Gulshan Polyols FY26 PAT surges 334% to INR 107 crores
Gulshan Polyols reported a 334% surge in FY26 PAT to INR 107 crores, driven by a 131% increase in EBITDA to INR 232 crores on the back of strong ethanol segment performance. Revenue grew 14% to INR 2,314 crores, with the ethanol segment contributing INR 1,609 crores and a 12.5% margin. For FY27, the company targets revenue of INR 2,600–2,800 crores and plans a INR 500 crores capex cycle in FY28 for specialty chemicals.
*this image is generated using AI for illustrative purposes only.
Gulshan Polyols has reported a strong financial performance for FY26, with Profit After Tax (PAT) surging 334% to INR 107 crores. The growth was primarily driven by the ethanol segment, which emerged as the key contributor to both revenue and profitability, supported by favorable feedstock prices and higher capacity utilization. The company released the transcript for its Q4 and FY26 earnings conference call held on May 22, 2026, in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
For the full year FY26, the company reported a revenue of INR 2,314 crores, an increase of 14% year-on-year. EBITDA for the year stood at INR 232 crores, up 131%, with an EBITDA margin of 10%, representing an expansion of 504 basis points. In Q4FY26, revenue was INR 550 crores, up 7%, while EBITDA jumped 121% to INR 65 crores. The EBITDA margin for the quarter expanded by 612 basis points to 11.9%. PAT for Q4FY26 increased 435% year-on-year to INR 38 crores.
Segment Performance
The ethanol segment reported revenue of INR 1,609 crores and an EBITDA of INR 201 crores with a margin of 12.5%. Management attributed this performance to higher capacity utilization, a favorable feedstock mix including FCI rice, and softer maize prices ranging between INR 19 and INR 20 per kg. The grain processing segment reported revenue of INR 610 crores and an EBITDA of INR 13 crores with a margin of 2.1%. The mineral chemical segment contributed INR 93 crores in revenue with an EBITDA of INR 23 crores and a margin of 24.2%.
Financial Performance Summary
| Metric | FY26 Value | YoY Change |
|---|---|---|
| Revenue | INR 2,314 crores | 14% |
| EBITDA | INR 232 crores | 131% |
| EBITDA Margin | 10% | 504 bps expansion |
| PAT | INR 107 crores | 334% |
Looking ahead to FY27, the company targets revenue in the range of INR 2,600 crores to INR 2,800 crores, with EBITDA margins expected between 10% and 12%. Management outlined plans for a new capex cycle starting in FY28, focusing on specialty and import substitute chemicals with an estimated investment of INR 500 crores. The company's total debt stands at INR 313 crores, with a long-term effective interest rate below 5% due to the Interest Subvention Scheme.
Historical Stock Returns for Gulshan Polyols
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -1.10% | +1.83% | +9.66% | +55.96% | +16.51% | +29.47% |
How sustainable are the current favorable maize prices, and what is the contingency plan if feedstock costs rise in FY27?
What specific specialty chemicals is the company targeting for the INR 500 crore capex cycle beginning in FY28?
With total debt at INR 313 crores, how does the company plan to finance the upcoming expansion while maintaining its low effective interest rate?
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