The Egyptian beat the Indian 13-11, 11-8, 11-9 in the semifinal played yesterday night.
Ghosal had come into the event as a qualifier and beaten two seeded players enroute to the last four.
Elshorbagy, a former world number one, proved a tough nut to crack.
However, it was not an easy match for the Egyptian as he was forced to save a game ball in the first game. Though Ghosal played high standards forcing Elshorbagy to earn his points, it was not good enough for a win.