Gulshan Polyols Limited conducted its Q1 FY27 earnings conference call on August 07, 2026, at 12:00 P.M. The call was hosted by InCred Equities with participation from management including Joint Managing Director Ms. Aditi Pasari, CFO Mr. Rajiv Gupta, and Company Secretary Ms. Reetika Pant.

Financial Performance Q1 FY27

The company reported record quarterly performance:

  • Revenue: ₹646 crores (8% YoY growth)
  • EBITDA: ₹91 crores (135% YoY growth)
  • EBITDA Margin: 14.2% (vs. 6.5% in Q1 FY26)
  • PAT: ₹54 crores (307% YoY growth)

This represents the highest quarterly revenue in company history, surpassing the previous record of ₹326 crores in December 2025.

Segment-wise Performance

Ethanol Business:

  • Revenue: ₹426 crores
  • EBITDA: ₹81 crores
  • EBITDA Margin: 18%
  • Installed Capacity: 26 crore liters per annum
  • Current Order Book: 19 crore liters

Grain Processing Business:

  • Revenue: ₹170 crores
  • EBITDA: ₹8 crores
  • Showing improvement from previous quarters

Mineral Chemical Business:

  • Revenue: ₹24 crores
  • EBITDA: ₹5 crores
  • EBITDA Margin: 23%

Operational Highlights

  • Company processes approximately 3,000 tons of grain daily across all plants
  • Raw material inventory maintained at 30-40 days maximum due to storage constraints
  • Current maize prices range between ₹23-₹25/kg across different plant locations
  • DDGS prices stable at ₹20-22 range, contributing approximately ₹10 per liter to ethanol cost
  • Export contribution: 5-6% of turnover (approximately ₹18 crores)

Full Year FY27 Guidance

Management reaffirmed previous guidance:

  • Consolidated Revenue: ₹2,600 crores
  • Ethanol Business: ₹1,700-1,800 crores (22 crore liters supply)
  • Grain Processing: ₹800 crores
  • Mineral Chemicals: ₹100 crores
  • EBITDA Margin: 10-11%
  • PAT Margin: 5-6%

Growth Strategy and Expansion Plans

  • Ethanol capacity utilization target: 100-110% through debottlenecking by FY28
  • Planning FY28 expansion into specialty chemicals (grain-based, import substitutes)
  • Products under evaluation through R&D process
  • On-site plant at Trident expected operational by end of FY27

Industry Environment

  • Government ethanol blending policy: E20 achieved, E30 target by 2030
  • FCI rice availability supporting industry (40% of ethanol raw material mix)
  • Maize constitutes approximately 50% of ethanol raw material mix
  • Export opportunities to neighboring countries under discussion but not yet implemented

Raw Material Management

  • Procurement strategy: Maximize inventory during harvest seasons (April and October)
  • Q2 typically faces pressure due to higher grain prices before new crop arrival
  • Limited ability to hedge beyond 40-45 days inventory due to large processing volumes

Q&A Session Highlights

  • Management expects H2 (Q3-Q4) to be seasonally stronger than H1
  • Government commitment to ethanol blending remains strong despite temporary protests
  • Starch business recovery underway with export markets supporting domestic pricing
  • No foreign exchange hedging as natural hedge exists through equivalent imports
  • Received ₹5 crores capital subsidy from MP government in Q2 (adjusted against capex)
  • Planning investor roadshows in later part of the year to attract institutional investors