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Gulshan Polyols Posts Q2 FY27 Update; Backed by ₹1,305 Cr Ethanol Order Book & Expansion
Gulshan Polyols released its Q2 FY27 investor presentation, reporting total income of ₹614 crore (up 13% YoY) and EBITDA of ₹69 crore (up 63% YoY with margins improving 347 bps to 11.2%). The company highlighted strong visibility in its ethanol division backed by a ₹1,305 crore OMC allocation for 19.7 crore litres for ESY 2026-27, which equals ~79% of its TTM revenue (₹1,650 crore). It is also expanding Sorbitol capacity by 30,000 MTPA to 110,000 MTPA and Maltodextrin Powder/Non-Dairy Creamer capacity six-fold to 30,000 MTPA, both targeting commissioning in April 2027. Full-year FY27 guidance remains unchanged at ₹2,600 crore in consolidated revenue with target EBITDA margins of 10-11%.
உச்சம் நம்பிக்கை
என்ன மாறியதுThe company reported Q2 FY27 financial performance and detailed capacity additions in Sorbitol and Maltodextrin Powder along with an OMC ethanol allocation of ₹1,305 crore.
ஏன் இது முக்கியம்The ₹1,305 crore order book locks in substantial volume visibility for its 810 KLPD distillery assets, while higher-margin specialty chemical expansions diversify reliance away from pure biofuel tenders.
Ethanol Order Book (ESY 2026-27): ₹1,305 கோடிEthanol Order vs TTM revenue: ~79.1%Q2 FY27 Total Income: ₹614 Cr.Q2 FY27 PAT: ₹39 Cr.Target FY27 Revenue: ₹2,600 cr.
📅 குறுகிய காலம்Positive sentiment driven by strong YoY earnings growth in Q2 FY27 and clear near-term revenue visibility from the OMC allocation.
📈 நீண்ட காலம்Structural transformation from a pure grain processor to an integrated specialty chemical and biofuel platform with expanded capacity in sorbitol and green hydrogen integration by April 2027.
⚠ அபாய எச்சரிக்கைகள்
Vulnerability to raw material cost spikes (elevated open-market maize prices) if FCI rice availability tightens.
Regulatory and pricing risks given OMC ethanol offtake rates are tender- and policy-driven.
👀 கவனிக்க வேண்டியவை
Track the execution and commissioning of the Muzaffarnagar expansion projects scheduled for April 2027 and monitor input grain prices (FCI rice vs. open-market maize) which affect ethanol segment margins.
Gulshan Polyols Q2 PAT Surges 150% YoY to ₹38.89 Cr on Strong Ethanol Segment
Gulshan Polyols reported a strong performance for Q2 FY27 (quarter ended September 30, 2026), with revenue from operations rising 13.5% YoY to ₹614.96 Cr compared to ₹541.72 Cr in Q2 FY26. Net profit after tax expanded sharply by 150.5% YoY to ₹38.89 Cr versus ₹15.53 Cr in the corresponding prior-year quarter. Segment profitability was driven by the Ethanol (Bio-Fuel) division, which generated ₹57.10 Cr in PBIT, up 110% YoY. For H1 FY27, net profit reached ₹92.40 Cr, exceeding the entire FY26 full-year PAT of ₹107.15 Cr.
உச்சம் நம்பிக்கை
என்ன மாறியதுUnaudited Q2 and H1 FY27 earnings were reported, showing significant YoY operational expansion and profit growth.
ஏன் இது முக்கியம்Demonstrates robust monetization and capacity utilization of ethanol distillery assets, translating into substantial margin expansion and healthy operating cash flows.
Q2 Revenue from Operations: ₹61,495.71 லட்சம்Q2 Net Profit After Tax: ₹3,888.99 லட்சம்Ethanol Segment PBIT: ₹5,710.25 லட்சம்H1 Operating Cash Flow: ₹11,894.34 லட்சம்Q2 EPS (Basic): ₹6.24
📅 குறுகிய காலம்Market reaction is likely to be supportive following the strong YoY PAT rebound driven by the ethanol vertical.
📈 நீண்ட காலம்Structural capacity ramp-up towards 810 KLPD distillery and higher blending mandates reinforce earnings power, provided grain raw material input costs remain stable.
Gulshan Polyols has received an allocation of 1,96,886 Kiloliters (KL) of ethanol for Ethanol Supply Year (ESY 2026-27) for supply to OMCs including BPCL, HPCL, IOCL, and MRPL. The base allocation carries an aggregate value of approximately ₹1,304.90 crore, with by-product sales expected to contribute an additional ₹300+ crore. Total anticipated revenue exceeds ₹1,600 crore, which represents nearly 97% of the company's TTM revenue of ₹1,650 crore. The supply is spread across three units: DEP MP (1,14,922 KL), Assam (75,073 KL), and Indus 1 (6,891 KL).
