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Revenue
₹626.7 Cr
verification pending
Revenue YoY
—
reported change
EBITDA
₹85.6 Cr
latest reported figure
Source
manual review required
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Gulshan Polyols delivered a strong Q3 FY26 with consolidated EBITDA margins of 13.7% (up 920 bps YoY) and PAT of ₹40.9 crore (up 501% YoY), driven by ethanol capacity ramp-up and softening raw material prices. Revenue stood at ₹626.7 crore, led by ethanol segment growth. The government's 40% FCI rice mandate improved grain liquidity, boosting ethanol margins to ₹9-10/liter. Management guided FY26 revenue of ₹2,300 crore and EBITDA margins of 9-10%, with FY27 revenue target of ₹2,600-2,800 crore at 80-85% utilization. Grain processing remains under pressure due to starch overcapacity, but cost initiatives (RDF boiler) may aid recovery. Risk: ethanol allocation shortfalls (20-30% of capacity) could limit volume growth.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects FY26 revenue of about ₹2,300 crore, driven by optimization and high utilization of existing capacities with no incremental capex.
- For FY27, management aspires to achieve ₹2,600-2,800 crore in revenue assuming 80-85% capacity utilization across all divisions.
- Management guided consolidated EBITDA margins in the 9-10% range for both FY26 and FY27, with ethanol segment delivering 10-11% operational margins.
- Management stated no fresh capex planned for FY27; any new capex will come in FY28, with FY27 used for planning the next growth phase.
Risks flagged
- Many ethanol units, including Gulshan, received allocations as low as 20-30% of capacity, which could limit volume growth and revenue.
- Starch business remains under pressure due to industry overcapacity and competition from China, impacting overall margins.
- Despite current softening, maize prices remain volatile; any spike could compress ethanol margins.
- PLI for Assam plant is delayed due to paperwork; management expects at least 6 months before receiving, impacting cash flows.
Key quotes
- Our EBITDA margin also increased by 111% Y to 85.6 cr supported by softing input prices.
- We currently have orders of approximately 1,200 crores translating into about 17 cr liter for ESY 25 and 26.
- Any new capex will come in FI28. But in the meanwhile we will take these next few four to five quarters to prepare and to plan for the next phase of growth.
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