Gulshan Polyols Ltd (NSE: GULPOLY) Q3 2026 Earnings Call dated Feb. 12, 2026
Corporate Participants:
Aditi Pasari — Joint Managing Director
Rajiv Gupta — Chief Financial Officer
Analysts:
Unidentified Participant
Viral Jain — Analyst
Pratik Singhania — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to Q3FY26 earnings conference call hosted by Gulshan Polyolge Limited. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing Star then zero on your touch tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Viral Jain from Share India Securities. Thank you and over to you Mr. Jain.
Viral Jain — Analyst
Thank you and good afternoon everyone. Congratulation on a very good set of numbers. On behalf of Share India Securities, I welcome you all to Q3FY26 earnings conference call of Gulshan Polyols. We are pleased to have with us the management team represented by Joint Managing Director Aditi Pasari, CFO Rajiv Gupta and Compliance Officer Preeti Singhal. We’ll have the opening remarks from the management followed by the question and answer session. Thank you and over to you Ma’. Am.
Aditi Pasari — Joint Managing Director
Good afternoon everyone and thank you for joining us for the Q3FY26 earnings conference call of Gulchen Polyols Limited. With me today is Mr. Rajiv Gupta, our Chief Financial Officer and our Compliance Officer Ms. Preeti Singhal. I trust you have had the opportunity to review our financial results and investor presentation. Gulchen Polyols is a multi product, multi location company with operations spanning ethanol, grain based specialty products such as sorbitol, starch and fructose and mineral based chemicals including calcium carbonate and various grades of calcium carbonate. We operate nine manufacturing facilities across Madhya Pradesh, Gujarat, Uttar Pradesh, Assam, Dholakuma, Abu Road and few more on site facilities across India.
Before I begin my remarks, I am pleased to share that we have delivered earnings in line with our guidance for Q3. Our consolidated EBITDA margins were at 13.7% and for the nine month period it was 9.4% consistent with our stated guidance range of 9 to 10%. Margin expansion during the quarter was primarily driven by the softening of raw material prices which had a positive impact. A key contributing factor was the government’s mandate requiring etchment producers to procure 40% of their rice requirements from SCI at a fixed price. This policy has softened open market prices for our key raw material maize and broken rice by improving overall grain availability and liquidity in the system.
As a result, this improvement in input cost dynamics has translated into stronger operating leverage and enhanced profitability for the quarter. Looking ahead, we remain confident in our ability to sustain these margins with A guided range supported by stable policy conditions and disciplined execution starting with the operating environment. A key policy development during ESY 2526 has been the government’s mandate requiring 40% usage of FCRI for ethanol production. This has materially eased pressure on alternate feedstocks such as broken rice and maize, improving overall grain liquidity and enhancing the overall raw material availability in the country. As a result, the ethanol segment has been meaningful margin improvement even before factoring in state incentives.
While availability has remained adequate, raw material price volatility continues to necessitate the calibrated procurement and inventory planning. Additionally, as stated incentives begin to flow through the pll. We expect further improvement in bottom line performance. Domestic consumption across end use industries remained stable during the quarter. In response, we continued with our staggered and risk management procurement strategy, reducing exposure to peak pricing cycles and improving cost visibility from input. From an industry standpoint, 20% ethanol blending represents the first major milestone to assess industry readiness, feedstock availability and capacity scalability. India’s ETHNAR program continues to deliver structural benefits by reducing crude oil imports, saving foreign exchange and supporting farmers and rural development.
Overall, the medium to long term, we see India’s roadmap moving closer to global benchmarks such as this deal in blending petroleum with ethanol. While 20% is the current milestone, higher blending levels are achievable over time and we positively expect this blending ratio to go up in the near future. Turning to segment performance, we delivered our strongest results to date in the ethanol business. Growth during the quarter was driven by successful capacity ramp up at our plants in Madhya Pradesh and Assam. Ethanol continues to be the primary growth engine for the company. We currently have orders of approximately 1200 crores translating into about 17 crore litre for ESY 25 and 26.
