Polyol as precursor of crosslinked polyurethanes was prepared through alcoholysis from castor oil having triglycerides of saturated and unsaturated fatty acids. Alcoholysis between castor oil (CO) and Trimethylol propane (TMP) at elevated temperature results in an equilibrium mixture consisting mainly of monoglycerides, diglycerides and triglycerides of castor oil and trimethylol propane as well as some free trimethylol propane. Polyol thus prepared was characterized using FTIR, Liquid Chromatography Mass Spectroscopy (LCMS) and Matrix Assisted Laser Desorption/Ionization Time of Flight Mass Spectroscopy (MALDI TOF MS). Series of bulk polyurethane polymerization reactions were carried out in a batch reactor in presence of solvent, xylene, using CO/TMP polyol and diphenyl methane diisocyanate (MDI) at different temperatures and different Stoichiometric Imbalance Ratio (NCO/OH) ratio i.e., 0.75, 1.0, and 1.25. All the reactions obeyed second order kinetics. Second order rate constants were calculated and were used to model the system using kinetic approach given by Gupta and Kumar. The kinetic model allows for the calculation of concentrations of all the species in the system. Different reactivities for isocyanate functional groups located in different positions of the monomer and polymer molecules, as well as the hydroxyl functional groups of different molecules, were allowed. Allophanate and biuret ramification reactions, as well as gel formation due to crosslinking, were considered in the model. Agreement between the model predictions and experimental data on isocyanate conversion and weight‐average molecular weight was satisfactory for the entire conversion range. © 2012 Wiley Periodicals, Inc. J Appl Polym Sci, 2012