Gulshan Polyols Limited (GULPOLY)
₹168.34 +3.19% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Gulshan Polyols' revenue was ₹640 Cr (+7.9% year on year, +16.2% on the previous quarter), and net profit ₹54.0 Cr (+309.9% year on year); the operating margin was 13.3%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹640 | +7.9% | +16.2% |
| Operating profit | ₹85.0 | +132.2% | +28.8% |
| Net profit | ₹54.0 | +309.9% | +42.1% |
| EPS (₹) | 8.58 | +306.6% | +42.5% |
| Operating margin | 13.3% | — | — |
GULPOLY delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 53.21% of the GULPOLY shares traded on NSE were taken to delivery, against the stock's own 20-session average of 52.92%. That is close to its usual level.
Delivery in the last 5 sessions: 49.9% · 54.7% · 42.6% · 52.4% · 53.2%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Gulshan Polyols Limited has announced its participation in the Bharat Connect Conference organized by Arihant Capital. The virtual group meeting is scheduled for Friday, September 25, 2026, from 12:00 PM to 01:00 PM IST. The company confirmed that no unpublished price sensitive information (UPSI) will be shared during the interaction.
- Participating in the Bharat Connect Conference organized by Arihant Capital
- Scheduled for Friday, September 25, 2026, from 12:00 PM to 01:00 PM IST
- Meeting format will be a Virtual Conference (Group Meeting)
- Company confirmed that no UPSI will be shared
Gulshan Polyols Limited disclosed the voting results and scrutinizer's report for its 26th Annual General Meeting held on September 11, 2026. All seven resolutions were approved with requisite majority, including the adoption of FY2026 financial statements and declaration of a final dividend of ₹1.50 per equity share. Shareholders also approved an enabling resolution to raise funds via a Qualified Institutions Placement (QIP) with 99.89% assent. Total votes polled represented 68.04% of outstanding shares.
- Declared a final dividend of ₹1.50 per equity share of face value ₹1 each for FY26
- Special resolution passed approving fund raising via Qualified Institutions Placement (QIP) with 99.89% votes in favor
- Overall voter turnout stood at 68.04% with 4,24,36,784 total votes polled out of 6,23,70,586 shares
- Re-appointment of Independent Director Vardhman Doogar approved with effect from October 01, 2026
Gulshan Polyols Limited submitted voting results and the Scrutinizer's Report for its 26th AGM held on September 11, 2026. Shareholders approved all 7 resolutions with overwhelming majorities, including an ordinary resolution declaring a final dividend of ₹1.50 per equity share for FY26. Crucially, investors passed an enabling special resolution approving fundraising via Qualified Institutions Placement (QIP) with 99.89% assent. Other approved items included director re-appointments and statutory cost auditor remuneration.
- Final dividend of ₹1.50 per equity share approved (100% votes in favour)
- Enabling special resolution passed for raising funds via QIP with 99.89% assent (4,23,92,209 votes in favour)
- Overall voter turnout represented 67.94% of total outstanding shares (4,23,77,076 votes polled out of 6,23,70,586 shares)
- Re-appointment of Mr. Vardhman Doogar as Non-Executive Independent Director approved from October 01, 2026
Gulshan Polyols Limited disclosed the voting results and Scrutinizer's report for its 26th Annual General Meeting held on September 11, 2026. All seven resolutions were approved with requisite majority, including the adoption of FY26 financial statements and a final dividend declaration of ₹1.50 per equity share. Shareholders also approved an enabling special resolution to raise funds through Qualified Institutions Placement (QIP) with 99.89% votes in favor. Total votes polled stood at 4,23,77,076 shares across remote e-voting and ballot, representing 67.94% of total outstanding shares.
- Final dividend of ₹1.50 per equity share of ₹1 face value approved for FY26
- Special resolution for fund raising via QIP approved with 99.89% assent (4,23,92,209 votes)
- Re-appointment of Independent Director Mr. Vardhman Doogar approved effective October 01, 2026
- Overall voter participation was 67.94% of total 6,23,70,586 shares
Gulshan Polyols Limited concluded its 26th Annual General Meeting on September 11, 2026, where shareholders approved all 7 proposed resolutions with requisite majority. Approved items include adoption of FY26 financials, declaration of a final dividend of ₹1.50 per share (face value ₹1.00), and an enabling special resolution to raise funds via Qualified Institutions Placement (QIP). Re-appointment of directors and cost auditor remuneration ratification were also approved.
