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Gulshan Polyols Wins Rs 146.66 Cr Additional Ethanol Order from OMCs
Gulshan Polyols Limited has secured an additional allocation of 20,740 Kiloliters of ethanol for supply to Oil Marketing Companies (OMCs) in Q4 of Ethanol Supply Year (ESY 2025-26). The estimated order value is Rs 146.66 Cr, which represents approximately 8.9% of its TTM revenue (Rs 1,650 Cr). The supplies will originate from the company's production facilities in Assam and Madhya Pradesh.
Confidence: HIGH
What changedThe company was awarded an additional 20,740 KL ethanol supply contract worth Rs 146.66 Cr for Q4 ESY 2025-26.
Why it mattersImproves plant capacity utilization across the Madhya Pradesh and newer Assam facilities, locking in ~8.9% of annual TTM revenue for the quarter.
Estimated order value: Rs 146,65,60,600Allocated quantity: 20,740 KilolitersOrder vs TTM revenue: ~8.9%Supply period: Q4 – ESY 2025-26
📅 Short termProvides volume visibility and immediate operational absorption for Q4 ESY 2025-26.
📈 Long termSupports the company's roadmap to reach 80-90% utilization across its 810 KLPD distillery capacity and reinforces its relationship with OMCs under India's blending mandates.
⚠ Risk flags
- Feedstock price volatility (maize and rice) against regulated OMC tender prices
- Client concentration risk tied to state-run OMCs
Key Highlights
Additional allocation of 20,740 Kiloliters of Ethanol awarded by OMCs
Estimated order value of Rs 146,65,60,600 (~Rs 146.66 Cr)
Order to be executed during Q4 of Ethanol Supply Year (ESY 2025-26)
Supplies designated across the States of Assam and Madhya Pradesh
👀 What to Watch
Track execution and delivery timelines during Q4 ESY 2025-26, and watch grain raw material costs (maize/broken rice) which directly influence ethanol operating margins.
Gulshan Polyols Secures ₹146.66 Cr Additional Ethanol Allocation for Q4 ESY 2025-26
Gulshan Polyols Limited has received an additional allocation of 20,740 Kiloliters (KL) of ethanol from Oil Marketing Companies (OMCs) for Q4 of Ethanol Supply Year (ESY 2025-26). The estimated order value is ₹146.66 Cr, representing ~8.9% of the company's TTM revenue of ₹1,650 Cr. Supplies will be fulfilled from its manufacturing units situated in Madhya Pradesh and Assam. This order improves operational run-rate and capacity utilization across its total 810 KLPD distillery base.
Confidence: HIGH
What changedGulshan Polyols was awarded an additional OMC allocation of 20,740 KL of ethanol valued at ₹146.66 Cr for Q4 ESY 2025-26.
Why it mattersThe order represents ~8.9% of annual TTM revenue and will enhance capacity utilization for the recently expanded Assam and MP facilities.
Order value: Rs. 146,65,60,600Allocated volume: 20,740 KilolitersOrder vs TTM revenue: ~8.9%Delivery period: Q4 ESY 2025-26
📅 Short termPositive sentiment driver for the stock providing strong near-term quarterly revenue visibility for the ethanol segment.
📈 Long termSupports the company's strategic roadmap to maximize capacity utilization of its 810 KLPD capacity and target 25 Cr litres of ethanol production.
⚠ Risk flags
- Feedstock price volatility (maize and grain input costs)
- Government/OMC-regulated pricing caps margins
Key Highlights
Allocated quantity of 20,740 Kiloliters of ethanol for OMC supplies
Estimated order value of ₹146,65,60,600 (~₹146.66 Cr)
Execution timeline set for Q4 of Ethanol Supply Year (ESY 2025-26)
Supplies to be serviced from manufacturing units in Assam and Madhya Pradesh
👀 What to Watch
Track execution timelines during Q4 ESY 2025-26 and watch operating margins to see if raw material grain costs impact profitability.
Rs 1.50 Final Dividend: Gulshan Polyols Sets August 28 as Record Date
Gulshan Polyols has announced August 28, 2026, as the record date for a final dividend of Rs 1.50 per equity share for FY 2025-26. This payout represents 150% of the face value (Rs 1) and approximately 32.3% of the FY26 EPS of Rs 4.64. The dividend is subject to shareholder approval at the 26th AGM scheduled for September 11, 2026. Eligible shareholders can expect payment by October 09, 2026.
