Gulshan Polyols Limited (GPL) was incorporated in 1981 as Gulshan Sugars & Chemicals Limited and is based in Delhi, India. The company has established itself as a prominent player in the specialty chemicals sector with over four decades of operational experience. It is one of the largest manufacturers of Precipitated Calcium Carbonate and Sorbitol in India.
Gulshan Polyols Ltd is India's leading manufacturer of Ethanol/Bio-fuel, Grain and Mineral based specialty products. The company is a multi-location and multi-product manufacturing company with a global presence in 42 countries across 3 continents, demonstrating its extensive international reach and market penetration.
The company's business portfolio broadly spans across three main segments: grain processing, bio-fuel/distillery, and mineral processing operations. These segments allow it to produce specialty products such as starch and starch derivatives including sorbitol, calcium carbonate, ethanol (bio-fuel), country liquor, and agro-based animal feed. The majority of its revenue is earned through the grain processing segment, while the company maintains strong positions across all three operational divisions.
The mineral processing division focuses on calcium carbonate production, where the company pioneered the concept of an on-site PCC manufacturing plant for the Value-Added Paper (VAP) industry. Starting with an initial capacity of 2100 MTPA at Muzaffarnagar, U.P., the company has undertaken regular expansions in the Calcium Carbonate segment, raising its capacity to 1,05,000 MTPA.
In the grain processing segment, Gulshan Polyols is one of the largest manufacturers of Sorbitol (D-Glucitol) with a capacity of 72,000 MTPA in India. The company is also the largest exporter of Sorbitol from India, with a presence in 16 countries across Asia, Africa, and Australia.
The ethanol and distillery operations have gained significant momentum, with the company commencing commercial operations of a 250 KLPD capacity grain-based ethanol plant at Goalpara, Assam. This expansion aligns with India's growing biofuel initiatives and sustainable energy goals.
Gulshan Polyols offers a diverse range of products including:
- Starch Sugar Products: Sorbitol 70% solution, dextrose monohydrate, malto dextrine powder, liquid glucose, rice fructose syrups, brown rice syrups, and rice syrup solids.
- Starches: Native and maize starches.
- Animal Nutrition Products: Dried distillers grain solids, corn/maize gluten feed, corn germ, cattle feed/enriched fiber, rice protein/gluten, and corn steep liquor products.
- Calcium Carbonate Products: Activated, precipitated, and ground calcium carbonate.
- Alcoholic Beverages & Ethanol: Grain-based extra neutral alcohol, ethanol from damaged food grain, country liquor, and sanitizers, as well as alcoholic beverages under the Tiger Gold and Golden Deer brands.
The company serves a wide array of industries, including pharmaceutical, personal care, footwear, tire, rubber and plastic, paint, alcohol, ethanol, paper, agrochemical, and food and agro industries.
GPL enjoys a respected customer base including some of the world's leading brands such as Colgate-Palmolive, Hindustan Unilever, Asian Paints, Wipro, Cipla, and Ranbaxy. The company has been recognized in the Limca Book of Records 2010 for pioneering the first on-site PCC plant in India. It is an ISO 9001:2008 certified company, and its Sorbitol product is HACCP, Halal, and OU certified.
Gulshan Polyols Ltd has a market capitalization of ₹1,022 crore as of March 2025. Recent financial performance shows mixed results with strong revenue growth but variable profitability across quarters.
- Market Capitalization: ₹1,022 crore (as of March 2025)
- Promoter Holding: 66.71% (as of Dec 2024)
- Q4 FY25 (December 2024): Net profit of ₹6.78 crore on total income of ₹610.50 crore. Revenue growth of 47% to ₹2020 Cr, EBITDA up 64%.
- Annual FY25: Net profit of ₹6.75 crore on total income of ₹610.50 crore. Annual revenue growth of 46% with a pre-tax margin of 2%.
- Q3 FY25 (September 2024): Net profit declined 42.41% to ₹1.29 crore on sales of ₹440.47 crore.
- Q2 FY25 (June 2024): Net profit rose 121.18% to ₹9.71 crore on sales of ₹454.56 crore.
Promoter holding in Gulshan Polyols Ltd has remained stable, decreasing marginally to 66.71% as of December 2024 from 66.72% as of March 2024, indicating consistent promoter confidence.
The company has been actively expanding its ethanol capacity and operations. It received approval to supply ethanol worth over ₹993.94 crore to various oil marketing companies (OMCs) including BPCL, IOCL, and HPCL, demonstrating strong demand for its ethanol products in the energy sector.
GPL has accelerated its expansion plan in both existing and new geographies, emphasizing growth potential in the Indian bio-ethanol space. Its theme, "Expanding Potential," underpins its focus strategies and demonstrates a commitment to a sustainable future.
The company's diversified portfolio across grain processing, mineral processing, and ethanol production positions it well to capitalize on India's growing demand for specialty chemicals and sustainable energy solutions. With established market leadership in key products and expanding ethanol operations, Gulshan Polyols continues to strengthen its position in the specialty chemicals sector while contributing to India's renewable energy initiatives.
