Gulshan Polyols Limited has received an allocation of 196,886 kilolitres (KL) of ethanol for supply to oil marketing companies (OMCs) during Ethanol Supply Year (ESY) 2026–27. The allocation has an aggregate value of approximately ₹1,304.90 crore, while the company expects sales of associated manufacturing by-products to generate more than ₹300 crore in additional revenue.
In a stock exchange filing dated 12 November 2026, the company said the allocation was made under CRFQ No. 1000466894 (C-1), E-Tender No. 26985. The participating OMCs named in the filing are Bharat Petroleum Corporation Limited (BPCL), Hindustan Petroleum Corporation Limited (HPCL), Indian Oil Corporation Limited (IOCL) and Mangalore Refinery and Petrochemicals Limited (MRPL).
Gulshan Polyols said it anticipates aggregate revenue of more than ₹1,600 crore from the ethanol allocation and associated manufacturing activities. The disclosed allocation value excludes freight and applicable taxes, which will be payable separately.
Gulshan Polyols’ ethanol allocation by feedstock
The company’s filing provides a breakdown of the allocated volume across three feedstock categories: damaged food grains (DFG), SFG and maize.
Maize accounts for the largest share, at 127,386 KL, followed by SFG at 46,401 KL and DFG at 23,099 KL.
| Feedstock | Allocated quantity (KL) | Disclosed value |
|---|---|---|
| Damaged food grains (DFG) | 23,099 | ₹147.83 crore |
| SFG | 46,401 | ₹279.89 crore |
| Maize | 127,386 | ₹877.18 crore |
| Total | 196,886 | ₹1,304.90 crore |
The allocation is distributed across three company units. Gulshan Polyols’ Indus 1 unit has received 6,891 KL, its Assam unit 75,073 KL and its Indus 2 unit 114,922 KL.
The Indus 2 unit accounts for the largest share of the company’s allocated volume, followed by the Assam unit.
By-product sales expected to add more than ₹300 crore
Alongside ethanol sales, Gulshan Polyols expects its manufacturing operations to generate additional revenue through the sale of various by-products.
The company estimates that these sales will contribute more than ₹300 crore. Combined with the ethanol allocation value of approximately ₹1,304.90 crore, this is expected to take aggregate revenue from the allocation and related manufacturing activities above ₹1,600 crore.
The company has not provided a product-wise breakdown of the anticipated by-product revenue in this filing.
OMC procurement and the ESY 2026–27 market
The allocation forms part of the OMC procurement process for ESY 2026–27, which runs from November 2026 to October 2027. The tender covers ethanol supplies from multiple eligible feedstocks as OMCs continue procurement under India’s Ethanol Blended Petrol Programme.
Gulshan Polyols’ allocation is part of the wider Cycle 1 procurement exercise. Bioenergy Business’ analysis of the OMC allocation list identified 19.6886 crore litres for the company, equivalent to 196,886 KL. The company’s latest filing provides the corresponding feedstock-wise and unit-wise details, along with its revenue expectations.
Bioenergy Business Analysis
The disclosure highlights the importance of grain-based feedstocks in the current ethanol procurement cycle. Maize represents approximately 64.7% of Gulshan Polyols’ allocated volume, while DFG and SFG together account for the remaining share.
The allocation also illustrates how ethanol producers are positioning multiple manufacturing locations to serve OMC demand. Gulshan Polyols’ Indus 2 and Assam units together account for approximately 96.5% of the disclosed allocation.
The expected revenue figure should be read as a company projection rather than realised sales. Actual revenue will depend on supply execution, applicable procurement terms and the sale of manufacturing by-products. The filing also states that freight and applicable taxes are additional.
For the industry, the disclosure offers a company-level view of how the ESY 2026–27 allocation translates into feedstock volumes, plant-level distribution and anticipated commercial returns.
Related: company-wise ethanol allocation and listed suppliers
