Gulshan Polyols Ltd (NSE: GULPOLY) Q4 2025 Earnings Call dated May. 22, 2025
Corporate Participants:
Aditi Pasari — Joint Managing Director
Rajiv Gupta — Chief Financial Officer
Analysts:
Deepak Ajmera — Analyst
Bala Murli — Analyst
Sanjay Maniyal — Analyst
Harsh Mehta — Analyst
Sanjeev Damani — Analyst
Shaurya Punyani — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to Gulshan Polyols Limited Q4 and FY 2025 Earnings Conference Call. [Operator Instructions]
I now hand the conference over to Ms. Aditi Pasari, Joint Managing Director. Thank you and over to you, ma’am.
Aditi Pasari — Joint Managing Director
Good morning everyone. Welcome to the call and thank you for joining us today. Gulshan Polyols is one of the largest producers of green ethanol and specialty chemicals in the country, having nine plants pan India. Today, I would like to start with a brief of the financial highlights of year-on-year. So from last year our revenue grew by 47% to INR2020 crore driven primarily by increased capacities within the ethnol segment, The EBITDA rose 64% to INR100 crores despite being partially impacted by underperformance in the grain segment, the PAT increased 39% to INR25 crores, trailing revenue growth due to full depreciation of newly commissioned capacities within the current financial year.
I would also like to add that the 500 KLPD Madhya Pradesh plant is eligible for an additional incentive of INR1.5 per litre which is effective from its date of commissioning which is the 1st of July 2023 and they have already got the approval from the government. So we are hopeful that we should be receiving incentives soon. These incentives is not yet reflected in the current financials. I would also like to add that on our 250klpd exam plan we have received an additional incentive of INR2 per litre starting 18th of May 2025 which is the date of MoU signing.
This is over and above the other statement Centers under the EPA scheme of 2021 Other segmental highlights I would like to add that we have seen a record performance in the ethanol segment which is driven by successful capacity utilization and sales were about INR14 crore a litre which was about which almost led to an increase of more than 100% year on year. We expect to continue to ramp up the capacities and increase sales volume as we are still far from the optimal levels while expanding the profitability of the segment. Grain segment was impacted by geopolitical disruptions and global realignments. We have three divisions under grain segment. Sorbitol, Starch and Fructose.
Fructose and Sorbitol are currently back to profitability where starch the problem point. Currently we have began a process of production upgradation to innovation to address the problem with cast division. Our mineral segment delivers stable performance with consistent operations. We expect to do well going ahead now I would like to open the form to address any questions or queries on the company.
Questions and Answers:
Operator
Thank you very much ma’ am. [Operator Instructions] We have a first question from the line of Deepak Ajmera from IGE India. Please go ahead.
Deepak Ajmera
Yeah, hi. Yeah, hi Deepak. Am I audible?
Aditi Pasari
Yes, very much.
Deepak Ajmera
Yeah. So what has been the primary reason for losses into starch?
Aditi Pasari
So starch we are being. We are being hit by over capacities in the country. So you see pre Covid China could not had stopped exporting starch to the other countries which is just which gave India a huge opportunity. To expand its capacities and export to the world. Almost 1 lakh tonnes of starch is being exported out of the country. And just recently China has again started exporting starch to the world which has led to competition for the Indian starch industry and uncompetitiveness. Because the maize price in India is higher than rest of the world. That’s why because of uncompetitive pricing. Now the entire production which was being initially exported is being dumped into the domestic market which is leading to over capacities built up and hence we are unable to get the desired selling price for sach.
Deepak Ajmera
What is the course of action which we are taking to improve the margin?
Aditi Pasari
We are working on it and we are also looking at how we can go for more value added products in this segment. So it’s in process and we are working towards this segment going forward. It is a problem point and we are aware about it. And now going forward we are looking at seeing how we can improve. Maybe we need to do some kind of valuation in the current product and also improve our backward backward cost expenses. So we are working on every level and seeing how we can improve this going forward.
Deepak Ajmera
How much time it will take to turn profitable?
Aditi Pasari
Well, we are really difficult to say how much time it is because we are being hit by over capacity and more of geopolitical issues here. So definitely we are seeing, we are exploring different way of how we can curb these losses which are coming in the car segment.
