Gulshan Polyols Limited is a leading Indian manufacturer specializing in ethanol, grain processing, and mineral-based specialty products. The company experienced strong growth in its ethanol segment, with sales volume increasing by 112% YoY, supported by successful capacity ramp-ups.

GPL is undergoing notable capacity expansion, particularly in the ethanol segment, with new production facilities commencing operations in Assam and Madhya Pradesh.

The company has faced challenges in its grain processing division due to geopolitical disruptions but anticipates recovery as raw material prices correct and industry demand stabilizes.

GPL's mineral processing segment remains stable and profitable, with high EBITDA margins consistently between 23% and 24% over recent quarters.