GULSHAN POLYOLS LIMITED

Produces grain-based ethanol from maize and FCI rice for blending into petrol, with installed distillation capacity of 810 KLPD. The Ethanol (Bio-Fuel)/Distillery segment generates 69.6% of FY26 revenue at an 11.1% segment EBIT margin, supported by an order book of 18 crore litres (equivalent to about INR 1,250 crores in revenue) under long-term off-take with oil marketing companies running through 2032. Grain processing accounts for 26.4% of revenue but ran at a -0.7% segment EBIT margin in FY26, while mineral processing is small at 4.0% of revenue but delivered the highest segment margin of 18.6% EBIT. Feedstock is by far the largest cost at 64.1% of revenue; FCI rice covers 40% of ethanol feedstock at fixed prices, with maize in the INR 19-22/kg range filling the balance, and a DDGS by-product contributing roughly INR 10 per litre of incremental value to ethanol economics. The distillery side also supplies about 103.6 lakh proof litres of country liquor across six Madhya Pradesh excise districts for 2026-27. Management has guided FY27 revenue of INR 2,600-2,800 crores and is planning a INR 500 crore specialty/import-substitute chemicals capex at a 100-acre Narsinghpur, MP site from FY28, while PLI subsidies contribute about INR 30 crores per annum.