Deepak Ajmera
Can we temporarily shut down the current facility to reduce the losses? Is that an option or option? Well of course the option is there but right now we are not making any statement regarding shutdown but we are exploring different ways of how to tackle the situation. Got it. And what has been the primary reason for INR140 crore rise in inventory levels?
Aditi Pasari
Yes, because we were sitting on a lot of stock of ethanol in our NPN as sand plant which was unable to be dispatched because we were not getting the indents from ONCs. There was, you know these three four months ONCs receive ethanol from grain as well as sugar. Therefore there is they tend to have oversupply. So this is a problem you will be seeing year on year now going forward that we will be sitting on Menchi in the end of March because February, March, April, these are the peak times of supply coming from sugar as well as the green ethanol segment.
We were sitting on large amount, large inventory we were unable to dispatch because we did not get the indents from the OMCs. But this problem will eases out in July, August because that’s when the sugar year comes to an end. An entire focus of the OMCs is only procuring ethanol from the grain industry. So going forward, I feel this could be a recurring issue in March end. Yeah.
Deepak Ajmera
So is that the statement correct? If I say by September it will get normalized and by March it will gain again? Right?
Aditi Pasari
Absolutely. Yeah. We will have a off peak and on peak for this, for the dispatches. So this will get this. I see this happening year over year now going forward.
Deepak Ajmera
Got it. And what is the per liter margins we are making over ethanol right now?
Aditi Pasari
On average? I would say about INR4 to INR5 per liter on EBITDA levels.
Deepak Ajmera
Can you provide it differently for rice and meats?
Aditi Pasari
You would like me to give the costing?
Deepak Ajmera
Either way it works for me.
Aditi Pasari
Well, see, there is a different yield. The yield factor is different for maize as well as for rice. And even the pricing points are different for both of them. So when I tell you about maize, I can explain the whole costing to you. It is actually quite transparent and openly spoken about. So when I say that maize has a consumption ratio of about 2.7 2.6. So if maize today is available at INR24, so the cost of maize on ethanol is 24 into 2.6 which is about INR62.4. And we have additional cost of Lemz INR12, which includes power, fuel, admin and chemicals and other cost. So that’s how the costing is derived.
Deepak Ajmera
Got it. And when it comes to rice, for rice, the yield, the ratio is 2.23. The rise to ethnic ratio is 2.23. So if rice is available at INR25, then we can just calculate into 2.23 and get the basic costing. So what is EBITDA per liter into rice and EBITDA per liter into maize right now?
Aditi Pasari
See, it all depends on. It all depends on the availability of RIC in maize and at what price it’s available. So it is not really a choice we make. It depends on which months we are getting rice at what price and maize at what price. So it is really governed by market dynamics and depending on the availability we have to make a choice between which comedy. The EBITDA will change every month because our raw material is dynamic. It is changing every month. It is very seasonal. So today I am getting INR4 to INR5. It does not mean I will be getting INR4 to INR5 in the entire year. I could also be getting seven to INR8 or maybe I am getting INR1. So when I say it is an average figure every month it is different depending on the price of the raw material.
Deepak Ajmera
What capacity utilization we are there on ethanol.
Aditi Pasari
Currently we are at about. I mean if I see the entire ESY tender which we have taken for both the plants there is about 70% of the capacity. And going forward we should be looking at touching 80 to 90% very soon in the coming year.
Deepak Ajmera
Okay, what is the volume of production into this quarter in terms of liter?
Aditi Pasari
Yeah, yeah. So it is about INR5 crore liter per quarter.
Deepak Ajmera
Okay, we will fall back in the queue. Thank you for answering patiently. Thank you.
Operator
Thank you. We have a next question from line of Bala Murli from Oman Investment Advisors. Please go ahead.
Aditi Pasari
Hello, Mr. Bala, are you there?
Bala Murli
Yes, yeah.
Aditi Pasari
Please the questions.
Bala Murli
Yeah, sorry I missed that opening remarks. Could you please throw some light on the current relation of the maize and how we are running the plant either what kind of percentages the maize and what is the.
Aditi Pasari
Well, major production is coming from maize in both our plants we have major allocation from maize. So almost if I see collectively there’s about 65 to 70% is maize and about 10%. 10 to 15% scrin is the DFG.