Confidence: HIGH
What changedThe company has finalized the administrative timeline (record date and book closure) for its previously recommended final dividend for FY 2025-26.
Why it mattersThe dividend provides a yield of approximately 0.78% at current prices and confirms the company's commitment to distributing a portion of its Rs 29.14 Cr FY26 net profit to shareholders.
Dividend per share: Rs 1.50Dividend Yield: 0.78%Payout Ratio (FY26): 32.3%Record Date: August 28, 2026Payment Date: October 09, 2026
📅 Short termThe stock price is expected to adjust downwards by the dividend amount on the ex-dividend date, which is standard market practice.
📈 Long termLimited; this is a routine annual distribution of profits and does not alter the company's structural growth trajectory in the ethanol or mineral segments.
Key Highlights
Final dividend of Rs 1.50 per equity share recommended for the financial year 2025-26
Record date for dividend eligibility fixed as Friday, August 28, 2026
Dividend payout ratio stands at approximately 32.3% based on FY26 EPS of Rs 4.64
Payment to be completed by October 09, 2026, following AGM approval
Book closure period scheduled from September 05, 2026, to September 11, 2026
👀 What to Watch
Investors should note the ex-dividend date (typically one business day prior to the record date) to ensure eligibility for the Rs 1.50 payout.
Rs 2,600 Cr Revenue Guidance for FY27; Ethanol Capacity Reaches 26 Crore Liters
Gulshan Polyols has signaled a transition from an investment-heavy phase to an execution-focused one, providing a strong FY27 revenue guidance of Rs 2,600 Cr, a significant jump from the TTM revenue of Rs 1,650 Cr. The ethanol segment remains the primary growth driver with an installed capacity of 26 crore liters per annum and a current order book of 19 crore liters. Management is targeting a recovery in EBITDA margins to 10-11% (up from the TTM OPM of 6.5%) by maximizing asset utilization and benefiting from stable feedstock availability. The company also plans to diversify into specialty chemicals starting FY28 to reduce cyclicality.
Confidence: HIGH
What changedThe company has completed its major capital expenditure cycle and is now shifting focus toward maximizing capacity utilization (targeting 80-90% by FY27) and generating free cash flow.
Why it mattersThe successful ramp-up of the 810 KLPD total ethanol capacity is vital for servicing the company's Rs 313 Cr debt and improving its return profile (ROCE currently at 18%).
FY27 Revenue Guidance: Rs 2,600 CrEthanol Capacity: 26 crore liters/annumTarget EBITDA Margin: 10-11%Current Order Book: 19 crore litersRevenue Guidance vs TTM Revenue: ~157%MP State Subsidy (Q2): Rs 5 Cr
📅 Short termThe clear and ambitious revenue guidance for FY27 is likely to be viewed positively by the market, providing a roadmap for significant top-line growth.
📈 Long termStructural growth is supported by the government's E20 blending mandate; the planned move into specialty chemicals in FY28 could further re-rate margins and reduce commodity risk.
⚠ Risk flags
- Feedstock price volatility (maize and rice)
- Regulatory dependence on government ethanol pricing
- Execution risk in achieving 90% capacity utilization
Key Highlights
FY27 consolidated revenue guidance set at Rs 2,600 Cr, implying a ~57% growth over TTM revenue of Rs 1,650 Cr
Ethanol segment expected to contribute Rs 1,700-1,800 Cr in FY27, supported by a 26 crore liter annual capacity
Current ethanol order book stands at 19 crore liters with a target to supply 22 crore liters in FY27
Targeting consolidated EBITDA margins of 10-11% and PAT margins of 5-6% for the full year
Received Rs 5 Cr capital subsidy from the Madhya Pradesh government in Q2 FY27, adjusted against capital spend
👀 What to Watch
Investors should monitor the quarterly ramp-up in ethanol production volumes toward the 22 crore liter target and track maize/rice price trends which are critical for achieving the 10-11% EBITDA margin guidance.
