Gulshan Polyols Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Gulshan Polyols Ltd filed with BSE on 12 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Gulshan Polyols reported Q1 FY27 revenue of INR646 crores, up 8% year-on-year, with EBITDA of INR91 crores representing 135% growth and an EBITDA margin of 14.2% versus 6.5% a year earlier. Management attributed the performance to strong ethanol realizations, cost discipline, and improving profitability in the grain processing segment, while the mineral chemical business delivered stable revenue. Management reiterated full-year FY27 guidance of about INR2,600 crores consolidated revenue, 10-11% EBITDA margin, and 5-6% PAT margin, while flagging margin pressure expected in the second quarter due to seasonal raw material price increases.
Numbers mentioned
Revenue: INR646 crores (Q1 FY27)
p. 5
“I would like to inform that we did a turnover of around INR646 crores, which is the first time in the history of this company in a quarter that we have performed this much revenue in a quarter.”
Rajiv Gupta, page 5 of the filed PDF · View the filing
Revenue growth: 8% year-on-year (Q1 FY27)
p. 5
“It has grown by 8% year-on-year basis, driven primarily by strong realization in ethanol business, supported by improving performance in grain processing, while mineral chemical business continued to deliver the stable revenues.”
Rajiv Gupta, page 5 of the filed PDF · View the filing
EBITDA: INR91 crores (Q1 FY27)
p. 5
“EBITDA stood at INR91 crores, representing a growth of 135% year-on-year.”
Rajiv Gupta, page 5 of the filed PDF · View the filing
EBITDA margin: 14.2% (Q1 FY27)
p. 5
“EBITDA margin for the quarter stood at 14.2%, compared with 6.5% in the corresponding quarter last year.”
Rajiv Gupta, page 5 of the filed PDF · View the filing
Profit after tax: INR54 crores (Q1 FY27)
p. 5
“Profit after tax also stood at INR54 crores, a jump of around 307% on year-on-year basis, supported by higher operating profitability and continued improvement in our overall cost structure.”
Rajiv Gupta, page 5 of the filed PDF · View the filing
Ethanol segment revenue: INR426 crores (Q1 FY27)
p. 6
“Reported revenue of INR426 crores, with EBITDA INR81 crores, and EBITDA margin of 18%.”
Rajiv Gupta, page 6 of the filed PDF · View the filing
Grain processing segment revenue: INR170 crores (Q1 FY27)
p. 6
“The grain processing business reported revenue of INR170 crores, with EBITDA INR8 crores.”
Rajiv Gupta, page 6 of the filed PDF · View the filing
Mineral chemical segment revenue: INR24 crores (Q1 FY27)
p. 6
“Mineral chemical business reported revenue of INR24 crores, with EBITDA of INR5 crores, and at EBITDA margin of 23%.”
Rajiv Gupta, page 6 of the filed PDF · View the filing
Ethanol installed capacity: approximately 26 crore liters per annum
p. 3
“Our installed capacity now stands at approximately 26 crore liters per annum, placing us among the leading grain-based ethanol producers in the country.”
Aditi Pasari, page 3 of the filed PDF · View the filing
Ethanol order book: approximately 19 crores liters
p. 3
“Our current order book stands at approximately 19 crores liters, and we remain confident of securing additional allocations in subsequent government tenders, consistent with the government's continuous focus on increasing ethanol blending across the country.”
Aditi Pasari, page 3 of the filed PDF · View the filing
Export share of turnover: 5% to 6% (Q1 FY27)
p. 13
“You can say around, yes, it can be around INR18 crores, 5% to 6% of our turnover is on export front, Yes.”
Rajiv Gupta, page 13 of the filed PDF · View the filing
Maize prices: INR23 to INR25
p. 9
“If I talk about an average, the prices would be between INR23 to INR25 between our 4 plants.”
Aditi Pasari, page 9 of the filed PDF · View the filing
DDGS price range: 20 to 22
p. 12
“So, currently, the prices for DDGS, maize DDGS, have been in the range of about 20 to 22, which have been stable for almost last two quarters.”
Aditi Pasari, page 12 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Consolidated revenue — INR2,600 crores · FY27
stated firmly by Aditi Pasari
p. 5
“We continue to expect consolidated revenues in the range of INR2,600 crores, and within this, we expect the ethanol business to contribute revenue of about INR1,700 to INR1,800 crores, supported by supplies of approximately 22 crores liters during this year and additional allocations as received.”
Aditi Pasari, page 5 of the filed PDF · View the filing
Consolidated EBITDA margin — 10% to 11% · FY27
stated firmly by Aditi Pasari
p. 5
“At the consolidated level, we continue to target EBITDA margins of around 10 to 11% and PAT margin of about 5 to 6%.”
Aditi Pasari, page 5 of the filed PDF · View the filing
Grain processing business revenue — about INR800 crores · FY27
stated firmly by Aditi Pasari
p. 5
“Our grain processing business is expected to generate revenue of about INR800 crores, and the mineral processing of about INR100 crores.”
Aditi Pasari, page 5 of the filed PDF · View the filing
Ethanol supply volume — 21 to 22 crores liters · FY27
stated firmly by Aditi Pasari
p. 8
“we are very confident that we will be able to meet the guidance of 21 to 22 crores liters, which will generate a revenue of about INR1,800 crores.”
Aditi Pasari, page 8 of the filed PDF · View the filing
Ethanol capacity utilization — 100% to 110% of existing capacity · FY28
stated as an aspiration by Aditi Pasari
p. 8
“So, definitely by FY28, we should be looking at 100% to 110% of our capacity utilization.”
Aditi Pasari, page 8 of the filed PDF · View the filing
Ethanol capacity increase — 15% to 20% from existing capacity
stated as an aspiration by Aditi Pasari
p. 8
“For the ethanol business, we will be looking at increasing the capacity by about 15% to 20% from existing capacity utilization.”