Bala Murli
Okay, so we are expecting this FCRI. Actually in the previous conference call we told that we have received the FCRI so we’re going to use it in a good quantity. So. But why we are limited to this 10 to 15% only the maize price is missing. Can you please.
Aditi Pasari
Yes, actually the FBI has started. Yeah, sorry, sorry. Yeah. FCI has started allocated has started giving rise to the ethno industry. And this started from the month of march. So currently FC has giving us rights at 22.50x go down. So to us the cost of fcrix is about 23 to 23.5.But we still have not got the correct selling price for FCRI. It is. They have not corrected beyond 58.50 which was the price when the FCRIS is available to us at INR20. So this whole difference of INR2.5 whose net impact per liter on ethanol is almost INR5.5, has yet not been corrected by the government which we are working towards them. So however, but this has definitely eased off the pressure on raw materials was created. Because even if 10%, 10 to 15% of the ethno industry starts buying FCRI it definitely has eased off the pressure of the raw material. That’s why we have limited to almost as much. Until this price correction comes through then we will be able to increase this further.
Bala Murli
Okay. And that may be average price of purchase center Share that one. What is the.
Aditi Pasari
I’m sorry, I didn’t. I don’t understand. Can you repeat.
Bala Murli
Purchase price? What is the average purchasing price of average purchasing price?
Aditi Pasari
I mean if I talk about the whole year again, I just. I just said okay. Recently it’s about. In a stand we are getting for about INR23 and in Madhya Pradesh for about INR23.50.
Bala Murli
Okay. Okay. And but what is. What is the limiting us to increase the capacity utilization? So the MP plant is running it 70, 60% a long time usually when you come to or when you see the computer. So they are ramping it quickly within one or two months of the commercialization of the production. So what lagging here to increase the capacity utilization?
Aditi Pasari
Well, it is usual feeding issues which a plant goes through and the capacity the plant is very much capable of producing 100%. But to achieve that 100% day on day is yet not being a possibility. We have it. We do have breakdowns. We do have malfunctions. So because of which you know we are missing out on some hundred percent working days or 100% running days of the plant. The. But yeah, going forward we are working towards improving the efficiency and correcting the processes.
Bala Murli
Okay. So this on the benefits from your state government and the PLI. So whether in the FY25 have you accounted anything in our numbers or it’s it will Reflect in the F26 only if it is Reflect in F26 what could be the approximate benefits we will receive from the both plants?
Aditi Pasari
For both plants it will reflect only after it has been received. We will not be taking any provisions until we have received these incentives from the government.
Bala Murli
So what would be the average amount from the both governments of Asama and MP and PLI benefits everything on a consolidated.
Aditi Pasari
Yeah on Madhya Pradesh it’s about INR1.5 per liter. So if I say that we are producing about INR12 crore liter in the year so that will be about INR18 crores per year. It will be the incentive which we should receive from the government year on year for seven years. And for Assam we have got a PLI of INR2 in addition to some other incentives, state incentives and central incentives which altogether account for about INR3 a liter. So on average if we are producing about INR6 crore litre the year then we should be looking at about INR18 crores from there as well.
Bala Murli
So overall approximately we can say and I think recently you announced a few more benefits from Madhya government. So on an average we can say around INR40 crores we can expect from these benefits.
Aditi Pasari
Well we do expect but everything takes time. It has been taking time. It’s not so easy to get these incentives from the government. It is a slow procedure. But yes, we have recently got the approval for our claim from empty government. So we are hopeful we should receive this soon in this financial year for sure.
Bala Murli
Yeah. Other segments, you see that other segments are posting losses. So it is very commodities business. There’s a lot of up and downs. So do you have any plans to discontinue those business or make it all the primary business or so separate those businesses and what kind of top line or bottom line you are expecting for FY 2026.
Aditi Pasari
So grain segment has been our legacy business, our core business for more than 25 years now. However yeah last two years has been very challenging for that segment and it is mainly the scarch business which is being the pain point for the company right now. The sobbital and stock tors business are but starch business which is pulling it down. I mentioned earlier on the call as well it is mostly due to overcapacity which have been built up in the country and some export of starch from China which has started in the past in last few months which has again hit the Indian market and a lot of over capacities which were meant designed for exports are being dumped into the Indian market.
