• Ethanol blending outlook: Management dismissed engine damage concerns around E-20 blending as a myth, stating the industry and automobile sector are prepared for higher blends up to E-30, E-85, and E-100 supported by surplus feedstock.
• Order book position: The company holds an ethanol order book of 19 crore liters valued at about ₹1,600 crore, including an ₹80 crore order from Madhya Pradesh, and targets supplying 22 crore liters in FY25-26.
• FY27 financial guidance: The company remains on track to achieve ₹2,600 to ₹2,700 crore in revenue and EBITDA margins of 10 to 11%, supported by secure, discounted FCI rice allocations for the next two years.
• Capacity and long-term vision: Gulshan Polyols plans to expand ethanol capacity by 20 to 25% over the next one to two years and is evaluating a mega project in specialty chemicals to reach ₹5,000 crore in revenue by 2030.
• Debt and deleveraging: The company expects to be debt-free by next year, retaining its low-cost long-term debt at 4 to 4.5% under the ISS scheme while significantly reducing working capital utilization.