உச்சம் நம்பிக்கை
என்ன மாறியதுGulshan Polyols secured an official allocation to supply 1,96,886 KL of ethanol valued at ₹1,304.90 crore to state-owned OMCs for ESY 2026-27.
ஏன் இது முக்கியம்With total expected revenue (including by-products) exceeding ₹1,600 crore, this contract provides massive revenue visibility (~97% of TTM revenue) and solidifies capacity utilization for its distillery plants.
Total Allocated Quantity: 1,96,886 KLEthanol Order Value: Rs. 1,304.90 CroresExpected By-product Revenue: more than Rs. 300 croresTotal Anticipated Revenue: more than Rs. 1,600 croresAnticipated Revenue vs TTM Revenue: ~97%
📅 குறுகிய காலம்Strong operational sentiment as this large tender win locks in production off-take across major distilleries for the upcoming supply year.
📈 நீண்ட காலம்Validates the company's 810 KLPD capacity expansion strategy across MP and Assam, securing structural integration into India's ethanol blending program.
👀 கவனிக்க வேண்டியவை
Track quarterly revenue and OPM delivery as ESY 2026-27 supplies ramp up, particularly monitoring raw material grain costs (maize/FCI rice) and capacity utilization at the Assam facility.
Gulshan Polyols Shareholders Approve ₹1.50 Dividend and QIP Fundraise at 26th AGM
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.
உச்சம் நம்பிக்கை
என்ன மாறியதுFormal shareholder authorization secured for an upcoming QIP fundraise and confirmation of the ₹1.50 per share FY26 dividend payout.
ஏன் இது முக்கியம்The enabling QIP approval paves the way for potential equity dilution or balance-sheet deleveraging (debt stands at ₹313 Cr against a market cap of ₹1,078 Cr).
Final Dividend per share: ₹1.50Total shares polled: 42377076Turnout percentage: 67.94%QIP approval assent %: 99.8949%
📅 குறுகிய காலம்Routine post-AGM disclosure; minimal immediate market reaction expected until the board details the size and timeline of the QIP.
📈 நீண்ட காலம்If executed, a sizeable QIP would improve liquidity and capital structure, though existing equity holders could face dilution depending on the issue size.
⚠ அபாய எச்சரிக்கைகள்
Potential equity dilution from QIP issuance
👀 கவனிக்க வேண்டியவை
Track subsequent board announcements regarding specific pricing, timing, and quantum of the approved QIP issuance, as well as the record/payout timeline for the ₹1.50 dividend.
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.
உச்சம் நம்பிக்கை
என்ன மாறியதுThe company was awarded an additional 20,740 KL ethanol supply contract worth Rs 146.66 Cr for Q4 ESY 2025-26.
ஏன் இது முக்கியம்Improves 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
📅 குறுகிய காலம்Provides volume visibility and immediate operational absorption for Q4 ESY 2025-26.
📈 நீண்ட காலம்Supports 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.
⚠ அபாய எச்சரிக்கைகள்
Feedstock price volatility (maize and rice) against regulated OMC tender prices
Client concentration risk tied to state-run OMCs
👀 கவனிக்க வேண்டியவை
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.
📊 கடந்த 7 நாட்கள் — உணர்வு அடிப்படையில் பகுப்பாய்வு செய்யப்பட்ட அறிவிப்புகள்
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.
உச்சம் நம்பிக்கை
என்ன மாறியதுThe company has finalized the administrative timeline (record date and book closure) for its previously recommended final dividend for FY 2025-26.
ஏன் இது முக்கியம்The 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 1.50டிவிடெண்ட் ஈல்ட்: 0.78%Payout Ratio (FY26): 32.3%ரெக்கார்ட் தேதி: ஆகஸ்ட் 28, 2026Payment Date: அக்டோபர் 09, 2026
📅 குறுகிய காலம்The stock price is expected to adjust downwards by the dividend amount on the ex-dividend date, which is standard market practice.
📈 நீண்ட காலம்Limited; this is a routine annual distribution of profits and does not alter the company's structural growth trajectory in the ethanol or mineral segments.
👀 கவனிக்க வேண்டியவை
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.
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.
உச்சம் நம்பிக்கை
என்ன மாறியதுThe 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.
ஏன் இது முக்கியம்The 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 கோடிEthanol 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 கோடி
📅 குறுகிய காலம்The clear and ambitious revenue guidance for FY27 is likely to be viewed positively by the market, providing a roadmap for significant top-line growth.
📈 நீண்ட காலம்Structural 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.
⚠ அபாய எச்சரிக்கைகள்
Feedstock price volatility (maize and rice)
Regulatory dependence on government ethanol pricing
Execution risk in achieving 90% capacity utilization
👀 கவனிக்க வேண்டியவை
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.
உச்சம் நம்பிக்கை
என்ன மாறியதுThe 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.