Hence we are not getting the desired selling price of starch and hence we are incurring these losses. But of course this is. We are aware of this pain point and we are looking at options whether we go towards more high value added starch. We make some modifications in the current product or so we are working on it. Yes, we are working very actively on it. It is a pain point.
Bala Murli
Yeah. And any guidance on this revenue and margins perspective for FY26.
Aditi Pasari
From the brain segment as a whole? We hope to continue our existing revenue. The revenue should be stable as it was the current year.
Bala Murli
So we may expect a little bit incremental then we are not expecting any capacity to improve from here onwards because we are expecting around 1850 something from the ethanol sale itself when we are planned that commissions. So now we also around I think 22100 only. I think there is some more room is available for improvement and what kind of margins you are looking at in this year? So last year we have a lot of up and downs due to raw material inflation and nice price also. So now I think the prices are a little bit cooled up and also SPR is available but so we were expecting say ethanol price to also get revised. So what kind of margins we can expect in this year?
Aditi Pasari
Definitely last year was a very challenging year for the industry as a whole including the company because there was a lot of pressure on the raw material and it was a lot of effort with the government that we had to request them to release some portion of fcris to ease off the pressure on the industry which has happened now in last couple of months. The FCRIS has got released only in the month of March to the ethno industry. So yes, definitely some ease of is already showing in our current quarter. So. Well if I talk about the ethnon industry I feel that we should be looking at ebitda of about 9 to 10% going forward in this year.
Bala Murli
Okay, good. That is. And lastly I’m very much thankful to your father for representing this government getting this FCRS sanctioned going forward also we are looking for active participation and involvement in the industry to get some better benefits to the industry from the government. Thanks a lot. Convey my regards to him.
Aditi Pasari
Thank you. Yes I will. Dr. Jain has worked tirelessly day and night. He has been licensed the government to benefit the company as well as the industry and to get some relief. So he has been totally dedicated to this.
Bala Murli
Yeah, thank you very much. That’s all from myself.
Aditi Pasari
Yeah sure.
Operator
Thank you. We have our next question from the line of Sanjay Manial from DAM Capital. Please go ahead.
Sanjay Maniyal
Go ahead. Hello ma’am. I have a few questions regarding the total volumes which what we can do in FY26 specifically from maize and rice ethanol. If you can sort of elaborate that.
Aditi Pasari
Well, it is very difficult to say. But anyways FY26 also gets covered in the esy 2526 which already is published in public domain. So where we have taken an average allocation if I say between both the plants. But maize is about 65% and we have taken about a 10% FCI and balance from DFG. So almost six months of the FY26 has already been covered in ESY 2526. So and balance here. And we come to October. We will see how the market dynamics are. You know, how it is turning out. How the FCI is turning out, how maize prices are turning out. So depending on all we’ll be giving in a fresh tender in the month of October for the balance of this year. But we have. It all depends on the price of the raw material. Availability of the raw material. So it is very, very dynamic.
Sanjay Maniyal
Yeah. But we have the capacity I believe to serve almost INR25 crore, INR26 crore if I’m not wrong.
Aditi Pasari
Yes, that’s right. That’s we do have. Yes.
Sanjay Maniyal
Okay. Okay. So what I heard it between that there were maize price and Bihar specifically have been approximately INR22 of or low. So is it possible for us to procure from Bihar or means we will only be procuring an MP which is a base.
Aditi Pasari
No, no. You’re absolutely correct. When they say Bihar is INR22. That’s the Monday price at 22.
Sanjay Maniyal
Okay. The deliver to our plant will be plus. Plus. Plus. Okay. Okay. Yeah. But then what is the landed price in MP? You mentioned 23.5.
Aditi Pasari
Yeah. So that is 23.5. Bihar is not viable for NP right now. It is. The cost would be not less than INR2, INR2.5 on top. So right now we are buying from NP and Maharashtra only. That is more viable for the NP plant. Okay. This is the current situation. Again I see Every. Every day the situation is different. So today I’m talking of today.
Sanjay Maniyal
But Assam has its own crop which comes for three months. April, May, June. So we are buying the local Assam crop right now.
