Gulshan Polyols bags ₹1,184.86-cr ethanol order in ESY 2025-26

Gulshan Polyols reports fresh EBPP allocation

Gulshan Polyols Limited informed stock exchanges on May 13, 2026 that it has received an additional allocation to supply ethanol to oil marketing companies under the Ethanol Blended Petrol Programme (EBPP). The allocation is for the third quarter of Ethanol Supply Year (ESY) 2025-26. The company said it participated in a tender floated by oil marketing companies (OMCs) and secured incremental volumes through that process. Gulshan Polyols is based in Muzaffarnagar.

The update is part of a broader set of ethanol-supply wins the company has disclosed for ESY 2025-26. Over the past months, the company has also reported large tender wins and incentives linked to production. Together, these developments have been followed closely by investors because ethanol supply contracts are executed through OMC tenders and are directly linked to volumes and realizations.

Additional 2,923 KL ethanol order and value

In its regulatory filing, Gulshan Polyols said it was awarded an additional quantity of 2,923 kiloliters (KL) of ethanol. The company disclosed an estimated order value of ₹18.7072 crore for this incremental allocation. The filing said the contract is to be executed within ESY 2025-26.

The company also clarified that the order is domestic in nature. It stated that the transaction does not involve any related party. It further disclosed that promoters do not have any interest in the entities awarding the contract.

Who awarded the incremental allocation

Gulshan Polyols said the incremental allocation has been awarded by Bharat Petroleum Corporation Limited (BPCL) and Indian Oil Corporation Limited (IOCL). These are two of India’s key OMCs that procure ethanol for blending under the EBPP framework. The tendering and allocation process typically assigns quantities to suppliers across locations, based on bids and requirements.

For the company, the fresh allocation adds to an existing order book of ethanol supply for the same ethanol supply year, as disclosed in earlier announcements. The company has not indicated any changes to execution timelines beyond stating that it will be executed within ESY 2025-26.

Larger ESY 2025-26 tenders: ₹1,184.86 crore across 175,652 KL

Separately, Gulshan Polyols has also disclosed securing tenders valued at ₹1,184.86 crore for ethanol supply to various OMCs for ESY 2025-26. As per the details reported, the allocation totals 175,652 KL of ethanol across multiple locations in India. The reported awarding OMCs include IOCL, BPCL, Hindustan Petroleum Corporation Limited (HPCL), and Mangalore Refinery and Petrochemicals Limited (MRPL).

This larger tender win is central to the market narrative around the stock because it sets the volume base for the ethanol supply year. The incremental 2,923 KL allocation disclosed on May 13, 2026 is in addition to earlier allocations reported for ESY 2025-26.

Stock market reaction reported around the OMC contracts

Following the disclosure of the larger ESY 2025-26 order value of ₹1,184.86 crore, reports cited a sharp intraday move in Gulshan Polyols’ shares. One update said the stock climbed over 16% to an intraday high of ₹164.70 on the BSE on a Thursday session. Another reported that the share price surged 9.72% to ₹155.46 on October 23, 2025 after the EBPP allocation announcement, with an intraday high of ₹164 mentioned in early trade.

Trading snapshots in those reports also included the stock at ₹153.40, up 8.10% from its previous close, and at ₹154.12 at 10:40 AM IST with 5.08 lakh shares traded and total traded value of ₹8 crore. A separate market-cap reference in the same set of reports placed Gulshan Polyols’ market capitalization at ₹962.69 crore, with the share trading at ₹154.80, up 9.09% versus a previous close of ₹141.90.

Incentives and assistance disclosures: PLFA for FY2023-24

Alongside the tender updates, Gulshan Polyols disclosed receiving Production Linked Fiscal Assistance (PLFA) for FY 2023-24. The amount cited was ₹5.3754 crore (also reported as ₹5.37 crore and ₹5.38 crore in different summaries). The assistance was reported as received from Madhya Pradesh Industrial Development Corporation Limited (MPIDC). It was described as being under the MP Investment Promotion Assistance Scheme, 2014.

Such incentives are presented by companies as support for production efforts, but the disclosed amount is materially smaller than the annual ethanol supply order values discussed in the tender updates.

Assam bio-ethanol incentive for Goalpara plant

In another incentive-linked update, Gulshan Polyols’ Goalpara plant in Assam was reported to have received a production-linked incentive of ₹2 per litre of bio-ethanol from the Government of Assam. The incentive is applicable for the first three years, beginning prospectively from December 7, 2024. The company estimated the total benefit at ₹50 crore over the next three years.

This was reported as being in addition to benefits under the Assam Ethanol Production Promotion Policy (AEPPP). In the same set of reports, the incentive was linked to a 250 KLPD plant at Goalpara and a ₹200 crore investment, with an additional reference that the plant would create over 200 permanent jobs. A Reuters-style market note also cited the benefit as 500 million rupees, which is ₹50 crore, over three years.

Key facts at a glance

Market impact and what this means for tracking execution

The disclosed incremental allocation of 2,923 KL adds a defined volume and a disclosed value of ₹18.7072 crore for Q3 ESY 2025-26. The larger disclosed tender win of ₹1,184.86 crore across 175,652 KL provides context on the scale of the company’s ethanol supply commitments for ESY 2025-26. For investors tracking the ethanol theme, such updates matter because they specify counterparties (OMCs), supply year, and the quantum of allocation.

The stock-price reactions reported around these announcements show that ethanol tender disclosures and incentive receipts have been treated as key triggers by the market. At the same time, the filings also contain compliance-related details that investors typically look for, including confirmation that the order is domestic, and that it does not involve related party transactions or promoter interest in the awarding entities.

Conclusion

Gulshan Polyols’ May 13, 2026 filing adds an incremental 2,923 KL ethanol allocation worth an estimated ₹18.7072 crore for Q3 ESY 2025-26, awarded by BPCL and IOCL. The company’s broader ESY 2025-26 ethanol tender wins have been reported at ₹1,184.86 crore for 175,652 KL across multiple OMCs, alongside disclosed incentives such as ₹5.3754 crore PLFA for FY2023-24 and an Assam PLI estimated at ₹50 crore over three years. The next key monitorables remain execution within ESY 2025-26 and any further tender allocations disclosed by the company.