307% PAT Growth: Gulshan Polyols Q1 FY27 Profit Hits ₹54 Cr as Ethanol Expansion Scales
Gulshan Polyols reported a robust Q1 FY27 with total income growing 8% YoY to ₹646 crore and PAT surging 307% to ₹54 crore. The company has successfully transitioned from a heavy investment phase to an execution phase, with EBITDA margins expanding significantly from 6.5% to 14.2% YoY. The ethanol segment is the primary growth driver, supported by a current order book of ~19 crore litres. Management is now focused on maximizing returns on invested capital (ROIC) and reducing debt, with the Net Debt/Equity ratio improving to 0.3x.
Confidence: HIGH
What changedThe company has moved past its major capex cycle (Assam plant operational since June 2024) and is now benefiting from operating leverage and higher asset utilization.
Why it mattersThe sharp jump in profitability validates the company's aggressive expansion into the ethanol segment, aligning with India's E20 blending mandate and diversifying away from lower-margin grain processing.
Q1 FY27 PAT: ₹54 CrEBITDA Margin (Q1 FY27): 14.2%Ethanol Order Book: 19 Cr LitresNet Debt to Equity: 0.3xQ1 Revenue vs TTM Revenue: ~39%
📅 Short termThe stock is likely to react positively to the substantial margin expansion and triple-digit profit growth reported in the quarterly results.
📈 Long termStructural growth is supported by the government's ethanol blending targets; the company's shift toward specialty and import-substitute chemicals from FY28 provides a secondary long-term catalyst.
⚠ Risk flags
🔬 Flagged for deeper Multibagger analysis — view briefs →
- Raw material price volatility (Maize and Rice)
- Government-regulated ethanol pricing
- High working capital intensity
Key Highlights
Profit After Tax (PAT) surged 307% YoY to ₹54 crore in Q1 FY27.
EBITDA margins expanded by 767 basis points to 14.2% due to better fixed-cost absorption.
Ethanol segment revenue grew 11% YoY to ₹446 crore, contributing the majority of top-line growth.
Current ethanol order book stands at ~19 crore litres, representing significant capacity visibility.
Net Debt to Equity ratio reduced to 0.3x in FY26 from 0.5x in FY25, indicating balance sheet strengthening.
👀 What to Watch
Monitor the capacity utilization levels of the 250 KLPD Assam plant and the 500 KLPD Madhya Pradesh plant; sustained high utilization is key to maintaining the current 14%+ EBITDA margins.
Rs 53.5 Cr PAT (up 306% YoY) and Rs 250 Cr Fundraise Proposal
Gulshan Polyols reported a strong Q1 FY27 with revenue growing 7.8% YoY to Rs 639.87 Cr and Net Profit surging 306% to Rs 53.51 Cr. The growth was primarily driven by the Ethanol segment, where PBIT rose to Rs 75.02 Cr from Rs 26.35 Cr YoY. The Board also approved a fundraise of up to Rs 250 Cr via QIP, representing approximately 19.2% of the current market cap. Additionally, the company granted 59,453 ESOPs at an exercise price of Rs 223 per share.
Confidence: HIGH
What changedThe company reported a massive jump in profitability for Q1 FY27 and initiated a significant capital-raising exercise of Rs 250 Cr.
Why it mattersThe sharp turnaround in the Grain Processing segment and margin expansion in Ethanol suggest improved capacity utilization and operational efficiency. The fundraise indicates potential for further expansion or deleveraging.
Q1 FY27 Net Profit: Rs 53.51 CrYoY Profit Growth: 306%Proposed Fundraise: Rs 250 CrFundraise vs Market Cap: ~19.2%Ethanol Segment PBIT: Rs 75.02 Cr
📅 Short termPositive sentiment is expected due to the significant earnings beat and the profitability turnaround in the grain processing segment.
📈 Long termThe fundraise could support the company's goal of reaching 25 Cr litres of ethanol production in FY2026, strengthening its position in the biofuel space.
⚠ Risk flags
- Equity dilution risk from the proposed Rs 250 Cr QIP
- Sensitivity of ethanol margins to government pricing and raw material cost spikes
Key Highlights
Net Profit increased by 306% YoY to Rs 53.51 Cr in Q1 FY27 compared to Rs 13.17 Cr in Q1 FY26
Ethanol segment revenue grew to Rs 446.15 Cr, contributing approximately 70% of total revenue
Board approved a fundraise of up to Rs 250 Cr through QIP or private offerings
Grain processing segment turned profitable at the PBIT level with Rs 3.96 Cr versus a loss of Rs 4.30 Cr YoY
Basic EPS improved significantly to Rs 8.58 from Rs 2.11 in the year-ago quarter
👀 What to Watch
Monitor the utilization plan for the proposed Rs 250 Cr fundraise and track the sustainability of Ethanol margins, which were the primary driver of this quarter's outperformance.