Aditi Pasari, page 8 of the filed PDF · View the filing
Specialty and import-substitute chemicals expansion — FY28
stated firmly by Aditi Pasari
p. 4
“As we have shared earlier, beginning in FY28, we intend to expand into specialty and import-substitute chemicals.”
Aditi Pasari, page 4 of the filed PDF · View the filing
Trident on-site plant commissioning — end of FY27
stated firmly by Aditi Pasari
p. 4
“I would also like to add that our on-site plant at Trident should also be operational by the end of this financial year.”
Aditi Pasari, page 4 of the filed PDF · View the filing
Starch business capacity utilization — 100% · end of this year
stated as an aspiration by Aditi Pasari
p. 12
“we are looking at ramping up our capacity to 100% by the end of this year, and also see improvement in margins in this financial year as compared to last year.”
Aditi Pasari, page 12 of the filed PDF · View the filing
Grain processing EBITDA margin — about 5% · FY27
stated firmly by Aditi Pasari
p. 10
“and this year I think it should be about 5%.”
Aditi Pasari, page 10 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said Q1 conditions were exceptionally favorable and Q2 is typically under pressure, so full-year guidance is conservative.
Answered by Aditi Pasari
Asked by Darshil Jhaveri: Why is full-year EBITDA margin guidance lower than the 14% achieved in Q1, given Q3/Q4 are usually stronger?
p. 6
“Q1 was definitely a very, very good quarter for us. Everything was very much in the favor for the company.”
Aditi Pasari, page 6 of the filed PDF · View the filing
Management said E20 will not be rolled back but higher blending beyond 20% could be delayed by 6 months to a year.
Answered by Aditi Pasari
Asked by Darshil Jhaveri: Is the E30 blending target being delayed due to protests against ethanol blending?
p. 7
“The increasing blending beyond 20% may be delayed by 6 months to 1 year until these unnecessary social media noise settles down. But E20 is definitely here to stay.”
Aditi Pasari, page 7 of the filed PDF · View the filing
Management said 19 crore liters of orders are already received and another 2 crore liters is expected, targeting 21-22 crore liters for the year.
Answered by Aditi Pasari
Asked by Het Pradhan: How confident is the company in achieving FY27 ethanol targets given the current order book?
p. 7
“So, we have already received orders of 19 crores liters. And another 2 crores liters has almost been announced unofficially.”
Aditi Pasari, page 7 of the filed PDF · View the filing
Management explained inventory can only be stocked for 30-40 days due to high processing volumes, so prices are managed through averaging across quarters.
Answered by Aditi Pasari
Asked by Het Pradhan: How is the company managing raw material price volatility?
p. 8
“In terms of inventory, we cannot maintain more than 30 - 40 days of stock at maximum.”
Aditi Pasari, page 8 of the filed PDF · View the filing
Management said exporting from Uttar Pradesh plants is not economically viable due to distance from ports, unlike competitors closer to ports.
Answered by Aditi Pasari
Asked by Pushkar Jain: Is there export potential in the grain processing division given firm starch and commodity prices?
p. 9
“To export, you need to be close to the port. So, from Gujarat, we are able to export, but from Uttar Pradesh, we are not able to export. It is not viable.”
Aditi Pasari, page 9 of the filed PDF · View the filing
Management gave the composition as FCI rice, maize, and broken rice (DDGS).
Answered by Aditi Pasari
Asked by Meet Patel: What is the company's current raw material mix in the ethanol business?
p. 11
“So, in ethanol, 40% is FCI rice, which is mandatory by the government, and about balance 50% is about maize, and 10% is DDGS, the broken rice.”
Aditi Pasari, page 11 of the filed PDF · View the filing
Management said exports are about 5-6% of turnover and the company does not hedge due to a natural hedge from equivalent imports.
Answered by Rajiv Gupta
Asked by Nagesh: What is the company's foreign exchange exposure on exports and does it hedge this?
p. 13
“No, we are not into hedging because it's a natural hedge, we play into natural hedge because we have equivalent imports also, so we have a natural hedge covering our exports.”
Rajiv Gupta, page 13 of the filed PDF · View the filing
Management said subsidies are recognized only on receipt basis and a capital subsidy received was adjusted against capital spend, not the P&L.
Answered by Rajiv Gupta
Asked by Nitin Awasthi: Has the company accounted for any government subsidies in the current quarter's P&L?
p. 14
“we received INR5 crores of benefit of capital subsidy from MP, which is being adjusted against the capital spend on plant and machinery.”
Rajiv Gupta, page 14 of the filed PDF · View the filing
Risks flagged
Quarterly margins can fluctuate due to commodity-linked raw material price movements
p. 4
“Like any commodity-linked business, quarterly margins may fluctuate depending on raw material prices.”
Aditi Pasari, page 4 of the filed PDF · View the filing
Temporary margin pressure from higher grain prices
p. 4
“We saw some temporary pressure on margins during the second quarter, owing to higher grain prices.”
Aditi Pasari, page 4 of the filed PDF · View the filing
Limited ability to stock raw material inventory due to high processing volumes
p. 8
“Holding higher inventory levels requires significant storage space and working capital, while also increasing the overall cost of carrying inventory.”
Aditi Pasari, page 8 of the filed PDF · View the filing
Possible delay in higher ethanol blending targets due to social media protests
p. 7
“There has been protest, but that is really temporary.”
Aditi Pasari, page 7 of the filed PDF · View the filing
Uncertain macro and geopolitical factors affecting share price beyond company performance
p. 13
“there are number of factors that play, which include environmental and geopolitical factors, other things which are still not conducive sign for the country as well as the whole world.”
Rajiv Gupta, page 13 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.