NSE: GULPOLY · BSE: 532457
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. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Ethanol (Bio-Fuel)/Distillery (70%), Grain Processing (26%), Mineral Processing (4%). Asset-heavy grain-based ethanol and distillery operator transitioning from its legacy mineral/PCC business, with feedstock-linked cost structure.
Exhibit 1: Financial summary, FY23–FY25 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | 1,180 | 1,378 | 2,020 |
| EBITDA (ex other income) | 88 | 58 | 95 |
| margin % | 7.5 | 4.2 | 4.7 |
| Owners' profit | 45 | 18 | 25 |
| EPS, as reported (₹) | 8.69 | 2.85 | 3.95 |
| ROE % · ROCE % | 7.9 · 9.2 | 3.0 · 4.5 | 4.0 · 7.6 |
| Debt / equity (x) | 0.43 | 0.59 | 0.64 |
| Cash from operations | 15 | 66 | 42 |
| Capex | (254) | (179) | (56) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 371 | 406 | 455 | 440 | 610 | 515 | 593 | 542 |
| Profit before tax | 8 | 8 | 13 | 2 | 9 | 11 | 20 | 23 |
| Net profit | 5 | 7 | 10 | 1 | 7 | 7 | 13 | 16 |
| EPS (₹) | 0.74 | 1.05 | 1.55 | 0.20 | 1.08 | 1.12 | 2.11 | 2.53 |
Exhibit 3: Segment revenue, FY25
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Ethanol(Bio-Fuel)/Distillery | 781 | 38.7 |
| Grain Processing | 729 | 36.1 |
| Mineral Processing | 104 | 5.2 |
| Ethanol (BIO-Fuel)/ Distillery | 405 | 20.1 |
| Total, before eliminations | 2,020 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LT FOODS LIMITED | 13,296 | 20.8 | 2.94 | 11.3 | 13.8 | 16.0 | 18.7 | 11.5 |
| KRBL LIMITED | 8,012 | 10.6 | 1.38 | 8.3 | 11.2 | 14.7 | 8.8 | 24.9 |
| GUJARAT AMBUJA EXPORTS LT | 6,614 | 15.9 | 2.01 | 12.4 | 9.2 | 11.7 | 4.0 | 17.0 |
| KAVERI SEED CO. LTD. | 3,616 | 14.6 | 2.06 | 9.8 | 16.9 | 17.0 | 6.1 | 40.1 |
| TRUALT BIOENERGY LIMITED | 3,233 | 23.0 | 2.05 | 12.7 | 6.1 | 4.8 | — | 23.5 |
| INDRAYANI BIOTECH LTD. | 2,966 | 22.3 | 29.05 | 217.6 | 1.9 | 0.2 | 45.6 | 8.2 |
| AMIR CHAND JAG KUM (E) L | 2,165 | 20.7 | 2.34 | 12.7 | 11.2 | 14.8 | — | 9.5 |
| SANSTAR LIMITED | 1,839 | 54.6 | — | — | — | — | — | 8.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 21.9 | 12.6 | 42 of 53 | 21% |
| P/B | 1.5 | 1.5 | 23 of 51 | 56% |
| ROCE | 5.1 | 4.1 | 31 of 67 | 55% |
| ROE | 4.5 | 3.5 | 25 of 51 | 52% |
| Debt / Equity | 0.7 | 0.4 | 35 of 51 | 32% |
| EBITDA margin | 7.8 | 9.7 | 32 of 45 | 30% |
| Revenue growth | 23.0 | 10.3 | 17 of 51 | 68% |
| Profit growth | 1190.2 | 16.6 | 2 of 51 | 98% |
| Market cap | 936 | 62 | 12 of 69 | 84% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Quarterly compliance certificate filed for share dematerialization | compliance | minimal | — | — |
| 24 Sept 2026 · Trading Window closes Oct 1 ahead of Q2 results | compliance | minimal | — | — |
| 17 Sept 2026 · Gulshan Polyols to attend investor conference by Arihant Capital | board shareholder meetings | low | — | — |
| 15 Sept 2026 · AGM results: Rs 1.50 dividend, QIP fundraise and director re-appointments approved | board shareholder meetings | medium | — | — |
| 15 Sept 2026 · Gulshan Polyols AGM 2026: all 7 resolutions passed, Rs 1.50 dividend and QIP fundraise approved | compliance | minimal | — | — |
| 14 Sept 2026 · AGM voting results: all 7 resolutions passed including Rs 1.50 dividend and QIP fundraise | board shareholder meetings | low | — | — |
| 11 Sept 2026 · 26th AGM held; final dividend Rs 1.50/share declared; QIP fundraising approved | board shareholder meetings | medium | — | — |
| 19 Aug 2026 · Gulshan Polyols files newspaper notice for 26th AGM on September 11, 2026 | compliance | minimal | — | — |
| 18 Aug 2026 · Gulshan Polyols submits BRSR for FY26; turnover Rs 2,312 cr, ethanol is top product | compliance | low | — | — |
| 18 Aug 2026 · 26th AGM notice on Sep 11, 2026; QIP fundraise up to Rs 250 Cr proposed | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.