Our total ethno production capacity stands at 26 crore litre per annum. We expect these allocations to increase further in the upcoming tender cycles of C2, C3, C4. Over this year, the grain processing segment continues to face headwinds due to industry wide overcapacity in starch. As a result, starch prices remain under pressure. However, starch now represents a relatively small portion of our revenue mix. As highlighted earlier, we have rationalized loss making starch volumes by maintaining profitability in sorbitol and fructose. We expect a gradual recovery as industry conditions normalize. The mineral chemicals segment delivered steady performance in line with expectations supported by steady demand, long standing customer relationships and consistent operational execution.
This business continues to provide margin resilience and predictable cash flows before moving to the outlook. I would like to highlight that the company has received a Total amount of 21.8 crore from NPIDC towards state incentives and industry promotion incentives related to our Madhya Pradesh operations. This receipt strengthens our cash flows and reflects continued policy level support for ethanol and agri processing investments. I would also like to clarify that the PLI related incentives has been factored in into our reported EBITDA margins for this quarter. Looking ahead, we remain constructively optimistic and expect to achieve full utilization of our distillery capacity in FY26 and 27.
This outlook is supported by improving industry demand and a gradual normalization across end markets which should enable higher utilization and operating leverage across segments. The mineral chemical business is expected to continue operating at steady capacity delivering predictable cash flows and consistent margins. For FY26 we remain on track to deliver a top line of about 2,300 crores driven entirely by optimization and high utilization of existing capacities. With no incremental CAPEX planned, EBITDA margins are expected to be in the 9 to 10% range at the consolidated level with the ethanol segment delivering 10 to 11% operational margins.
Looking ahead to FY27 we aspire to achieve 2,600 to 2,800 crore in revenue assuming 80 to 90% utilization across all divisions. We are close to monitoring whether the 3,000 crore milestone can be achieved without additional capital expenditure led by continued ethanol ramp up and operational efficiencies. Overall, our strategic priorities remain firmly centered on disciplined capital allocation, operating efficiency and long term value creation. With that I now hand over to Mr. Ajeev Gupta to take you through the financial performance.
Rajiv Gupta — Chief Financial Officer
Thank you Aditi Ji and good afternoon to everybody. As already Aditi has said that there is an improved mark improved performance the company has given for the quarter three. There is a strong operational financial performance reflecting both earning recovery and improving business mix. Revenue for the quarter stood at 626.7 crore primarily driven by ramp up in the ethanol segment. This growth was partially offset by continued headwinds in the grain processing segment while our mineral chemical segment remains stable. Our EBITDA margin also increased by 211% YoY to 85.6 crore supported by softening input prices. Importantly, this improvement came despite the underperformance in grain processing business segment of the company.
Ebitda margins expanded by 920 basis point yoy which comes to 13.7% indicating a structurally stronger earning base as newly commissioned hatch on capacity begin to scale up. Our profit after tech grew up by 501% to 40.9 crore rupees reflecting both improved operating performance and margin recovery. Overall the quarter demonstrate that as input costs normalized and echelon capacities ramp up the business is transiting to a stronger and more sustainable earnings profile positioning it well for medium term growth. I. With this I would like to add up my. My. My address to the address to the investor now.
It is now open for the floor to the forecasting any question regarding the.
Rajiv Gupta — Chief Financial Officer
Performance and
Questions and Answers:
operator
thank you very much. We will now begin with the question and answer session. Anyone who wishes to ask a question may press star n1 on datastone telephone. If you wish to remove yourself from the question queue you may press star N2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Participants, you may press start and one to ask a question. First question is from the line of Pushkar Jain from Miri Capital Management. Please go ahead.
Unidentified Participant
Hi. Congratulations for great set of numbers. I just wanted to ask about the current meats prices and your outlook for the year. And because of the softening do you expect that like ethanol based out of maize prices there is a chance that government would reduce the prices in the next season. Just wanted to understand your view regarding that. Thanks.
Aditi Pasari
So current maize prices are varying between 18 to 21 rupees across India. In our Madhya Pradesh plant the current maize prices are about 18 to 19 rupees. And in a SAM plant it is about 20 to 21 rupees. So regarding the government taking away the or reducing the maize ethnol prices. See actually there has been a pressure from the ethnol industry on the government due to receiving lower allocations. A lot of units have including us have received lower allocation than what it was applied for because of over capacity of ethanol production in the country. Hence they’re already under pressure.
