GULPOLY - Gulshan Polyols
📢 Recent Corporate Announcements
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.
- 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.
Gulshan Polyols Limited has scheduled a virtual group meeting with analysts and institutional investors on February 26, 2026. The interaction is slated to occur between 12:30 P.M. and 1:30 P.M. IST. The company has clarified that no unpublished price sensitive information (UPSI) will be shared during this session. This meeting is part of the company's ongoing investor relations efforts to maintain transparency with the financial community.
- Virtual group meeting scheduled for February 26, 2026, from 12:30 P.M. to 1:30 P.M.
- Interaction intended for analysts and institutional investors to discuss company performance and outlook.
- Company explicitly stated that no unpublished price sensitive information (UPSI) will be disclosed.
- Meeting coordinated via IR consultants Capital Bridge Advisory Service Pvt Ltd.
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.
- 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.
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.
- 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.
Gulshan Polyols Limited has released the audio recording of its earnings conference call held on February 12, 2026. The call discussed the company's financial performance for the third quarter and the nine-month period ending December 31, 2025. This disclosure is a routine regulatory requirement under SEBI (LODR) Regulations, 2015. Investors can access the recording via the company's website to gain insights into management's commentary on operational results and future strategy.
- Audio recording of the Q3 FY26 earnings call is now available for public access.
- The call was conducted on February 12, 2026, following the release of financial results for the period ending December 31, 2025.
- Disclosure made in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
- The recording link is hosted on the company's official investor relations webpage.
Ms. Aditi Pasari, Joint Managing Director of Gulshan Polyols, participated in a media interaction with ET Now on February 11, 2026. The discussion primarily focused on the company's latest financial results and performance outlook. The company has officially confirmed that no unpublished price sensitive information (UPSI) was disclosed during the session. This interaction provides investors with management's qualitative commentary on the recently reported numbers.
- Joint Managing Director Ms. Aditi Pasari represented the company on ET Now on February 11, 2026.
- The interaction focused on the latest financial results and management's outlook.
- The company confirmed that no unpublished price sensitive information (UPSI) was shared.
- The recorded session has been made available on the company's website and YouTube for public access.
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.
- 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.
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.
- 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.
Gulshan Polyols Limited has announced a revision to the access link for its upcoming earnings conference call. The call is scheduled for February 12, 2026, at 12:15 P.M. IST to discuss financial performance for the quarter and nine months ended December 31, 2025. This update replaces the previous link provided in the communication dated February 09, 2026. Investors are encouraged to use the new registration link to participate in the discussion.
- Earnings conference call scheduled for February 12, 2026, at 12:15 P.M. IST.
- Revised registration link provided for the Q3 and nine-month financial results discussion.
- Primary dial-in numbers for the call are +91 22 6280 1105 and +91 22 7115 8006.
Gulshan Polyols Limited has announced its earnings conference call scheduled for February 12, 2026, at 12:15 P.M. IST. The session will cover the financial results for the third quarter and the nine-month period ending December 31, 2025. Investors and analysts can join via the provided dial-in numbers or pre-register through the DiamondPass link. This call is a key event for stakeholders to gain insights into the company's recent operational performance and future outlook.
- Earnings call scheduled for February 12, 2026, at 12:15 P.M. IST
- Covers financial performance for Q3 and 9M ended December 31, 2025
- Universal dial-in numbers: +91 22 6280 1105 and +91 22 7115 8006
- Pre-registration link available for seamless access to the call
Gulshan Polyols Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Alankit Assignments Limited, confirms that all physical share certificates received for dematerialization during the quarter ended December 31, 2025, have been processed. The RTA verified that these certificates were mutilated and cancelled, with the depository's name substituted in the records. This is a standard regulatory filing ensuring the integrity of the shareholding process.
- Compliance certificate submitted for the quarter ended December 31, 2025.
- Issued by Registrar and Share Transfer Agent (RTA), M/s Alankit Assignments Limited.
- Confirms that physical share certificates received for dematerialization were duly cancelled.
- Ensures adherence to SEBI (Depositories and Participants) Regulations, 2018.
Gulshan Polyols Limited reported an industrial accident at its Borgaon, Madhya Pradesh facility on January 10, 2026. The incident resulted in the unfortunate death of one unskilled contractual worker while being transported to a hospital. Following the event, plant operations were briefly suspended for safety protocols but have since resumed. The company maintains that safety measures were in place at the time of the accident.
