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1 — At a Glance
Revenue for the June 2026 quarter came in at ₹640 crore, against ₹593 crore a year earlier — an increase of about 8%. Operating profit over the same stretch went from ₹37 crore to ₹85 crore. Net profit moved from ₹13 crore to ₹53.5 crore. EPS: ₹2.11 became ₹8.58.
Revenue grew by single digits. Everything below revenue grew by triple digits. Somewhere in the gap between those two facts sits the entire quarter, and management has a name for what lives there: grain prices, and a by-product called DDGS.
Operating margin for the quarter worked out to 13%, versus 6% in the year-ago June quarter. Management called Q1 “an exceptional quarter” on the back of favourable grain prices in Assam and Madhya Pradesh plus DDGS pricing at all-time highs, and reiterated full-year consolidated EBITDA margin guidance of 10–11%.
Meanwhile, on August 6, the board approved two things in the same sitting: the Q1 numbers, and a proposal to raise up to ₹250 crore through a QIP or private placement. A company that told the market its major capex is behind it has kept a fundraising door propped open — the same ₹250 crore proposal it also approved in August 2025.
Segment-wise, ethanol did ₹446 crore of the ₹640 crore. Grain processing did ₹170 crore. Mineral processing did ₹24 crore and, per management, contributed a 23% EBITDA margin from a business built over four decades of grinding rocks into powder.
Three segments, three completely different personalities. Let’s meet them.
2 — Introduction
Gulshan Polyols was incorporated in 1981 — originally as Gulshan Sugars and Chemicals Limited — and spent its first three decades doing something profoundly unglamorous: increasing calcium carbonate capacity. 2,100 MT to 10,500 MT in 1984. Then to 22,500 MT in 1989. Then to 32,000 MT in 1994. If you had to write a corporate history that no one would ever adapt for streaming television, this would be a strong opening act.
Then starch sugar at Bharuch in 1997. Sorbitol capacity from 15,000 MT to 60,000 MT. On-site PCC plants at Sahibabad, Patiala, and two in Bangladesh. A native starch plant at Muzaffarnagar in 2010, a fructose plant after that. Forty years of the same instinct: find a bulk agricultural or mineral input, process it, sell it to someone who needs 19 grades of it.
And then 2020 happened, and the company found the thing that would change the shape of its P&L. Ethanol production started at the MP Distillery Unit 1 in 2020. MP Unit 2 commenced commercial operations on 1 July 2023. The Assam unit at Goalpara went commercial on 15 June 2024. Installed ethanol capacity went from 60 KLPD in FY23 to 560 KLPD in FY24 to 810 KLPD in FY25 — roughly 26 crore litres per annum, per management.
The revenue line followed. FY23: ₹1,180 crore. FY24: ₹1,378 crore. FY25: ₹2,020 crore. FY26: ₹2,312 crore. Ethanol accounted for around 70% of FY26 revenue, per Crisil, up more than 1,000 basis points from the prior year.
Recent months have been busy in the way that a listed manufacturer’s months are busy. In October 2025 the company was allocated 175,652 KL of ethanol for ESY 2025-26, valued at roughly ₹1,185 crore. In March 2026 it signed an agreement with Trident to set up a 22,000 MTPA PCC plant, with roughly ₹200 crore of revenue expected over ten years from FY2027-28. In July 2026 it picked up a country liquor supply order for 103.6 lakh proof litres in Madhya Pradesh. And on 28 August 2026, a record date falls for a ₹1.50 final dividend, subject to AGM approval.
Somewhere in there, a maize starch company became a fuel company that still sells toothpaste ingredients.
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3 — Business Model: WTF Do They Even Do?
Three businesses, sharing a supply chain and a balance sheet.
Ethanol (bio-fuel)/distillery. Grain-based Extra Neutral Alcohol, ethanol from damaged food grain, country liquor, IMFL. Three units — two in Madhya Pradesh, one in Assam — totalling 810 KLPD. The feedstock mix, per management, is 40% FCI rice (mandatory), roughly 50% maize, and about 10% broken rice. The output goes to oil marketing companies under the Ethanol Blended Petrol Programme at prices the government sets. This is a business where the customer is effectively the state, the price is administered, and the raw material is a crop with a harvest calendar. Management gets to control exactly one variable: how cheaply it buys grain.
The by-product is the interesting part. Distilling grain leaves you with DDGS — distillers dried grains with solubles — which is sold as animal feed. Management said DDGS contributes almost ₹10 per litre of ethanol cost. A quarter of ethanol revenue, per the company’s own presentation, comes from DDGS and other by-products. The waste is a revenue line.
Grain processing. Corn, maize and rice go in; maize starch powder, sorbitol 70% solution, liquid glucose, dextrose monohydrate, maltodextrin, glucose powder, rice gluten and rice syrup come out. Two units — Uttar Pradesh and Gujarat — with the segment described as one of the largest starch derivatives export facilities in India, holding Star Export House certification since 2016. Sorbitol goes into toothpaste. Starch goes into paper, textiles, adhesives, paints, pharmaceuticals. The client list runs from Asian Paints and Colgate Palmolive to Britannia, ITC, Cipla and Relaxo.
Mineral processing. Nineteen grades of calcium carbonate — WGCC, PCC, GNCC, CCPG — across units in Uttar Pradesh, Himachal Pradesh and Rajasthan, with combined capacity above 100,400 MTPA. Plus on-site PCC plants installed at customers’ premises in West Bengal, Uttar Pradesh, Madhya Pradesh and Punjab, which is a neat trick: you don’t ship the product, you ship the factory.
Exports reach more than 35 countries. The list includes Abidjan, Paraguay, Nicaragua and Jamaica. In Q1
