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1 — At a Glance
Gulshan Polyols sells ethanol to fuel companies, starch products to food makers, and calcium carbonate powder.
Revenue for the three months to June 2026 was ₹640 crore. That is an increase of about 8% on the ₹593 crore of a year earlier. Operating profit over the same stretch went from ₹37 crore to ₹85 crore. Net profit moved from ₹13 crore to ₹53.5 crore. Earnings per share, the profit attributable to each single share, went from ₹2.11 to ₹8.58.
Revenue grew in single digits while every line below it grew in triple digits. Management names two things behind that gap: grain prices, and a by-product called DDGS.
Operating margin for the quarter worked out at 13%, against 6% in the same quarter a year earlier. Management called the quarter exceptional, citing favourable grain prices in Assam and Madhya Pradesh plus DDGS pricing at all-time highs. Management reiterated full-year guidance for consolidated EBITDA margin of 10-11%. EBITDA is profit before interest, tax and depreciation are taken off.
On 6 August 2026 the board approved the quarterly numbers and one other item. It cleared a proposal to raise up to ₹250 crore through a qualified institutional placement or a private placement. A qualified institutional placement is a sale of new shares to large institutions. The board approved the same ₹250 crore proposal in August 2025.
Ethanol accounted for ₹446 crore of the ₹640 crore. Grain processing contributed ₹170 crore, and mineral processing ₹24 crore. Management puts the mineral processing margin at 23%, from a business built over four decades of grinding rocks into powder.
2 — Introduction
Gulshan Polyols was incorporated in 1981, originally as Gulshan Sugars and Chemicals Limited. Its first three decades went on one unglamorous job: increasing calcium carbonate capacity. Capacity rose from 2,100 tonnes to 10,500 tonnes in 1984. It reached 22,500 tonnes in 1989, then 32,000 tonnes in 1994. Three expansions inside a decade, all of the same mineral, and no new product line.
Starch sugar followed at Bharuch in 1997, and sorbitol capacity rose from 15,000 tonnes to 60,000 tonnes. On-site precipitated calcium carbonate plants went up at Sahibabad, Patiala and two sites in Bangladesh. A native starch plant opened at Muzaffarnagar in 2010, and a fructose plant after that. The instinct stayed the same for forty years: take a bulk farm or mineral input, process it, and sell it to buyers who want it in many grades.
Ethanol production started at the MP Distillery Unit 1 in 2020. MP Unit 2 began commercial operations on 1 July 2023. The Assam unit at Goalpara went commercial on 15 June 2024. Installed ethanol capacity was 60 kilolitres a day in the year to March 2023. It reached 560 in the year to March 2024 and 810 in the year to March 2025. That is roughly 26 crore litres a year, per management.
The revenue line followed. Revenue was ₹1,180 crore in the year to March 2023 and ₹1,378 crore the next. It reached ₹2,020 crore in the year to March 2025 and ₹2,312 crore in the year to March 2026. Crisil, a credit-rating agency, puts ethanol at around 70% of revenue in the year to March 2026. Crisil says that is more than ten percentage points above the prior year.
In October 2025 the company was allocated 175,652 kilolitres of ethanol for the 2025-26 ethanol supply year. The allocation was valued at roughly ₹1,185 crore. In March 2026 it signed an agreement with Trident for a 22,000 tonne a year precipitated calcium carbonate plant. The company expects roughly ₹200 crore of revenue from it over ten years, starting from the year to March 2028. In July 2026 it picked up a country liquor supply order for 103.6 lakh proof litres in Madhya Pradesh. A record date of 28 August 2026 falls for a final dividend of ₹1.50, subject to approval at the annual general meeting.
A maize starch company now sells motor fuel and toothpaste ingredients.
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3 — Business Model: WTF Do They Even Do?
Three businesses share one supply chain and one balance sheet.
The first is ethanol and distillery. It makes grain-based extra neutral alcohol, ethanol from damaged food grain, country liquor and Indian-made foreign liquor. Three units, two in Madhya Pradesh and one in Assam, total 810 kilolitres a day. Management puts the feedstock mix at 40% rice from the Food Corporation of India, which is mandatory. Roughly half is maize and about a tenth is broken rice. The output goes to oil marketing companies under the Ethanol Blended Petrol Programme, at prices the government sets. The customer is effectively the state, the price is administered, and the raw material is a crop with a harvest calendar. Grain buying is the cost management negotiates; the selling price arrives fixed.
Distilling grain leaves distillers dried grains with solubles, or DDGS, which is sold as animal feed. Management said DDGS contributes almost ₹10 per litre of ethanol cost. A quarter of ethanol revenue comes from DDGS and other by-products, per the company’s own presentation. The waste is a revenue line.
The second is grain processing. Corn, maize and rice go in. Out come maize starch powder, sorbitol 70% solution, liquid glucose and dextrose monohydrate. Maltodextrin, glucose powder, rice gluten and rice syrup come out of the same units. There are two of them, in Uttar Pradesh and Gujarat. The company describes the segment as one of India’s largest starch derivatives export facilities, holding Star Export House certification since 2016. Sorbitol goes into toothpaste, and starch goes into paper, textiles, adhesives and paints, as well as pharmaceuticals. The client list includes Asian Paints, Colgate Palmolive, Britannia and ITC, along with Cipla and Relaxo.
The third is mineral processing. It makes nineteen grades of calcium carbonate, among them WGCC,