ஏன் இது முக்கியம்The 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 கோடிEBITDA Margin (Q1 FY27): 14.2%Ethanol Order Book: 19 Cr LitresNet Debt to Equity: 0.3xQ1 வருவாய் vs TTM வருவாய்: ~39%
📅 குறுகிய காலம்The stock is likely to react positively to the substantial margin expansion and triple-digit profit growth reported in the quarterly results.
📈 நீண்ட காலம்Structural 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.
👀 கவனிக்க வேண்டியவை
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.
உச்சம் நம்பிக்கை
என்ன மாறியதுThe company reported a massive jump in profitability for Q1 FY27 and initiated a significant capital-raising exercise of Rs 250 Cr.
ஏன் இது முக்கியம்The 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 கோடிYoY Profit Growth: 306%Proposed Fundraise: Rs 250 கோடிFundraise vs Market Cap: ~19.2%Ethanol Segment PBIT: Rs 75.02 கோடி
📅 குறுகிய காலம்Positive sentiment is expected due to the significant earnings beat and the profitability turnaround in the grain processing segment.
📈 நீண்ட காலம்The fundraise could support the company's goal of reaching 25 Cr litres of ethanol production in FY2026, strengthening its position in the biofuel space.
⚠ அபாய எச்சரிக்கைகள்
Equity dilution risk from the proposed Rs 250 Cr QIP
Sensitivity of ethanol margins to government pricing and raw material cost spikes
👀 கவனிக்க வேண்டியவை
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.
உச்சம் நம்பிக்கை
என்ன மாறியதுThe credit rating outlook was upgraded from 'Negative' to 'Stable', and the total quantum of rated bank facilities was increased by ₹37.3 Crores.
ஏன் இது முக்கியம்An 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
📅 குறுகிய காலம்The 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.
📈 நீண்ட காலம்Structural 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.
⚠ அபாய எச்சரிக்கைகள்
High debt-to-equity ratio relative to historical levels (0.44)
Sensitivity to government-regulated ethanol pricing
Raw material price volatility (maize and rice)
👀 கவனிக்க வேண்டியவை
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.
உச்சம் நம்பிக்கை
என்ன மாறியதுThe company has successfully secured a ₹5 crore government subsidy payment related to its capital investments in the North-Eastern region.
ஏன் இது முக்கியம்This 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 கோடிIncentive vs TTM PAT: ~13.9%Incentive vs TTM Revenue: ~0.3%Assam Plant Capacity: 250 KLPD
📅 குறுகிய காலம்The receipt of funds is a minor positive for short-term liquidity and may provide a small boost to the upcoming quarterly earnings report.
📈 நீண்ட காலம்Demonstrates the company's ability to execute on government-backed incentive programs, which is crucial for its multi-location ethanol strategy.
⚠ அபாய எச்சரிக்கைகள்
One-time nature of the incentive
Dependence on government policy for subsidy disbursements
👀 கவனிக்க வேண்டியவை
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.
உச்சம் நம்பிக்கை
என்ன மாறியதுThe 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.
ஏன் இது முக்கியம்This 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.
📅 குறுகிய காலம்The announcement provides positive sentiment regarding revenue visibility for the liquor segment in the upcoming fiscal year.
📈 நீண்ட காலம்Consistent 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.
⚠ அபாய எச்சரிக்கைகள்
Regulatory pricing risk by state excise departments
Raw material (grain) price volatility
👀 கவனிக்க வேண்டியவை
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.
முக்கிய அம்சங்கள்
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.
👀 கவனிக்க வேண்டியவை
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.
முக்கிய அம்சங்கள்
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%.
👀 கவனிக்க வேண்டியவை
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.
முக்கிய அம்சங்கள்
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 FY26Total Revenue for FY26 increased 14.5% to ₹2,31,242.18 LakhsQ4 FY26 Net Profit stood at ₹3,754.08 Lakhs, up from ₹702.02 Lakhs in Q4 FY25Annual Basic EPS improved significantly to ₹17.18 from ₹3.97 in the previous year
👀 கவனிக்க வேண்டியவை
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 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.
முக்கிய அம்சங்கள்
Allocated an additional 2,923 Kiloliters of ethanol for supply in Q3 of ESY 2025-26Total estimated value of the additional order is approximately ₹18.71 CroresOrder 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)
👀 கவனிக்க வேண்டியவை
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.
முக்கிய அம்சங்கள்
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.
👀 கவனிக்க வேண்டியவை
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.
முக்கிய அம்சங்கள்
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.
👀 கவனிக்க வேண்டியவை
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.
முக்கிய அம்சங்கள்
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.
👀 கவனிக்க வேண்டியவை
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.
முக்கிய அம்சங்கள்
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.
👀 கவனிக்க வேண்டியவை
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.
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எங்கள் AI பங்குச் சந்தை பகுப்பாய்வு: டெலிகிராம், வாட்ஸ்அப்பில் இலவசம்
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