Gulshan Polyols announces a new order win

The Rs 146.66 Crores Q4 ESY 2025-26 allocation cannot be compared precisely with prior-year ethanol revenue because FY25 ethanol-only revenue is not separately reported in the cited financial data. FY25 consolidated revenue was Rs 514.88 Crores ^[1]. Using that broader company-revenue figure only as a proxy, the allocation equals 28.48%:

`Rs 146.66 Crores ÷ Rs 514.88 Crores × 100 = 28.48%`

The allocation covers 20,740 kilolitres of ethanol ^[2].

For capacity, a 250 KLPD capacity is cited for the Goalpara ethanol plant ^[3]. Assuming this represents the relevant total installed capacity and that Q4 comprises 90 days:

`250 KLPD × 90 days = 22,500 KL`

Accordingly, the allocation would utilize 92.18% of Q4 capacity:

`20,740 KL ÷ 22,500 KL × 100 = 92.18%`

This capacity percentage is conditional: the filing covers supplies in both Assam and Madhya Pradesh ^[2], while the 250 KLPD figure refers specifically to the Goalpara plant ^[3]. Therefore, a definitive percentage against the company’s total installed ethanol capacity requires confirmation of the full company-wide capacity denominator.

The 20,740 KL allocation is materially larger than the only explicitly quantified prior quarterly allocation, but it is not large relative to the company’s full-year ethanol tender history. It is about 7.10x Q3 ESY 2025-26’s 2,923 KL allocation, while representing only 14.58% of the 142,222 KL allocated for the full ESY 2024-25.

On a purely mechanical basis, 20,740 KL is about 58.33% of an equal one-quarter share of the earlier 142,222 KL annual allocation. That is only a rough yardstick: the annual allocation was to be executed across the entire ESY and does not establish that supply was evenly distributed across quarters. More importantly, these figures are allocated quantities, not confirmed delivered volumes, so they should not be treated as a complete quarterly supply-performance series.

The order value also rises faster than volume: Rs 146.66 Crores versus Rs 18.71 Crores for the Q3 allocation, or approximately 7.84x in value versus 7.10x in volume, derived from the two disclosures. This may reflect different contract pricing or supply-location terms, but it is not sufficient to infer a sustained price improvement.

OMC versus private-market exposure

This announcement points to continued OMC-channel reliance, not a shift toward private-market sales:

• The new 20,740 KL allocation is explicitly for supply to OMCs in Assam and Madhya Pradesh ^[2].
• The Q3 ESY 2025-26 allocation also followed an OMC tender under the Ethanol Blended Petrol Programme ^[6].
• The much larger ESY 2024-25 allocation of 142,222 KL was likewise won through an OMC tender ^[7].

The current filing describes an additional OMC allocation, but does not establish that it was a new tender win. Private-market ethanol volumes and the company’s channel mix are not separately quantified in these disclosures. Therefore, the defensible conclusion is that the allocation raises near-term OMC-linked volume, but does not demonstrate a change in the company’s overall reliance on OMC tenders versus private sales.