Gulshan Polyols Ltd

Overview

• Standalone BRSR filed for FY2025-26 by Gulshan Polyols Limited.
• Core activities: Ethanol, country liquor, sorbitol, fructose, and animal feed.
• Exports accounted for 5.049% of turnover, with markets in 40+ countries.
• Operates 9 plants and 11 locations nationwide; serves 7 states domestically.
• Reporting boundary: standalone basis.

Key ESG Risks & Opportunities

• Water and effluent risk due to high COD; mitigated by ZLD, MEE, and CO2-based PCC.
• Decarbonization and clean energy transition; RLNG and biomass adoption for long-term benefits.
• Agricultural supply chain volatility due to grain inputs; direct farmer networks and dynamic procurement.
• Ethanol blending policy creates demand opportunities; Assam expansion to add 250 KLPD plant.

Governance & Policy Highlights

• Board oversees BR policies; Sustainability & CSR Committee established with chair and members.
• Anti-bribery policy in place; applies to all directors and employees.
• Whistleblower policy and Vigil Mechanism; POSH guidelines with confidential handling.
• Training coverage: BOD 100%, KMP 100%, employees 99%, workers 100%.
• Policies translated into procedures; board-approved web link provided.
• Penalties disclosed: GST Rs 7,05,778; groundwater Rs 4,00,000; IT Rs 93,144.

Social Responsibility & Workforce

• Total employees 368; total workers 965; board female representation 40%.
• LTIFR zero for employees and workers; one worker fatality in FY2025-26.
• On-site first aid, regular health checks, and safety training programs.
• Whistle Blower policy ensures confidential complaint handling.

Environmental Performance

• Scope 1 emissions: 26,574 tCO2e; Scope 2 emissions: 25,926 tCO2e; total intensity 2.27.
• Water withdrawal 34,05,008 kl; consumption 12,53,689 kl; discharge 4,82,259 kl.
• Total waste 52,358.66 MT; hazardous waste 0.21 MT; recycled 56.22 MT.
• Landfilled 24.72 MT; ZLD implemented at Boregaon and Assam; ESP/ETP upgrades.

Stakeholder Engagement & Complaints

• Stakeholders include investors, employees, customers, communities, and suppliers via meetings and reports.
• FY2025-26 complaints: shareholders 1; customers 15; communities 0; all resolved.
• Whistleblower policy and POSH support a harassment-free workplace with confidential handling.
• Community initiatives: maize development, health camps, skill centers; Assam Goalpara CSR Rs 8.55 lakh.

Other Notable Metrics

• 59% of inputs from MSMEs; ~90% of raw materials sustainably sourced.
• Affiliations with seven trade associations, including PHD Chamber and GEMA.
• Cybersecurity policy exists; no data breaches reported.
• No product recalls; consumer data privacy issues reported as Nil.

AGM Details

• Date and time: 11 September 2026 at 1:00 PM IST.
• Venue: Solitaire Inn Hotel, Muzaffarnagar.
• Mode: Physical AGM with remote e-voting facility via NSDL.
• Record/Book closure: 5–11 September 2026 for dividend; cut-off 4 September 2026.
• Notice dispatched August 18, 2026.

Dividend

• Final dividend of ₹1.50 per equity share proposed for FY2025-26.

Ordinary Business

• Adopt Audited Financial Statements for FY2025-26 with Board and Auditor reports.
• Re-appoint Ms. Aditi Pasari as Director, retiring by rotation.
• Re-appoint Mr. Ashwani Kumar Vats as Director, retiring by rotation.

Cost Auditor Remuneration

• Ratification of remuneration for Cost Auditors for FY2026-27 at ₹1,00,000 plus taxes.

Independent Director Re-appointment

• Re-appointment of Mr. Vardhman Doogar as Non-Executive Independent Director for second term.
• Term: Oct 1, 2026 to Sep 30, 2031; not liable to retire by rotation.

Fundraising via QIP

• Approval to raise funds up to ₹250 Crores via QIP or private placement.
• Offer to QIBs under ICDR; terms to be determined by Board.
• Completion within 365 days; floor price as per ICDR; permit 5% discount.
• No promoter-related allotment; securities to rank pari passu with existing shares.

Voting Process

• Remote e-voting window: Sep 8–10, 2026; cut-off Sep 4, 2026.
• Poll facility available at AGM; results posted on company and NSDL sites.

Financial performance

• Revenue from operations: ₹2,31,242.18 lakh, up 14.5% YoY.
• EBITDA: ₹23,166.70 lakh, up 130.7% YoY.
• Profit after tax: ₹10,714.67 lakh, up 332% YoY.
• EPS (basic): ₹17.18.

Dividend & capital returns

• Final dividend recommended at 150% (₹1.50 per share).
• Dividend policy aligned with Regulations; AGM approval required.
• Unclaimed dividends transferred to IEPF; 39,610 shares moved.

Operations & growth strategy

• Ethanol remains growth engine; strong OMC procurement and capacity ramp-up.
• On-site PCC plant Barnala, Punjab: 22,000 MTPA.
• Partnership with Trident for onsite PCC manufacturing.
• EBPP expansion supports long-term ethanol growth.

Capital structure & liquidity

• Total borrowings: ₹31,252.50 lakh; net debt: ₹28,476.63 lakh.
• Gearing: 28.38%; cash and equivalents: ₹2,775.87 lakh.
• CRISIL rating reaffirmed: A/Stable; short-term A1 reaffirmed.
• Cash flow from operations: ₹20,744.86 lakh.

Governance, risk & audit

• Board comprises 10 directors; Rahul Jain joined as Independent in Oct 2025.
• No material related-party transactions; robust Audit, NRCC, CSR committees.
• Statutory: Shahid & Associates; Secretarial: TVA & Co; Cost: MM & Associates.

CSR & sustainability

• CSR spend ₹207.17 lakh; excess ₹142.20 lakh offset to 2026-27.
• CSR focus: healthcare, education, skill development; sustainability measures.
• Energy conservation, solar initiatives; onsite PCC synergy.

Material events & outlook

• Gulshan Overseas-FZCO deregistered as of 17 Oct 2025.
• QIP up to ₹250 crore contemplated to fund growth.
• Outlook: EBPP growth, PCC expansion, multi-feedstock strategy.

Ethanol allocation update

• Allocates 20,740 kiloliters of ethanol for Q4 ESY 2025-26 to OMCs in Assam and Madhya Pradesh.
• Estimated order value Rs 146,65,60,600.

AGM Intimation

• 26th AGM scheduled for Friday, 11 Sep 2026, 1:00 PM IST.
• Venue: The Solitaire INN Hotel, Muzaffarnagar, Uttar Pradesh.
• Notice of AGM will be available at www.gulshanindia.com.
• Complies with Companies Act 2013 and SEBI LODR regulations.

Meeting Details

• Date and time: August 07, 2026 at 12:00 P.M.
• Type and mode: earnings conference call; group teleconference hosted by InCred Equities.
• Event organizer: Gulshan Polyols Q1 FY27 earnings call.

Participants

• Company management: Joint Managing Director; Chief Financial Officer; Company Secretary.

Purpose

• Discuss Q1 FY27 earnings results for quarter ended June 30, 2026.

Availability

• Transcript available on Gulshan Polyols website; conference recording noted.