Please find the enclosed 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 delivered strong FY26 results with revenue of INR 2,314 crores (up 14%) and EBITDA of INR 232 crores (up 131%). Q4 EBITDA margin expanded to 11.9% from 5.8% YoY, driven by improved ethanol segment performance and softer maize prices. The ethanol business now contributes over 60% of revenue and profitability, with management targeting FY27 revenue of INR 2,600-2,800 crores at 10-12% EBITDA margins. The company has 18 crore liters ethanol order book with long-term OMC agreements through 2032, and expects to increase allocations. Management guides that current margin profile is sustainable for 2-3 years given FCI rice availability. New capex of INR 500 crores is planned for FY28 at a new 100-acre site in Narsinghpur, MP, targeting INR 1,000-1,500 crores revenue. The company targets becoming debt-free by FY29.
Strong margin expansion signals operational leverage improvement. FY27 guidance of INR 2,600-2,800 crores revenue at 10-12% EBITDA margin appears achievable given ethanol order visibility and softening input costs. The planned FY28 capex for specialty chemicals signals strategic transition up the value chain.