companyhttps://gandharoil.com/investor-relations/familiarization-programme-for-id/
Please refer to the Paragraph on Familiarization Programme inthe Corporate Governance Report for detailed analysis.
29. Policy on Director’s Appointment andRemuneration:
The Board has, pursuant to Section 178(3) of the Act andon the recommendation of Nomination and Compensation- cum - Remuneration Committee framed a policy forselection and appointment of Directors, Senior Managementand their remuneration (“Remuneration Policy”) whichis available on the website of your Company at https://gandharoil.com/wp-content/uploads/2023/02/Nomination-Remuneration-Policy.pdf
The statement containing particulars of top 10 employeesand particulars of employees as required under Section 197(12) of the Act read with Rule 5(2) and (3) of the Companies(Appointment and Remuneration of Managerial Personnel)Rules, 2014 is provided as a separate “Annexure-I” formingpart of this report.
30. Board Diversity:
Your Company recognizes and embraces the importance ofa diverse board in its success. The Board has adopted theBoard Diversity Policy which sets out the approach to thediversity of the Board of Directors. The said Policy is availableon your Company's website at https://gandharoil.com/wp-content/uploads/2023/11/3.-Policy-on-Diversity-of-Board-of-Directors.pdf
31. Succession Plan:
Your Company has an effective mechanism for successionplanning which focuses on orderly succession of Directors,Key Management Personnel and Senior Management. TheBoard has adopted the Succession Planning for the Board& Senior Management and the said Policy is available on theCompany's website at https://gandharoil.com/wp-content/uploads/2023/11/11.-Policy-on-Succession-Planning-for-the-Board- -Senior-Management.pdf
32. Vigil Mechanism /Whistle Blower Policy:
The Company has adopted a Whistle Blower Policy and hasestablished the necessary vigil mechanism for Directors andEmployees in confirmation with Section 177 of the Act andthe Rules framed thereunder and Regulation 22 of the ListingRegulations to report concerns about unethical behavior.
The Audit Committee of the Company oversees / supervise aVigil Mechanism / a Whistle Blower Policy of the Company.
The Company has implemented the Vigil mechanism/WhistleBlower Policy to ensure greater transparency in all aspectsof the Company's functioning. The objective of the policy is tobuild and strengthen a culture of transparency and to provideemployees with a framework for responsible and securereporting of improper activities. Therefore, it has built in andset up the Vigil Mechanism, under this mechanism all theemployees and Directors of the Company are eligible to makedisclosures in relation to matters concerning the Company.During the year under review, no person was denied access tothe Chairman of the Audit Committee.
Under the Whistle Blower Policy, confidentiality of thosereporting violation(s) is protected and they shall not be subjectto any discriminatory practices. The Policy is uploadedon the Company's website at www.gandharoil.com andcan be accessed at https://gandharoil.com/wp-content/uploads/2024/05/Vigil-Mechanism-Policy.pdf
33. Board Policies:
The details of various policies approved and adopted by theBoard as required under the Act and SEBI Listing Regulationsare provided on your Company's website at https://gandharoil.com/investor-relations/company-policies/
34. Auditors & Auditor’s Reports
i. Internal Auditors:
Pursuant to the provisions of Section 138 of the Act, on therecommendation of the Audit Committee, M/s. G. D. Singhvi &Co., Chartered Accountants, (Firm registration No.110287W)were re-appointed as the Internal Auditors to conduct internalaudit for the financial year 2025-2026.
ii. Statutory Auditors:
Pursuant to provisions of section 139 of the Act read withthe Companies (Audit and Auditors) Rules, 2014, M/s. KJK &Associates., Chartered Accountants, (FRN: 112159W) Mumbaiwere appointed as Statutory Auditors of the Company for thefirst term of five (5) consecutive years from the financial year01.04.2025 to 31.03.2026 till 01.04.2029 to 31.03.2030.
The Auditors' Report is annexed to the Financial Statementsand does not contain any qualifications, reservations, adverseremarks or disclaimers and is unmodified. Further, Notes toAccounts are self-explanatory and do not call for any comments.
iii. Secretarial Auditors:
Pursuant to the provisions of Section 204 of the Act andthe rules made thereunder, your Company has appointedCS Vishal N Manseta, Peer Reviewed Practicing CompanySecretary (COP.: 8981 and Peer Review No.: 1584/2021) asSecretarial Auditor of the Company to undertake SecretarialAudit of your Company.
In addition, pursuant to 24A of the SEBI Listing Regulations,based the recommendation of Audit Committee Board, theboard of directors appointed CS Vishal N Manseta, PeerReviewed Practicing Company Secretary (COP.: 8981 and PeerReview No.: 1584/2021) as Secretarial Auditor of the Company
The Secretarial Audit Report received from CS Vishal N Manseta, Practicing Company Secretaries, Mumbai for the year ended March 31,2026, is annexed as “Annexure IV” and forms part of this report.
