Gulshan Polyols Limited

A Guls Mr. R Gulsh Aditi Pas Han Pol Rajiv Gu Han Pol Sari

JO LYOLS LIM

rs,

mbai Maharashtra-400 051 To, BSE Limited Department of Corporate Service, Floor 25, P. J. Towers, Dalal Street, Mumbai Maharashtra- 400 001 Scrip Code: 532457 Symbol: GULPOLY Subject: Transcr

47%

ants pan In ndia. Today I w would like to sta art with a brief year, our revenue grew by 47% to Rs of the financial l highlights of y year-on-year. S o from last .2020 crores, d driven

2020 crore

revenue grew by 47% to Rs of the financial l highlights of y year-on-year. S o from last .2020 crores, d driven primarily y by increased d capacities within the e ethanol segm ent. The EBITD D

64%

riven primarily y by increased d capacities within the e ethanol segm ent. The EBITD DA rose 64% t to Rs.100 crore es, despite bein ng partially impacted by underperfor rmance in the g gr

Rs.100 crore

arily y by increased d capacities within the e ethanol segm ent. The EBITD DA rose 64% t to Rs.100 crore es, despite bein ng partially impacted by underperfor rmance in the g grain segment. T The

39%

ng partially impacted by underperfor rmance in the g grain segment. T The PAT increa ased 39% to Rs s.25 crores, creating re evenue growth current fin nancial year. due to full dep pr

25 crore

y impacted by underperfor rmance in the g grain segment. T The PAT increa ased 39% to Rs s.25 crores, creating re evenue growth current fin nancial year. due to full dep preciation of ne ew

Rs.1.5

500 KL LPD Madhya P Pradesh plant is s eligible for an n additional incentive July 2023 of Rs.1.5 per l liter, which is a affected from t the state of com mmissioning, w which is for , and th

Rs.2

add that on our 25 50 KLPD Assam m plant, we ha ave received an n additional incentive of Rs.2 per lite er, starting 18th h of May 2025, which is the da ate of MOU sig gning. This is over

Rs.14 crore

se egment, which i is driven by suc ccessful capacit ty utilization, an nd sales were a about Rs.14 crores lite er of ethanol, w which was about t -- which almo ost led to an inc crease of more than

100%

lite er of ethanol, w which was about t -- which almo ost led to an inc crease of more than 100% year-on-y ear. We expect t to continue to o ramp up the c capacities and increase sales v

Rs.14

ys of how to tackle the sit tuation. Got it. An nd what has bee en the primary r reason for Rs.14 40 crore rises in n inventory leve els? Yes, beca ause we have -- - we were sittin ng on a lo

“So, this is in p process, and we are working to owards this segm ment going forward.”

“So, this i s a problem yo ou will be see ing year-on-ye ear now going forward, that w we will be sitting on inventory in th he end of Marc ch.”

“It d does not mean I I will be getting g Rs.4 to Rs.5 i in an entire year.”

“So, , we are expect ting this FCI ri ice.”

“Bala Mur rli: So, what could be the a amount, the av verage amount expected in a per year, from m the both governme ents, so Assam much we can expect?”

“So o, if I say that w we are producin ng about 12 crore litre in a year, so th hat will be abou ut Rs.18 crores per year, will b be the incentive , which we should rec ceive from the government ye ear-on-year, for r 7 years.”

“So, overa all, approximat ely you can sa ay, and I think k recently you u announced a few more benefits fr from the Madhy ya Pradesh gov vernment, so on n an average, y you can say aro ound Rs.40 crores you u can expect fro om these benefi its, right?”

“Aditi Pas ari: Then we do expect, but everything tak kes time, it has been taking tim me, it's not so e easy to get these ince entives from the e government.”

“Bala Mur rli: Yes, and a any guidance on n this revenue a and margins per rspective for FI I '26?”

“Aditi Pas ari: From the grain segment as a whole, w we hope to cont tinue our existi ing revenue.”