Aditi Pasari
Okay. Okay. But you have some sense about the overall production in the country is what I understand is broadly 40, 40 million tons for maize. So is it. Are we seeing a direction where you know the supply of maize will be be increasing next year as well and probably the price will remain at a lower end, 100%. There will be increase in maize cultivation because a lot of focus is happening in that area from the government, from the ethno industry, and also from the feed companies. We’re actually all working hand in hand. You know, we are doing workshops and seminars and educating the farmers and also distributing free seeds in areas around our own factories like in Assam and np. We have conducted so many workshops with the farmers. Along with iimr, which is Indian Institute Maize Research and Koteba, which is a seed company. We have conducted so many workshops to encourage the farmers, educate the farmers. There is a big jump in maize cultivation already. So the whole scenario of maize is going to turn around in the next two years. So we are very, very positive on this. And you know, another thing I would like to add, like when we started, when we were putting up our plant two, three years back and we had gone to the market for a fundraise. So you know, the first question all investors would ask us is that where is the grain in the country? Like how will you get so much grain? And very fortunately, to our delight, I would love to add that India achieved 18.5% blending from its own grain. No plant ever shut down because non availability of grain. That is different. We bought grain at a high price, but our plants never shut down because non availability of grain. And it is a delight that what our country is capable of, the amount of grain we have required to achieve this kind of lending target was unimpageable. So yeah, I’m very delighted actually with the whole agroscape of the country and the capability and potential of the country. So going forward, it is just going to get better.
Sanjay Maniyal
Okay, okay. Also, if you can just elaborate some bit on the power cost. So you mentioned INR1,112 is over it spends on conversion cost. So if you can just distinguish between the power and the other conversion cost.
Aditi Pasari
Well, I will just give you briefly about power is about INR6. I’m talking as an industry average. INR5 to INR6 is power. Then we have chemicals, which is INR2. We have admin salary about INR2. And other expenses would be another INR1 to INR2.
Sanjay Maniyal
Okay. Okay. One more thing on the DDGs. So if you can just elaborate something about the economics of DGs. How the what is the extraction input output from say 11 kilogram of maize or if it is different from R. And what is the generally price at this point now it is hovering around what price and is it really very fluctuating over the year?
Aditi Pasari
Well, it is not fluctuating since six months there has been stability in the price, but then the prices have definitely stabilized at a very, very low level, which is very unfortunate today rice, DDGS is selling at about INR17, INR18, which two years back was at INR30, INR32. And maize, DDGS is selling at about INR15 a kg. So they have kind of consolidated at these rates. So we are seeing these rates prevailing for almost six months, last six months. So. Which are very low. Consolidation has happened, but. Yeah, unfortunately, consolidation has happened at very low rates. And if I talk about their yields on 1 kg of rice, we get about 17% of DDGs and 1 kg of maize, we get about 25% of DDGs.
Sanjay Maniyal
Okay. Yeah. And I think you are holding very large amount of inventory. So can we say that. Is it because of the. In the, in the season you procured maize and then probably you will utilize it for next two quarters or you have sufficient amount of maize or sort of raw material for next 2/4, so price won’t fluctuate.
Aditi Pasari
No, actually this is. Yeah, sorry. Actually, cement is also a lot to do with the finished goods. So in the month of March, we were holding large volumes of ethanol in our NP plant and sand plan. Because we are not getting the Dispatch schedules from OMCs, the indents from OMCs. And I also explained this earlier in this call that this could be a year on the year phenomena because these three four months, February, March, April, May, these are four months are the peak season for OMCs to receive ethanol from green industry as well as sugar industry.
So there tends to be a lot of chewing up. So Indians tend to slow down, but after June, their entire focus is only on the grain because only grain is able to supply ethanol to them post these four months. So we could expect that. Yeah, you know, this could happen here on the year. We could be sensitizing on ventries now going forward in this time.
Sanjay Maniyal
Okay. So I’m just worried about the fact that post June, if you will be procuring maize, then you might just procure at a higher price because the season is off. Is it? Am I right over here?
Aditi Pasari
No, no. See again, it changes for every. Every plant. Like April, May, June. Right now it is season time for a sam. So we are procuring raw material. We are sticking on sitting on stocks. But for MP it is the curry, which is in October, November. So we will be procuring that time.
