Gulshan Polyols Limited has submitted compliance certificates from four associated trusts to the stock exchanges, confirming adherence to regulatory requirements for the financial year 2024-25. The company informed BSE Limited and National Stock Exchange of India Limited about receiving these certificates on December 23, 2025.

Trust Compliance Certificates Received

The company received compliance certificates from the following four trusts:

Regulatory Background

These trusts operate under a SEBI exemption order dated June 22, 2021, bearing reference number WTM/SKM/CFD/37/2021-22 under Regulation 11(5) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. The exemption order grants relief from complying with regulation 3(1) and regulation 4 of the takeover regulations regarding acquisition of shareholding in Gulshan Polyols Limited.

As per the exemption order and SEBI circular dated December 22, 2017 (reference number SEBI/HO/CFD/DCR1/CIR/P/2017/131), these trusts are required to obtain annual compliance status certification from independent auditors and furnish certificates to stock exchanges for public disclosure.

Auditor Confirmation

Rakesh K. Agarwal Co., Chartered Accountants, conducted examinations of records and documents furnished by each trust to ascertain compliance with various terms and conditions laid down in the SEBI circular. The auditor confirmed that all four trusts are in compliance with the exemption order and SEBI circular requirements for the financial year 2024-25.

Trust Details

All four trusts maintain their office at G-81, Preet Vihar, Delhi-110092, with Dr. Chandra Kumar Jain serving as trustee. The Mridula Family Trust was formerly known as Gulshan Holding Trust. Each trust submitted its compliance certificate to both BSE Limited and National Stock Exchange of India Limited, with copies endorsed to SEBI for their records.

Company Secretary Communication

Preeti Singhal, Company Secretary and Compliance Officer of Gulshan Polyols Limited, communicated the receipt of these compliance certificates to the stock exchanges pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure ensures transparency and adherence to regulatory requirements for public disclosure of material information.

Gulshan Polyols Limited, a multi-product company operating nine plants across India, has reported strong financial results for the second quarter. The company, which specializes in producing ethanol and specialty chemicals, has demonstrated significant growth across key financial metrics.

Financial Highlights

• Revenue Growth: 23% year-on-year increase
• EBITDA Growth: 140% year-on-year increase
• Profit After Tax (PAT) Growth: 1,000% surge

Government Incentives

The company has received notable government support:

• Production Linked Incentive (PLI) of Rs. 5.34 crores from the Madhya Pradesh government in October
• Expected additional incentives:
  • Rs. 14-15 crores from Madhya Pradesh government
  • Rs. 5 crores from Assam government under the North Eastern Industrial and Investment Promotion Policy (NEIIPP)

These incentives are expected to be realized in the second half of the fiscal year and will be treated as other income in the company's profit and loss account.

Operational Overview

Gulshan Polyols operates in multiple segments:

1. Ethanol Production

• Current allocation from Oil Marketing Companies (OMCs): 17.5 crore liters for the Ethanol Supply Year
• Targeting total production of 23-24 crore liters for the full year
• Expecting additional allocations in upcoming tender cycles

2. Grain Processing

• Temporarily halted starch production (less than 10% of total revenue) due to market conditions
• Other products like Sorbitol and fructose continue to be in production
• Anticipating recovery in the second half of the calendar year

3. Mineral Processing

• Stable business with consistent margins
• Expecting to maintain margins of 23-24%

Raw Material and Cost Management

Future Outlook

• FY Guidance: 20% revenue growth expected from previous FY
• Next FY Target: Revenue of about Rs. 2,800 crores, subject to market conditions and OMC allocations
• Capacity Utilization: Aiming for 80-90% utilization across all divisions by next FY

Aditi Pasari, Joint Managing Director of Gulshan Polyols, commented on the results, stating, "We are delighted to say that the company is on a U-turn recovery mode as far as the bottom line is concerned. We are looking at better margins quarter-on-quarter and we are looking forward to turning out good results, strong numbers quarter-on-quarter going forward."

The company's diversified product portfolio and strategic operational decisions have contributed to its robust performance, despite challenges in certain segments. With government incentives and anticipated market improvements, Gulshan Polyols appears well-positioned for continued growth in the coming quarters.

Note: All financial figures and projections are based on the company's statements and are subject to market conditions and future performance.