₹562.3 Cr Bank Facilities: CRISIL Upgrades Outlook to 'Stable' for Gulshan Polyols
CRISIL Ratings has reaffirmed Gulshan Polyols' long-term rating at 'CRISIL A' while significantly upgrading the outlook from 'Negative' to 'Stable'. The total rated bank loan facilities have been enhanced to ₹562.3 Crores from the previous ₹525 Crores. This outlook revision indicates improved confidence in the company's credit profile as it stabilizes its large-scale ethanol expansions. The rated facilities represent approximately 78% of the company's current net worth of ₹718 Crores.
Confidence: HIGH
What changedThe credit rating outlook was upgraded from 'Negative' to 'Stable', and the total quantum of rated bank facilities was increased by ₹37.3 Crores.
Why it mattersAn outlook upgrade from 'Negative' to 'Stable' suggests that the credit agency no longer sees an immediate risk of a rating downgrade, reflecting better operational stability in the ethanol segment. This improves the company's standing with lenders and may lead to better borrowing terms.
Total Rated Facilities: ₹562.3 CroresPrevious Rated Facilities: ₹525 CroresRated Facilities vs Net Worth: 78.3%Rated Facilities vs Market Cap: 45.9%Long Term Rating: CRISIL A/Stable
📅 Short termThe outlook upgrade is a positive signal to the market, likely reducing concerns regarding the company's debt-servicing capability following its recent heavy capex phase.
📈 Long termStructural improvement in credit profile as the company transitions from a high-capex phase to an operational phase, targeting 25 Cr litres of ethanol production in FY2026.
⚠ Risk flags
- High debt-to-equity ratio relative to historical levels (0.44)
- Sensitivity to government-regulated ethanol pricing
- Raw material price volatility (maize and rice)
Key Highlights
Total bank loan facilities rated increased to ₹562.3 Crores from ₹525 Crores.
Long-term rating reaffirmed at 'CRISIL A' with outlook revised from 'Negative' to 'Stable'.
Short-term rating reaffirmed at the highest category of 'CRISIL A1'.
Rated facilities include a significant ₹146.47 Crore term loan from State Bank of India.
The enhancement includes a new proposed working capital facility of ₹37.3 Crores.
👀 What to Watch
Monitor the company's capacity utilization at its 810 KLPD ethanol plants to ensure cash flows support the ₹562.3 Cr rated debt. Watch for any reduction in interest costs in future P&L statements following this outlook improvement.
₹5 Cr incentive received under North East Industrial Development Scheme (NEIDS)
Gulshan Polyols has received a ₹5 crore incentive from the Department of Promotion and Industry and Internal Trade (DPIIT) under the North East Industrial Development Scheme (NEIDS), 2017. The incentive is specifically for Central Capital Investment for Access to Credit (CCIIAC), likely related to its 250 KLPD Assam refinery. While the amount is small relative to TTM revenue (0.3%), it represents a significant ~13.9% of the company's TTM PAT of ₹36 crore, providing a one-time boost to liquidity and profitability.
Confidence: HIGH
What changedThe company has successfully secured a ₹5 crore government subsidy payment related to its capital investments in the North-Eastern region.
Why it mattersThis cash inflow directly supports the bottom line and validates the company's strategy of expanding into regions with high state-specific incentives to improve the viability of its ethanol projects.
Incentive Amount: ₹5 CrIncentive vs TTM PAT: ~13.9%Incentive vs TTM Revenue: ~0.3%Assam Plant Capacity: 250 KLPD
📅 Short termThe receipt of funds is a minor positive for short-term liquidity and may provide a small boost to the upcoming quarterly earnings report.
📈 Long termDemonstrates the company's ability to execute on government-backed incentive programs, which is crucial for its multi-location ethanol strategy.
