Gulshan Polyols Limited Q2 FY26 Concall Decoded: Revenue up 23%, EBITDA up 140%, PAT up ~1000% — turnaround or just ethanol finally behaving?
1. Opening Hook
After years of being treated like the forgotten cousin of the ethanol boom, Gulshan Polyols suddenly decided to wake up and choose violence — against losses.
Q2 FY26 came with a 23% revenue jump, EBITDA exploding 140%, and PAT doing a four-digit growth number that looks illegal without context. Management proudly called it a “U-turn recovery,” which in Gulshan’s case is not exaggeration — it’s therapy.
Ethanol prices didn’t change. Government didn’t suddenly become generous. What changed? Grain prices cooled off, plants matured, and management finally stopped feeding a loss-making starch business.
Add PLI incentives waiting to hit the P&L, improving capacity utilization, and a clearer roadmap to ₹2,800 crore revenue by FY27 — and suddenly, Gulshan is no longer whispering.
Read on. The recovery story sounds confident, but the fine print still matters.
2. At a Glance
Revenue up 23% – Ethanol volumes climbed, and grain chaos took a break.
EBITDA up 140% – Margins didn’t expand, they detonated.
PAT up ~1000% – When the base is depressed, miracles happen.
PLI ₹5.34 cr booked in Q3 – “Other income” doing heavy lifting soon.
Working capital borrowings at ₹250 cr – Growth eats cash before it prints it.
