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Ethanol allocation shortfalls
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Gulshan Polyols Limited — Q3 FY26
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.
bullish
high
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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.
गुलशन पॉलीओल्स ने तीसरी तिमाही में शानदार प्रदर्शन किया। कंपनी की कमाई (EBITDA) 13.7% रही, जो पिछले साल से 9.2% ज्यादा है। मुनाफा (PAT) ₹40.9 करोड़ हुआ, जो पिछले साल से 501% बढ़ा। इसकी वजह इथेनॉल उत्पादन बढ़ना और कच्चे माल की कीमतें कम होना है। कुल बिक्री ₹626.7 करोड़ रही, जिसमें इथेनॉल का बड़ा योगदान रहा। सरकार के 40% FCI चावल नियम से अनाज की आपूर्ति बढ़ी, जिससे इथेनॉल पर मुनाफा ₹9-10 प्रति लीटर हुआ। कंपनी का लक्ष्य इस साल ₹2,300 करोड़ बिक्री और 9-10% मुनाफा है। अगले साल ₹2,600-2,800 करोड़ बिक्री का लक्ष्य है। अनाज प्रसंस्करण में स्टार्च की अधिकता से दबाव है, लेकिन नई तकनीक (RDF बॉयलर) से सुधार हो सकता है। जोखिम: इथेनॉल आवंटन में कमी (20-30%) से उत्पादन सीमित हो सकता है।
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Ethanol EBITDA per liter
₹9-10/liter
+₹4-5/liter YoY
Sustained ethanol EBITDA per liter of ₹9-10, supported by softer input costs and policy benefits.
Ethanol order book
₹1,200 crore
N/A
Current ethanol orders of ₹1,200 crore, translating to ~17 crore liters for FY25-26.
Ethanol capacity utilization
65-70%
N/A
Current ethanol and grain processing capacity utilization at 65-70%, with room to ramp up.
State incentives received
₹21.8 crore
N/A
Received ₹21.8 crore from MPIDC for state incentives, boosting cash flows.
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Guidance and risk preview
Management expects FY26 revenue of about ₹2,300 crore, driven by optimization and high utilization of existing capacities with no incremental capex.
Many ethanol units, including Gulshan, received allocations as low as 20-30% of capacity, which could limit volume growth and revenue.
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