⚠ Risk flags
- One-time nature of the incentive
- Dependence on government policy for subsidy disbursements
Key Highlights
Received ₹5 crore incentive from the DPIIT, Government of India
Incentive granted under the North East Industrial Development Scheme (NEIDS), 2017
Amount represents approximately 13.9% of the company's TTM PAT of ₹36 crore
Linked to the Central Capital Investment Incentive for Access to Credit (CCIIAC) for its North-East operations
👀 What to Watch
Investors should monitor the capacity utilization of the 250 KLPD Assam plant, as the realization of these incentives is a key part of the company's strategy to offset initial high fixed costs in the region.
103.6 Lakh Proof Litres Country Liquor Order Win from Madhya Pradesh Excise Dept
Gulshan Polyols has secured an allocation for supplying approximately 103.6 lakh proof litres of country liquor for the 2026-27 period. The order, issued by the Excise Department of Madhya Pradesh, covers six districts: Betul, Chhindwara, Sidhi, Singrauli, Pandhurna, and Balaghat. This allocation supports the company's 500 KLPD Madhya Pradesh plant, aligning with its strategy to maximize capacity utilization. While the financial value is not disclosed, the volume represents a significant operational commitment in a key geographic market.
Confidence: HIGH
What changedThe company has transitioned from general capacity availability to a specific, volume-based supply mandate for country liquor in Madhya Pradesh for the next fiscal year.
Why it mattersThis ensures steady off-take for the Madhya Pradesh distillery, reducing the risk of under-utilization which previously impacted fixed cost absorption in other plants like Assam.
Order Quantity: 103.6 lakhs proof litresSupply Period: 2026-27Districts Covered: 6TTM Revenue: Rs 1650 CrMP Plant Capacity: 500 KLPD
📅 Short termThe announcement provides positive sentiment regarding revenue visibility for the liquor segment in the upcoming fiscal year.
📈 Long termConsistent state-level allocations are crucial for the company to reach its 80-90% capacity utilization target by FY2027 and stabilize its ethanol/liquor segment earnings.
⚠ Risk flags
- Regulatory pricing risk by state excise departments
- Raw material (grain) price volatility
Key Highlights
Allocation of approximately 103.6 lakhs proof litres of country liquor
Supply period defined for the 2026-27 financial year
Order covers 6 districts in Madhya Pradesh including Chhindwara and Singrauli
Supports utilization of the existing 500 KLPD distillery capacity in MP
👀 What to Watch
Monitor upcoming quarterly results in FY27 to determine the revenue realization per proof litre and its impact on the company's 6.5% operating margins.
Gulshan Polyols FY26 PAT Surges 334% to ₹107 Cr; Targets ₹2,800 Cr Revenue for FY27
Gulshan Polyols reported a strong FY26 with PAT surging 334% to ₹107 crores and revenue growing 14% to ₹2,314 crores. The ethanol segment has emerged as the primary driver, contributing over 60% of total revenue and profitability with an 18 crore liter order book. Management has provided optimistic guidance for FY27, targeting revenues between ₹2,600 and ₹2,800 crores as capacity utilization improves to 80-90%. The company maintains a healthy financial position with total debt of ₹313 crores and a low cost of capital under 5% for long-term borrowings.
Key Highlights
FY26 PAT jumped 334% YoY to ₹107 crores, while EBITDA rose 131% to ₹232 crores.
Ethanol segment revenue reached ₹1,609 crores in FY26 with a 12.5% EBITDA margin.
Management targets FY27 revenue of ₹2,600-₹2,800 crores with 80-90% capacity utilization.
Current ethanol order book stands at 18 crore liters, with plans to increase to 22 crore liters in FY27.
Total debt is ₹313 crores with long-term debt costs below 5% due to interest subvention schemes.
👀 What to Watch
Investors should view the company's transition into a major ethanol player as a positive structural shift that provides better earnings visibility. Monitor the upcoming June tender cycles for order book expansion and the stability of grain prices which are currently supporting margins.
Gulshan Polyols FY26 PAT Surges 334% to ₹107 Cr; EBITDA Margins Double to 10%
Gulshan Polyols reported a robust FY26 performance with total income rising 14% YoY to ₹2,314 crore and PAT jumping 334% to ₹107 crore. The Ethanol segment has become the primary growth engine, contributing 70% of total revenue with a 12% EBITDA margin. Management has provided a strong outlook for FY27, targeting revenue between ₹2,600-₹2,800 crore and capacity utilization of 80-90%. The company is transitioning from a heavy capex phase to a focus on operational optimization and balance sheet strengthening.
