About Company

• Gandhar Oil Refinery (India) Limited (“Gandhar”) was incorporated on October 7, 1992. Gandhar is a leading manufacturer of white oils by revenue with a growing focus on the consumer and healthcare end-industries. 

• As of June 30, 2023, their product suite comprised over 440 products primarily across the personal care, healthcare and performance oils (“PHPO”), lubricants and process and insulating oils (“PIO”) divisions under the “Divyol” brand. 

• Their products are used as ingredients by leading Indian and global companies for the manufacture of end products for the consumer, healthcare, automotive, industrial, power and tyre and rubber sectors. The white oil market is the fastest growing segment in the specialty oils sector and Gandhar is India’s largest manufacturer of white oils by revenue in FY2023, including domestic and overseas sales and is one of the Top-5 players globally in terms of market share in the calendar year 2022.

• The product categories and primary end-industries for the 3 main business divisions are as follows: 

• Personal care, healthcare and performance oils (PHPO); Lubricants; Process and insulating oils (PIO)

• As of June 30, 2023, their products were sold in over 100 countries across the globe. They catered to over 3,500 customers in the FY2023, including leading Indian and global companies such as Procter & Gamble (“P&G”), Unilever, Marico, Dabur, Encube, Patanjali Ayurved, Bajaj Consumer Care, Emami and Amrutanjan Healthcare etc., supported by their global supplier base and manufacturing operations in India and UAE. 

• They also sell their automotive oil products through a domestic distribution network that comprises 282 distributors and 27 depots, of which 4 are operated by the company. 

Strengths

• Leading market share of the Indian white oils market with significant overseas sales, focused on the consumer and healthcare end-industries;
• Extensive and diversified customer base and a supplier base comprised of leading oil companies with competitive pricing; 
• Strategically located manufacturing facilities and in-house R&D capabilities;
• Resilient, flexible, and scalable business model with prudent risk management framework;
• Track record of consistent financial performance;
• Experienced and qualified management team. 

Company Promoters

Company Financials

Fedbank Financial Services Limited's revenue increased by 37.46% and profit after tax (PAT) rose by 74.11% between the financial year ending with March 31, 2023 and March 31, 2022.

Objects of the Issue

1. Augmenting the company's Tier I capital base to meet the company's future capital requirements, arising from the growth of the business and assets.
2. Meeting offer expenses.