Analysts/Institutional Investor Meet/Con. Call Updates

Gulshan Polyols Limited CIN: L24231UP2000PLC034918 Corporate Office: G-81, Preet Vihar, Delhi-110092, India Phone : +91 11 49999200 Fax : +91 11 49999202 E-mail : cs@gulshanindia.com Website: www.gulshanindia.com GPL\SEC\40\2026-27 August 12, 2026 BSE Limited National Stock Exchange of India Limited Department of Corporate Service, Listing Department Floor 25, P. J. Towers, Exchange Plaza, Bandra Kurla Complex, Dalal Street, Mumbai Bandra (E), Mumbai Maharashtra- 400 001 Maharashtra-400 051 Scrip Code: 532457 Symbol: GULPOLY Subject: Transcript of Earnings call of the Company held on August 07, 2026 for the Quarter ended June 30, 2026. Dear Sir/Ma’am, Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, (“SEBI Listing Regulations”) read with Schedule III thereof, as amended from time to time, enclosed herewith the Transcript of Earnings call for the quarter ended June 30, 2026 held on August 07, 2026 at 12:00 P.M. by Gulshan Polyols Limited (“the Company”). The said Transcript is also available on the website of the Company: https://www.gulshanindia.com/transcript-of-calls.html This is for your information and record. Thanking you, Yours faithfully For Gulshan Polyols Limited Reetika Pant Company Secretary Encl.: As below “Gulshan Polyols Limited Q1 FY 26-27 Earnings Conference Call” August 07, 2026 MANAGEMENT: MS. ADITI PASARI – JOINT MANAGING DIRECTOR – GULSHAN POLYOLS LIMITED MR. RAJIV GUPTA – CHIEF FINANCIAL OFFICER – GULSHAN POLYOLS LIMITED MS. REETIKA PANT – COMPANY SECRETARY – GULSHAN POLYOLS LIMITED MODERATOR: MR. NITIN AWASTHI – INCRED EQUITIES MR. RUTUL SHAH – ATLAS CAPITAL, INVESTOR RELATIONS CONSULTANT Moderator: Ladies and gentlemen, good day and welcome to the Gulshan Polyols Limited Q1 FY27 Earnings Conference Call, hosted by InCred Equities. Before we begin the conference, a brief disclaimer: This conference call may contain forward-looking statements about the company which are based on beliefs, opinions, and expectations of the company as on the date of this call. These statements are not the guarantees of future performance and may involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions at the end of today's presentation. Should you need assistance during the conference call, please signal an operator by pressing '*' then '0' on your touchtone phone. Please note that this conference is being recorded. I would now like to hand the conference over to Mr. Nitin Awasthi from InCred Equities. Thank you, and over to you, sir. Nitin Awasthi: Thank you. Firstly, I would like to thank the management for giving us this opportunity to host their conference call today. From Gulshan Polyols' management team, we have their Joint Managing Director, Aditi Pasari ma'am, their CFO, Mr. Rajiv Gupta, their CS, Reetika Pant ma'am. I would now like to invite Aditi ma'am over to initiate the proceedings with her opening remarks. Thank you, and over to you, ma'am. Aditi Pasari: Good afternoon, everyone, and thank you for joining us today. Joining me on the call are our CFO, Mr. Rajiv Gupta, our Company Secretary, Ms. Reetika Pant, and Mr. Rutul Shah from Ardent Capital, our Investor Relations consultant. I hope all of you have had the opportunity to review our Q1 FY27 financial results and an investor presentation. The first quarter of FY27 marks a strong start to the year. More importantly, it reinforces the transition we have been discussing over the last few quarters, from investment-led phase to one focused on execution, optimization, and cash generation. Over the last several years, we have invested significantly in building one of India's largest grain-based ethanol platforms, while continuing to strengthen our grain processing and mineral chemical businesses. Today, those investments are translating into stronger operating performance, improved earning quality, and healthier cash generation. Accordingly, our priorities for FY27 are clear: maximizing asset utilization, improving operational efficiencies, strengthening our balance sheet, and generating higher free cash flow. Let me begin with our ethanol business. The ethanol business continues to perform in line with our expectations and remains a primary growth engine for the company. Our installed capacity now stands at approximately 26 crore liters per annum, placing us among the leading grain-based ethanol producers in the country. Our current order book stands at approximately 19 crores liters, and we remain confident of securing additional allocations in subsequent government tenders, consistent with the government's continuous focus on increasing ethanol blending across the country. One of the most encouraging developments has been the government's sustained commitment to the ethanol ecosystem. India has already achieved the E20 blending milestone ahead of schedule, and the industry is now preparing for higher blending levels over the coming years. We continue to believe this creates a structurally favorable demand environment for efficient, integrated ethanol producers such as Gulshan Polyols. From an operational perspective, feedstock availability remains favorable. The continued availability of FCI rice at attractive prices is supporting the industry, while domestic maize production continues to increase steadily, enhancing long-term raw material security. This gives us confidence that feedstock availability will remain supportive over the medium term. Like any commodity-linked business, quarterly margins may fluctuate depending on raw material prices. We saw some temporary pressure on margins during the second quarter, owing to higher grain prices. However, through disciplined procurement, operational efficiencies, and higher capacity utilization, we remain confident of delivering our full year EBITDA guidance. Moving to our grain processing business. As we highlighted previously, we believe the worst of the industry downcycle is behind us. The correction in maize prices has improved export competitiveness, while domestic realization for products such as starch and derivatives have also started improving. Compared to the same period last year, market conditions have improved meaningfully, and we are beginning to see the benefits reflected in our operating performance. Operationally, our R&D initiative at the Muzaffarnagar plant continues to reduce energy costs and improve competitiveness. While we do not expect this business to deliver sharp growth immediately, but we do believe that profitability should improve steadily as industry conditions normalize. Coming to our mineral chemical business. This continues to be a stable and consistently performing business built over nearly four decades. While we do not anticipate significant capacity expansion in this segment, it continues to generate healthy margins, stable cash flows, and long-term standing customer relationships, making it an important contributor to the resilience of our overall portfolio. I would also like to add that our on-site plant at Trident should also be operational by the end of this financial year. That will definitely generate some additional revenue. Our capacity allocation philosophy also remains unchanged. The majority of our recent capital expenditure is now behind us, and FY27 is focused on maximizing returns from these investments. Accordingly, our priorities remain improving capacity utilization, reducing working capital intensity, strengthening cash flows, and maintaining a prudent leverage profile. At the same time, we continue to evaluate our next phase of growth. As we have shared earlier, beginning in FY28, we intend to expand into specialty and import-substitute chemicals. Our objective is to build businesses with strong entry barriers, lower cyclicality, and higher value addition. The products are currently under e [Showing first 8,000 characters — download PDF for full document]