And then in fact a lot of. A lot of units have received allocation as low as 20 to 30% of the total capacity. So keeping considering all of these factors we are not. We don’t think that the government will put further pressure on it on the ethanol industry by reducing the prices of maize ethanol.
Unidentified Participant
All right, thanks a lot.
operator
Thank you. Participants, you may press Star and one to ask a question. Next question is from the line of Nishita from Sapphire Capital Partners. Please go ahead.
Unidentified Participant
Yes, hello.
Aditi Pasari
Hello.
Unidentified Participant
So yeah, so as you mentioned that the brain processing segment like phase headwinds in the quarter and that’s like contributing 147 crores of revenue and the margin is very less compared to the Other two segments. So going forward, like are we going to reduce the contribution from that segment or how are we going to see the revenue contribution from the three segments going forward?
Aditi Pasari
So I’ll answer the second question first. Going forward we are or even this current year, the next year we are expecting, in the current year expecting a revenue contribution of about 1400 to 1500 crores coming from the ethanol division alone and about 800 crores coming from the grain processing division and balance from mineral. So the revenue mix will remain consistent in this direction even for the next year. More than 60% of the revenue will be coming from the ethanol division and balanced from the mineral grain processing division. Well, the margins have been stressed for the grain processing, especially for starch.
Sorbitol is still doing all right. It is in positive ebitda. But it is starch business which has been pulling it down. And we are working on it how to improve the margins. We are actually, we are working on the power and fuel cost. We have introduced an RDF boiler in our Muzaffarnagar plant which will help us bring down the power and fuel cost and improve the operational margin. So we are trying various ways how we can work on this segment to improve the overall margins. The impact should start coming in next three months. So we are hopeful that the margins will improve going forward from here.
Unidentified Participant
Okay, so in i27, do we see the like overall consolidated margins at the same 10 to 11% range or can we expect better margins?
Aditi Pasari
Consolidated margins we are expecting in the range of 9 to 10%
Unidentified Participant
for FY27 as well.
Aditi Pasari
For FY27 as well, yeah.
Unidentified Participant
Okay. Okay. And the last thing, if you can just reiterate your guidance for FY27, was it 2600-2800 crores?
Aditi Pasari
Yes, that is, that is our target for the next year at about 15 capacity ramp up from here.
Unidentified Participant
And that will be at 90 utilization.
Aditi Pasari
Right? That will be at about 80, 85% capacity utilization. We have scope, with the current CAPEX current infrastructure, we have scope to go up to 3000 crores. But that again depends on market dynamics and the tender allocation from the OMC. So but looking at the current scenario, we think 2600-2800 crore should be a reasonable guidance for FY27.
Unidentified Participant
Okay, so do we have any basics plans for FY27 then once we reach the max capacity utilization in the current time, how do we see a scaling forward?
Aditi Pasari
So for, for until FY27, we are actually fully focused on improving our cash flow, giving out good Results quarter and quarter and improving the cash flows and reducing the working capital utilization. Any kind of fresh capex will come in FY28. But before that we will be spending FY27 in the. In our planning stage for the next set of CapEx which will come in FY28.
Unidentified Participant
Okay, and the last question would be what is the current capacity utilization?
Aditi Pasari
So current capacity utilization in the ethanol segment and the grain processing segment is about 65 to 70%.
Unidentified Participant
Okay, understood. Thank you so much.
operator
Thank you. Next question is from the line of Pratik Singhanya from stage one investments. Please go ahead.
Pratik Singhania
Yeah, hi, good afternoon. My question is with respect to the macro that with respect to the base touch product, like how do you see India trying to recapture the lost market share that in the export market that we had prior to the maize prices reaching the roof. Roof kind of a pricing.
Aditi Pasari
Can you please repeat your question? It’s not clear to me.
Pratik Singhania
I’m saying with respect to the India’s export market in the starch business, by when do you think that we can recapture the lost market share in the. In the export market?
Aditi Pasari
See, it is all a game of demand and supply and the prices because eventually starch is a raw material for the end product. So there has been a correction in maize prices in the recent last few months. So already the export from India for starch has picked up once again which had totally dropped because the maize prices being unviable. So. So yeah, in this coming year we think that the export of starch should pick up and the, the domestic demand should ease off.
