Gulshan Polyols Limited · NSE:GULPOLY
Gulshan Polyols — Q3 FY2026 Earnings Presentation
23 slides from Gulshan Polyols's earnings presentation, Feb 10, 2026
Slide 1: Regulation 30 disclosure cover letter
Gulshan Polyols Limited CIN: L24231UP2000PLC034918 Corporate Office: G-81, Preet Vihar, Delhi-110092, India Phone : +91 11 49999200 Fax : +91 11 49999202 E-mail : cs@gulshanindia.com Website: www.gulshanindia.com GPL\SEC\71\2025-26 February 10, 2026 To, BSE Limited National Stock Exchange of India L
Slide 2: Vision to Impact – Investor Presentation
VISION TO IMPACT Envision Boldly. Execute Bravely. Evolve Relentlessly. INVESTOR PRESENTATION
Slide 3: Safe Harbour
Safe Harbour Certain statements in this document may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like government actions, local, political, or economic developments, technological risks, and many other factors that could cause our act
Slide 4: Company Overview
Company Overview Gulshan Polyols Ltd is India’s leading Ethanol & manufacturers of Ethanol/Bio-fuel, Grain and Mineral based specialty products with more than Distillery three decades of experience. Our business portfolio broadly spans across three Grain Processing main segments, viz. grain processi
Slide 5: Timeline of Company
Timeline of Company Increased capacity of Set up Starch Sugar Increased capacity of Calcium Carbonate IPO & Listing on BSE. plant at Bharuch with Sorbitol from 15,000 MT from 2,100 MT to 10,500 capacity of 15,000 MT. to 60,000 MT. MT. 1981 1984 1989 1991 1994 1997 2000 2005 Incorporated as Increased
Slide 6: Timeline of Company
Timeline of Company Merger of GSCL with Set up First On-site Set up another On-site - Listing on NSE. Gulshan Polyols plant at Sahibabad. Plant at Patiala, - Set up two Onsite Limited. Punjab. Plants in Bangladesh 2007 2008 2009 2010 2012 2013 2014 2015 FPO by GSCL. Set up PCC plant at Set up CC pla
Slide 7: Timeline of Company
Timeline of Company Started Ethanol Assam Unit: Started Fructose Plant production at MP Commercial operations in Muzaffarnagar, Uttar Distillery – Unit.1, in 2020 commenced on 15th Pradesh. June 2024. 2016 2017 2018 2020 2023 2024 Setup Native Starch Set up onsite plant in MP Unit.2: Commercial Plan
Slide 8: Key Management
Key Management Dr. Chandra Kumar Jain Ms. Arushi Jain Ms. Aditi Pasari Chairman Joint Managing Director Joint Managing Director Managing Director Ms. Aubha Gupta Mr. Ashwani Kumar Vats Mr. Rajiv Gupta Director Chief Executive Officer Chief Financial Officer
Slide 9: Segment 1: Ethanol & Distillery
Segment 1: Ethanol & Distillery India is taking significant steps toward securing its energy future by embracing sustainable practices like ethanol blending. As the world’s third-largest energy consumer, the country has traditionally depended on oil imports to meet its growing energy demands. This r
Slide 10: Segment 1: Ethanol & Distillery
Segment 1: Ethanol & Distillery The India ethanol market size reached USD 3.00 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 10.07 Billion by 2033, exhibiting a growth rate(CAGR) of 14.40% during 2025-2033. Company Size Capacity: 60 KLPD Capacity: 500 KLPD Capacity: 2
Slide 11: Ethanol Segment: Financial Performance
Ethanol Segment: Financial Performance Values in Cr Values in Cr Q4FY25 Q1FY26 Q2FY26 Q3FY26 FY22 FY23 FY24 FY25 Ethanol Volume Cr Ltr (RHS) 7 6 5 6 Ethanol Volume Cr Ltr (RHS) 3 3 7 14 Revenue (LHS) 500 403 387 457 Revenue (LHS) 197 189 493 1187 EBITDA (LHS) 30 31 33 78 EBITDA (LHS) 31 6 25 69 EBIT
Slide 12: Segment 2: Grain Processing Division