Sanjay Maniyal
Okay. Okay. And just one last question on the subsidy part. So from when you will start receiving the money in MP and Assam, from which you have, if you have some sense on that.
Aditi Pasari
Well, recently we have, you know, we have got a notification that our claim of our PLI claim on the MP plant has been acknowledged by the government and has been. So we are hoping that very soon we should be getting some amount or maybe a substantial amount actually on the MP plant. And also we are also expecting to get additional incentives from the needs policy very soon, in next two to three months. So I think these two incentives should be coming our way very soon.
Sanjay Maniyal
Okay, perfect. I think that’s. Yeah, maybe if I can just lastly ask about the grain processing means you have a loss in that business, that segment. Is it going to take longer time to sort of recover or are we really, do we have some visibility that we’ll go back to the previous, you know, historic margin levels or we will, it will take some time to sort of recover in that.
Aditi Pasari
No, we will have to do some kind of, you know, change in the product portfolio in the grain segment. So you know, these are all old products and you know, we are seeing that they are coming towards the end of their product cycle in terms of profitability because over capacity which have got built up in the country. So now going forward the focus will shift on the grain segment for us, for the company and we will be, you know, revamping the products, maybe introducing some more high value added products or modifying the current products to get us better realization because current products are really getting hit by over capacity in the country. So now the focus is going to be on the brain segment in this coming times.
Sanjay Maniyal
Okay, perfect. Thank you. Thank you very much for all the answers.
Operator
Thank you. We have our next question from the line of Harsh Mehta from Perpetual Capital Advisors. Please go ahead.
Harsh Mehta
Hello, can you hear me? Yeah. Hi. Hi. Hi. So congratulations on the great set of numbers. I just wanted to understand how are the prices of the derivatives like sorbitol etc etc derived from maize?
Aditi Pasari
Well, for these we don’t have a clear pricing formula like the way we have for ethanol. Yeah, it is not as clear and transparent as that. But if I will just tell you the basic yields for sorbitol it’s about 1.3 kgs of maize is required to produce a liter of Sorbitol and for starch is about 1.6. The raw material to finished product ratio is about 1.6 for starch and 1.3 for sorbitol.
Harsh Mehta
Right. Okay. And what are the margin difference when you are manufacturing say starch and solve it all. What are the EBITDA margins for starch and sorbitol?
Aditi Pasari
Well, I would, we like to give our consolidated margins not product wise. So I would like to stick to the consolidated margins in the segment, in this segment. But anyways, the last couple of years, last few quarters, of course these margins had been hit. If you see, traditionally these were our, this is a legacy business. Sorbitol was our revenue spinner as well as the profitability spinner for the company. But yeah, in last couple of years this segment has got hit by over capacities in the country. And the margins have been hit. At one time we have enjoyed 17, 18 EBITDA margins also on this segment. But unfortunately it is now it is being hit and as I said that yeah, we would be requiring to turn this segment by adding more high value added products or maybe reducing production of some dos making products.
Harsh Mehta
Yeah, I just wanted to understand if the main reason behind the loss in EBITDA margin is rise in prices of maize or is there an increase in competition also which has led to the drop in margins?
Aditi Pasari
It is both actually. Even the maize price which is at average of INR24 to INR25 a kg if I see the whole year average. So if I talk about starch. So at that price, at a price of INR25 for maize, the starch should be priced at INR40, which currently we’re not getting more than INR32 a kg, you know. So there is a huge difference in the cost over there. And secondly, you know, because of over capacities in the country, we are unable to push this price to a desired price, you know. And also secondly, after, because of exports in China, which has recently opened up for starch, there is. There’s only so much pushing that can happen because after a certain price it is getting unviable, it’s not getting exported. And today the price of maize is highest in India as compared to any part of the world. We are the most. Maize is most expensive in India. That’s why exports are getting unviable.
Harsh Mehta
Okay, I just wanted to understand. So do you guys export to the foreign markets or no?
Aditi Pasari
Big sports orbital.
Harsh Mehta
So I read somewhere that if you are exporting value added products like sorbitol, you can import maize duty free or something. Is this right?
Aditi Pasari
Correct? Yeah, we had done that also. We had done that for our. For in our company.
