Gulshan Polyols Ltd (BOM:532457)

Q3 2026 Gulshan Polyols Ltd Earnings Call Transcript

Feb 12, 2026 / 06:45 AM GMT

Release Date Price: ₹162.7 (-0.52%)

Transcript

Key Points

Positve

Gulshan Polyols Ltd (BOM:532457) reported strong operational and financial performance with a significant increase in EBITDA margins to 13.7% for Q3 FY26.
The company's ethanol segment delivered its strongest results to date, driven by successful capacity ramp-up at plants in Madhya Pradesh and Assam.
The government mandate requiring ethanol producers to procure 40% of their rice requirements from FCI has improved grain availability and reduced raw material costs.
The company received a total of 21.8 crore from MPIDC towards state incentives, enhancing cash flows and reflecting policy support.
Gulshan Polyols Ltd (BOM:532457) is on track to achieve a revenue target of 2,300 crores for FY26, driven by high utilization of existing capacities without additional CapEx.

Negative

The grain processing segment continues to face headwinds due to industry-wide overcapacity in starch, leading to pressure on prices and margins.
Despite improvements, raw material price volatility remains a concern, requiring careful procurement and inventory planning.
The company's grain processing business, particularly starch, is under pressure, impacting overall profitability.
There is a risk of government reducing maize ethanol prices due to overcapacity in the ethanol production industry.
The company is not planning any fresh CapEx until FY28, which may limit growth opportunities in the short term.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

GULS.NS - Gulshan Polyols Ltd
Q3 2026 Gulshan Polyols Ltd Earnings Call
Feb 12, 2026 / 06:45AM GMT

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Presentation
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Unidentified_1 [1]
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Ladies and gentlemen, good day and welcome to Q3 FY26 earnings conference call hosted by Gulin Polyols Limited.

As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing, then 0 on your touchtone phone.

Please note that this conference is being recorded.

I now hand the conference over to Mr. Viral Jain from Share India Securities.

Thank you and over to you, Mr. Jain.

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Unidentified_2 [2]
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