Gulshan Polyols Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2025 • Ethanol (Bio-Fuel) / Distillery: 58.8% • Grain Processing: 36.1% • Mineral Processing: 5.2%
AI Sector View
AI GENERATEDFast Moving Consumer Goods
Rural demand proxies are mixed. Tractor sales rose 18.0% YoY (2026-07) and 2-wheelers were up 23.0% YoY (2026-06), but rural employment slowed to 1.0% YoY (2026-07), fertiliser sales were 0.0% YoY (2026-05), and food inflation of 5.52% (Jul/26) can pressure household budgets. FPI outflows remain heavy at INR -8081 crore over 3 months to 2026-08-31, limiting upside.
PROS
- Latest quarter profit grew 1190.0% YoY, showing strong momentum
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.41x)
- Working capital cycle has improved - days down from 33 to 12
- Company converts assets efficiently - asset turnover of 1.6x
CONS
- Company has a low return on capital employed of 6.6%
- Company has a low return on equity of 5.1% over last 3 years
- Free cash flow has been persistently negative
- Operating margins have contracted to 4.7% from 13.8%
- Though reporting repeated profits, the company pays out little dividend (7.6%)
- Company's return on assets is weak at 2.0%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| UNITDSPR | 1398.90 | 54.01 | 101749.11 | 1.22 | 463.00 | 11.03 | 6122.00 | -2.75 | 27.86 | 7.01 |
| RADICO | 4449.90 | 84.74 | 59620.83 | 0.20 | 229.60 | 75.91 | 5867.69 | 10.43 | 22.64 | 6.07 |
| UBL | 1257.00 | 84.01 | 33235.73 | 0.80 | 166.28 | -9.65 | 5919.44 | 10.01 | 11.92 | 4.77 |
| ABDL | 611.40 | 77.39 | 17101.48 | 0.88 | 45.42 | -18.65 | 1809.15 | 1.85 | 18.53 | 6.38 |
| TI | 537.00 | 0.00 | 13312.12 | 0.19 | 31.59 | -64.31 | 2252.43 | 160.74 | 4.31 | 7.50 |
| PICCADIL | 600.35 | 42.11 | 5917.78 | 0.17 | 214.35 | 1063.05 | 2705.03 | 1081.24 | 18.01 | 16.20 |
| TRUALT | 418.70 | 24.19 | 3590.46 | 0.00 | 59.27 | 1154.41 | 626.88 | 106.29 | 10.57 | 21.18 |
| GLOBUSSPR | 837.00 | 26.19 | 2633.31 | 0.78 | 26.48 | 49.69 | 1151.88 | 21.05 | 11.34 | 6.66 |
| GMBREW | 912.45 | 13.29 | 2084.67 | 0.99 | 377.40 | 524.21 | 8029.00 | 1110.77 | 20.40 | 5.79 |
| SDBL | 70.82 | 0.00 | 1472.36 | 0.00 | 1.56 | -96.29 | 609.19 | -31.13 | 18.52 | 2.46 |
| ASALCBR | 696.95 | 16.93 | 1399.42 | 0.29 | 17.83 | -24.60 | 286.30 | 5.96 | 18.06 | 10.43 |
| GULPOLY | 176.85 | 25.87 | 1103.02 | 0.85 | 15.75 | 1190.01 | 541.72 | 22.98 | 18.29 | 7.73 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 276 | 332 | 302 | 293 | 308 | 371 | 406 | 455 | 440 | 610 | 515 | 593 | 542 | |
| 257 | 310 | 276 | 282 | 292 | 360 | 386 | 431 | 424 | 583 | 486 | 557 | 500 | |
| Operating Profit | 19 | 22 | 26 | 12 | 16 | 11 | 19 | 24 | 16 | 27 | 29 | 37 | 42 |
| OPM % | 6.89% | 6.64% | 8.50% | 4.02% | 5.27% | 2.89% | 4.76% | 5.17% | 3.69% | 4.38% | 5.61% | 6.16% | 7.73% |
| 1 | 2 | 3 | 4 | 4 | 3 | 1 | 2 | 1 | 1 | 1 | 2 | 0 | |
| Interest | 1 | 2 | 2 | 2 | 4 | 0 | 4 | 4 | 7 | 8 | 9 | 8 | 8 |
| Depreciation | 7 | 7 | 7 | 9 | 10 | 5 | 9 | 8 | 8 | 11 | 10 | 11 | 11 |
| Profit before Tax | 12 | 15 | 19 | 5 | 7 | 8 | 8 | 13 | 2 | 9 | 11 | 20 | 23 |
| Tax % | 22.86% | 23.32% | 25.66% | 6.61% | 67.51% | 42.12% | 21.95% | 25.35% | 34.41% | 25.58% | 33.46% | 33.89% | 30.22% |