Pratik Singhania
Okay, so it is not picked up as of now because I thought like starting December it should have already picked a bit with respect to the export, given the price.
Aditi Pasari
Yes, it has picked up. It has picked up.
Pratik Singhania
And as compared to the last cycle, this cycle, China in the base commodity or the base starch product, it has also ramped up a lot of exports. So how do you see Chinese as a competition now? Because earlier they were quite focused towards value added product. But as compared to earlier, like now, they are also focused in the base starch products. So what’s your view with respect to the increased competition from China?
Aditi Pasari
So as I said, that it is all a game of demand and supply. So with the, with the current maize levels, India is again back in the game. It is again competitive. So we are already exporting sorbitol to about 45 countries. Export has gone up in last few months because of the price competitiveness. And even starch has picked up again. Starch Exports have picked up again. So at when mice, when maize is at a level of 17 to 18 rupees a kg it becomes competitive for world exports.
Pratik Singhania
Right. But you see like large wallet of the customer getting captured or like currently serviced by Chinese guy which was, which was not the case. Like. Like say three, four years back. Any such trends which is visible?
Aditi Pasari
Oh yes, definitely. In fact that is the reason why our grain processing business has got hit. Because India was losing to China in the export market and as a result of which all the production of stars and stars derivatives where it was getting dumped back into the country as a result of which the price was falling and the process and these products are getting are running in negative.
Pratik Singhania
Okay. And given your experience with the customer like by when do you think this export revenue which was there at the peak in last two, three years that can be achieved again by the company?
Aditi Pasari
So this year is looking like a good year for the maize crop. In the Rabi crop is expected to be good. I mean the curry crop is expected to be good. So if the maize levels come down to 16 to 17 to 18 rupees a kg then India becomes very very competitive.
Pratik Singhania
Okay, thank you so much.
operator
Thank you. Next question is from Nano Gaurav Shellar, please go ahead.
Unidentified Participant
Yeah, thank you for giving me this opportunity. My question is from a micro perspective. With India’s ethanol blending roadmap evolving how should we think about the sustainable utilization levels across the distilleries capacity?
Aditi Pasari
So if you are talking about our own plant in budget federation Assam, both the plants have signed a long term offtake agreement of 13 crore. Literally of the total capacity of 26 crore liter out of which 13 crore is a long term offtake agreement which has already been signed which is 50% of their capacity balance. This year we have already received allocation of 70% which we are expecting that it will go up in the additional cycles. So for a plant to run efficiently effectively 60 to 70% is definitely the minimum utilization to get to achieve optimum conversion cost.
And as these capacities go up the conversion cost will just go down further.
Unidentified Participant
Okay, I have another one on the. From the medium term perspective do you see the bullshen evolving into a specialty ingredients plus biofuel platform rather than a commodity grain processor. And what, what milestones should investor track to validate this trans transitions?
Aditi Pasari
So you see actually our traditional business of stuff sorbitol of fructose. These are, these were all specialty chemicals which after few year few years became commodity. Any specialty chemicals doesn’t last for more than two to three years because of the competition which eventually comes up, you know. So initially even sorbitol and fructose were specialty chemicals. After a few years they also became commodity. But going forward, any new capex which we are constrained to do in FY28 will be in a specialty chemical space with more value added products and import substitutes which are not being already manufactured in India.
So our focus will be to introduce a product which is not being manufactured in the country and is only being exported. It will be in the specialty chemical space.
Unidentified Participant
Okay, I think your value added starch derivatives portfolio has been expanding, right? So what proportion of entry incremental CAPEX is being directed towards specialty or specialty versus commodity output?
Aditi Pasari
So going forward it is very difficult for me to give these numbers at this time without any kind of a board approval. But definitely we will be looking at a large project going forward. See, our last CAPEX in the ethnol segment between Madhya Pradesh and Assam was about 500 crores between both the plants which generated a revenue of close to 1500 crores. So any new investment will be at least in this capacity or maybe more.
Unidentified Participant
Okay, fine. Thank you.
operator
Thank you. Next question is from the line of Miro Vanisali from Systematic pms. Please go ahead.
