Ethanol allocation shortfalls
Many ethanol units, including Gulshan, received allocations as low as 20-30% of capacity, which could limit volume growth and revenue.
GULPOLY / Q3-FY26 / risks
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Gulshan Polyols · Material risks, their source context, and severity in the latest available quarter.
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Material risks this quarter
high
Grain processing margin pressure
Starch business remains under pressure due to industry overcapacity and competition from China, impacting overall margins.
Raw material price volatility
Despite current softening, maize prices remain volatile; any spike could compress ethanol margins.
Delay in state incentives for Assam
PLI for Assam plant is delayed due to paperwork; management expects at least 6 months before receiving, impacting cash flows.