Slide 1: Regulation 30 disclosure cover letter to exchanges
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\12\2026-27 May 22, 2026 To, BSE Limited National Stock Exchange of India Limite
Slide 2: Gulshan Polyols Limited Investor Presentation FY26 Earnings Update
GULSHAN POLYOLS LIMITED INVESTOR PRESENTATION FY26 Earnings Update
Slide 3: Contents
CONTENTS 01 PERFORMANCE 02 COMPANY OVERVIEW 03 HISTORIC BUSINESS 04 SELECT FINANCIAL 05 APPENDIX SNAPSHOT & GROWTH STRATEGY PERFORMANCE DATA Earnings Update | FY26 2
Slide 4: Performance Snapshot
01 PERFORMANCE SNAPSHOT
Slide 5: Performance update
Performance update Segment performance ▪ Ethanol: Delivered our strongest performance to date, driven by successful capacity ramp-ups across all plants ▪ Grain Processing: Headwinds are moderating, with early signs of demand recovery and operational stabilization ▪ Mineral Processing: Delivered a st
Slide 6: Ethanol and distillery performance
Ethanol and distillery performance Financial performance Values in Cr Particulars FY24 FY25 FY26 Change Q4 FY25 Q4 FY26 Change UNIT 3 Revenue 493 1,187 1,609 36% 311 363 16% EBITDA 25 69 201 191% 25 59 135% UNIT 1 & 2 EBITDA Margin 5% 6% 12% 665 bps 8% 16% 818 bps Volume (in crore litres) 42% 52% 80
Slide 7: Grain processing performance
Grain processing performance Revenue UNIT 2 FY24 785 FY25 729 UNIT 1 FY26 610 EBIDTA FY24 13 2% FY25 6 1% UNIT 1 UNIT 2 Gujarat Uttar Pradesh Capacity: 1,00,000 MTPA1 Capacity: 92,000 MTPA1 Produces sorbitol 70% solution and liquid glucose. Largest starch Established in 1980 in Muzaffarnagar, Uttar
Slide 8: Mineral processing performance
Mineral processing performance HIMACHAL PRADESH RAJASTHAN UTTAR PRADESH UNIT - 1 GNCC2 and CCPG3 GCC4 - Coated and Uncoated Calcium carbonate (WGCC1) Capacity: 54,360 MTPA Capacity: 20,000 MTPA Capacity: 23,400 MTPA Revenue EBIDTA FY24 100 FY24 22 22% FY25 104 FY25 24 23% FY26 93 FY26 23 24% EBIDTA
Slide 9: From the desk of Joint MD
From the desk of Joint MD We are entering a stronger growth phase driven by improving ethanol economics and operational ▪ FY26 has been an important year for Gulshan Polyols. This is the year where efficiencies. Ethanol remains our key earnings engine, supported by long-term offtake visibility inves
Slide 10: Company Overview & Growth Strategy
02 COMPANY OVERVIEW & GROWTH STRATEGY
Slide 11: Multi-product, multi-location platform for ethanol and specialty chemicals
Multi-product, multi-location platform positioned to benefit from India’s ethanol push and specialty chemicals demand Diversified product portfolio Alcohol & distillery products Ethanol Grain processing Mineral processing Policy-led growth engine Market leadership and sticky demand Niche leadership
Slide 12: Evolution in a multi-segment specialty chemicals and biofuel platform (1/2)
Evolution in a multi-segment specialty chemicals and biofuel platform (1/2) Incorporated as Gulshan Increased capacity of Increased capacity of IPO2 & Listing on BSE3 Increased capacity of Sugars and Chemicals Calcium Carbonate from Calcium Carbonate from Calcium Carbonate from Limited (GSCL) 2,100
Slide 13: Evolution in a multi-segment specialty chemicals and biofuel platform (2/2)
Evolution in a multi-segment specialty chemicals and biofuel platform (2/2) Set up PCC plant at Set up First On-site Set up CC1 plant at Set up another On-site Plant Set up an Alcohol plant at - Listing on NSE2 Ponta Sahib plant at Sahibabad Abu Road at Patiala, Punjab Borgaon, Madhya Pradesh - Set
Slide 14: Stewardship backed by deep industry expertise
Stewardship backed by deep industry expertise Dr. Chandra Kumar Jain Ms. Arushi Jain Chairman & Managing Director Joint Managing Director Ms. Aditi Pasari Ms. Aubha Gupta Joint Managing Director Director Mr. Ashwani Kumar Vats Mr. Rajiv Gupta Chief Executive Officer Chief Financial Officer Earnings
Slide 15: Delivering Indian manufacturing excellence across 35+ countries
Delivering Indian manufacturing excellence across 35+ countries Earnings Update | FY26 14
Slide 16: Pan-India manufacturing and distribution network
Pan-India manufacturing and distribution network Registered office : Muzaffarnagar Corporate headquarters : Delhi Marketing office : Mumbai Grain processing units : Gujarat, Uttar Pradesh Ethanol (bio-fuel)/distillery units : Madhya Pradesh, Assam Mineral processing units : Uttar Pradesh, Himachal P
Slide 17: Well-poised to capitalize on India's ethanol opportunity at scale