| Net Profit | 0 | 0 | 0 | 0 | 0 | 5 | 7 | 10 | 1 | 7 | 7 | 13 | 16 |
| 1.46 | 1.90 | 2.30 | 0.70 | 0.35 | 0.74 | 1.05 | 1.55 | 0.20 | 1.08 | 1.12 | 2.11 | 2.53 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|
| 1,101 | 1,180 | 1,378 | 2,020 | 2,260 | |
| 951 | 1,092 | 1,320 | 1,925 | 2,126 | |
| Operating Profit | 150 | 88 | 58 | 95 | 134 |
| OPM % | 13.64% | 7.45% | 4.21% | 4.71% | 5.93% |
| 2 | 7 | 12 | 5 | 4 | |
| Interest | 5 | 6 | 10 | 28 | 33 |
| Depreciation | 32 | 29 | 32 | 37 | 43 |
| Profit before Tax | 115 | 60 | 28 | 34 | 62 |
| Tax % | 25.74% | 24.95% | 36.12% | 28.36% | 31.26% |
| Net Profit | 85 | 45 | 18 | 25 | 43 |
| EPS | 16.40 | 7.24 | 2.85 | 3.95 | — |
| Dividend Payout % | 12.19% | 5.75% | 10.54% | 7.59% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 22%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- -34%
STOCK PRICE CAGR
- 10 Years:
- 11%
- 5 Years:
- -4%
- 3 Years:
- -7%
- 1 Year:
- 8%
RETURN ON EQUITY
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 5%
- Last Year:
- 4%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| Equity Capital | 5 | 5 | 6 | 6 |
| 530 | 570 | 584 | 607 | |
| 113 | 210 | 298 | 329 | |
| Trade Payables | 58 | 80 | 127 | 230 |
| 68 | 123 | 142 | 151 | |
| Total Liabilities | 774 | 988 | 1,156 | 1,323 |
| 237 | 276 | 518 | 716 | |
| Capital Work in Progress | 91 | 278 | 182 | 4 |
| 26 | 23 | 15 | 17 | |
| 108 | 157 | 150 | 290 | |
| 0 | 0 | 167 | 184 | |
| Cash & Bank | 123 | 6 | 10 | 4 |
| 189 | 248 | 114 | 109 | |
| Total Assets | 774 | 988 | 1,156 | 1,323 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| 90 | 33 | 66 | 42 | |
| Cash from Investing | -136 | -247 | -158 | -54 |
| Cash from Financing | 170 | 124 | 88 | 13 |
| 95 | -107 | -4 | 1 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-11 - Gulshan Polyols Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on September 11, 2026
2026-08-19 - Gulshan Polyols Limited has informed the Exchange about Copy of Newspaper Publications regarding completion of Dispatch of Notice of 26th Annual General Meeting to be held on Friday, September 11, 2026.
2026-08-18 - Gulshan Polyols Limited has informed the Exchange regarding 'Business Responsibility and Sustainability Report'.
2026-08-18 - Gulshan Polyols Limited has informed the Exchange regarding Notice of 26th Annual General Meeting of the Company to be held on September 11, 2026
2026-08-17 - Gulshan Polyols Limited has informed the Exchange about the receipt of additional allocation for supply of Ethanol to OMCs.
2026-08-17 - Gulshan Polyols Limited has informed the Exchange about the Intimation regarding 26th Annual General Meeting of the Company to be held on Friday, September 11, 2026.
2026-08-13 - Gulshan Polyols Limited has informed the Exchange about Copy of Newspaper Publication regarding the 26th Annual General Meeting, Book Closure and Dividend.
2026-08-13 - Gulshan Polyols Limited has informed the Exchange that Record date for the purpose of Dividend is 28-Aug-2026.
2026-08-12 - Gulshan Polyols Limited has informed the Exchange about Transcript of the Earnings Call held on August 07, 2026, for the quarter ended June 30, 2026.
News
Recent coverage and analyst commentary for GULPOLY
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