Key Highlights
Annual PAT grew by 334% YoY to ₹107 crore, while EBITDA rose 131% to ₹232 crore in FY26.
Consolidated EBITDA margins doubled from 5.0% in FY25 to 10.0% in FY26.
Ethanol segment revenue increased 36% YoY to ₹1,609 crore, supported by a ₹1,220 crore order book for ESY 2025-26.
Received ₹21.8 crore in incentives from MPIDC, with additional per-litre incentives for MP and Assam plants yet to be recognized.
Management targets FY27 revenue of ₹2,600-₹2,800 crore by optimizing utilization to 80-90%.
👀 What to Watch
Investors should view the sharp margin expansion and transition to a cash-generative phase as positive; focus on the company's ability to hit the 80-90% utilization target in FY27.
Gulshan Polyols Recommends ₹1.50 Dividend; FY26 Net Profit Surges 332% to ₹107 Cr
Gulshan Polyols reported a stellar performance for FY26, with net profit jumping over 332% to ₹107.15 crore compared to ₹24.79 crore in FY25. The Board has recommended a final dividend of ₹1.50 per share (150% of face value), subject to shareholder approval. Annual revenue from operations grew by 14.5% to reach ₹2,312.42 crore, driven by strong operational performance. For the quarter ended March 31, 2026, the company recorded a net profit of ₹37.54 crore, a significant increase from ₹7.02 crore in the same quarter last year.
Key Highlights
Recommended final dividend of ₹1.50 per equity share (150% of face value ₹1)
Annual Net Profit surged 332% YoY to ₹10,714.67 Lakhs in FY26
Total Revenue for FY26 increased 14.5% to ₹2,31,242.18 Lakhs
Q4 FY26 Net Profit stood at ₹3,754.08 Lakhs, up from ₹702.02 Lakhs in Q4 FY25
Annual Basic EPS improved significantly to ₹17.18 from ₹3.97 in the previous year
👀 What to Watch
Investors should take note of the significant turnaround in profitability and the healthy dividend payout. The stock remains a strong candidate for those tracking the specialty chemicals and ethanol sectors in India.
Gulshan Polyols FY26 Net Profit Surges 332% to ₹107 Cr; Recommends 150% Dividend
Gulshan Polyols reported a stellar performance for the financial year ended March 31, 2026, with annual revenue growing 14.5% to ₹2,312.42 crore. The company's net profit witnessed a massive jump of 332%, rising from ₹24.79 crore in FY25 to ₹107.15 crore in FY26. For the fourth quarter (Q4 FY26), net profit skyrocketed to ₹37.54 crore compared to just ₹7.02 crore in the year-ago period. Reflecting this strong performance, the board has recommended a final dividend of ₹1.50 per equity share (150% of face value).
Key Highlights
Annual Net Profit increased by 332.2% YoY to ₹10,714.67 Lakhs in FY26.
Total Revenue from operations for FY26 grew to ₹2,31,242.18 Lakhs from ₹2,01,967.73 Lakhs in FY25.
Q4 FY26 Net Profit stood at ₹3,754.08 Lakhs, a 434% increase over Q4 FY25.
Board recommended a final dividend of 150% (₹1.50 per share) for the financial year.
Basic EPS for the full year improved significantly to ₹17.18 from ₹3.97 in the previous year.
👀 What to Watch
The company has demonstrated exceptional bottom-line growth and a strong recovery in margins, making it a positive outlook for long-term investors. Shareholders should approve the dividend in the upcoming AGM and monitor if this growth momentum continues into the next fiscal year.
Gulshan Polyols Bags ₹18.71 Crore Ethanol Supply Order from OMCs for Q3 ESY 2025-26
Gulshan Polyols Limited has been granted an additional allocation of 2,923 Kiloliters of ethanol by domestic Oil Marketing Companies (OMCs) including BPCL and IOCL. The order, valued at approximately ₹18.71 Crores, is intended for the third quarter of the Ethanol Supply Year 2025-26. This contract is part of the government's Ethanol Blended Petrol Programme (EBPP), which aims to increase biofuel blending in fuel. This allocation enhances the company's revenue visibility within its core biofuel segment for the upcoming fiscal period.
