• Ethanol blending targets: Management dismissed vehicle damage concerns regarding ethanol blending, noting that E20 is already achieved and the industry is prepared to target E25 to E30 blending over the next five years under approved BIS standards.
• FY27 financial guidance: Gulshan Polyols confirmed it is on track for FY27 revenue of ₹2,600–2,800 crore, led by ₹1,700–1,800 crore from ethanol, ₹800 crore from grain processing, and ₹100 crore from mineral processing, alongside 10–11% EBITDA margins.
• Order book updates: The company received a ₹70–80 crore country liquor order from the Madhya Pradesh Excise Department, while its ethanol order book expanded to 19 crore liters (equivalent to ₹1,600 crore in revenue) with an aim to reach 21–22 crore liters by year-end.
• Capacity utilization ramp-up: Against an annual ethanol capacity of 26 crore liters, the company plans to increase its current 18 crore liter utilization to 25 crore liters by FY28.
• Feedstock supply security: Management views FCI rice supplies as secure for the next couple of years at a ₹5–7 discount due to surplus government stocks, while rising domestic maize production is expanding alternative feedstock availability.