In , Gulshan Polyols Ltd (Miscellaneous) is outperforming Nifty 500 with +46.5% relative strength. Fundamentals: Average. On a 4-week streak.
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
Based on Q3 FY26 earnings • Updated Apr 19, 2026
What: EBITDA Margin Expansion: 920 bps
Impact: ₹85.6 Cr EBITDA
“EBITDA margin expanded by 920 basis points year on year, which comes to 13.7%, indicating a structurally stronger earnings base as newly commissioned ethanol capacity begins to scale up.”
What: PLI/Incentive Receipt: ₹21.8 Cr
Impact: ₹16.44 Cr net benefit
“the company has received a total amount of Rs. 21.8 crores from MPIDC towards state and industry promotion incentives related to our Madhya Pradesh operations.”
What: FCI Rice Mandate: 40%
Impact: Not quantified
“A key contributing factor was government's mandate requiring ethanol producers to procure 40% of their rice requirements from FCI at a fixed price.”
What: Specialty Chemical Capex: FY28
Impact: Not quantified
“But going forward, any new capex which we are considering to do in FY28 will be in the specialty chemical space with more value-added products.”
What: Q3 EBITDA Margin of 13.7% vs 9-10% guidance
“Margin expansion during the quarter was primarily driven by the softening of raw material prices, which had a positive impact. A key contributing factor was government's mandate.”
Earnings deceleration risks from management commentary
Trigger: Prices are subject to crop cycles and government policy changes regarding grain availability.
Impact: PAT impact: null
Management view: Staggered and risk management procurement strategy to reduce exposure to peak pricing.
Monitor: commodity
Trigger: The government/OMCs allocate based on their requirements and total industry capacity.
Impact: PAT impact: null
Management view: Expecting to make up for lower initial allocations in upcoming tender cycles (C2, C3, C4).
Monitor: regulatory
Trigger: China reopening and dumping starch derivatives back into the global market.
Impact: PAT impact: null
Management view: Focusing on operational efficiencies and shifting to specialty products to avoid commodity competition.
Monitor: geopolitical
Key quotes from recent conference calls
“We are looking at a 20% revenue growth from last year, from FY '25. [Previous Revenue Growth FY26 guidance]”
“EBITDA margins are expected to be in the 9% to 10% range at the consolidated level, with the ethanol segment delivering 10% to 11% operational margins. [Previous EBITDA Margin FY26 guidance]”
“We have introduced an RDF boiler in our Muzaffarnagar plant, which will help us bring down the power and fuel cost, and improve the operational margins. [Initiative: RDF Boiler Installation]”
“has remained adequate, raw material price volatility continues to necessitate calibrated procurement and inventory planning. [Risk (commodity): MEDIUM]”
Headline numbers from the latest earnings call
Revenue
₹626.7 Cr
Why: Growth was primarily driven by the capacity ramp-up in the ethanol segment, though partially offset by headwinds in grain processing.
The ethanol segment is now the primary growth engine for the company.
EBITDA
₹85.6 Cr
Why: Margin expansion was driven by softening raw material prices and the government mandate to procure 40% rice from FCI at fixed prices.
EBITDA margins expanded by 920 basis points year-on-year.
PAT
₹40.9 Cr
Why: Profit growth reflected improved operating performance and margin recovery as input costs normalized and ethanol capacity ramped up.
The company is transitioning to a stronger and more sustainable earnings profile.
Other Highlights
• Received ₹21.8 Cr from MPIDC for state and industry promotion incentives.
• Reversed ₹5.36 Cr interest subvention (ISS) provision to move to a cash-received accounting basis.
• Debt equity ratio stands at 0.6.
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Total Ethanol Production Capacity
26 Cr Litres
Ethanol Order Book Value
₹1,200 Cr
Why: Corresponds to 17 crore litres for ESY 25 and 26.
Current Capacity Utilisation
65-70%
Why: Reflects current ramp-up stage in ethanol and grain processing segments.
Current Maize Price
₹18 - ₹21
Why: Softening due to better grain availability and government mandates.
EBITDA per Litre (Ethanol)
₹9 - ₹10
Why: Driven by lower raw material costs and operational efficiencies.
FCI Rice in Grain Mix
40%
Why: Mandated by the government for ethanol production.
By-product Revenue Contribution
25%
Why: Additional revenue generated from DDGS on top of ethanol sales.
Debt Equity Ratio
0.6
Forward-looking targets from management for FY26-FY27
OPM Guidance
9–10%
₹2,300 Cr for FY26; ₹2,600 Cr to ₹2,800 Cr for FY27
REAFFIRMED
REAFFIRMED
Guidance Changes
FY27 Revenue: ₹2,800 Cr → ₹2,600 Cr to ₹2,800 Cr
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +23% | +22% | Stable |
| PAT (Net Profit) | +1500% | -33% | Stable |
| OPM | 8.0% | +400 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 19, 2026.
Based on publicly available financial data. This is educational research, not investment advice.
Gulshan Polyols Ltd's latest quarterly results (Sep 2025) show
Gulshan Polyols Ltd's profit is growing with an stable trend.
Gulshan Polyols Ltd's revenue growth trend is stable.
Gulshan Polyols Ltd's operating margin is volatile.
Gulshan Polyols Ltd's long-term compounding rates
Gulshan Polyols Ltd's earnings growth is stable with mixed signals on a sequential basis.
Gulshan Polyols Ltd's trailing twelve month (TTM) performance
Gulshan Polyols Ltd appears significantly overvalued based on our fair value analysis.
Gulshan Polyols Ltd's current PE ratio is 27.4x.
Gulshan Polyols Ltd's current PE is 27.4x.
Gulshan Polyols Ltd's price-to-book ratio is 1.8x.
Gulshan Polyols Ltd is rated Average with a fundamental score of 46.78/100. This score is calculated from objective financial metrics
Gulshan Polyols Ltd has a debt-to-equity ratio of N/A.
Gulshan Polyols Ltd's return ratios over recent years
Gulshan Polyols Ltd's operating cash flow is positive (FY2025).
Gulshan Polyols Ltd's current dividend yield is 0.16%.
Gulshan Polyols Ltd's shareholding pattern (Mar 2026)
Gulshan Polyols Ltd's promoter holding has remained stable recently.
Gulshan Polyols Ltd has been outperforming Nifty 500 for 4 consecutive weeks, indicating building momentum.
Gulshan Polyols Ltd is an established outperformer with 4 weeks of consecutive Nifty 500 outperformance.
Gulshan Polyols Ltd has 5 key growth catalysts identified from recent earnings analysis
Gulshan Polyols Ltd has 3 key risks worth monitoring
In Q3 FY26, Gulshan Polyols Ltd's management highlighted
Gulshan Polyols Ltd's management has provided the following forward guidance for FY26-FY27
Gulshan Polyols Ltd's most important sub-sector-specific KPIs from the latest concall
Based on quantitative research signals, here is why Gulshan Polyols Ltd may be worth studying
Gulshan Polyols Ltd investment thesis summary:
Gulshan Polyols Ltd's forward outlook based on current data signals
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.
