General information about company
Scrip code*		532457
NSE Symbol*		GULPOLY
MSEI Symbol*		NOTLISTED
ISIN*		INE255D01024
Name of company		GULSHAN POLYOLS LIMITED
Type of company		Main Board
Class of security		Equity
Date of start of financial year		01-04-2025
Date of end of financial year		31-03-2026
Date of board meeting when results were approved		10-02-2026
Date on which prior intimation of the meeting for considering financial results was informed to the exchange		05-02-2026
Description of presentation currency		INR
Level of rounding		Lakhs
Reporting Type		Quarterly
Reporting Quarter		Third quarter
Nature of report standalone or consolidated		Standalone
Whether results are audited or unaudited for the quarter ended		Unaudited
Whether results are audited or unaudited for the Year to date for current period ended/year ended		Unaudited
Segment Reporting		Multi segment
Description of single segment
Start date and time of board meeting		10-02-2026 15:30
End date and time of board meeting		10-02-2026 16:30
Whether cash flow statement is applicable on company
Type of cash flow statement
Declaration of unmodified opinion or statement on impact of audit qualification		Not applicable
Whether statement on deviation or variation for proceeds of public issue, rights issue, preferential issue, qualified institutions placement etc. is applicable to the company for the current quarter?		No
No. of times funds raised during the quarter
Whether the disclosure for the Default on Loans and Debt Securities is applicable to the entity?	No	The Company has not made any default on Loan and Debt Securities.

Financial Results – Ind-AS
Particulars		3 months/ 6 months ended (dd-mm-yyyy)	Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period		01-10-2025	01-04-2025
Date of end of reporting period		31-12-2025	31-12-2025
Whether results are audited or unaudited		Unaudited	Unaudited
Nature of report standalone or consolidated		Standalone	Standalone
Part I	Blue color marked fields are non-mandatory. For Consolidated Results, if the company has no figures for 3 months / 6 months ended, in such case zero shall be inserted in the said column.
1	Income
	Revenue from operations	62665.18	176160.34
	Other income	44.24	265.96
	Total income	62709.42	176426.3
2	Expenses
(a)	Cost of materials consumed	41006.82	114678.94
(b)	Purchases of stock-in-trade	216.65	749.38
(c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	-828.39	3762.28
(d)	Employee benefit expense	1147.96	3360.12
(e)	Finance costs	1612.03	3235.79
(f)	Depreciation, depletion and amortisation expense	1188.95	3384.39
(g)	Other Expenses
1	Other Expenses	12608.64	37250.19
	Total other expenses	12608.64	37250.19
	Total expenses	56952.66	166421.09
3	Total profit before exceptional items and tax	5756.76	10005.21
4	Exceptional items	0	-23.48
5	Total profit before tax	5756.76	9981.73
6	Tax expense
7	Current tax	1191.64	1191.64
8	Deferred tax	474.68	1829.42
9	Total tax expenses	1666.32	3021.06
10	Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement	0	0
11	Net Profit Loss for the period from continuing operations	4090.44	6960.67
12	Profit (loss) from discontinued operations before tax	0	0
13	Tax expense of discontinued operations	0	0
14	Net profit (loss) from discontinued operation after tax	0	0
15	Share of profit (loss) of associates and joint ventures accounted for using equity method	0	0
16	Total profit (loss) for period	4090.44	6960.67
17	Other comprehensive income net of taxes	-6.33	11.6
18	Total Comprehensive Income for the period	4084.11	6972.27
19	Total profit or loss, attributable to
	Profit or loss, attributable to owners of parent
	Total profit or loss, attributable to non-controlling interests
20	Total Comprehensive income for the period attributable to
	Comprehensive income for the period attributable to owners of parent
	Total comprehensive income for the period attributable to owners of parent non-controlling interests
21	Details of equity share capital
	Paid-up equity share capital	623.71	623.71
	Face value of equity share capital	1	1
22	Reserves excluding revaluation reserve
23	Earnings per share
i	Earnings per equity share for continuing operations
	Basic earnings (loss) per share from continuing operations	6.56	11.16
	Diluted earnings (loss) per share from continuing operations	6.56	11.16
ii	Earnings per equity share for discontinued operations
	Basic earnings (loss) per share from discontinued operations	0	0
	Diluted earnings (loss) per share from discontinued operations	0	0
iii	Earnings per equity share (for continuing and discontinued operations)
	Basic earnings (loss) per share from continuing and discontinued operations	6.56	11.16
	Diluted earnings (loss) per share from continuing and discontinued operations	6.56	11.16
24	Debt equity ratio			Textual Information( 1)
25	Debt service coverage ratio			Textual Information( 2)
26	Interest service coverage ratio			Textual Information( 3)
27	Disclosure of notes on financial results	Textual Information(4)

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Textual Information(4)

1.The above Unaudited Financial Results for the quarter and nine months ended December 31, 2025 have been reviewed and recommended by the Audit Committee and approved by the Board of Directors at its meetings held on February 10, 2026. These results have been subjected to Limited review by the Statutory Auditors as required under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and they have expressed an unmodified opinion on the aforesaid results.

