Please find attached herewith Annual report for Financial year 2025-26 along with Notice of 34th AGM of the Company scheduled to be held on Friday, September 11, 2026 at 11:00 A.M. (IST) ....

August 19th, 2026 Listing 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: Annual Report of Gandhar Oil Refinery (India) Limited (“the Company”) for the Financial Year 2025-2026 along with the Notice convening the 34th Annual General Meeting (“AGM”) Ref.: Regulation 34 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”). With reference to the captioned subject and in continuation to our earlier intimation dated July 22nd, 2026, please find enclosed herewith Annual Report for the Financial Year 2025-26 along with Notice of the 34th AGM of the Company scheduled to be held on Friday, September 11th, 2026 at 11:00 A.M. (IST) through Video-Conferencing (“VC”) / Other Audio-Visual Means (“OAVM”). Further, Annual Report and the Notice of the 34th AGM for Financial year 2025-26 have also been made available on the website of the Company at https://gandharoil.com/wp- content/uploads/2026/08/Gandhar-Oil_-Annual-Report-2025-26.pdf and the Company has dispatched the Annual Report along with Notice of the 34th AGM of the Company for the Financial year 2025-26 to the Members by electronic means on the email addresses as registered with the Depository Participant(s) / Company / the Registrar and Share Transfer Agents of the Company. The register of members and share transfer book will remain closed from Friday, September 04th, 2026 to Friday, September 11th, 2026 and the person, whose name is recorded in the Register of Members or in the Register of Beneficial Owners maintained by the depositories as on Friday, September 04th, 2026 i.e. cut-off date shall only be entitled to vote in respect of the shares held by them and attend the AGM. This is for your information and record. Thanking you, Yours Faithfully For Gandhar Oil Refinery (India) Limited Binal Khosla Company Secretary and Compliance Officer Mem. No.: A29802 Encl: a/a Table of Contents About Company From the outset, a clear vision Driving progress, one transformed our humble beginnings into a force to be reckoned with. Today, chapter at a time we stand among the leading players in the specialty oils industry, guided by a management team that blends Pg. Pg. deep expertise with entrepreneurial 02-52 53-153 wisdom and a steadfast commitment Company Overview Statutory Reports to progress. 02 About Us 53 Boards’ Report 04 Performance Scorecard 76 Report on Corporate Governance 06 Our Journey 108 Management Discussion and Analysis 07 Geographic Presence 122 Business Responsibility and 08 Chairman’s Message Sustainability Report 12 Our Products True growth, as they say, comes from setting quality 14 Key Strengths benchmarks in everything we do. Forged in the heat of 16 Operating Environment 18 Value Creation Model 154-301 excellence, we have consistently proven our expertise 20 Financial Strategy 22 Stakeholder Engagement through our performance. The milestones we have 24 Risk Management Financial Statements 26 Operational Excellence achieved, the confidence of our esteemed clientele Standalone 30 Research and Development (R&D) and the journey we have navigated exemplify our 32 Sales and Marketing 155 Auditor’s Report 36 Human Resources 164 Balance Sheet ability to turn challenges into opportunities. Amidst a 38 Environment 165 Statement of Profit and Loss 42 CSR Snapshot 166 Statement of Cash Flows dynamic and evolving industry landscape, we remain 46 Governance 168 Statement of Changes in Equity 51 Certifications, Awards and Accreditations 169 Notes resilient, disciplined and focused on operational efficiency, ensuring that we are well-positioned to Consolidated 228 Auditor’s Report stride confidently into the future. 236 Balance Sheet 237 Statement of Profit and Loss 238 Statement of Cash Flows 240 Statement of Changes in Equity 241 Notes Scan Above QR code to know more about us Pg. 302-314 AGM Notice To know more about the company, log on to https://gandharoil.com/ Forward-looking statements Some information in this report may contain forward-looking statements which include statements regarding Company’s expected financial position and results of operations, business plans and prospects etc. and are generally identified by forward-looking words such as “believe,” “plan,” “anticipate,” “continue,” “estimate,” “expect,” “may,” “will” or other similar words. Forward-looking statements are dependent on assumptions or basis underlying such statements. We have chosen these assumptions or basis in good faith, and we believe that they are reasonable in all material respects. However, we caution that actual results, performances or achievements could differ materially from those expressed or implied in such forward-looking statements. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise. 02-52 53-153 154-301 Corporate Overview Statutory Reports Financial Statements About Us Serving industries with experience and expertise Gandhar Oil Refinery (India) Limited stands as one of the largest manufacturers of white oils in India and ranks among the top five global players in this segment. Quality has always been at the heart of our operations, setting us apart in a dynamic and competitive landscape. We are approved by the US FDA for the manufacture of pharmaceutical-grade mineral oils. Supported by a strong domestic presence and an expanding international footprint, we serve a well-diversified customer base across markets. 9001:2008 14001:2004 Vision To be a leading industry player 18001 by targeting sustainable OHSAS growth in order to maximise value for all stakeholders. Our roadmap starts with our vision, which is enduring. It declares our purpose as a Company and serves as the standard against which we weigh our actions and decisions. 02 ANNUAL REPORT 2025-26 GANDHAR OIL REFINERY (INDIA) LIMITED 03 02-52 53-153 154-301 Corporate Overview Statutory Reports Financial Statements Performance Scorecard Charging Ahead with Discipline and Prudence Financial metrics Operational metrics CSR metrics We delivered healthy consolidated Manufacturing efficiency remained Our CSR initiatives supported communities growth despite input cost volatility and robust, supported by disciplined operating through focused interventions in logistical challenges. Cash flow generation execution and healthy gross margin healthcare, education, hunger alleviation, improved significantly, supported by spreads. A well-diversified segment mix animal welfare and environmental stronger operating efficiency and working further strengthened operational resilience protection. These efforts were delivered capital management. Our international amid a volatile global environment. through targeted programmes and business remained a key pillar of growth, partnerships, helping us address critical backed by a strong export network and social needs while creating meaningful diversified customer base. We remain 5,45,755 kL community impact. watchful of geopolitical developments, while our diversified operating model and Total manufacturing sales volume global footprint position us to navigate potential disruptions. 2,60,876 kL PHPO 4,254.6 Crore 1,29,494 kL Revenue Lubricants 137.2 Crore 64,520 kL 234.5 Crore 90,864 kL EBITDA Channel partners 8696 per kL Manufacturing Gross Margin Growth in Forex Earnings 04 ANNUAL REPORT 2025-26 GANDHAR OIL REFINERY (INDIA) LIMITED 05 02-52 53-153 154-301 Corporate Overview Statutory Reports Financial Statements Our Journey Geographic Presence When Expertise Rooted in India, Meets Execution Expanding Globally 1992 1994 2000 2004 Europe Incorporated as a private Commenced operations at Commenced the Commen [Showing first 8,000 characters — download PDF for full document]