Gulshan Polyols Lt

Name

Gulshan Polyols Lt

Legal name

Gulshan Polyols Limited

Website

https://gulshanindia.com

Company type

Public

Founded year

2000

Operating status

Operating

Headcount range

251–500 employees

Ownership category

akta.pro rank

Product category

Specialty Chemicals Manufacturing

NAICS

Ethyl Alcohol Manufacturing (325193), Wet Corn Milling and Starch Manufacturing (311221), Starch and Vegetable Fats and Oils Manufacturing (31122)

SIC

Industrial Organic Chemicals (2860), Miscellaneous Chemical Products (2890)

akta.pro primary industry

Biofuel Co-products & Byproduct Processing (DDGS, Glycerin, CO2, Lignin) (EUAAAHAJ)

akta.pro secondary industry

Biochemicals & Bio-based Platform Chemicals (cellulose sugars, lignin derivatives, organic acids) (IMAMALAB)

Keywords

• Specialty chemicals manufacturing
• Ethanol bio-fuel production
• Calcium carbonate processing
• Starch derivatives supply
• Animal nutrition ingredients

Headquarters

HQ city

Muzaffarnagar

HQ country

India

HQ region

Asia

Offices11 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Technology or R&D, Personnel, Infrastructure, Marketing or Sales

Revenue model

1. Ethanol / Bio-fuel and Distillery: Production and supply of ethanol (bio-fuel) to Oil Marketing Companies (BPCL, IOCL, HPCL, MRPL) under the Government of India's Ethanol Blending Push Programme (EBPP). Also produces Extra Neutral Alcohol (ENA) and country liquor for government supply contracts. This is the largest revenue segment, contributing approximately 71% of total revenue.
2. Grain Processing: Processing of corn and rice to produce starch and starch derivatives including sorbitol 70% solution, dextrose monohydrate, maltodextrin powder, liquid glucose, brown rice syrup, rice syrup solid, native starch, DDGS, corn gluten feed, corn germ, enriched fiber, rice gluten, and corn steep liquor. Contributes approximately 22% of total revenue.
3. Mineral Processing: Mining and processing of limestone to produce calcium carbonate products including Ground Natural Calcium Carbonate (GNCC), Calcium Carbonate Pigment Grade (CCPG), Wet Ground Calcium Carbonate (WGCC), and Precipitated Calcium Carbonate (PCC). Contributes approximately 6% of total revenue.

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

Gulshan Polyols manufactures specialty chemicals across three segments: ethanol/bio-fuel supplied to oil marketing companies under India's Ethanol Blending Push Programme, starch derivatives (sorbitol, dextrose monohydrate, maltodextrin, liquid glucose, native starch) from corn and rice processing for food/pharma industries, and calcium carbonate products (PCC, WGCC, GNCC, GCC) for paper, polymer, and coatings manufacturers. The company also installs on-site/satellite PCC plants at customer paper mill facilities.

Product overview

Gulshan Polyols Ltd operates as a specialty chemicals manufacturer with a diversified portfolio spanning three main segments: Ethanol/Bio-fuel, Grain Processing, and Mineral Processing. The Ethanol/Bio-fuel segment supplies ethanol to oil marketing companies (BPCL, IOCL, HPCL, MRPL) under India's Ethanol Blending Push Programme, along with Extra Neutral Alcohol and country liquor. The Grain Processing division produces starch derivatives including Sorbitol 70% Solution, Dextrose Monohydrate, Malto Dextrin Powder, Liquid Glucose, Brown Rice Syrup, Rice Syrup Solid, Native Starch Powder, and Organic Sweeteners, alongside animal nutrition products (DDGS, Corn Gluten Feed, Corn Germ, Corn Steep Liquor). The Mineral Processing division manufactures various grades of Calcium Carbonate (WGCC, GNCC, GCC) for paper, plastics, paints and coatings industries, and provides onsite/satellite PCC plant services. The company operates nine manufacturing facilities across India including Muzaffarnagar (UP), Dhaula Kuan (HP), Abu Road (Rajasthan), Borgaon (MP), Goalpara (Assam), and Jhagadia (Gujarat), plus four onsite PCC plants serving paper mills.

Differentiator

Problem solved

Functional benefit

Products and services

• Ethanol/Bio-fuel Grain-based ethanol supplied to Oil Marketing Companies (BPCL, IOCL, HPCL, MRPL) under the Government of India's Ethanol Blending Push Programme for fuel blending applications.
• Sorbitol 70% Solution Sugar alcohol used as a humectant and sweetener in food, pharmaceutical, and personal care applications, produced from corn wet milling at the Gujarat facility.
• Dextrose Monohydrate (DMH) Form of glucose used in food, pharmaceutical, and industrial applications, produced through corn processing.
• Malto Dextrin Powder (MDP) Easily digestible carbohydrate used as a thickener, filler, or carrier in food applications, produced from corn starch.
• Liquid Glucose Syrup form of glucose used in confectionery, baking, brewing, and pharmaceutical applications.
• Native Starch Powder Starch derived from corn/maize for paper, textile, and food industries.
• Calcium Carbonate (WGCC, GNCC, GCC) Precipitated and ground calcium carbonate products including Wet Ground Calcium Carbonate (WGCC), Ground Natural Calcium Carbonate (GNCC), and Ground Calcium Carbonate (GCC) in coated and uncoated grades for paper, plastics, paints, and coatings industries.
• Onsite/Satellite PCC Plant On-site Precipitated Calcium Carbonate plants installed at customer paper mill facilities for captive consumption, including sites at ITC Hooghly, Orient Paper Mills, and Silvertone.
• Country Liquor Government-allocated country liquor supplied to state governments including Madhya Pradesh for fiscal year 2026-27.
• Extra Neutral Alcohol (ENA) High-purity alcohol for industrial and beverage applications, produced from grain-based fermentation processes.
• Corn/Maize Gluten Feed Animal feed product derived from corn processing for livestock nutrition.
• DDGS (Distillers Dried Grains with Solubles) Animal feed supplement produced as a byproduct of ethanol production.
• Brown Rice Syrup Natural sweetener derived from brown rice for food applications.
• Rice Syrup Solid Dried rice syrup used as a sweetener and binding agent in food products.
• Corn Germ Germ extracted from corn processing, used in animal feed applications.
• Corn Steep Liquor Byproduct of corn wet milling used in animal feed and fermentation applications.
• Organic Sweetener Organic-certified sweetener products for food and beverage applications.