Unidentified Participant
Hello. Am I audible?
Aditi Pasari
Yes,
Unidentified Participant
thanks for the opportunity. So I wanted to understand on a macro level, how do you use E20 blending mindset? We have almost achieved that and like what are the policy makers thinking of increasing it? Because I had some some other corporate planning to increase it to E27. So what is the update or anything you are hearing from that front and other one is on right now. We have dealing it with the petrol. So what are the plans of the diesel front like any from the policymaker side, how is it to understand that?
Aditi Pasari
So see 20 blending is only the beginning. It is the first milestone which has been achieved by the government. It was actually a milestone to touch to actually test the industry readiness, the system availability and the overall overall system readiness. You know to start blending 20% that has been achieved very, very smoothly in much before time. Government will be definitely increase the blending in the near future. Maybe it will start by 2 to 3% and eventually see their roadmap is to follow the roadmap of Brazil which is 55% blending and making ethanol efficient engines. So which is a gradual process.
They’re already in touch with the automotive industry to start introducing flexi fuel vehicles. So both these things are happening parallel. 20% is only the first milestone. It’s in the ethanol bending program which has been achieved in the near future. With the current engines, the government can easily rent about 24 to 25% with the current engines without causing any damage to our vehicles. Any further than that, they will need to introduce flexi fuel vehicles which they’re already in touch with the automobile industry and working on the same.
Unidentified Participant
Okay, Thanks. Thanks for the answer. Thanks a lot.
operator
Thank you. Next question is from the line of Ankur Goladi from January Capital markets. Please go ahead.
Unidentified Participant
Can you help me with the grain mix? For ethanol in this quarter.
Aditi Pasari
40 is the mandate of FCRI. So we need to use 40 FCRI. That’s a mandate given to us by the government. The balance 60% will be a mix of 45% maize and 15% rice. Broken rice.
Unidentified Participant
And any cost benefits of sourcing from fci. Is there a discount to spot prices or anything?
Aditi Pasari
No, this is a mandate which we have received. There is. In fact we are working on very low EBITDA margins on making ethnos from fcris. But we enjoy the the kind of grain availability which this has created in the country. So we are enjoying better margins and balance 60%.
Unidentified Participant
All right, thanks.
operator
Thank you. Next question is from the line of Manansha from Adeco Asset Management. Please go ahead.
Unidentified Participant
Hi, good afternoon. If we consider only ethanol business, what would be the percentage of byproduct I.e. dDGs in the sales mix? And does the import of DDGS from usa shall it put a ceiling on DDGS prices in the domestic market? Can it be detrimental to margins in any case?
Aditi Pasari
Yeah. So that’s a very ballpark figure. Whatever revenue you see which comes from the ethanol, there’s additional revenue of about 25% from the byproduct. From the byproduct. So if there’s a. We have ethanol orders of 1200 crores, so we get an additional revenue of about 300 crores from its byproducts. So there is a ballpark calculation of 25% on top of ethanol revenue which comes from the byproducts regarding allowing import of maize DDGS from us as we see it, we only see it as a good news for the ethanol industry. Number one, because the import of maize DDGS in the country will not le will not be less than 26 rupees a kilogram.
And the current DDGS prices, domestic price is about 22 to 24 rupees a kilogram. So which. And secondly, the protein content and the oil content in Indian DDGS is better than what is in the US DDGs. And when end consumer is buying DDGs. The main factors which it is looking for is protein and number two is oil. Both these factors are better in Indian DDGs as compared to US DDGs. Hence we think it is a very good news because it will only and only improve the price realization of domestic maize DDGs in the country.
Unidentified Participant
Okay, great.
operator
Thank you. Next question is from the line of Arav Chera from Blue Rock Investments. Please go ahead.
Unidentified Participant
Hello.
Aditi Pasari
Hello.
operator
Yes, go ahead. You’re audible.
Unidentified Participant
So the adjusted EBITDA per liter in this quarter in ethanol was Rupees nine. So is this sustainable for the future quarters?
Aditi Pasari
Yes, it is very far sustainable.
Unidentified Participant
Can you explain anything?