Key Highlights
Allocated an additional 2,923 Kiloliters of ethanol for supply in Q3 of ESY 2025-26
Total estimated value of the additional order is approximately ₹18.71 Crores
Order received from major domestic OMCs including Bharat Petroleum (BPCL) and Indian Oil (IOCL)
Strengthens the company's participation in the national Ethanol Blended Petrol Programme (EBPP)
👀 What to Watch
This additional order provides steady revenue visibility and reinforces the company's role in the growing biofuel sector. Investors should monitor the company's ability to maintain margins against raw material price fluctuations.
Gulshan Polyols to Set Up 22,000 MTPA PCC Plant for Trident; Rs 200 Cr Revenue Potential
Gulshan Polyols Limited has signed an agreement with Trident Limited to establish an onsite Precipitated Calcium Carbonate (PCC) manufacturing facility in Barnala, Punjab. The plant will have an installed capacity of 22,000 MTPA and will produce PCC Slurry for Trident's operations. This project is expected to generate approximately Rs. 200 Crores in additional revenue over a 10-year period. The revenue contribution is scheduled to commence from the financial year 2027-28.
Key Highlights
Agreement with Trident Limited for an onsite 22,000 MTPA Precipitated Calcium Carbonate (PCC) plant.
Estimated total revenue of Rs. 200 Crores over a 10-year contract duration.
Revenue generation and plant operations expected to start from FY 2027-28.
Comprehensive scope covering design, engineering, procurement, installation, and maintenance.
👀 What to Watch
Investors should view this as a positive long-term growth driver that provides revenue visibility for the next decade. Monitor the construction progress as the financial impact will only reflect starting FY 2027-28.
Gulshan Polyols Q3 FY26 PAT Jumps 504% YoY to ₹40.9 Cr; EBITDA Margins Expand to 13.7%
Gulshan Polyols reported a strong Q3 FY26 with PAT surging 504% YoY to ₹40.9 crores and revenue reaching ₹626.7 crores, driven by the ethanol segment's ramp-up. EBITDA margins expanded significantly by 920 bps to 13.7%, aided by softening raw material prices and state incentives of ₹21.8 crores. The company has secured ethanol orders worth ₹1,200 crores for ESY 25-26 and expects FY26 revenue to hit ₹2,300 crores. Management remains optimistic about FY27, targeting revenues between ₹2,600-₹2,800 crores with 80-90% capacity utilization.
Key Highlights
Q3 FY26 PAT increased by 504% YoY to ₹40.9 crores, while EBITDA rose 211% to ₹85.6 crores.
EBITDA margins expanded to 13.7% in Q3, significantly higher than the 9-10% full-year guidance due to lower input costs.
Ethanol segment secured orders worth ₹1,200 crores (17 crore litres) for the 2025-26 Ethanol Supply Year.
Company received ₹21.8 crores in state incentives from MPIDC, which were factored into the current quarter's EBITDA.
Management targets FY26 revenue of ₹2,300 crores and FY27 revenue of ₹2,600-₹2,800 crores without incremental capex.
👀 What to Watch
Investors should focus on the strong margin recovery driven by ethanol capacity ramp-up and favorable raw material costs. Monitor the grain processing segment's recovery and the sustainability of ethanol allocations in future tender cycles.
Gulshan Polyols Q3 Net Profit Surges 500% YoY to ₹40.9 Cr; Revenue at ₹626.7 Cr
Gulshan Polyols Limited reported a massive jump in profitability for Q3 FY26, with net profit skyrocketing over 500% YoY to ₹40.90 crore. Revenue from operations grew to ₹626.65 crore, primarily driven by the Ethanol (Bio-Fuel) segment which contributed approximately 65% of the total turnover. Despite a one-time accounting reversal of ₹5.37 crore related to interest subvention, the company's operational efficiency improved significantly. The Ethanol segment's robust performance has fundamentally transformed the company's earnings profile compared to the previous year.
Key Highlights
Net Profit after tax surged 503.7% YoY to ₹4,090.44 Lakhs in Q3 FY26 from ₹677.53 Lakhs.
Revenue from operations increased to ₹62,665.18 Lakhs compared to ₹60,976.45 Lakhs in the same quarter last year.