The Secretarial Auditor in SecretarialAudit Report (the “SAR”) has madefollowing observations for thefinancial year under review:
Management response:
On August 25, 2025, the Companymade an announcement regardingthe receipt of a work order. However,XBRL of the same was not filed.
The corresponding XBRL filing was missed as part of our compliance workflow, which iscurrently being realigned and due to an inadvertent oversight, primarily on account of therecent introduction of the XBRL submission requirement for this category of disclosureby the Exchange.
We sincerely regret the delay and wish to assure you that the Company remainscommitted to adhering to all regulatory requirements in both letter and spirit.
iv. Cost Auditors:
Pursuant to Section 148 of the Act, read with Companies(Cost Record and Audit) Rules, 2014 as amended from timeto time, the Company is required to audit its cost records bya Cost Accountant. The Board of Directors of the Companybased on the recommendation of the Audit Committee,approved the appointment of M/s. Maulin Shah & Associates,
Cost Accountant, (Firm Registration No. 101527) as the CostAuditors of the Company to conduct cost audit for relevantproducts prescribed under the Companies (Cost Records andAudit) Rules, 2014 for financial year 2025-2026.
The Board on recommendations of the Audit Committeehave approved the remuneration payable to the Cost Auditor,subject to ratification of their remuneration by the Members at
this AGM. The resolution approving the above proposal is beingplaced for approval of the Members in the Notice for this AGM.
35. Maintenance of the Cost Records:
Maintenance of cost records as specified by the CentralGovernment under sub-section (1) of section 148 of theCompanies Act, 2013, is required by the Company andaccordingly such accounts and records are made andmaintained by the Company.
36. Reporting of Frauds by the Auditors:
During the financial year under review, neither the StatutoryAuditors nor the Secretarial Auditors have reported to theAudit Committee under Section 143 of the Act, any instancesof fraud committed against your Company by its officers andemployees, details of which would need to be mentioned in theBoard's Report.
37. Risk Management:
The Company recognizes that risk is an integral and inevitablepart of business and is fully committed to manage the risks in aproactive and efficient manner. The Company has a disciplinedprocess for continuously assessing risks, in the internal andexternal environment along with minimizing the impact of risks.The objective of Risk Management process in the Companyis to enable value creation in an uncertain environment,promote good governance, address stakeholder expectationsproactively and improve organizational resilience andsustainable growth. Further details are provided in theManagement Discussion and Analysis Section forming partof this Report.
The Board of Directors of the Company has constituted a RiskManagement Committee and designed Risk ManagementPolicy and Guidelines to avoid events, situations orcircumstances which may lead to negative consequenceson the Company's businesses, and is working on a structuredapproach to manage uncertainty and to make use of thesein their decision making pertaining to all business divisionsand corporate functions and evaluate and monitor key risksincluding strategic, operational, financial, cyber security andcompliance risks & framing, implementing, monitoring andreviewing Risk Management plan, policies, systems andframework of the Company.
A copy of the risk management policy is placed on the websiteof the Company at www.gandharoil.com and can be accessedat https://gandharoil.com/wp-content/uploads/2026/03/Risk-Management-Policy-Procedures.pdf
38. Risk and areas of concern:
The major risks faced by your Company are on accountof volatility in the prices of its raw materials and foreignexchange rates. The Company has laid down a well-definedRisk Management Policy to mitigate its risks, covering the riskmapping, trend analysis, risk exposure, potential impact andrisk mitigation process. A detailed exercise is carried out by theemployees designated by Board to identify, evaluate, manageand monitor both business and non-business risk. In this regard,your Company continues to exercise prudence in its inventorycontrol and hedging policies. The Board periodically reviews
the risks and suggests steps to be taken to control and mitigatethe same through a properly defined framework.
39. Internal Financial Control Systems, its adequacy:
The Board has adopted the policies and procedures forensuring the orderly and efficient conduct of its business,including adherence to Company Policies, safeguarding ofassets, prevention and detection of frauds and errors, theaccuracy and completeness of the accounting records andtimely preparation of reliable financial disclosures.
The Audit Committee evaluates the efficiency and adequacyof financial control system in the Company, its compliance withoperating systems, accounting procedures at all locations ofthe Company and strives to maintain a high Standard of InternalFinancial Control.
During the year under review, no material or serious observationhas been received from the Auditors of your Company citinginefficiency or inadequacy of such controls. An extensiveinternal audit is carried out by M/s. G. D. Singhvi & Co., CharteredAccountants and post audit reviews are also carried out toensure follow up on the observations made by the Auditors.