Aditi Pasari
As we have been saying that there is, there is ease off on the raw material crisis and which has improved the overall margins. So we are expecting in the current quarter and coming quarters we are expecting similar kind of EBITDA margins in the ethanol division.
Unidentified Participant
Okay, thank you.
operator
Thank you. Next follow up question is from line of Pushkar Jain from Meli Capital Management. Please go ahead. Hi ma’. Am.
Unidentified Participant
So I was just looking at at one point in FY in March 22, our green processing division had done a bit of like 80, 81 crores. So what situations like at what MA prices should we, you know again be able to do a similar kind of number? Just.
Aditi Pasari
You see because of Those figures in FY22 there’s over the package that come up in the country for starch and starch derivatives.
Unidentified Participant
Right.
Aditi Pasari
Any business which does well, everybody is watching that business.
Unidentified Participant
Right, Right.
Aditi Pasari
And yeah. And the existing, existing manufacturers, everyone ramped up their capacities because at one time start business was rocking. It was giving us exceptional margins, you know. So everyone ramped up their capacities as a result of which there is an over capacity in the country. And those margins are look difficult to come back in the current in the same products.
Unidentified Participant
Right. But at that point also I think maize prices were nearby. It is just that more capacities have come up.
Aditi Pasari
Yeah. So that is now not linked to maize price anymore, you know, that is linked to now that time. These were specialty products which in three years have become commodity and they are fighting for prices because of over capacity.
Unidentified Participant
Right, right.
Aditi Pasari
But yeah, they do not have a life cycle. You know, every product has a life cycle. Right, Right.
Unidentified Participant
But as per your understanding how things. Will evolve in this. How do you see our company evolving in the next year probably or how things will shape according to you like on the margin front for grain.
Aditi Pasari
So Sorbitol is still doing all right. It is still generating a positive ebitda. It is a Starch business which is under pressure. We are working backwards and how we can improve the operational efficiency internal efficiencies in the starch business because the selling prices are not supporting. So all we have to do is of course ramp down the production. Plus whatever we are producing, we are working on internal efficiencies. We are shifting our boiler to rds which will hopefully give us some cost saving in the power and fuel and seeing how we can optimize our internal efficiencies.
So we have to work on that. We are working on that in the current portfolio.
Unidentified Participant
Right. Thanks a lot.
operator
Thank you. Next question is from the line of Amit Agisha from HG harbor and company. Please go ahead.
Unidentified Participant
Thank you for the opportunity and congratulations for good set of members. Thank you.
Unidentified Participant
Yeah, what is the current realization per liter across all ethanol plants?
Aditi Pasari
So see, we are actually working on EBITDA levels. So I mean you can just kind of calculate it is about nine to ten rupees per liter, you know, on the current. If I just see the current EBITDA level. So it is about 9 to 10 rupees per liter.
Unidentified Participant
The realization.
Aditi Pasari
That is the realization at EBITDA level.
Unidentified Participant
Okay. And madam, are you planning to enter into SAF? Sustainable aviation fuel or bio based specialty chemicals or 2G ethanol technology for SAF.
Aditi Pasari
And 2G ethanol has yet not been established. It is still under R D and whatever projects have come up are all funded by the government. There are no private players which have yet entered it because technology has yet not been established. So we are also waiting and watching the sector.
Unidentified Participant
Is there a dedicated leadership accountability for each different segments? Three of them.
Aditi Pasari
Internal leadership?
Unidentified Participant
Yes, the ethanol and the minerals and the grain processing.
Aditi Pasari
Are you talking about internal management?
Unidentified Participant
Yes, yes.
Aditi Pasari
So internally there is no division of leadership across segments. But yeah, we do. We do supervise independent plans from top to bottom between the promoters. So it is more like a vertical, you know, supervision which we are looking at can’t. But there is no as such division of segments between the internally between the promoters. We’re all looking at everything together.
Unidentified Participant
What will the segment mix the management envisages over the next three to five years.
Aditi Pasari
Current we will be expanding in the specialty chemical business going forward in next three to four years. So it will be. The expansion will come in the grain processing division.
operator
And then the last question, like about the debt position like and the blended cost of interest.
Aditi Pasari
I’ll. I’ll request our CFO to answer this question. One minute.
