Gulshan Polyols Reports Robust FY25 Performance with 47% Revenue Surge to Rs 2,020 Cr

Gulshan Polyols Limited (GPL) has reported a strong financial performance for the fiscal year 2025, with significant growth driven primarily by its ethanol segment. The company's diversified portfolio across ethanol, grain processing, and mineral processing segments has shown resilience in the face of market challenges.

Financial Highlights

GPL's financial results for FY25 showcase substantial growth:

Metric	FY25	FY24	YoY Change
Revenue	Rs 2,020.00 Cr	Rs 1,378.00 Cr	47% ↑
EBITDA	Rs 100.00 Cr	Rs 70.00 Cr	43% ↑
PAT	Rs 25.00 Cr	Rs 18.00 Cr	39% ↑

Segment-wise Performance

Ethanol Segment: Stellar Growth

The ethanol segment emerged as the star performer for GPL in FY25:

Revenue surged by 141% to Rs 1,187.00 Cr
Sales volume increased by 112% to 14.10 crore liters
EBITDA grew by 179% to Rs 69.00 Cr

This remarkable growth was attributed to successful capacity ramp-ups across all plants, aligning with India's push for increased ethanol blending in petrol.

Grain Processing: Facing Headwinds

The grain processing division encountered challenges:

Revenue declined by 7% to Rs 729.00 Cr
EBITDA decreased to Rs 6.00 Cr, a 58% reduction

GPL attributed this underperformance to geopolitical disruptions and realignments in global commodity markets.

Mineral Processing: Steady Performance

The mineral processing segment maintained stability:

Revenue increased by 5% to Rs 104.00 Cr
EBITDA grew by 8% to Rs 24.00 Cr

This segment's performance was supported by steady demand and consistent operational execution.

Future Outlook

Looking ahead to FY26, GPL has outlined positive expectations across its segments:

Ethanol Segment: The company aims for full capacity utilization of its 810 KLPD distillery, targeting 25.00 crore liters of production.
Grain Segment: GPL anticipates a recovery in industry demand, which should enable scaling up operations and ramping up production capacity.
Mineral Segment: The company projects stable operations with continued full capacity utilization.

Additionally, GPL has undertaken a feasibility study to assess the viability of bio-diesel production, potentially expanding its product portfolio.

Management Commentary

While specific management quotes were not provided, the company's investor presentation emphasized its strong momentum and positive outlook across all segments for FY26.

Conclusion

Gulshan Polyols Limited has demonstrated resilience and growth in FY25, particularly in its ethanol segment. Despite challenges in the grain processing division, the company's diversified business model has allowed it to deliver overall strong financial results. With a focus on capacity utilization and potential expansion into bio-diesel, GPL appears well-positioned for continued growth in the coming fiscal year.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.69%	-3.61%	-10.07%	-29.10%	-23.11%	+105.16%

Gulshan Polyols , a leading manufacturer of specialty chemicals and grain processing products, has unveiled plans to double its production capacity by the fiscal year 2027. The company's strategy focuses on expanding its specialty chemical and grain processing capabilities while embracing green energy initiatives.

Expansion Plans and Green Energy Focus

Gulshan Polyols aims to support its growth through ventures in green methanol, ethanol, and carbon capture technologies. The company plans to leverage the Indian government's green hydrogen initiative to drive diversified, high-margin growth. This aligns with the broader national goal of reducing dependence on imported oil and addressing environmental concerns.

Export Expansion

As part of its growth strategy, Gulshan Polyols plans to expand its export reach to over 35 countries. This move is expected to strengthen the company's global presence and potentially increase its market share in the specialty chemicals sector.

Recent Financial Performance

The company's recent financial results reflect its ongoing expansion efforts and the challenges faced in different segments:

Segment	Q2 FY26 Revenue (₹ Cr)	Q2 FY26 EBITDA (₹ Cr)	EBITDA Margin
Ethanol	387.00	33.00	8.50%
Grain Processing	133.00	3.70	2.80%
Mineral Processing	22.00	6.00	26.50%

Ethanol Segment: Showed strong performance with a revenue of ₹387.00 crore and an EBITDA of ₹33.00 crore in Q2 FY26, marking an EBITDA margin of 8.50%.
Grain Processing: Faced challenges with revenue at ₹133.00 crore and EBITDA at ₹3.70 crore, showing signs of recovery with a 2.80% EBITDA margin.
Mineral Processing: Demonstrated stability with revenue of ₹22.00 crore and an EBITDA margin of 26.50%.

Overall Financial Highlights (Q2 FY26)

Total Revenue: ₹541.70 crore (23% YoY growth)
EBITDA: ₹41.90 crore (139% YoY growth)
EBITDA Margin: 7.70% (370 bps improvement YoY)
Profit After Tax: ₹15.50 crore (1092% YoY growth)

Future Outlook

Gulshan Polyols expects strong momentum to continue in FY26:

Ethanol Segment: Aims for full capacity utilization of its 810 KLPD distillery, targeting 25 crore litre production.
Grain Segment: Anticipates recovery in industry demand, planning to scale up operations and production capacity.
Mineral Segment: Projects stable operations with continued full capacity utilization.

The company is also conducting a feasibility study to assess the viability of bio-diesel production, potentially adding another green energy initiative to its portfolio.

As Gulshan Polyols moves forward with its expansion plans and green energy initiatives, the company appears well-positioned to capitalize on the growing demand for sustainable chemical solutions and the government's push for ethanol blending in fuels.