Gulshan Polyols(GPL) – Business by FMCG and Valuation by Commodity

I think there is still some opportunity left in this script.
FY25 could be very big, distillery segment itself can generate 1700-1800 Cr revenue.

Margins may improve from Q3FY24 onwards due to new crops and increase in the ethanol price, with avg margins of 10% on very conservative side FY25 PAT should be > 2X FY23 PAT.

In between any FCI rice release would be a great advantage, Govt is supporting the ethanol producers by increasing the price if there is any inflation in the RM, so this final product price risk can be mitigated with some lag