Harsh Mehta
So student, this shouldn’t this have benefited you? Like compared to the other competitors which is having the same cement,
Aditi Pasari
That is only possible in the case of Sorbitol because only Sorbitol is getting exported, which is about 25,000 tonnes in a year. We are exporting sorbitol. So to that tune, yes, we have imported raw materials from Ukraine which has cost us about INR22.50 including, you know, delivered to our factory. So it is definitely we have an advantage about INR1 to INR2 than buying from the open market. So yes, we have taken that advantage, but that can be only limited to the amount that we are exporting. Not more than that.
Harsh Mehta
Right. Okay. Right. Okay. And the last question, what are the value added products that you are looking at in the to add to the profitability and turn around this segment again.
Aditi Pasari
I cannot name any products because yet we have not taken approvals from the board. So I will not be able to disclose anything. But we are working towards. Are you also looking to make new products, say for import substitutions and by fermenting maize and making up new products? Yeah, of course. You know, because that is our core business, that is our core competency. So always our priority is to look in, you know, identify products which are import substitutes and not being manufactured in the country yet. So we are. That is always our priority and we are always looking at identifying such products and which are. Which have similar processes, which are already similar to our current products. So definitely that is always our priority.
Harsh Mehta
Right. Okay. That’s it. From my side. Thank you so much.
Operator
Thank you. We have our next question from the line of Sanjeev Damani from SKD Consulting. Please go ahead.
Sanjeev Damani
Good morning. Am I audible? Yes. Good morning, Sanjeev ji. Ma’ Am, My first question is regarding the fact that on 18th you made one more announcement of certain incentives being given to us. So it is for the additional capacity that we are putting in Assam or on the existing facility, we are going to get more incentive. So can you explain this?
Aditi Pasari
No. This was in continuation to the previous notification which we had given in December regarding the approval of INR2 TLI from the government. So in continuation with that, we had informed the stock exchange that we had signed the MoU and this whole PLI has got formalized and legalized and we had done a MOU exchange for the same. So it is in continuation with the previous notification.
Sanjeev Damani
Okay, so nothing additional we are going to get. I understand. That way.
Aditi Pasari
Yes.
Sanjeev Damani
Yes, thank you. Second is that PLI is state based as well as central based also. Or we are getting only support of this announcement through state only. That is Assam and MP both.
Aditi Pasari
Yeah, Both of these are state based policies. We are getting. We will be getting from the state.
Sanjeev Damani
We are not going to get anything SPLI from central government. Not in the form of PLI from the central government.
Aditi Pasari
No. But are we getting anything as incentive for making production of ethanol from central government? Rv? Yes, we are getting ISS which is the interest subvention that is coming from the central government. We get a 50% debate on interest of term loan.
Sanjeev Damani
Right. That is what is known, but not linked to the production. There is no separate incentive to this, right?
Aditi Pasari
No, there is not nothing from the sector.
Sanjeev Damani
Okay, now. Now I am coming to one more question. That we have Assam plant as well as empty plant. And these two plants can run. I understand this way that based on maize as well as rice, right? So is there any change time that we have to give? Suppose we are producing today ethanol based on maize. And if you are changing it to rice. So we have to stop production for some time. Or it is a continuous process.
Aditi Pasari
Just couple of hours, that’s all.
Sanjeev Damani
Okay. So it’s not a big. It is not a big cost.
Aditi Pasari
No, no, no. We can. We can change in couple of hours.
Sanjeev Damani
Okay. One request I want to make that along with the quarterly result, if you can announce. Because you have got tenders allocated of various rates from government. As we have seen in past. As you announced this, that you have gotten at INR71, INR58, INR65. If you can quarterly report that how much quantities have been sold against that, it will give us a better insight. And one more thing I want to ask today is how much money is still due till 31st March for the supplies already made to the OMC. So in the form of incentive, what amount approximate is spending to be received in this year so that we can make a assessment of our strength in coming days. Can you kindly quantify that amount?
Aditi Pasari
For MP plant it is about INR20 crore up to 31st March. I’m going to earn by term. Okay. For the plant is about INR20 crores up to the 31st of March. And for a SAM plant we are expecting about INR5 crores from the leaves. So this is the total amount which is due up to the 31st of March? Yes. Not quarter wise. Not quarter wise. For whatever production we have made till from the date of commencement of the plant. This INR25 crore is only due to us. Which will be coming. Yeah, just due immediately. Yes.
