Gulshan Polyols Limited has received an allocation to supply 196,886 kilolitres (KL) of ethanol during Ethanol Supply Year (ESY) 2026-27, with an estimated value of approximately ₹1,304.90 crore. The company expects to generate additional revenue of more than ₹300 crore from the sale of manufacturing by-products, taking the estimated total revenue opportunity beyond ₹1,600 crore, excluding freight and taxes.
The allocation provides visibility for Gulshan Polyols' ethanol distillery operations during the November 2026 to October 2027 supply cycle. The company is engaged in mineral and grain processing, as well as ethanol production, and supplies grain-based ethanol for India's petrol-blending programme. The latest allocation represents a significant business opportunity linked to the country's ongoing efforts to expand ethanol blending and strengthen domestic biofuel production.
Alongside ethanol, grain-based distillation generates several by-products that can be marketed separately. Gulshan Polyols expects these sales to contribute more than ₹300 crore in additional revenue. However, the company has not disclosed a detailed break-up of the by-products, their individual volumes or expected realisations. The stated ethanol allocation value and estimated by-product revenue are therefore expected revenue figures, not confirmed profits or earnings already recognised.
The company's latest reported financial performance also reflects growth. For the first quarter of FY27, ended June 2026, Gulshan Polyols recorded revenue from operations of ₹639.9 crore, representing a 7.9% year-on-year increase. Net profit rose 305.3% to ₹53.5 crore, compared with ₹13.2 crore in the corresponding quarter of the previous financial year. EBITDA stood at ₹91 crore, with an EBITDA margin of 14.2%.
The company was scheduled to consider its unaudited Q2 FY27 financial results for the quarter and half year ended September 30, 2026, on November 12, followed by an earnings conference call on November 13.
The 196,886 KL allocation strengthens Gulshan Polyols' position in India's grain-based ethanol supply chain. Industry stakeholders will be watching the company's execution of the supply commitments, operating performance and contribution from by-product sales during ESY 2026-27.
