Investor Presentation

October 27, 2026 Listing Compliance Department Listing & Compliance Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, 5th Floor Dalal Street, Mumbai – 400001 Plot No. C/1, “G” Block BSE Scrip Code: 544029 Bandra-Kurla Complex Bandra (E), Mumbai – 400 051 Symbol: GANDHAR Subject: The said Investor’s Presentation will be simultaneously posted on the Company’s website at https://gandharoil.com/investor-relations/presentations/ You are requested to take the above information on record. Thanking you. Yours Faithfully, For Gandhar Oil Refinery (India) Ltd Binal Khosla Compliance Officer and Company Secretary Mem. No.: A29802 Encl: As above Investor Presentation for the Quarter ended 30th September, 2026 (Q2 & FY 2026-27) Ref: Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) Dear Sir(s)/Madam(s), Pursuant to Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, we enclose herewith the Investor Presentation on the Un-Audited Financial Results (Standalone and Consolidated) for the quarter and half year ended September 30th, 2026. INVESTOR PRESENTATION Q2 & H1 FY27 – October - 2026 DISCLAIMER Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by Gandhar Oil Refinery (India) Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. This presentation contains certain forward looking statements concerning the Company’s future business prospects and business profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India and abroad, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, our ability to manage our international operations, government policies and actions regulations, interest and other fiscal costs generally prevailing in the economy. The Company does not undertake to make any announcement in case any of these forward looking statements become materially incorrect in future or update any forward looking statements made from time to time by or on behalf of the Company. Business Update– Q2 & H1 FY27 Highest Ever Quarterly Performance Q2 FY27 Revenue Gross Profit / Margin EBIDTA / Margin PAT / Margin ₹1,847 Cr ₹388 Cr / 21.0% ₹288 Cr / 15.6% ₹186 Cr / 10.1% +73% YoY +197% YoY +880 bps YoY +337% YoY +940 bps YoY +368% YoY +640 bps YoY H1 FY27 Revenue Gross Profit / Margin EBIDTA / Margin PAT / Margin ₹3,579 Cr ₹758 Cr / 21.2% ₹569 Cr / 15.9% ₹392 Cr / 11.0% +82% YoY +227% YoY +940 bps YoY +408% YoY +1020 bps YoY +495% YoY +760 bps YoY KEY TAKEAWAYS • Gross Margin Spread sustained at ₹29,128 per kl, 3.0x year-on-year and in line with Q1 FY27 • Highest-ever quarterly revenue of ₹1,847 crore, up 73% year-on-year • CRISIL reaffirmed A+/Stable and A1 ratings; rated bank facilities to ₹1,014 crore Building Momentum, Delivering Sustainable Value Q2 FY27 reflects the resilience of our operating model and our ability to execute effectively in a dynamic market environment. We achieved our highest-ever quarterly revenue of ₹1,847 crore, while sustaining healthy gross margin spreads for the second consecutive quarter. Our first-half profit after tax stood at approximately ₹392 crore, nearly 3x the profit reported for the whole of FY26. This performance is underpinned by our sourcing agility, disciplined procurement, prudent inventory management and continued focus on product mix and customer relationships. The quarter presented operational challenges, particularly due to geopolitical developments in West Asia, which impacted base oil availability, pricing and shipping logistics. Our diversified supplier base, established relationships with international suppliers and domestic base oil producers, and responsive supply-chain management helped us maintain continuity of supply to customers. We continued to see strong traction in PIO, with half yearly volumes growing 23% year-on-year, supported by demand from the transformer, power and rubber industries. Lubricants volumes improved sequentially, while in PHPO, we remain focused on addressing changing customer requirements and competitive dynamics. Operational reliability and capacity enhancement remain important priorities. Following the disruption caused by heavy rainfall and flooding at our Silvassa Unit No. 2 in July, we restored operations in early August through the focused efforts of our teams. We also completed a debottlenecking programme during the quarter, strengthening our operating capacity. Looking ahead, we will continue to focus on improving operational efficiency, deepening customer engagement, expanding our presence across geographies and progressing our capacity-expansion plans. With our strong first-half performance, robust internal accruals and a disciplined approach to capital allocation, we are well positioned to support the next phase of growth. The reaffirmation of our credit ratings by CRISIL and enhancement of our rated bank facilities to ₹1,014 crore further strengthen our financial flexibility. While we remain“ Mr. Aslesh Parekh mindful of external uncertainties, our priorities remain clear: build operational resilience, strengthen our market position, move towards higher-value opportunities and deliver sustainable, profitable growth over the long term. Joint Managing Director Gandhar Oil Refinery (India) Ltd Company Overview India's Leading Manufacturer of Specialty Oils Offering a diversified portfolio of value-added products across leading players in healthcare, personal care, automotive and industrial applications through globally certified manufacturing facilities. 30+ Years #1* Top 5* 10+ White oil player in Global white oil Diversified End Experience India manufacturer Markets 4,000+ 100+ 3 838,637 kL Integrated Long-standing Countries Served Manufacturing Total Installed Capacity customer relationships Network *Source: Crisil Repot in FY23 A Business Built to Compound Resilient business model Index-linked pricing, with a diversified 4,000+ customer base, with an effectively debt-free balance sheet Trusted partner to marquee brands Scale & capital intensity High customer stickiness driven by lengthy 8,38,637 kL across three plants in India and the UAE — qualification cycles, bespoke formulations replicating this footprint requires significant capital and and established multi-year partnerships long lead times with marquee brands, a process that can take 4–5 years for a new supplier Global reach, local presence Regulatory approvals 100+ countries served, with UAE manufacturing US FDA, WHO-GMP and FSSA [Showing first 8,000 characters — download PDF for full document]