Analysts/Institutional Investor Meet/Con. Call Updates

July 28, 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 July 23, 2026 regarding the Transcript recording of the Analysts/ Investor’s Earnings Call for the quarter ended June 30, 2026 (Q1 FY 2026-27), please find enclosed herewith the transcript of the said call. The said transcript is also available on the Company’s website i.e. https://gandharoil.com/wp-content/uploads/2026/07/Transcript-23.07.2026.pdf This is for your information and records. Thanking you. Yours faithfully, For Gandhar Oil Refinery (India) Ltd Binal Khosla Company Secretary & Compliance Officer Mem. No.: A29802 “Gandhar Oil Refinery (India) Limited Q1 FY27 Earnings Conference Call” July 23, 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 IR Page 1 of 16 Gandhar Oil Refinery (India) Limited July 23, 2026 Moderator: Ladies and gentlemen, good day, and welcome to the Q1 FY27 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 presentations conclude. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone telephone. I now hand over the conference over to Ms. Aashvi Shah from Adfactors IR. Thank you, and over to you, Ms. Aashvi Shah. Aashvi Shah: Thank you. Good morning, everyone. On behalf of the company, I welcome you all to the earnings conference call for Q1 FY27. 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 brief 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 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 for joining us on this Investor Call. Quarter 1 '27 has been significant for Gandhar, delivering highest quarterly profit in the company's history. The quarter was characterized by record profitability, healthy revenue growth, volume expansion and a sharp improvement in the margin spreads. More importantly, the performance demonstrates the resilience of our operating model and our ability to navigate a dynamic environment through agile sourcing, disciplined execution and a diversified portfolio. The operating environment remained challenging, shaped by heightened geopolitical tension in the Middle East, concerns surrounding the Strait of Hormuz, volatility in the crude oil and the base oil pricing and intermittent disruptions across the global supply chains. This development led to fluctuations in the raw material availability and pricing, along with elevated freight and insurance costs. Our ability to respond swiftly through this through agile sourcing, prudent inventory management and a favourable product mix enabled us to navigate this market dynamics effectively, translating into a very strong financial performance. As a result, the consolidated revenue increased by 92% year-on-year to INR 1,731.9 crores, while the gross margin spread expanded to 3.4x Y-o-Y basis to INR 28,145 per kilolitre compared to quarter 1 FY26. Our performance during this quarter was driven by a healthy demand environment across our key end-user industries, coupled with disciplined execution across the businesses. We continue Page 2 of 16 Gandhar Oil Refinery (India) Limited July 23, 2026 to focus on value-added products, optimizing our product mix and maintaining procurement discipline, which enabled us to deliver healthy volume growth while significantly improving our margins. The PHPO segment continued to be our primary growth engine, registering an 18% year-on- year growth, driven by sustained demand from the personal care, healthcare and pharmaceutical sector. We continue to strengthen our partnership with leading global and domestic customers across their segments. Our PIO business also delivered a robust performance, growing 28% year-on-year, supported by healthy demand from the transformer, power and the rubber manufacturers. While the lubricant business remained broadly stable, it continued to provide a resilient revenue base and reinforce strength of our diversified portfolio. Our export business recorded a robust 54% year-on-year growth, reflecting expanding global customer relationships and a growing international footprint, which further strengthened our overall business momentum. Let me briefly touch upon our subsidiary, Texol, which is in Hamriyah Free Zone, Sharjah. During this period -- during the period of quarter 1, operations were temporarily impacted by regional supply constraints and disruption in vessel movements arising from the geopolitical situation. However, leveraging our regional sourcing capabilities and operational agility, we ensured uninterrupted supply to customers and maintain business continuity. As logistics have gradually started normalizing, throughput has improved, and we remain confident that Texol will continue to be a strategically important and margin-accretive business for the group. Looking ahead, while we remain mindful of evolving geopolitical development and global market uncertainties, we are confident the structural strength we have built over the years position us for sustained growth. Our diversified sourcing network, strong customer relationships, leadership in high-value personal care, health care and performance oil, expanding global footprint and disciplined execution provide a strong foundation for the future. Coupled with our debt-free balance sheet, healthy cash generation and robust internal accruals, we have a significant financial flexibility while maintaining our prudent approach to capital allocation. As we continue to strengthen our capabilities and scale our business, we remain well positioned to capitalize on emerging opportunities and deliver sustainable long-term value for all our stakeholders. We are also glad to inform that we have declared an interim dividend of 100% of the face value of our share. With that, I'll now hand over the call to Mr. Indrajit Bhattacharyya, who will take you through the financial performance in a greater detail. Thank you very much. Over to you, Mr. Indrajit. Page 3 of 16 Gandhar Oil Refinery (India) Limited July 23, 2026 Indrajit Bhattacharyya: Thank you, Aslesh Bhai, and good morning, everyone. I'll now take you through the financial performance for Q1 FY27 which was a record quarter for the company across revenue and profitability. On a consolidated basis, revenue for the quarter stood at INR1,732 crores com [Showing first 8,000 characters — download PDF for full document]