Analysts/Institutional Investor Meet/Con. Call Updates

November 02, 2026 Listing Compliance Listing & Compliance Department Department National Stock Exchange of India BSE Limited 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: Transcript of earnings call 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 Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), in furtherance to our letter dated October 28, 2026 wherein we had informed regarding the audio recording of the Analysts/ Investor’s Earnings Call held on October 28, 2026 to discuss the Unaudited (Standalone and Consolidated) Financial Results of the Company for the quarter and half year ended September 30, 2026 (Q2 FY 2026-27). In this regard, please find enclosed herewith the transcript of the said Earnings Call. The said transcript is also available on the Company’s website i.e. https://gandharoil.com/wp-content/uploads/2026/11/Transcript.pdf Kindly take the above said intimation on record. Thanking you. Yours faithfully, For Gandhar Oil Refinery (India) Ltd Binal Khosla Company Secretary & Compliance Officer Mem. No.: A29802 “Gandhar Oil Refinery (India) Limited Q2 & H1 FY27 Earnings Conference Call” October 28, 2026 MANAGEMENT: MR. ASLESH PAREKH – JOINT MANAGING DIRECTOR - GANDHAR OIL REFINERY (INDIA) LIMITED MR. INDRAJIT BHATTACHARYYA – CHIEF FINANCIAL OFFICER – GANDHAR OIL REFINERY (INDIA) LIMITED MODERATOR: MS. AASHVI SHAH – ADFACTORS PR Page 1 of 15 Gandhar Oil Refinery (India) Limited October 28, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Q2 and H1 FY '27 Earnings Conference Call hosted by Gandhar Oil Refinery (India) Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Ms. Aashvi Shah from Adfactors PR. Thank you, and over to you, ma'am. Aashvi Shah: Thank you. Good morning, everyone. On behalf of the company, I welcome you all to the earnings conference call for Q2 and H1 FY '27. Today on this call, we have with us from the management, Mr. Aslesh Parekh, Joint Managing Director; Mr. Indrajit Bhattacharyya, Chief Financial Officer. We will begin the call with opening remarks from the management followed by a Q&A session. Please note that certain statements made during this call may be forward-looking in nature. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results or projections to differ materially from those statements. Gandhar Oil Refinery (India) Limited will not be in any way responsible for any actions taken based on such statements and undertakes no obligation to publicly update these forward-looking statements. I would now like to hand over the call to Mr. Aslesh Parekh for his opening remarks. Thank you, and over to you, sir. Aslesh Parekh: Thank you. Good morning, everyone, and thank you all for joining us on this call. We have successfully sustained the strong performance momentum of Q1 FY '27 into the quarter 2, delivering yet another exceptional quarter for Gandhar. During this quarter, we achieved our highest ever quarterly revenue and for the second consecutive quarter, maintaining our gross margin spreads at elevated levels, demonstrating the strength and resilience of our business performance. What makes this performance particularly noteworthy is that our profit for the first half of '27 is already near 3x the profit we reported in the entire FY '26. This performance reflects the strength of our diversified businesses and our continued focus on value-added products. The operating environment during this quarter continues to remain challenging with ongoing tensions in the West Asia and disruptions to the global shipping routes. Our key raw material base oil availability and prices remain uncertain and freight and insurance costs continue to affect supply chain planning. In this environment, our long-standing supplier relationship and multiple sourcing options proved to be an important strength. We continued with the sourcing strategy that served us well in Q1, buying from our long-term international suppliers as well as domestic base oil producers. This ensured uninterrupted supply to our customers. Page 2 of 15 Gandhar Oil Refinery (India) Limited October 28, 2026 Moving to our segment-wise performance, let me take you through the key developments across our businesses. Starting with our PHPO, which is the Personal Care, Healthcare, Performance Oil segment. The volumes of the first half remained broadly in line with the previous year, although we saw a slight decline in the second quarter compared with the same period last year. This was primarily due to the slower offtake from certain key Personal Care customers who are facing increased competition from the newer and smaller brands. However, demand from the health care and pharmaceutical sectors remained steady. The PHPO continues to be our largest and the most important product category, and we remain focused on strengthening our customer relationships and addressing evolving market dynamics. Moving to our PIO segment, the Process and the Insulating Oil segment. This business continued to deliver a very strong performance with H1 volume growing 23% year-on-year. The growth was driven by healthy demand from the transformers, power and the rubber industry. With increasing electricity demand and continued investment in the power infrastructure in India and globally, we see encouraging long-term growth opportunity for this segment. In our lubricant business, volume remained broadly stable year-on-year, while improving by approximately 9% sequentially compared with our previous quarter. We view this sequential improvement positively and we will continue to focus on expanding our customer base, strengthening existing relationships and improving our product mix to support our future growth. Turning to our geographical performance. Domestic volumes continue to register healthy Q-on- Q growth despite price increases. However, export volume had moderated during this quarter, primarily due to the geopolitical developments in West Asia and the impact on the shipping and logistics. The total overseas revenue, including Texol stood at INR1,721 crores, contributing to 48% of the consolidated revenue. While the near-term condition remains challenging, exports continue to be an important part of the business, and we remain focused on serving our international customers and capturing long-term growth opportunities. Finally, at Texol, our subsidiary in UAE, export volumes were lower during this quarter amid the geopolitical situation in the region and its instability. However, revenue from the unit increased during the quarter. Our focus remains on ensuring operational efficiency, maintaining reliable customer service and managing and minimizing the impact of external disruption. We are closely monitoring the development in West Asia, particularly the implications for raw material availability, shipping and logistics. Our installed capacity on a consolidated basis now stands at 838,637 kiloliters. As shared earlier, our Silvassa unit 2 was affected by a heavy rainfall and a flood-like situation in July this year. Our priority was to carry out required cleaning, special repair work and restart operations safely. Thanks to the efforts of our team, operations resumed in early August [Showing first 8,000 characters — download PDF for full document]