Quantifiable outcome

• Net profit surged 434.76% in Q4 FY2025-26 to Rs 37.54 crore vs Rs 7.02 crore in the same period the previous year
• +3 more outcomes

Named customers10 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered minor and core.

• Gulshan Polyols identified in High Fiber Feed Market ReportminorOthers · 29 January 2026Gulshan Polyols Ltd was identified as a key industry player in the Global High Fiber Feed Market alongside companies including Cargill, ADM, Bunge Limited, Wilmar International, Nutreco, and others. The Asia Pacific region held dominant market share at 38.7% in this market.
• BPCL (Bharat Petroleum Corporation Ltd)coreChannel Partner/ Reseller/ Distributor · 21 October 2025BPCL is one of the Oil Marketing Companies to which Gulshan Polyols supplies ethanol under the Government of India's Ethanol Blending Push Programme (EBPP). In ESY 2025-26, the company was awarded a contract to supply ethanol to BPCL and other OMCs totaling 175,652 kiloliters, valued at approximately Rs 1,184.86 crore.
• IOCL (Indian Oil Corporation Ltd)coreChannel Partner/ Reseller/ Distributor · 21 October 2025IOCL is a major Oil Marketing Company receiving ethanol supplies from Gulshan Polyols under the EBPP. The company participates in OMC tender allocations coordinated by major oil companies on behalf of all PSU OMCs for ethanol supply.
• HPCL (Hindustan Petroleum Corporation Ltd)coreChannel Partner/ Reseller/ Distributor · 21 October 2025HPCL is an Oil Marketing Company receiving ethanol supplies from Gulshan Polyols under government-mandated ethanol blending allocations.
• MRPL (Mangalore Refinery & Petrochemicals Ltd)minorChannel Partner/ Reseller/ Distributor · 21 October 2025MRPL, a subsidiary of ONGC and a PSU refiner/marketer, is included in the OMC ethanol supply allocation awarded to Gulshan Polyols for ESY 2025-26.

Scale indicators11 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Shree Renuka Sugars: Large Indian sugar and ethanol producer with significant OMC ethanol supply volumes. Comparable ethanol capacity expansion story and competes with Gulshan for tendered ethanol off-take.
• Dalmia Bharat Sugar & Industries: Integrated sugar and ethanol manufacturer supplying OMCs under India's ethanol blending programme. Competes with Gulshan for government ethanol allocations and shares the same regulatory demand driver.
• Balrampur Chini Mills: One of India's largest sugar-to-ethanol integrated producers, supplying ethanol to OMCs under the same EBPP programme as Gulshan. Operates comparable distillery capacity and starch/sugar by-product streams, making it a direct competitor for OMC ethanol off-take.
• Triveni Engineering & Industries: Sugar, ethanol and cogeneration producer with significant OMC ethanol supply contracts. Direct competitor in grain/molasses-based ethanol bidding and shares EBPP demand exposure with Gulshan.
• EID Parry (India): Murugappa Group's sugar-to-ethanol and specialty chemicals arm. Competes for OMC ethanol tenders and operates similar distillery infrastructure, providing a like-for-like comparison for Indian ethanol producers.
• BCL Industries: Indian grain-based ethanol and malt manufacturer with comparable product portfolio across ethanol, DDGS, and malt extracts. Closest Indian peer in grain-based (rather than molasses-based) ethanol and specialty ingredients.

Emerging players

• Som Distilleries & Breweries: Indian alcoholic beverages manufacturer using grain/ENA. Overlaps with Gulshan's country liquor and ENA segment and is a competitor for state liquor allocations and IMFL volumes.

Broad incumbents

• Roquette Frères: Global leader in starch, polyols (sorbitol), and bio-based ingredients. Direct competitor to Gulshan's grain processing division in sorbitol, dextrose and maltodextrin, particularly in India and export markets.
• Ingredion Incorporated: Global ingredient solutions company producing starch, sweeteners and biomaterials. Overlaps with Gulshan's sorbitol, dextrose, maltodextrin and rice syrup products, and competes for international food/pharma customers.
• Cargill: Diversified global agribusiness with significant starch, sweetener and ethanol operations. Identified alongside Gulshan in the High Fiber Feed Market Report and competes across corn-derived specialty ingredients.

Market position

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@gulshanpolyolsofficial
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Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Gulshan Polyols Lt