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Total Issue Size
Fresh Issue + Offer For Sale
Fresh Issue (FI)
Proceeds go to the company
Offer For Sale (OFS)
Proceeds go to the existing investors
Investment in Texol for loan repayment
Funding a loan to subsidiary Texol to repay or prepay a loan facility Texol had availed from Bank of Baroda.
Capital expenditure at Silvassa plant
Capacity expansion through purchase of equipment and civil work at the company's Silvassa facility.
Funding working capital requirements
Meeting the company's working capital needs to support its growing scale of operations.
General corporate purposes
General corporate purposes as permitted under applicable regulations.
(₹ in Crore)
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Gandhar Oil Refinery (India) Limited is a Mumbai based manufacturer of white oils and specialty petroleum products, incorporated in 1992. The company runs three product lines: personal care, healthcare and performance oils, industrial lubricants, and process and insulating oils, sold under its Divyol brand. It counts India's largest white oil producer by revenue for FY2023 among its distinctions and ranks among the top players globally by white oil market share. The company's products reach over 100 countries and serve more than 3,500 customers, including large consumer goods and industrial names such as Procter and Gamble, Hindustan Unilever, Marico and Dabur. Manufacturing is spread across multiple plants in India, and the company has continued to invest in capacity, including an expansion at its Silvassa facility funded partly from this issue. Gandhar is promoted by the Parekh family (Ramesh Babulal Parekh, Samir Ramesh Parekh and Aslesh Ramesh Parekh), who held the substantial majority of the company before the offer. The IPO combined a fresh issue to fund working capital, debt repayment at a subsidiary and capacity expansion, alongside an offer for sale by existing shareholders, and the stock listed on the NSE and BSE in November 2023.
The company raised about Rs 150 crore from 16 anchor investors ahead of the issue, allotting shares at the Rs 169 issue price. Anchor participants included ICICI Prudential Mutual Fund, HDFC Mutual Fund, Morgan Stanley, Societe Generale and Aditya Birla Sun Life Insurance, among others.
Source: RHP • Analysis provided for informational purposes
Last Updated: 17 July 2026, 5:30 AM
Scaled, diversified white oil manufacturer
The company is one of the largest white oil producers by revenue with three distinct product divisions, reducing dependence on any single category.
Long-standing customer relationships
Products reach over 100 countries and thousands of customers, including large FMCG and industrial names, reflecting durable commercial relationships.
Established brand and manufacturing base
The Divyol brand and multi-decade operating history give the company recognition and manufacturing scale that is difficult for newer entrants to replicate quickly.
Concentration in specific divisions
A large share of revenue and profitability depends on a few product divisions, so weakness in any one segment can disproportionately affect results.
Manufacturing and supply chain exposure
Operations depend on continuous plant uptime and specific suppliers without long-term contracts, exposing the business to disruption risk.
Overseas market exposure
A meaningful part of revenue comes from international markets, exposing the company to currency, regulatory and geopolitical risk in those geographies.
Gandhar Oil Refinery (India) Limited
18th Floor, DLH Park, S.V. Road, Goregaon (West), Mumbai 400062, Maharashtra, India
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Regulatory compliance burden
As a petroleum-derived products manufacturer, the company operates under significant environmental and product-safety regulation that could raise costs or restrict operations.