Gulshan Polyols Limited — Investor Meet, 17-02-2026: Analysts/Institutional Investor Meet/Con. Call Updates

Gulshan Polyols reported a strong Q3 FY26: Revenue Rs 626.7 Cr, EBITDA Rs 85.6 Cr (+211% YoY), and PAT Rs 40.9 Cr (+504%). Q3 EBITDA margin reached 13.7%, with nine-month margins at 9.4%, driven by softening raw material costs and ethanol capacity ramp-up. The ethanol business, with ~Rs 1200 Cr in orders, is the primary growth engine. Management targets FY26 revenue of ~Rs 2300 Cr and FY27 revenue of Rs 2600-2800 Cr, expecting 9-10% consolidated EBITDA margins. No fresh capex is planned until FY28; the focus is on optimizing current capacities and exploring specialty chemical expansion. Grain processing faces challenges, but efficiency improvements are underway. Management remains confident about sustained profitability and future growth.