# Record Maize Prices Threaten Gulshan Polyols’ H2 Margins – Perivis

> 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.

- Date: 2026-11-13 · published 2026-11-13T12:06:41.247Z
- Category: market · region India · magnitude low
- Page: https://feedsoft.ai/events/97619-record-maize-prices-threaten-gulshan-polyols-h2-margins-perivis
- Commodities: [Corn](https://feedsoft.ai/c/CORN.md), [DDGS](https://feedsoft.ai/c/DDGS.md)

## Why it matters

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.

## Read by commodity

- CORN: bullish ▲
- DDGS: neutral

## Sources

- blog.perivis.com: https://blog.perivis.com/2026/11/13/record-maize-prices-threaten-gulshan-polyols-h2-margins/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.