Rajiv Gupta
Yeah, just. Can you repeat the question? Yeah, the net debt rep and the Branded cost of interest. See presently working capital borrowing we are around 7.5% from three banks which we are, we have inducted for a working capital requirement. And for. I am talking about December now for the, for the. Now for the last two months it is being further reduced to 7.25% working capital interest ROI which we are borrowing from the banks and the net debt equity ratio, debt equity ratio is around 4.4, 0.5% or 0.5%.
Unidentified Participant
Thank you. And all the best for the future. Thank you.
Rajiv Gupta
Thank you very much.
operator
Thank you. Next follow up question is from the line of Manan Shah from RDF Asset Management. Please go ahead.
Unidentified Participant
Yes, thank you. I think there’s a lot of good visibility on revenue and EBITDA for the ethanol segment. What a lot of questions are looking for or probing for us any green shoots or any positives in the maize division. So if you can explain the sales mix, broad sales mix of maize division between stars, sorbitol and fructose. And when we talk about specialty segment for the grain processing division, are we looking at some of the fermented products that some of the players in grain industry have started? Something like sodium gluconate.
Aditi Pasari
So giving out any product name will not be possible without board approval. But we are looking at similar lines. So I can just say that broadly and regarding the product mix, about 60% of our revenue is coming from Sorbitol and its by products. About 30% comes from starch and 20% comes from fructose.
Unidentified Participant
Okay, great.
operator
Thank you. Thank you. Next follow up question is from the line of Nishita from SAF Capital Partners. Please go ahead.
Unidentified Participant
Yes, hello. So I just had a clarification question. You mentioned that we can sustain the ethanol margins, the current ethanol margins which are at 17%. So going forward also like for FY27, the whole year in the ethanol segment, can we see the 17% margin in ethanol segment?
Aditi Pasari
The ethanol segment, 17% includes PLI.
Unidentified Participant
Okay.
Aditi Pasari
The additional PLI which has been received, which has been factored in.
Unidentified Participant
Okay. Okay.
Aditi Pasari
So just on this call I have, I have mentioned that sustainable margins of nine to ten rupees per liter is what we are looking at. Which is about I would say 12 to 13%.
Unidentified Participant
Okay. Okay, understood. Thank you for the clarification. And another question was you mentioned that we are looking for expansion in the grain processing segment. So again if we have less margins in that segment, what is our thought process behind the expansion in that segment and not the ethanol or the mineral processing segment in which we have Better margins.
Aditi Pasari
No, no, no. We are not expanding the current portfolio. We will be introducing new products in the specialty chemical space. This is what we are saying.
Unidentified Participant
Okay, okay. Okay.
Aditi Pasari
They will get factored in into the brain processing division. We are not looking at increasing the production capacities of our current products in the brain processing. We will be introducing new products at a suitable time.
Unidentified Participant
Okay. Okay. Understood. Thank you so much.
operator
Thank you. Next follow up question is from the line of Manansha Asset Management. Please go ahead.
Unidentified Participant
Hi, sorry, last question from my side. So this is regarding our Q3 numbers. So what we understand is 21.8 crores is something we receive from PLI subsidies. And 5.36 crores is a reversal due to change in accounting treatment for interest subvention. So the net effect of subsidy benefits would be around 16.44 crores in our Q3 numbers.
Aditi Pasari
Correct?
Rajiv Gupta
Broadly. Okay.
Aditi Pasari
Okay. Yes, per.
operator
Thank you. Next question is from the end of Chandi. Individual investor, please go. Can I request unmute your line and proceed with your questions? Due to no response, we move on to the next participant. Next question is from the line of Nagesh and Division and Vista. Please go ahead.
Unidentified Participant
Good afternoon. Congratulations for a good set of numbers.
Aditi Pasari
Thank you.
Unidentified Participant
I just wanted to know about this 536.9 interest subvention scheme which has been reversed. Will it be shown in the fourth quarter? Ma’, am,
Aditi Pasari
actually we have decided to keep on a received basis, cash received basis. Because the ISS has been getting delayed from the government side. We have not received ISS for more than one and a half years. So you know, factoring in into the P and L was not looking fair to us, you know. So then in this quarter we decided to reverse the ISS provision which we had already taken for this year. And we have decided to go ahead with the policy of received basis only. Whatever we receive, we will start even only that.
