Gulshan Polyols Limited has informed the Exchange about Transcript of Earnings Call held on May 22, 2026 for the quarter and financial year ended March 31, 2026.
GULPOLY · price
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Gulshan Polyols reported strong FY26 results with revenue of INR 2,314 crores (up 14% YoY) and EBITDA of INR 232 crores (up 131%), driven primarily by its ethanol segment contributing over 60% of revenue and profitability. Ethanol capacity stands at ~810 KLPD with current order book of 18 crore liters (INR ~1,250 crores) and long-term OMC agreements through 2032. EBITDA margin expanded significantly to 10% (up 504 bps) for FY26, while PAT reached INR 107 crores (up 334%). The company guided for FY27 revenue of INR 2,600-2,800 crores with EBITDA margins of 10-12% and PAT margins of 5-6%, targeting 80-90% utilization across divisions. Feedstock costs remain favorable with 40% sourced from FCI rice at fixed prices, keeping maize prices in INR 19-22/kg range. Management plans a INR 500 crore capex in FY28-29 for a mega project in Narsinghpur, MP (100 acres acquired), targeting revenue of INR 5,000 crores by FY30.
The strong margin expansion and clear FY27 guidance indicate improving earnings quality; the company's ethanol-focused strategy with stable FCI rice supply and upcoming capex for specialty chemicals positions it for sustained growth, though investors should monitor working capital cycles and commodity price volatility in the grain processing segment.