40. Corporate Social Responsibility Initiative:
A Corporate Social Responsibility Statement is a declarationby a company that outlines its commitment to operating in anethical, sustainable, and socially responsible manner. Yourcompany by practicing corporate social responsibility desiresto create positive impact and drives enhance the society andenvironment it operates in.
Further, pursuant to the provisions of Section 135 of the Act, readwith Companies (Corporate Social Responsibility) Rules, 2014,the Company has constituted Corporate Social Responsibility(CSR) Committee and has framed a CSR Policy. As part ofits initiatives under CSR, the Company has identified variousprojects. These projects are in accordance with Schedule VIIof the Act. The Policy on Corporate Social Responsibility isavailable on the website of the Company viz. https://gandharoil.com/wp-content/uploads/2023/02/CSR-Policy.pdfThe Annual Report on CSR activities is annexed as “AnnexureII” and forms part of this report.
41. Business Responsibility and SustainabilityReport:
In accordance with the Listing Regulations, the BusinessResponsibility and Sustainability Report (BRSR), describingthe initiatives taken by the Company from an Environmental,Social and Governance (ESG) perspective is available on theCompany's website and can be accessed at https://gandharoil.com/investor-relations/annual-reports/
The Business Responsibility and Sustainability Report(“BRSR”) describing the initiatives taken by the Company froman Environmental, Social and Governance (ESG) perspectiveforms an integral part of this Annual Report.
42. Corporate Governance:
Your Company is fully committed to follow good CorporateGovernance practices and maintain the highest businessstandards in conducting business. The Company continues
to focus on building trust with shareholders, employees,customers, suppliers and other stakeholders based onthe principles of good corporate governance viz. integrity,equity, consciences transparency, fairness, sound disclosurepractices, accountability and commitment to values. YourCompany is compliant with the provisions relating toCorporate Governance.
The Report on Corporate Governance, as stipulated underRegulation 34 of the Listing Regulations forms an integral partof this Annual Report. The Report on Corporate Governancealso contains certain disclosures required under the Act andthe Listing Regulations as amended from time to time.
A Certificate from CS Vishal N Manseta, the SecretarialAuditors of the Company confirming compliance to theconditions of Corporate Governance as stipulated underListing Regulations, is annexed as “Annexure C” to theCorporate Governance Report.
43. Management Discussion and Analysis Report:
As per Regulation 34 of the Listing Regulations, a separatesection on the Management Discussion and Analysis Report(the “MDAR”) highlighting the business of your Company formspart of the Annual Report. It inter-alia, provides details aboutthe economy, business performance review of the Company'svarious businesses and other material developments duringthe year 2025-2026.
44. Code for Prevention of Insider Trading:
Your Company has adopted a Code of Conduct to regulate,monitor and report trading by designated persons andtheir immediate relatives and a Code of Fair Disclosure toformulate a framework and policy for disclosure of events andoccurrences that could impact price discovery in the marketfor its securities as per the requirements under the Securitiesand Exchange Board of India (Prohibition of Insider Trading)Regulations, 2015. The Code of Fair Disclosure has been madeavailable on the Company's website at https://gandharoil.com/wp-content/uploads/2025/03/Trading-Code-of-Conduct-by-Designated-Person.pdf
Compliance with the code of conduct is closely monitored,and violations, if any, are reported to the Audit Committee atregular intervals.
The Company has also maintained a structured DigitalDatabase(SDD) compliance with the statutory requirements.The company ensures that the designated persons arefamiliarized with Code of Conduct and appropriately trainedregarding the maintainence and compliance of SDD
45. Details of significant and material orders passedby the regulators or courts or tribunals impactingthe going concern status and company’soperations in future:
No significant change or material order was passed byany regulator(s) or court(s) or tribunal(s) or any competentAuthorities which impact the going concern status and theoperations of the company in future.
46. Policy on Sexual Harassment of Womenat Workplace (Prevention, Prohibition andRedressal) Act, 2013:
Your Company always believes in providing a safe andharassment free workplace for every individual working inany office of the Company through various interventions andpractices. The Company endeavors to create and providean environment that is free from any discrimination andharassment including sexual harassment.
Your Company has in place a robust policy on prevention ofsexual harassment at workplace. The policy aims at preventionof harassment of employees and lays down the guidelines foridentification, reporting and prevention of sexual harassment.The Company has zero tolerance approach for sexualharassment at workplace. There is an Internal ComplaintsCommittee (“ICC”) which is responsible for redressal ofcomplaints related to sexual harassment and follows theguidelines provided in the policy.
Further, the Company did not receive any complaint of sexualharassment during the financial year 2025-26, details ofcomplaints pertaining to sexual harassment that were filed,disposed of and pending during the financial year are providedin the Report of Corporate Governance.
47. Maternity Benefit
The Company affirms that it has duly complied with allprovisions of the Maternity Benefit Act, 1961 / the Code onSocial Security, 2020 and has extended all statutory benefitsto eligible women employees during the year.
