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Gulshan Polyols delivered strong Q2FY26 results, with revenue up 23% YoY to Rs 541.7 Cr and profit after tax (PAT) soaring 1092% to Rs 15.5 Cr. For FY25, revenue surged 47% to Rs 2019.7 Cr and PAT grew 41% to Rs 24.8 Cr.
The Ethanol segment was the star performer, with FY25 revenue jumping 141% to Rs 1,187 Cr and volume up 112% to 14.1 Cr Ltr, driven by successful capacity ramp-ups. The company brought its 500 KLPD Madhya Pradesh plant online in July 2023 and the 250 KLPD Assam plant in June 2024. These plants are eligible for additional incentives (Rs 1.5/litre for MP, Rs 2/litre for Assam), which are yet to fully reflect.
Grain processing faced headwinds, seeing a 7% revenue decline in FY25 to Rs 729 Cr, while the Mineral segment delivered a stable FY25 with Rs 104 Cr revenue, up 5%.
Management anticipates strong momentum in FY26, projecting full utilization of its 810 KLPD distillery to reach 25 Cr litres in Ethanol. They also foresee a recovery in the Grain segment and continued stability in Mineral operations. A feasibility study for bio-diesel production is underway.