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Gulshan Polyols management described its outlook as cautious after strong H1 results driven by ethanol, warning of record maize prices. Open-market maize was quoted at ₹30–32/kg, above the roughly ₹26–27/kg level at which ethanol production is viable, and the company is shifting toward FCI rice and damaged food grains.
Management expects margin pressure in Q3 and Q4 and says grain processing is structurally challenged by starch overcapacity.
High maize prices in India squeeze ethanol and starch margins, pushing processors to switch feedstock toward rice and damaged grains. This keeps maize demand from the ethanol sector under pressure while supporting alternative grain feedstocks.
blog.perivis.comEavesdropper SharmaNov 13, 2026Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