- Industrial accident occurred at the Borgaon, Madhya Pradesh plant on January 10, 2026, at 05:00 P.M.
- One unskilled contractual worker lost their life during the incident while being taken to a hospital.
- Plant operations were temporarily halted for safety checks and have subsequently resumed.
- The company disclosed the incident under Regulation 30 of SEBI (LODR) Regulations, 2015.
Gulshan Polyols Limited has filed a regulatory report regarding the re-lodgement of transfer requests for physical shares. For the reporting period of December 1, 2025, to January 6, 2026, the company and its RTA, Alankit Assignments Limited, confirmed that zero requests were received. This disclosure is a procedural requirement under SEBI's specific circular for physical share transfers. There is no impact on the company's operations or financial standing.
- Zero requests received for re-lodgement of physical share transfers during the period.
- Reporting period spans from December 1, 2025, to January 6, 2026.
- Filing is in compliance with SEBI Circular No. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/97.
- Registrar and Share Transfer Agent (RTA) Alankit Assignments Limited confirmed the NIL status.
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.
- 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.
Gulshan Polyols Limited has announced the closure of its trading window effective January 1, 2026, in compliance with SEBI Insider Trading regulations. The closure is intended for the preparation and declaration of the unaudited standalone and consolidated financial results for the quarter and nine months ending December 31, 2025. The window will remain shut for all designated persons and their immediate relatives. It will reopen 48 hours after the financial results are made public.
- Trading window closure starts on Thursday, January 1, 2026
- Closure pertains to financial results for the period ending December 31, 2025
- Restriction ends 48 hours after the board meeting results are announced
- The board meeting date for result approval will be notified separately
Financial Performance
Revenue Growth by Segment
The company reported a 3-year revenue CAGR of 23% through fiscal 2025. The Ethanol segment is the primary driver, contributing INR 1,187 Cr in fiscal 2025, representing a 141% YoY growth. Total operating income for fiscal 2025 was approximately INR 2,000 Cr, with projections of INR 2,100-2,200 Cr for fiscal 2026 and a target of INR 2,800 Cr by fiscal 2027 based on 80-90% capacity utilization.
Geographic Revenue Split
GULPOLY operates as a multi-location manufacturing company with a presence in more than 35 countries across three continents. While specific percentage splits per region are not disclosed, the company maintains a diversified customer base across global geographies and a strong domestic presence in India.
Profitability Margins
Operating margins moderated to approximately 5% in fiscal 2025, down from earlier expectations of 7-7.5%, due to high raw material costs and low initial capacity utilization at the Assam plant. The company targets a recovery to 7-8% in fiscal 2026 as operations stabilize. Net cash accrual to repayment ratio stood at 1.1 times in fiscal 2025.
EBITDA Margin
EBITDA rose 64% in recent periods despite underperformance in the grain segment. However, the overall operating margin was pressured at 5% in FY2025. The mineral processing segment remains the most profitable with stable margins of 26-26.5% on revenues of INR 20-25 Cr.
Capital Expenditure
The company has recently commissioned significant capacities, including a 500 KLPD plant in Madhya Pradesh and a 250 KLPD plant in Assam. No major debt-funded capital expenditure is planned over the medium term following these completions, which is expected to help the gearing ratio improve to 0.40-0.45 times by March 2026.
Credit Rating & Borrowing
CRISIL has assigned a 'Negative' outlook on the long-term rating (CRISIL A) and reaffirmed 'CRISIL A1' for short-term facilities. The negative outlook reflects concerns over liquidity and lower-than-expected profitability. Interest coverage ratio moderated to 2.76 times in fiscal 2025 from 5.81 times the previous year.
Operational Drivers
Raw Materials
Key raw materials include Maize, Rice (sourced from FCI and open market), and Corn. These are critical for the ethanol and grain processing divisions. Raw material price volatility, particularly for maize and rice, was the primary reason for the margin drop to 5% in FY2025.
Import Sources
Sourcing is primarily domestic, utilizing multi-location procurement strategies across India. The company is shifting focus toward surplus grains and corn to mitigate the restricted supply of rice from the Food Corporation of India (FCI).
Key Suppliers
Specific supplier names are not disclosed; however, the company relies on the Food Corporation of India (FCI) for rice and maintains a network of grain suppliers and farmers through educational campaigns.
