Enclosed the Investor Presentation for Quarter and Financial year ended March 31, 2026.
GULPOLY · price
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Gulshan Polyols reported strong FY26 results with total income of ₹2,314 crore (up 14% YoY) and PAT of ₹107 crore (up 131% YoY), driven by a sharp improvement in EBITDA margin to 10.0% from 5.0% in FY25. Ethanol is now 70% of revenue with 26 crore litre capacity; they received ₹21.8 crore in state incentives and have pending additional PLI incentives for MP and Assam plants. The company has an order book of ₹1,220 crore for ethanol supply. Management targets FY27 revenue of ₹2,600-2,800 crore by improving capacity utilization to 80-90%, with a shift from the capex phase to cash generation and balance sheet strengthening. Net Debt-to-Equity improved to 0.3x in FY26. From FY28, they plan to re-enter growth via specialty and import-substitute chemicals.
The sharp margin expansion and clear multi-year guidance signal improving operational leverage and a transition to cash-generation mode. The order book and ethanol policy tailwinds provide earnings visibility, making this a structurally stronger story than a year ago.