Gulshan Polyols starts FY27 with Rs 53.51 cr standalone profit
Management is targeting 80%-90% capacity utilisation in FY27, supported by 26 crore litres of ethanol capacity and Rs 1,220 cr of order visibility.
Filed 06 Aug 2026, 17:40 IST · after market close · GULPOLY (GULPOLY)
Key takeaways
- Standalone Q1FY27 operating profit of Rs 84.93 cr translated into a 13.27% operating margin.
- Net profit was Rs 53.51 cr after Rs 19.88 cr of tax, while Rs 5.67 cr of other income was not the main earnings driver.
- Management said 26 crore litres of capacity and Rs 1,220 cr of order visibility support its FY27 earnings outlook.
A profitable standalone start to FY27
Gulshan Polyols reported standalone revenue of Rs 639.87 cr and operating profit of Rs 84.93 cr in Q1FY27, resulting in a 13.27% operating margin. Profit before tax was Rs 73.39 cr after Rs 6.68 cr of interest and Rs 10.53 cr of depreciation. Other income of Rs 5.67 cr was a limited contributor relative to pre-tax profit, while the reported tax rate was 27.09%.
Capacity and order visibility underpin management’s FY27 commentary
Management said the company is targeting 80%-90% capacity utilisation in FY27. It also said the combination of 26 crore litres of capacity and Rs 1,220 cr of order visibility provides earnings visibility for the year. The company told investors that it is focused on using damaged food grains as ethanol feedstock.
No post-result market reaction yet
The results were filed after market close on 06 Aug 2026, so there is no market reaction to assess yet. Management also cited its view that India’s ethanol market could reach $17.7 billion by 2035, and described the company as a leader in 70% sorbitol exports.
Q1FY27 at a glance
Standalone figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q1FY27 |
|---|---|
| Revenue | ₹640 cr |
| Other income | ₹6 cr |
| Expenses | ₹555 cr |
| Operating profit | ₹85 cr |
| Operating margin (%) | 13.27% |
| Interest | ₹7 cr |
| Depreciation | ₹11 cr |
| Profit before tax | ₹73 cr |
| Tax | ₹20 cr |
| Net profit | ₹54 cr |
| EPS (₹) | ₹8.58 |
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
Guidance & outlook
- The company is targeting 80%-90% capacity utilization in FY27.
- The company expects strong earnings visibility into FY27 from 26 crore litres of capacity and ₹1,220 crore of order visibility.
- India’s ethanol market is expected to reach $17.7 billion by 2035.
Expansion
- The company has total ethanol capacity of 26 crore litres per annum.
New initiatives
- The company is focused on using damaged food grains as ethanol feedstock.
Competition
- The company describes itself as a leader in 70% sorbitol exports.
What to watch
- Whether standalone operating margin holds around 13.27% in the next quarter.
- Progress in capacity utilisation against management’s 80%-90% FY27 target.
- The order book and execution trend relative to Rs 1,220 cr of order visibility.