Segment 2: Grain Processing Division BUSINESS END USE INPUT OUTPUT SEGMENT INDUSTRIES • Maize Starch Powder The company supplies CORN/MAIZE • Animal Feed to leading • Sorbitol 70% solution manufacturers of :- Oral • Liquid Glucose Care, Paints, GRAIN PROCESSING Pharmaceuticals, Paper & Packaging Ind
Slide 13: Segment 2: Grain Processing Division
Segment 2: Grain Processing Division State of Art Manufacturing Facilities Gujarat Uttar Pradesh Manufactured: Sorbitol 70% Solution Products Manufactured: Native Starch, and Liquid Glucose MDP, DMH and Liquid Glucose Gulshan’s second manufacturing unit Gulshan’s first manufacturing unit, produces S
Slide 14: Grain Processing: Financial Performance
Grain Processing: Financial Performance Values in Cr Values in Cr Q4FY25 Q1FY26 Q2FY26 Q3FY26 FY22 FY23 FY24 FY25 Revenue (LHS) 178 167 133 147 Revenue (LHS) 809 875 785 729 EBITDA (LHS) 0.1 -0 3.7 2.4 EBITDA (LHS) 102 51 13 6 EBITDA Margin (RHS) EBITDA Margin (RHS) 12.6% 5.9% 1.7% 0.8% 0.03% 0% 2.8
Slide 15: Segment 3: Mineral Processing Division
Segment 3: Mineral Processing Division Uttar Pradesh – Himachal Pradesh Rajasthan Unit.1 Products Products Products Manufactured: Manufactured: Manufactured: Calcium GNCC and GCC – Coated Carbonate CCPG and Uncoated (WGCC) West Bengal Uttar Pradesh – Madhya Pradesh Products Unit. 2 Products Manufact
Slide 16: Mineral Processing: Financial Performance
Mineral Processing: Financial Performance Values in Cr Values in Cr Q4FY25 Q1FY26 Q2FY26 Q3FY26 FY22 FY23 FY24 FY25 Revenue Revenue 94 116 100 104 25 23 22 23 EBITDA EBITDA 18 34 22 24 6 5 6 6 EBITDA Margin 19.2% 29.2% 22.1% 23.1% EBITDA Margin 24.0% 23.9% 26.5% 24.8% 35 27.0% 26.5% 26.5% 30 160 31.
Slide 17: FY25 Snapshots
FY25 Snapshots Ethanol Sales Volume Revenue EBITDA • We delivered our strongest performance to date in the ethanol segment, this growth 14.1 Cr Ltr Rs. 1,187 Cr Rs. 69 Cr was underpinned by successful capacity 179% YoY ramp-ups across all plants. 112% YoY 141% YoY Grain Processing Revenue EBITDA • T
Slide 18: Q3 & FY26 – Financial Highlights
Q3 & FY26 – Financial Highlights Particulars (Rs Cr) Q3FY26 Q3FY25 YOY (%) Q2FY26 QoQ(%) 9MFY26 FY25 FY24 YoY(%) Revenues 626.7 609.8 3% 541.7 16% 1761.6 2019.7 1378 47% Other Income 0.4 0.7 -43% 0.3 33% 2.7 4.9 12.2 -60% Total Income 627.1 610.5 3% 542 16% 1764.3 2024.5 1390.2 46% Consumption of Ma
Slide 19: Revenue, EBITDA, PAT
Revenue EBITDA 2,500 160 16.0% 2,000 140 13.7% 14.0% 120 12.0% 1,500 100 10.0% 80 7.7% 8.0% 1,000 60 6.0% 4.4% 4.9% 500 40 4.0% 20 2.0% - FY22 FY23 FY24 FY25 - 0.0% FY22 FY23 FY24 FY25 Grain Mineral Ethanol Grain (LHS) Mineral (LHS) Ethanol (LHS) EBITDA.M (RHS) PAT Comments 90 • Revenue grew by 47%,
Slide 20: Balance Sheet Highlights
Balance Sheet Highlights Liabilities (Rs Cr) Mar-23 Mar-24 Mar- 25 Assets (Rs Cr] Mar-23 Mar-24 Mar- 25 Networth 575 590 613 Fixed Assets (Incl. (WIP) 535 682 722 LT Borrowings 128 228 170 Right to use of Assets 22 21 0 Provisions 1 1 1 Investments 20 3 3 Deferred Tax Liabilities 14 24 34 Other Fina
Slide 21: Profit & Loss Highlights
Profit & Loss Highlights Particulars (Rs Cr) FY23 FY24 FY25 Net Revenues from Operations 1,180 1,378 2,020 Other Income 7 12 5 Total Income 1,187 1,390 2,025 Consumption of Material 699 884 1,396 Employee Cost 33 32 42 Other Expenditure 360 404 486 EBITDA 95 70 100 EBITDA Margin 8.0% 5.0% 5.0% Depre
Slide 22: Receipt of benefits during the Q3 FY26
Receipt of benefits during the Q3 FY26 MP Investment Promotion Assistance Scheme, 2014 – Suvidha / Sahayata Financial Assistance Received from MP Industrial Development Corporation Limited (MPIDC): Total Amount: ₹21.80 Cr Breakdown: Production Linked Fiscal Assistance (PLFA): 1. ₹5.38 Cr FY 2023–24)
Slide 23: Let’s Connect
Let’s Connect cs@gulshanindia.com