Damani

25

Maniyal

18

Ajmera

14

Punyani

5

Ajmera

Thank you u very much, m ma'am. We have e a fiRs.t questi on from the lin ne of Deepak Aj jmera from IGE India a. Please go ahe ead. Yes. So, w what has been th he primary reas son for losses in nto starch? Aditi Pas ari: So, starch h, we are being hit by overcap pacities in the c country. So, you u see, pre-COV VID, China could not, , had stopped ex xporting starch to the other cou untries, which h has just, which gave India a huge op pportunity to ex xpand its capa acities and expo ort to the worl d. Almost 1 la akh tons of starch is b being exported o out of the count try. And just recently, Chin a has again sta arted exporting g starch to the world, which has led to competitio on for the India an starch indust try and un-com mpetitiveness, b because the mai ize price in India is h higher than the rest of the wo orld. So, that's why, because o of uncompetitiv ve pricing, now the e entire productio on of, which w was being initia ally exported, i is being dumpe ed into the domestic m

Ajmera

What is th he course of act tion which we a are taking to im mprove the marg gin? Aditi Pas ari: We are w working on it, and we are al lso looking at how we can g go for more v alue-added products i in this segment. . So, this is in p process, and we are working to owards this segm ment going forward. I It is a problem m point, and we e are aware abo out it. And now w, going forwa ard, we are looking at t seeing how we e can improve. Maybe we e need to do som me kind of valu ue addition in th he current prod duct. So, and als so improve our backw ward cost expe enses. So, we are working o on every level and seeing ho ow we can improve th his going forwa ard. Deepak A

Ajmera

How muc h time it will ta ake to turn profi fitable? 8 P Aditi Pas ari: Well, it's really difficult to say how mu uch time it is, b because we are being hit by ov vercapacity and more of geopolitical l issues here. S o, definitely, w we are seeing, w we are explorin ng different G ulshan Polyol May ls Limited y 22, 2025 ways of h ow we can curb b these losses w which are comin ng in the starch segment. Deepak A

Ajmera

Aditi Pas ari: Can we te emporarily shut t down the curre ent facility to re educe the losse es? Is that an op ption or not ? an option? Well, of c course, the optio on is there, but t right now, we are not making g any statement t regarding shutdown , but we are exp ploring differen nt ways of how to tackle the sit tuation. Got it. An nd what has bee en the primary r reason for Rs.14 40 crore rises in n inventory leve els? Yes, beca ause we have -- - we were sittin ng on a lot of st tock of ethanol l in our NPNS sand plant, which wa s unable to be d dispatched beca ause we were no ot getting the in ndents from OM MCs. There was, you know, these 3, 4 months, O OMCs receive e ethanol from grain as well l as sugar. Therefore e, there is -- they y tend to have o oversupply. So, this i s a problem yo ou will be see ing year-on-ye ear now going forward, that w we will be sitting on inventory in th he end of Marc ch. Because Feb bruary, March, April, these ar re the peak times of s supply co

Ajmera

Got it. So , what is EBITD DA per litre int o rice and EBIT TDA per litre in nto maize right now? Aditi Pas ari: Deepak A

Ajmera

It all depe ends on the av vailability of ric ce and maize a and what price is available. S o, it is not really a ch hoice we make . It depends wh hich month we are getting rice e at what price and maize at what pr rice. So, it is r really governed d by market dy ynamics and de epending on the e availability, w we have to make a ch hoice between which raw mat terial we want to use. The EB BITDA will cha ange every month bec cause our raw m material is dyna amic. It is chang ging every mon nth. It is very se easonal. So, today I am getting R Rs.4 to Rs.5. It d does not mean I I will be getting g Rs.4 to Rs.5 i in an entire year. I cou uld also be gett ting Rs.7 to Rs s.8 or maybe I a am getting RS. .1. So, when I say it is an average fi igure, every mo onth it is differe ent depending o n the price of th he raw material l. With wha at capacity utiliz zation we are th ? here on ethanol? Currently, , we are at abou ut, I mean if I s see the entire E SY tender whic ch we have take en for b