2.The above Unaudited Financial Results has been prepared in accordance with Indian Accounting Standards ("IND AS") prescribed under Section 133 of the Companies Act, 2013 read together with the Companies (Indian Accounting Standards) Rules, 2015 (as amended) and other recognized accounting practices and policies to the extent applicable.

3.Pursuant to the dissolution of foreign subsidiary, Gulshan Overseas – FZCO, Dubai, UAE, the Company ceased to have control over the subsidiary and, accordingly, consolidation has been discontinued. Consequently, the Company has not prepared consolidated financial statements for the quarter and nine months ended 31 December 2025.

4.The Company has changed its accounting treatment for recognizing the Government Grant in form of “Interest Subvention scheme (ISS) on Term Loans for setting up of its Ethanol plants” to make it uniform and comparative with accounting treatment of other eligible Grants.Consequently, subsidy of Rs. 536.90 Lakh for the period 01 April, 2025 to 30 September, 2025 has been reversed resulting into decline in profit by the said amount for the quarter and nine months ended 31 December, 2025.

5.On 21 November 2025, the Government of India notified the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020 (collectively, the “Labour Codes”), consolidate twenty-nine existing labour laws into a unified framework.Based on the management's assessment, the Company has estimated the financial implications including materiality thereof and has made additional provision of Rs 25 Lakh towards gratuity liability. It has been disclosed under "Employee Benefit Expenses" in the financial results for the quarter and nine months ended 31 December, 2025.

6.Figures for the previous period have been regrouped/rearranged wherever necessary to make them comparable with current figure.

7.The above Unaudited Financial Results of Gulshan Polyols Limited for the above mentioned period are available on our website, www.gulshanindia.com and on the Stock Exchange Website i.e. www.nseindia.com and www.bseindia.com.

Format for Reporting Segmenet wise Revenue, Results and Capital Employed along with the company results
Particulars		3 months/ 6 month ended (dd-mm-yyyy)	Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period		01-10-2025	01-04-2025
Date of end of reporting period		31-12-2025	31-12-2025
Whether results are audited or unaudited		Unaudited	Unaudited
Nature of report standalone or consolidated		Standalone	Standalone
1	Segment Revenue (Income)
	(net sale/income from each segment should be disclosed)
1	Ethanol(Bio-Fuel)/Distillery	45666.29	124632.89
2	Grain Processing	14671.03	44738.56
3	Mineral Processing	2327.86	6788.89
4	Unallocated	0	0
	Total Segment Revenue	62665.18	176160.34
	Less: Inter segment revenue	0	0
	Revenue from operations	62665.18	176160.34
2	Segment Result
	Profit (+) / Loss (-) before tax and interest from each segment
1	Ethanol(Bio-Fuel)/Distillery	7128.66	12479.27
2	Grain Processing	-189.16	-688.67
3	Mineral Processing	442.52	1315.4
4	Unallocated	-13.23	135
	Total Profit before tax	7368.79	13241
	i. Finance cost	1612.03	3235.79
	ii. Other Unallocable Expenditure net off Unallocable income	0	23.48
	Profit before tax	5756.76	9981.73
3	(Segment Asset - Segment Liabilities)
	Segment Asset
1	Ethanol(Bio-Fuel)/Distillery	85726.31	85726.31
2	Grain Processing	38296.42	38296.42
3	Mineral Processing	7084.45	7084.45
4	Unallocated	4162	4162
	Total Segment Asset	135269.18	135269.18
	Un-allocable Assets	0	0
	Net Segment Asset	135269.18	135269.18
4	Segment Liabilities
	Segment Liabilities
1	Ethanol(Bio-Fuel)/Distillery	40725.31	40725.31
2	Grain Processing	18476.33	18476.33
3	Mineral Processing	1391.39	1391.39
4	Unallocated	6554.14	6554.14
	Total Segment Liabilities	67147.17	67147.17
	Un-allocable Liabilities	0	0
	Net Segment Liabilities	67147.17	67147.17
	Disclosure of notes on segments

Other Comprehensive Income
Date of start of reporting period		01-10-2025	01-04-2025
Date of end of reporting period		31-12-2025	31-12-2025
Whether results are audited or unaudited		Unaudited	Unaudited
Nature of report standalone or consolidated		Standalone	Standalone
	Other comprehensive income [Abstract]
1	Amount of items that will not be reclassified to profit and loss
1	Gain/(Loss) on equity instruments	-6.28	16.85
2	Gain/(Loss) of defined benefit obligation	-1.27	-3.80
	Total Amount of items that will not be reclassified to profit and loss	-7.55	13.05
2	Income tax relating to items that will not be reclassified to profit or loss	-1.22	1.45
3	Amount of items that will be reclassified to profit and loss
	Total Amount of items that will be reclassified to profit and loss
4	Income tax relating to items that will be reclassified to profit or loss	0.00	0.00
5	Total Other comprehensive income	-6.33	11.60

General information about company

Financial Results – Ind-AS

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Format for Reporting Segmenet wise Revenue, Results and Capital Employed along with the company results

Other Comprehensive Income