48. Conservation of Energy, Technology Absorptionand Foreign Exchange Earning & Outgo:
The Company consciously makes all efforts to conserve energyacross its operations. In terms of the provisions of Section134(3)(m) of the Act read with the Companies (Accounts) Rules2014 as amended from time to time, the report on conservationof energy, technology absorption, foreign exchange earningsand outgo forms part of this report as “Annexure III”.
48. Material changes and commitments, if any,affecting the financial position of the Companyoccurred between the end of the financial yearto which this financial statement relates and thedate of the report:
There have been no other material changes and commitmentsthat occurred after the closure of financial year till the date ofreport, which may affect the financial position of the Company.
49. Green Initiative:
As a responsible Corporate Citizen, the Company embracesthe ‘Green Initiative' undertaken by the Ministry of CorporateAffairs, Government of India, enabling electronic deliveryof documents including the Annual Report and Notices tothe Shareholders at their e-mail address registered withthe Depository Participant (DPs) and Registrar and ShareTransfer Agent.
We would greatly appreciate and encourage more membersto register their email address with their Depository Participantor the RTA / Company, to receive soft copies of the AnnualReport and other information disseminated by the Company.Shareholders who have not registered their e-mail addressesso far are requested to do the same. Those holding sharesin demat form can register their e-mail address with theirconcerned DPs.
We invite Shareholders who haven't registered their e-mailaddresses to join this initiative and support environmentsustainability.
50. Compliance with Secretarial Standards:
The Company has devised proper systems to ensurecompliance with the applicable Secretarial Standards issued bythe Institute of Company Secretaries of India and the Companyensures compliance with all the secretarial standards duringthe year under review.
51. The details of application made or any proceedingis pending under the Insolvency and BankruptcyCode, 2016 (“IBC”) during the year along with itsstatus as at the end of Financial year:
There was no application made or any proceedingpending under IBC during the financial year under reviewagainst the Company.
52. The details of difference between amount of thevaluation done at the time of one- time settlementand the valuation done while taking loan fromthe Banks or Financial Institutions along with thereasons thereof:
There was no instance of one-time settlement with any Bank orFinancial Institutions during the financial year under review.
53. Development of human resources:
Your Company promotes an open and transparent workingenvironment to enhance teamwork and build business focus.Your Company gives equal importance to development ofhuman resources (HR). It updates its HR policy in line withthe changing HR culture in the industry as a whole. In order tofoster excellence and reward those employees who performwell, the Company has performance / production-linkedincentive schemes. The Company also takes adequate stepsfor in-house training of employees and maintaining a safe andhealthy environment.
54. Other disclosures:
Your Directors state that no disclosure or reporting is requiredin respect of the following items as there were no transactionson these matters during the financial year under review:
i) There was no revision in the financial statementsof the Company.
ii) The Company has not issued equity shares withdifferential voting rights as to dividend, voting or otherwise.
iii) During the financial year under review, the company hasnot issued any equity shares with differential rights asto dividend voting or otherwise. Further, the companyhas not issued any sweat equity shares during financialyear under review.
iv) There has been no failure in implementation of anyCorporate Action.
v) There has been no change in the nature of businessof your Company
vi) The Managing Director and the Joint Managing Director &CEO of the Company does not receive any remunerationor commission from any of its subsidiaries.
vii) No alterations were approved in the Memorandum ofArticles (“MOA”) and Articles of Associations (“AOA”) ofthe Company during the financial year 2025-2026.
Cautionary Statement:
Statements in this Report, particularly those which relateto Management Discussion and Analysis as explained in aseparate Section in this Report, describing the Company'sobjectives, projections, estimates and expectations mayconstitute ‘forward looking statements' within the meaningof applicable laws and regulations. Actual results might differmaterially from those either expressed or implied in thestatement depending on the circumstances.
Acknowledgement:
The Directors convey their appreciation for the admirableperformance of the Company, which has been made possibleby the sterling efforts of the employees. They have exhibitedtime and again their deep commitment and passion for results,which has propelled the Company to the vaunted position itenjoys today. Further, your Directors wish to place on recordtheir appreciation for the continuous co-operation, assistanceand support extended by all stakeholders, GovernmentAuthorities, Financial Institutions, Banks, Customers, Dealers,Suppliers, Consultants, Solicitors and Shareholders of theCompany. In this profound journey, the Directors standcommitted as ever to steer the Company towards an evenmore promising future.
For and on behalf of the Board of DirectorsGandhar Oil Refinery (India) Limited
Sd/- Sd/-
Mr. Samir Parekh Mr. Aslesh Parekh
Place: Mumbai Vice Chairman & Joint Managing Director Joint Managing Director
Date: July 22, 2026 DIN: 02225839 DIN: 02225795