About Gulshan Polyols Limited (GPL)

Gulshan Polyols Limited (GPL) is a multi-location, multi-product manufacturing company and one of India’s leading producers of grain-based chemicals, mineral-based products, and biofuels, with a global footprint spanning 42 countries across 3 continents. The Company’s diversified portfolio covers starch and starch derivatives, calcium carbonate, alcohol and ethanol, agro-based animal feed, and on-site PCC plants, catering to multiple end-use industries.

GPL operates nine manufacturing plants and two offices across India, located in Muzaffarnagar (Uttar Pradesh), Bharuch (Gujarat), Dhaula Kuan (Himachal Pradesh), Abu Road (Rajasthan), Patiala (Punjab), Tribeni (West Bengal), Amlai and Borgaon (Madhya Pradesh), and Goalpara (Assam). The registered office is in Muzaffarnagar, Uttar Pradesh, with a corporate office in New Delhi. The Company’s shares are listed on NSE and BSE, and its products are supplied to customers in nine Indian states and exported to over 40 countries.

Business Overview

GPL serves core industries such as pharmaceuticals, food & beverage, personal care, paints, paper, and agrochemicals, reflecting a diversified and resilient demand base. Key products driving revenue include:

• Ethanol and Liquor/Country Liquor
• Sorbitol, Fructose & Sweeteners
• Starch and by-products
• Calcium Carbonate and Mineral Additives

This balanced mix of biofuels, starch derivatives, and industrial minerals enables the Company to maintain steady growth and risk diversification. GPL also has one overseas subsidiary based in the United Arab Emirates (UAE).

A major milestone in FY 2024–25 was the commissioning of a 250 KLPD ethanol plant in Assam, strengthening regional participation in the Ethanol Blended Petrol (EBP) programme.

Business Segments (FY 2024–25)

By Segment / Vertical:

• Ethanol (Bio-Fuel) / Distillery: ~59% of segment revenue
• Grain Processing: ~36%
• Mineral Processing: ~5%
  (The Ethanol segment continues to be the key revenue driver, with other segments providing diversification.)

By Geography:

• Domestic: 93.88%
• Exports: 6.12% of turnover

Gulshan Polyols Limited Key Management

• Dr. Chandra Kumar Jain – Chairman & Managing Director
• Ms. Arushi Jain – Joint Managing Director
• Ms. Aditi Pasari – Joint Managing Director
• Mr. Ashwani Kumar Vats – Whole Time Director & CEO
• Mr. Rajiv Gupta – Chief Financial Officer
• Ms. Preeti Singhal – Company Secretary & Compliance Officer (w.e.f. May 05, 2025)

Latest Updates on Gulshan Polyols Limited

• Ethanol capacity expansion: Commissioned a 250 KLPD ethanol plant in Assam, enhancing supply to the Ethanol Blended Petrol (EBP) programme and supporting India’s renewable fuel goals.
• Feedstock optimisation: Shifted towards grain-based ethanol production and optimised capacity utilisation, adopting a diversified feedstock strategy focusing on surplus grain and corn due to changes in FCI rice policies.
• Capital mobilisation: Shareholders approved a special resolution on September 20, 2024, to raise up to Rs 250 crore through the issue of securities, providing flexibility for future capacity expansion and growth initiatives.
• Credit ratings (as on March 31, 2025):
  • CRISIL A / Negative – Long-term (Outlook revised from Stable; rating reaffirmed)
  • CRISIL A1 – Short-term (Reaffirmed)
• Operational diversification: The Company continued to strengthen its starch sugars, sweeteners, and mineral product lines, positioning itself as a fully integrated biofuel and specialty chemical manufacturer.

Note: This profile is based exclusively on information disclosed in Gulshan Polyols Limited’s 25th Annual Report for the financial year ended March 31, 2025, including the Directors’ Report, Management Discussion & Analysis, and Financial Statements.