Capacity Expansion
Current total ethanol capacity is 810 KLPD, including the 500 KLPD Madhya Pradesh plant and the 250 KLPD Assam plant. The company aims to reach a production mark of 25 Cr litres in FY2026. Total revenue capacity across all divisions is estimated at INR 3,000 Cr.
Raw Material Costs
Raw material costs are highly volatile; maize and rice prices increased significantly in FY2025. To mitigate this, the company employs a diversified feedstock strategy and strategic inventory management to ensure supply continuity and hedge against price fluctuations.
Manufacturing Efficiency
The company is targeting 80-90% capacity utilization across all divisions by FY2027. The Assam plant's initial low utilization in FY2025 led to poor fixed cost absorption, which is expected to improve as operations stabilize.
Strategic Growth
Expected Growth Rate
6-8%
Growth Strategy
Growth will be achieved through full capacity utilization of the 810 KLPD distillery, aiming for 25 Cr litres of ethanol in FY2026. The company is also leveraging its new Assam refinery and state-specific incentives (INR 1.5 per litre in MP). Diversification into bio-diesel is being explored via a feasibility study.
Products & Services
Ethanol, Starch, Sugar, Sorbitol, Calcium Carbonate (Mineral Processing), and Calcium Carbide.
Brand Portfolio
Not specifically listed by brand name, but the company operates under the Gulshan Polyols Limited corporate identity across its three key segments.
New Products/Services
The company is conducting a feasibility study for bio-diesel production. The Assam refinery, operational from H1 FY2025, is expected to contribute significantly to incremental revenue.
Market Expansion
The company is focusing on increasing its footprint in the ethanol segment to meet government blending mandates and is ramping up the Assam plant to serve the North-Eastern region of India.
Market Share & Ranking
Not disclosed as a specific percentage, but the company is described as having an 'established market position' with a four-decade-long track record.
Strategic Alliances
The company engages with industry forums like GEMA and Chini Mandi Associations to represent policy interests, though specific corporate JVs are not mentioned.
External Factors
Industry Trends
The ethanol industry is growing due to government blending mandates. However, the agricultural products industry is fragmented with low entry barriers, leading to intense competition from unorganized players.
Competitive Landscape
Key competition comes from unorganized domestic players and international competition from China, which exerts pricing pressure on the starch and chemical segments.
Competitive Moat
The moat is built on a multi-product, multi-location strategy and four decades of promoter experience. This diversification allows the company to absorb downturns in specific segments by shifting focus to more profitable divisions.
Macro Economic Sensitivity
Highly sensitive to government ethanol blending policies and agricultural commodity prices (Maize/Rice). Changes in macro-level government policies have a 'substantial impact' on profitability.
Consumer Behavior
Demand is driven by industrial needs for starch and sorbitol, and government-mandated demand for ethanol blending in fuel.
Geopolitical Risks
The reopening of the Chinese market has led to increased competition and overcapacity in the domestic market, hampering prices for certain product lines.
Regulatory & Governance
Industry Regulations
Operations are heavily influenced by Ethanol Blending Mandates and FCI raw material supply restrictions. The company must also comply with environmental norms regarding manufacturing emissions and waste management.
Environmental Compliance
The company is investing in eco-efficient technologies and ESG alignment, though specific INR costs for compliance are not disclosed.
Taxation Policy Impact
Tax expenses were INR 9.8 Cr in a recent period against a Profit Before Tax of INR 34.6 Cr, suggesting an effective tax rate of approximately 28%.
Legal Contingencies
The company reports no material fines or penalties paid to regulators or judicial institutions in the recent financial year.
Risk Analysis
Key Uncertainties
The primary uncertainty is the volatility of grain prices and the availability of feedstock, which can impact operating margins by 2-3% (as seen in the drop to 5% in FY25).
Geographic Concentration Risk
While global, the company has significant concentration in India, with specific large-scale operations in Madhya Pradesh and Assam.
Third Party Dependencies
High dependency on government-controlled entities (FCI) for raw material (rice) and OMCs for revenue (ethanol tenders).
Technology Obsolescence Risk
The company is mitigating technology risks by deploying 'eco-efficient technologies' and conducting feasibility studies for newer fuels like bio-diesel.
Credit & Counterparty Risk
Receivables quality is generally supported by the established nature of its clients (OMCs and global industrial buyers), though liquidity remains tight with a current ratio of 1.16x.