- Declared final dividend of ₹1.50 per equity share of face value ₹1 fully paid-up for FY26
- Passed special resolution approving fundraising via Qualified Institutions Placement (QIP)
- Adopted FY26 audited financial statements with no adverse remarks from statutory or secretarial auditors
- All 7 resolutions passed with requisite majority at the 26th AGM held on September 11, 2026
Gulshan Polyols Limited has submitted its Business Responsibility and Sustainability Report (BRSR) for FY 2025-26 in compliance with SEBI listing regulations. The disclosures highlight that ethanol constitutes the company's core product, generating 59.13% of total turnover, followed by sorbitol at 14.71% and by-products at 11.10%. Exports accounted for 5.05% of turnover across more than 40 countries from its 9 operational plants in India. The company also confirmed the closure and legal dissolution of its overseas subsidiary, Gulshan Overseas – FZCO, on October 17, 2025.
- Ethanol generated 59.13% of total turnover, followed by Sorbitol at 14.71% and By-Products at 11.10%
- Exports contributed 5.049% of total turnover, serving markets across 40+ countries
- Company operates 9 manufacturing plants and 2 offices across 7 states in India
- Foreign subsidiary Gulshan Overseas – FZCO (Dubai) was legally dissolved on October 17, 2025
Gulshan Polyols Limited has issued the notice for its 26th Annual General Meeting scheduled for Friday, September 11, 2026. Key business items include the approval and declaration of a final dividend of ₹1.50 per equity share (face value ₹1) for FY26. Additionally, the company is seeking shareholder approval via special resolution for an enabling provision to raise funds through a Qualified Institutions Placement (QIP). Other routine matters include director re-appointments and ratification of cost auditor remuneration of ₹1,00,000 for FY 2026-27.
- 26th Annual General Meeting scheduled for September 11, 2026, at Muzaffarnagar, Uttar Pradesh.
- Proposed final dividend of ₹1.50 per equity share of face value ₹1 each for FY 2025-26.
- Seeking shareholder approval via Special Resolution for fund raising through Qualified Institutions Placement (QIP).
- Ratification of ₹1,00,000 remuneration plus applicable taxes for Cost Auditors for FY 2026-27.
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.
- 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
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.
- 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
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.
- 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
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.
- 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
Gulshan Polyols has published the audio recording of its investor call conducted on August 07, 2026. The company, which reported a TTM revenue of ₹1650 Cr, is currently scaling its ethanol capacity to 810 KLPD. Management's commentary in such calls typically covers the stabilization of the Assam refinery and the progress toward the 25 Cr litre production target for FY2026. This disclosure is a standard regulatory requirement under SEBI Listing Regulations to ensure information parity for all investors.
- Investor call conducted on August 07, 2026, at 12:00 P.M.
- Company aims for 25 Cr litres of ethanol production in FY2026
- Total ethanol capacity currently stands at 810 KLPD across multiple plants
- TTM revenue of ₹1650 Cr with a market capitalization of ₹1286 Cr
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.
- 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.
Gulshan Polyols Limited has approved the grant of 59,453 stock options to its employees under the GPL Employees Stock Option Scheme, 2018. Each option is exercisable into one equity share of face value Re. 1 at a fixed exercise price of ₹223. The exercise period is specifically scheduled for a one-month window in June 2029. This is a routine administrative action aimed at employee retention and alignment with long-term shareholder value.
- Grant of 59,453 stock options approved on August 06, 2026
- Exercise price fixed at ₹223 per share
- Exercise window restricted to June 01, 2029, to June 30, 2029
- Each option converts to 1 equity share of Re. 1 face value
Gulshan Polyols Limited has approved the re-appointment of Mr. Vardhman Doogar as a Non-Executive Independent Director for a second five-year term, effective from October 1, 2026, to September 30, 2031. Mr. Doogar brings over a decade of experience in auditing, merchant banking, and statutory compliance, which supports the board's oversight as the company scales its ethanol capacity. The re-appointment is subject to shareholder approval at the upcoming Annual General Meeting. This move ensures continuity in corporate governance during a period where the company aims to reach 25 Cr litres of ethanol production in FY2026.
- Re-appointment for a second term of 5 consecutive years starting October 1, 2026.
- Mr. Vardhman Doogar has over 10 years of experience in auditing, management consultancy, and merchant banking.
- The term extends until September 30, 2031, and is not liable to retire by rotation.
- Company is currently operating an 810 KLPD distillery capacity with a target of 25 Cr litres of ethanol in FY2026.
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.