Sanjeev Damani
Which is overdue actually. Overdue and due to us. And can I know that in the closing stock, at what price and how much closing stock on 31st March we are carrying off ethanol and at what price? We have measured it. I mean valued it.
Aditi Pasari
Yeah. I would like Rajiv Guptaji, who is our CFO to intervene here. Rajiv, do you have the breakup of the valuation of the closing stock?
Sanjeev Damani
Hello. No problem. Hello ma’ am. No, no, no.
Aditi Pasari
We will. Rajiv, can you get this breakup? I
Rajiv Gupta
In fact I want that. You know, if all this information is published then you know we can always get our assessment correct. Hello. Yes, Raji. So we can hear you now. Yeah. See if you want. What kind of a good query is that was about the stop closing stock of valuation. There’s different depending field. We cannot make a valuation of closing stock or something like that. Closing stock for finished goods is valued at different prices. Different prices. Because as already Riti has said we do our production based on either through maize or either through rice. So valuation of cloning stock is average of both of them. It cannot be that. We can give you. We can value that total.
Sanjeev Damani
What is the value of the clue stock?
Rajiv Gupta
We can give it to you. But what. What price it can be overall price. This quantity for on the basis of the quantities.
Sanjeev Damani
Okay. So total quantity we know as on the 31st of March. And then we apply average rate to value it.
Rajiv Gupta
Yeah, yeah. That is. That is the only solution. Yeah. We cannot give you.
Sanjeev Damani
No, no. I just wanted to know the mechanism.
Rajiv Gupta
So mechanism is that only. Sir, can you quantify how much closing stock we are carrying on the 31st of March? It’s an all. It’s an all stock. Yeah. There are different. Different See ethanol wise for our. For our. Some plant closing stock. Just. Just like I will tell you. I am talking about the finished stock. I’m talking about the finished product only. Ah yes sir. Yeah. Not in the process. Just give me. Because I have to check because we have. Yeah, you can do that. That is a better way of doing it because I have to see all my results. I have to check my results whenever I approach.
Sanjeev Damani
Whenever I approach for my queries I have got answers from you. So thank you very much. And I really come down to me anytime. You are all very kind, sir. That way. So all the best to all of you. And I really look forward that OMC comes forward and lifts our material faster so that we can save on our interest cost which is very high these days. I mean we have paid almost INR28 crores of as interest. So because of the stocking of the raw material as well as finished stock. So all the best, sir. Thank you.
Aditi Pasari
Yes, thank you.
Operator
Thank you. Thank you. Thank you. Thank you. We have our next question from Lino. Shaurya Panyani from Urge of Partners. Please go ahead.
Shaurya Punyani
Hi. Am I audible? Yes. Shaurya ma’ am. You said that in your grain segment you are expecting a flat revenue year on year. So what about the other two segments like ethanol and minerals? What kind of growth are we expecting?
Aditi Pasari
Well, going forward we have already, like in this current year we have already crossed the INR2000 crore mark and when. And we are of course looking forward to further ramp up our ethnological capacities, take IT to about 80 to 90% capacity utilization. So yeah, putting that in place, we are confident that we should be looking at about 2,300 to 2,400, kind of a top line going forward.
Shaurya Punyani
And what kind of margins on that are we expecting at the current margins or we are expecting some improvement?
Aditi Pasari
Again, these are all forward looking statements. We of course, these are our targets and we’re working towards the targets. There are no promises anywhere. You know, I would like to put a disclaimer there. So of course we’re all working towards 100 capacity utilization. So going forward, yeah, we are very hopeful that there will be improvement in the ethanol, ethanol segment. And as I also said earlier, we are hopeful that we should be looking at about 9 to 10% EBITDA average for the whole year.
Shaurya Punyani
And what is the current capacity utilization for ethanol like on a blended basis?
Aditi Pasari
About 70%. 70%. We are targeting 80 to 90 this year, right? Definitely, definitely we are targeting.
Shaurya Punyani
Okay. Okay, thank you. Thank you so much.
Operator
[Operator Closing Remarks]