Ethanol (Bio-Fuel) segment emerged as the largest contributor with revenue of ₹40,536.85 Lakhs and segment profit of ₹3,220.01 Lakhs.
Earnings Per Share (EPS) jumped to ₹6.56 for the quarter, up from ₹1.09 in Q3 FY25.
Nine-month Profit Before Tax (PBT) reached ₹9,981.73 Lakhs, a significant increase from ₹2,401.67 Lakhs in the previous year period.
👀 What to Watch
Investors should view this as a strong performance driven by the ethanol expansion; the stock's valuation is likely to be rerated based on this improved earnings trajectory. Monitor the sustainability of ethanol margins and any further updates on government blending mandates.
Gulshan Polyols Q3FY26 PAT Surges 501% YoY to ₹40.9 Cr on Strong Ethanol Performance
Gulshan Polyols reported a robust Q3FY26 with PAT jumping 501% YoY to ₹40.9 crore, supported by a 211% increase in EBITDA. The growth was primarily led by the Ethanol segment, where margins expanded to 17% compared to 8.5% in the previous quarter. While the Grain Processing division remains under pressure with thin margins of 1.6%, the Mineral segment remains stable at 24.8%. The company also benefited from ₹21.80 crore in state incentives received during the quarter from MPIDC.
Key Highlights
Q3FY26 Revenue grew 3% YoY to ₹626.7 Cr, while PAT surged 501% to ₹40.9 Cr.
Ethanol segment EBITDA margin improved sharply to 17% in Q3FY26 from 8.5% in Q2FY26.
Received ₹21.80 Cr in incentives from MPIDC, including production-linked fiscal assistance.
Assam plant (250 KLPD) to receive an additional ₹2/litre incentive starting May 18, 2025.
Grain processing segment EBITDA margin remains low at 1.6% due to global commodity disruptions.
👀 What to Watch
The significant margin expansion in the Ethanol business is a major positive catalyst for the stock. Investors should monitor the sustainability of these margins and the realization of pending state incentives in MP and Assam.
Gulshan Polyols Approves Q3 and Nine Months FY26 Unaudited Financial Results
Gulshan Polyols Limited's Board of Directors met on February 10, 2026, to approve the unaudited financial results for the quarter and nine months ended December 31, 2025. The results were reviewed by the Audit Committee and are accompanied by a Limited Review Report from Statutory Auditors M/s Shahid & Associates. While the cover letter confirms the approval, specific financial figures like revenue and PAT were not detailed in the summary text. Investors should refer to the full financial tables for detailed performance metrics.
Key Highlights
Board approved unaudited financial results for the quarter and nine months ended December 31, 2025.
Statutory Auditors M/s Shahid & Associates issued a Limited Review Report on the results.
The board meeting was conducted and concluded within one hour (03:30 P.M. to 04:30 P.M. IST).
Submission made in compliance with SEBI Listing Obligations and Disclosure Requirements Regulations 2015.
👀 What to Watch
Investors should download the full financial statements from the stock exchange to analyze the company's revenue growth and margin trends. Monitor the stock for price volatility following the earnings release.
Gulshan Polyols Receives Rs 16.42 Crore Subsidy from MP Government
Gulshan Polyols Limited has received a total of Rs 16.42 crore from the MP Industrial Development Corporation Limited (MPIDC) under the MP Investment Promotion Assistance Scheme, 2014. The bulk of this amount, Rs 15.21 crore, is Production Linked Fiscal Assistance (PLFA) for the financial year 2024-25. Additionally, the company received a Rs 1 crore capital subsidy for its Zero Liquid Discharge Plant and a reimbursement of Rs 20.94 lakh for stamp duty. This cash inflow will bolster the company's liquidity and reflects the successful execution of its investment plans in Madhya Pradesh.
Key Highlights
Total financial benefit of Rs 16.42 crore received from MPIDC under the 2014 Assistance Scheme.
Rs 15.21 crore received as Production Linked Fiscal Assistance (PLFA) for FY 2024-25.
Rs 1.00 crore capital subsidy granted for setting up a Zero Liquid Discharge (ZLD) Plant.
Reimbursement of Rs 20.94 lakh received towards stamp duty and registration fees.
👀 What to Watch
This receipt of government incentives is a positive development that will directly improve cash flows. Investors should monitor the impact of these subsidies on the company's net margins in the upcoming quarterly results.