Well-poised to capitalize on India’s ethanol opportunity at scale Large-scale capacity & strategic Strong order visibility & financial Primary growth engine Raw material & policy advantages footprint performance ▪ 70% of total revenue in FY26 ▪ Total capacity: 26 crore liters pa3 ▪ Order-book: ₹1,22
Slide 18: Favorable policy environment driving structural growth
Favorable policy environment driving structural growth Recent interventions reflect a gradual shift towards sustainable blending of ethanol Interest subvention scheme for molasses and Ethanol prices delinked from crude or petrol grain-based distilleries prices Differential and attractive prices for
Slide 19: Delivering multi-stakeholder value across economy and society
Delivering multi-stakeholder value across economy and society Strong confidence in India’s ethanol growth trajectory 01 02 03 04 05 06 Linked to farmers Import Substitution Sustainable Employment Logistical support Policy advancement consumption opportunities Government is supporting Blending crude
Slide 20: Transforming agri inputs into high-value products
Transforming agri inputs into high-value products Manufacture starch and starch derivatives using cutting-edge technology and best Applications Top Clients industry standards to assure the highest quality final product What we produce: Textile Oral Care Starch and starch derivatives Industry Product
Slide 21: Integrated capabilities at scale
Integrated capabilities at scale Business Segment Input Output End-use industries Corn/Maize ▪ Maize Starch Powder ▪ Oral Care ▪ Animal Feed ▪ Paints ▪ Sorbitol 70% Solution ▪ Pharmaceuticals ▪ Liquid Glucose Grain Processing ▪ Paper ▪ Packaging ▪ Food Rice ▪ Textile ▪ Dextrose Monohydrate ▪ Adhesiv
Slide 22: Specialty minerals: Scale, leadership, and profitability
Specialty minerals: Scale, leadership, and profitability Key clients Manufacturing facilities have an integrated combined capacity of producing more than 100,400 MTPA1 of calcium carbonate products Dedicated manufacturing facilities are equipped with in-house microbiology laboratory and state-of-the
Slide 23: Historic Business Performance
03 HISTORIC BUSINESS PERFORMANCE
Slide 24: Historic business performance (1/2)
Historic business performance (1/2) Total income EBITDA (Operating profit) PAT (Profit after tax) 232 107 2,314 2,025 1,390 100 70 25 18 FY24 FY25 FY26 FY24 FY25 FY26 FY24 FY25 FY26 Gross margin EBITDA margin PAT margin 4.6% 10.0% 5.1% 5.0% 15.0% 11.0% 10.1% 1.3% 1.2% FY24 FY25 FY26 FY24 FY25 FY26 F
Slide 25: Historic business performance (2/2)
Historic business performance (2/2) Return on Equity(ROE) Return on Capital Employed(ROCE) Debtor Days 16.1% 41 14.9% 32 31 4.1% 5.2% 3.1% 3.3% FY24 FY25 FY26 FY24 FY25 FY26 FY24 FY25 FY26 Inventory Days Cash Conversion Cycle Net Debt to Equity Ratio 57 48 45 44 44 42 0.5 0.4 0.3 FY24 FY25 FY26 FY24
Slide 26: Financial Performance
o : : : - . i . - - . - - ‘ - oc - "Wed | F O A FINANCIAL PERFORMANCE
Slide 27: Financial performance overview (Income Statement)
Financial performance overview (Income Statement) ₹ crores unless otherwise mentioned Particulars Q4 FY25 Q4 FY26 YoY change FY24 FY25 FY26 YoY change Revenue from Operations 515 551 7% 1,378 2,020 2,312 14% Other Income 1 -1 -188% 12 5 2 -60% Total Revenue 516 550 7% 1,390 2,025 2,314 14% Cost of M
Slide 28: Balance sheet strength and positioning
Balance sheet strength and positioning ₹ crores unless otherwise mentioned Liabilities FY24 FY25 FY26 Assets FY24 FY25 FY26 Equity (incl reserves and surplus) 590 613 719 Fixed assets (Incl. CWIP) 701 720 701 Long term borrowings 228 170 100 Investment property 3 3 3 Provisions (incl. other liabilit
Slide 29: Cash flow generation and utilization
Cash flow generation and utilization ₹ crores unless otherwise mentioned Particulars FY24 FY25 FY26 A Cash Flow from operating activities Profit before tax 28 34 145 Add: Non-cash & non-operating adjustments 30 63 89 Add/Less: Working capital changes 15 -51 -11 Less: Direct taxes paid -6 -4 -16 A Ne
Slide 30: Safe harbor statement
Safe harbor statement 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 caus
Slide 31: Thank you
Thank you For further information, please contact: Company Gulshan Polyols Limited Ms. Aditi Pasari Joint MD cs@gulshanindia.com Investor Relations Consultant Meeting Request Link NeoAtlas Capital Advisory LLP Research Team Mr. Rutul Shah research@atlascapital.in rutul@atlascapital.in +91 6354947366