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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.
💼 Action for Investors
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.
💼 Action for Investors
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.
💼 Action for Investors
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.
💼 Action for Investors
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.
💼 Action for Investors
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.
💼 Action for Investors
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.
Gulshan Polyols: Standalone Net Profit After Tax at ₹1,552.77 Lakhs
Gulshan Polyols Limited announced its unaudited standalone financial results for the quarter ended September 30, 2025. The company's revenue from operations stood at ₹54,171.93 lakhs. Net profit after tax was reported as ₹1,552.77 lakhs, compared to ₹128.54 lakhs in the corresponding quarter of the previous year. Total comprehensive income for the period was ₹1,523.98 lakhs.
Key Highlights
Revenue from Operations: ₹54,171.93 Lakhs for the quarter ended September 30, 2025
Net Profit After Tax: ₹1,552.77 Lakhs for the quarter ended September 30, 2025
Total Comprehensive Income: ₹1,523.98 Lakhs for the quarter ended September 30, 2025
Total Expenses: ₹51,943.73 Lakhs for the quarter ended September 30, 2025
Basic EPS: ₹2.49 for the quarter ended September 30, 2025
💼 Action for Investors
Investors should review the detailed financial results and compare them with previous periods and industry benchmarks to assess the company's performance. Monitor the company's performance in subsequent quarters to understand the sustainability of this growth.
Gulshan Polyols Approves Unaudited Financial Results for Quarter Ended Sept 30, 2025
Gulshan Polyols Limited approved the unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025. The company's revenue from operations for the quarter stood at ₹54,171.93 lakhs compared to ₹44,047.46 lakhs in the corresponding quarter of the previous year. Net profit after tax for the quarter was ₹1,552.77 lakhs. Basic earning per share (EPS) for the quarter stood at ₹2.49.
Key Highlights
Revenue from Operations: ₹54,171.93 lakhs for the quarter ended September 30, 2025
Net Profit After Tax: ₹1,552.77 lakhs for the quarter ended September 30, 2025
Total Comprehensive income for the period: ₹1,523.98 lakhs
Basic EPS: ₹2.49 for the quarter ended September 30, 2025
Total Equity: ₹64,037.86 Lakhs as of September 30, 2025
💼 Action for Investors
Review the detailed financial results on the company's website and compare the performance with previous periods and industry peers. Monitor the company's performance in the coming quarters.