Gulshan Polyols Limited — PPTs, 10-02-2026: Investor Presentation

Gulshan Polyols delivered strong Q3 FY26 results, with revenue at Rs 626.7 Cr (up 3% YoY) and 9M FY26 revenue soaring 47% YoY to Rs 1761.6 Cr. This growth was primarily fueled by the Ethanol segment's capacity expansions, which saw FY25 revenue jump 141% YoY to Rs 1,187 Cr. Q3 FY26 EBITDA surged an impressive 211% YoY to Rs 85.6 Cr, with PAT up 501% YoY to Rs 40.9 Cr. The Grain segment faced challenges, while Mineral processing remained stable.

Strategic expansion in ethanol, driven by India's blending mandate, is key. The 500 KLPD MP plant began operations in July 2023, and the 250 KLPD Assam plant in June 2024. The company also received Rs 21.80 Cr in financial assistance. Future profitability is set to benefit from pending incentives: Rs 1.5/litre for the MP plant and Rs 2/litre for the Assam plant. Management noted PAT growth lagged revenue due to depreciation from new plants.