Gulshan Polyols Ltd Q2 FY26 Results & Concall Highlights: Revenue, Margins & Order Book
Published 26 May 2026 | Agricultural Food & other Products | Market Cap: ₹1.2K Cr
Gulshan Polyols Limited targets approximately Rs. Revenue Growth**: Targeting ~20% revenue growth in FY 2026 over FY 2025.
From Gulshan Polyols Ltd's Q2 FY26 earnings-call transcript · updated 23 Aug 2026.
Price
₹191
Market Cap
₹1.2K Cr
P/E Ratio
8.0
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Gulshan Polyols Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹542 Cr, net profit ₹16 Cr.
Full financials →📊 Revenue & Sales Performance
- →Gulshan Polyols Limited targets approximately Rs. 2,800 crores in revenue for FY 2027, based on 80%-90% capacity utilization across all divisions, subject to market conditions and OMC allocations.
- →For FY 2026, the company anticipates a 20% revenue growth over FY 2025.
- →Capacity utilization guidance for FY 2027 is 80%-90%, with an expected improvement of at least 20% capacity usage in FY 2026.
- →The ethanol segment aims to produce up to 23 crore litres annually, contingent on allocation from OMCs.
- →Additional tender cycles (C2, C3, C4) throughout the year are expected to boost ethanol allocations and volumes.
- →Recovery in grain processing division margins and volumes is expected starting from the second half of the current year, supporting overall volume growth.
📈 Profitability & Margins
- →**Revenue Growth**: Targeting ~20% revenue growth in FY 2026 over FY 2025.
- →**Capacity Utilization**: Expecting 80%-90% capacity utilization in FY 2027, driving revenue of approximately Rs. 2,800 crores, subject to OMC allocations.
- →**EBITDA Growth**: Strong jump of 140% in EBITDA YoY recently; business expects to maintain or improve margins, especially in mineral processing (23-24%).
- →**Profitability Recovery**: Company is on a "U-turn recovery" in bottom line; PAT has shown nearly 1000% YoY growth recently.
- →**Grain Processing**: Recovery expected in second half of current year with raw material price corrections; starch product temporarily halted but expecting restart.
- →**Ethanol Segment**: Margins improving due to operational efficiencies and grain price correction; working towards increasing capacity utilization up to 80-90%.
- →**Working Capital & Investments**: Planned PLI incentives and improved operational efficiency expected to support earnings growth.
🏗️ Capital Expenditure Plans
- →The transcript does not explicitly mention detailed current or future capex plans or specific strategic investments.
- →However, it is noted that the company has ongoing investments related to plant operations, as two plants commenced production in 2023 and 2024.
- →The company has received Production Linked Incentives (PLI) from the MP government (Rs. 14-15 crores expected) and the Assam government (about Rs. 5 crores expected), indicating government support for capacity expansion or modernization.
- →There is mention of potential PLI receipts starting in the second half of the current financial year or the first half of the next, which may support future investments.
- →The focus seems to be on capacity utilization improvement (targeting 80%-90% utilization) rather than new large-scale capex.
- →The company is also investing in working capital to manage increased production and inventory, tied to revenue growth.
💰 Fundraising & Capital Structure
- →There is no explicit mention of any new fundraising through debt or equity in the transcript.
- →The company has increased its working capital borrowings from about Rs. 157 crores in March 2025 to Rs. 250 crores currently, with a potential increase up to Rs. 275-300 crores during the year to support inventory and operations.
- →Term loans were availed earlier in 2022 and 2023, with no indication of new term loans planned.
- →The company appears to be conservative with borrowings, relying primarily on collections and managing working capital carefully.
- →There is no reference to raising equity capital or new debt issuance as part of future plans discussed in the call.
📋 Order Book & Pipeline
- →Current allocation of ethanol received from OMCs for ESY 2025-2026 is 17.5 crore litres (Nov 2025 - Oct 2026).
- →Company’s full capacity is about 23 crore litres, targeting 80%-90% capacity utilization in FY 2027, subject to OMC allocations.
- →Received lower allocation in the current cycle, but expect to make up through additional tender cycles (C2, C3, C4) in the coming months.
- →OMCs have not released their full requirement; approximately 200 crore litres more is expected to be tendered through additional cycles.
- →The company expects order book expansion and higher capacity utilization in FY 2026 and FY 2027.
- →Private refiners are not considered target buyers; focus is on government OMC tenders for ethanol allocation.
Key Metrics
Frequently Asked Questions
What were Gulshan Polyols Ltd Q2 FY26 results?
Gulshan Polyols Limited targets approximately Rs. Revenue Growth**: Targeting ~20% revenue growth in FY 2026 over FY 2025.
What is Gulshan Polyols Ltd share price analysis?
Gulshan Polyols Ltd currently shows a neutral. The stock trades at a P/E of 8.0 with a market cap of ₹1,173 Cr. Investors should review the full earnings analysis for detailed insights.
Is Gulshan Polyols Ltd planning capital expenditure?
The transcript does not explicitly mention detailed current or future capex plans or specific strategic investments. - However, it is noted that the company has ongoing investments related to plant operations, as two plants commenced production in 2023 and 2024. - The company has received Production Linked Incentives (PLI) from the MP government (Rs.
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