Gulshan Polyols Q1 FY27: Ethanol-led margin jump signals an execution year

Total revenue was INR 646 crore, EBITDA was INR 91 crore (14.2% margin), and PAT was INR 54 crore (8.4% margin).

Ethanol and distillery segment reported revenue of INR 446 crore with EBITDA of INR 81 crore and EBITDA margin of 18% as per the presentation.

Management stated an ethanol order book of about 19 crore litres and installed capacity of about 26 crore litres per annum (810 KLPD).

Management guided FY27 consolidated revenue around INR 2,600 crore, EBITDA margin around 10% to 11%, and PAT margin about 5% to 6%.

Management guided ethanol revenue of about INR 1,700 to INR 1,800 crore, grain processing revenue about INR 800 crore, and mineral processing revenue about INR 100 crore.

Management said it can stock raw material only for about 30 to 45 days due to high daily consumption, storage constraints and working capital, so costs can vary by quarter.

Management said it plans debottlenecking to reach 100% to 110% ethanol utilization by FY28 and intends to evaluate specialty and import-substitute chemicals from FY28 onwards, with products under evaluation.