Gulshan Polyols Limited (GPL), a prominent manufacturer of specialty chemicals and ethanol in India, has made a significant regulatory disclosure to both BSE and NSE under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has announced that it has received a fresh allocation for ethanol supply under the Ethanol Blended Petrol Programme (EBPP) for the Ethanol Supply Year (ESY) 2024–25.

As per the regulatory filing made on May 2, 2025, Gulshan Polyols has been allocated a quantity of 20,825 kilolitres (KL) of ethanol by Oil Marketing Companies (OMCs), which include Indian Oil Corporation Limited (IOCL), Bharat Petroleum Corporation Limited (BPCL), Hindustan Petroleum Corporation Limited (HPCL), and Mangalore Refinery and Petrochemicals Limited (MRPL). This allocation forms a part of the ongoing national programme aimed at increasing the ethanol blending ratio in petrol to reduce crude oil imports and carbon emissions.

Details of the Tender and Allocation

The company has received the allocation as part of the OMCs’ tender bearing reference Tender No. 1000423858 and e-Tender No. 187795. These tenders were specifically floated for procurement under ESY 2024–25. The allocated quantity of 20,825 KL is part of the company's total allocated ethanol supply volume of 55,476 KL under the current tender process.

The total order value of this 20,825 KL allocation stands at a substantial ₹121.82 crore, as disclosed by the company in its SEBI filing.

This updated announcement serves as a revision and clarification to the earlier information submitted by Gulshan Polyols on May 1, 2025. The earlier update had outlined the company's participation and potential allocation, which has now been confirmed with actual quantities and financials.

SEBI Circular Compliance

The disclosure adheres to the guidelines laid down by SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123, dated July 13, 2023, which mandates specific disclosures by listed entities in relation to agreements, contracts, and orders entered into in the normal course of business.

The particulars as required under the said SEBI circular and provided in the disclosure include:

• Name of the awarding entities: Indian Oil Corporation, BPCL, HPCL, MRPL

• Significant terms and conditions: Ethanol supply under ESY 2024–25

• Domestic/International: Entirely domestic allocation

• Estimated order value: ₹121.82 crore

• Time period for execution: ESY 2024–25

• Interest of promoters: No conflict of interest reported by promoters or promoter group

• Related party transaction: Not a related party transaction

Implication of the Allocation

This allocation is a major development for Gulshan Polyols, reaffirming its robust position in the ethanol supply chain in India. As the government continues to push for higher ethanol blending targets—intending to achieve 20% blending by 2025—companies like Gulshan Polyols stand to benefit from consistent and high-volume orders from government-backed oil companies.

The Ethanol Blended Petrol Programme (EBPP) has become a central pillar in India’s biofuel strategy. The government’s plan to reduce import dependence on fossil fuels and move towards cleaner, greener alternatives is fuelling aggressive procurement by OMCs.

Gulshan Polyols, which has been a regular and dependable supplier under this initiative, has positioned itself as a key player with an ability to supply large volumes across its multiple manufacturing locations. This order is expected to contribute significantly to the company's revenue stream for FY2025–26.

About Gulshan Polyols Limited

Gulshan Polyols Limited (CIN: L24231UP2000PLC034918), headquartered in Muzaffarnagar, Uttar Pradesh, is engaged in manufacturing and distributing chemicals like sorbitol, liquid glucose, and industrial-grade ethanol. The company has a diversified product portfolio and a pan-India distribution network. Over the years, it has been actively participating in the Government of India’s ethanol blending programme, thereby supporting the nation’s clean energy vision.

Conclusion

This ethanol allocation, though part of a broader supply quantity already won by the company, marks a milestone disclosure as per SEBI's disclosure norms. It reflects Gulshan Polyols’ continuing leadership and operational capability in the ethanol manufacturing domain. The allocation for ESY 2024–25, valued at over ₹121 crore, will strengthen its order book and significantly contribute to top-line growth.

As India continues on its path of sustainable fuel adoption, manufacturers like Gulshan Polyols are expected to play an increasingly critical role in the ethanol economy. Investors and stakeholders will likely view this development as a positive trigger for long-term growth and strategic relevance in the green energy landscape.

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