From Incentives to Orders — Gulshan Polyols Rides the Green Fuel Wave

Image Source: ChemAnalyst

Gulshan Polyols Ltd secured a major ethanol supply order worth Rs 1,184.86 crore for the Ethanol Supply Year 2025-26 from India’s top oil marketing companies — BPCL, IOCL, HPCL, and MRPL. The company also received fiscal assistance of Rs 5.37 crore from MPIDC, strengthening its manufacturing growth initiatives.

Gulshan Polyols Ltd (GPL) has announced a significant double boost to its business momentum — winning a large ethanol supply order from leading public oil marketing companies and receiving fiscal support under a state incentive scheme.

The company disclosed that it has been allocated a total quantity of 1,75,652 kiloliters of ethanol under the Ethanol Blended Petrol Programme (EBPP) for the Ethanol Supply Year 2025–26. The order carries an estimated value of Rs 11,84,86,56,380, collectively awarded by Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL), Hindustan Petroleum Corporation Ltd (HPCL), and Mangalore Refinery and Petrochemicals Ltd (MRPL).

Simultaneously, Gulshan Polyols received a Production Linked Fiscal Assistance (PLFA) of Rs 5.3754 crore from the Madhya Pradesh Industrial Development Corporation Ltd (MPIDC) for FY 2023–24, under the state’s industry promotion scheme. This incentive highlights the government’s ongoing support to ethanol manufacturers contributing to India’s sustainable fuel goals.

Key Highlights

The ethanol allocation covers the supply period for ESY 2025–26 under the national Ethanol Blended Petrol Programme (EBPP).
The total supply volume amounts to 1,75,652 kiloliters, with an estimated contract value of Rs 1,184.86 crore.
Gulshan Polyols will supply ethanol to BPCL, IOCL, HPCL, and MRPL across multiple locations in India.
The entire order is domestic, with execution expected during ESY 2025–26.
The company clarified there is no promoter-group interest involved and the transaction does not fall under related party operations.
MPIDC’s PLFA of Rs 5.37 crore for FY 2023–24 provides additional support to enhance production capabilities in Madhya Pradesh.

This development positions Gulshan Polyols as one of the key beneficiaries of the government’s ethanol blending initiative, aimed at reducing crude oil imports and promoting cleaner energy alternatives. The synergy between state incentives and national biofuel mandates is likely to further bolster the company’s financial performance and manufacturing expansion trajectory.

Sources: Company filing with BSE, MP Industrial Development Corporation (MPIDC), Oil Marketing Companies tender disclosure.

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