Unidentified Participant
So we expect this to be received in this quarter or subsequent years only.
Aditi Pasari
Yeah, we are expecting some part to come in this quarter as well.
Unidentified Participant
Okay. And one more question is with regard to the FII and DII investments, what I understand is there other than in the public, other than promoters public and others, no investments have come from FIIs or DIS. Is there any reason for that? Or it’s linked to the corporate governance or.
Aditi Pasari
There is no reason for that. I don’t know what to say and what to answer. No, there is no reason. There is nothing linked to the corporate governance or anything which is lacking from our side.
Unidentified Participant
Because what I feel that if I have and come the share prices may go up further.
Aditi Pasari
Yes, you’re right, that will happen and that should happen. I think last few years there was because of ethno industry being a nation, you know so there were a lot of policies changes which were constantly happening and which was impacting the profitability. So but now I’m quite confident that as we are we give on quarter and quarter good results we should see better movement and better interest in the market in our company.
Unidentified Participant
So going by this 9 month numbers I hope that full year numbers the EPS will cross 15 rupees or something like that. Is it reasonable to think over that line?
Aditi Pasari
Yes, it is.
Unidentified Participant
Okay, thanks a lot and all the best ma’. Am.
Aditi Pasari
Thank you. Thank you.
operator
Thank you. Next question is from the line of Viral Jain from Share India Securities. Please go ahead.
Viral Jain
Ma’. Am. Just wanted to your view again on the capex that we are likely to do considering the fact that the situations have now changed after this mains prices so and the geopolitical tensions have changed so just wanted your view on the same.
Aditi Pasari
We are not looking at any fresh capex in the coming year of FY27. We are looking at giving out good results, improving the cash flows and reducing the working capital. Any new capex will come in FY28 but in the meanwhile we will take these next few four to five quarters to prepare and to plan for the next phase of growth for the company.
Viral Jain
Considering the ongoing facilities what is the optimum revenue that we can expect? FY27 and FY28 can we have a view on that. In FY27?
Aditi Pasari
With the current capacities we should be looking at a revenue of about 2,600 crores to 2,800 crores based on assumption of 85% capacity utilization.
Viral Jain
Okay.
Aditi Pasari
Yeah. And with the current infrastructure we are capable of generating a revenue of 3000 crores. So we are trying our best how to achieve that.
Viral Jain
Okay, thank you. Thanks a lot.
operator
Thank you. Next follow up question is from company. Please go ahead.
Unidentified Participant
Thank you for the follow up. My question is about what is the tenure and visibility for the incentive like 1.5 liter over MP and 2 liter for us.
Aditi Pasari
For MP we have received PLI for FY 2324 and FY2425. Now the PLI for FY 2526 which is the current year is due which will only be received in say second or third quarter of FY27. As far as PLI for Assam is concerned that all that was There is a lot of. A lot of paperwork which is required for that. And the. The pre preparation to get the PLI is very, very high in Assam. So we are working on that, getting all the clearances and as soon as that also comes, that should also start coming.
But I’m expecting at least, at least six months before we can start receiving PLI for Assam. In the meanwhile we are expecting a central incentive from needs which is about 5 crores which we are expecting anytime should come to us.
Unidentified Participant
Thank you. Thank you. Thank you. All the best. Thank you.
operator
Thank you very much ladies and gentlemen. We’ll take that as the last question. I’ll now hand the conference over to the management for closing comments.
Aditi Pasari
Yeah. Hi. Thanks. Thanks everyone for joining this call. I thoroughly enjoyed taking the questions. All the questions were valuable and I enjoyed answering them. And thanks to the organizers for putting this group together and putting this call together. I look forward to interacting more and more with our shareholders and the interested stakeholders. And we look forward to giving out good results quarter on quarter and maintaining these kind of levels in this quarter as well as the coming quarters. Thank you so much and have a good day everyone.
operator
Thank you very much on behalf of Gulshan Polyols Ltd. That concludes this conference. Thank you for joining us. And you may now disconnect your. Thank you.