Gulshan Polyols Ltd.

•

gulshanindia.comBSE: 532457NSE: GULPOLY

Market Cap₹ 1,103 Cr.

Current Price

High / Low₹ 228 / 122

Stock P/E25.9

Book Value₹ 103

Price to Book1.82

Dividend Yield0.85 %

ROCE6.5 %

ROE4.1 %

Face Value₹ 1

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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 GENERATED

Fast Moving Consumer Goods

Hold

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.

Confidence

62%

View full sector analysis →

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

Fast Moving Consumer GoodsAlcoholBreweries & Distilleries

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	UNITDSPR	1398.90	54.01	101749.11	1.22	463.00	11.03	6122.00	-2.75	27.86	7.01
2.	RADICO	4449.90	84.74	59620.83	0.20	229.60	75.91	5867.69	10.43	22.64	6.07
3.	UBL	1257.00	84.01	33235.73	0.80	166.28	-9.65	5919.44	10.01	11.92	4.77
4.	ABDL	611.40	77.39	17101.48	0.88	45.42	-18.65	1809.15	1.85	18.53	6.38
5.	TI	537.00	0.00	13312.12	0.19	31.59	-64.31	2252.43	160.74	4.31	7.50
6.	PICCADIL	600.35	42.11	5917.78	0.17	214.35	1063.05	2705.03	1081.24	18.01	16.20
7.	TRUALT	418.70	24.19	3590.46	0.00	59.27	1154.41	626.88	106.29	10.57	21.18
8.	GLOBUSSPR	837.00	26.19	2633.31	0.78	26.48	49.69	1151.88	21.05	11.34	6.66
9.	GMBREW	912.45	13.29	2084.67	0.99	377.40	524.21	8029.00	1110.77	20.40	5.79
10.	SDBL	70.82	0.00	1472.36	0.00	1.56	-96.29	609.19	-31.13	18.52	2.46
11.	ASALCBR	696.95	16.93	1399.42	0.29	17.83	-24.60	286.30	5.96	18.06	10.43
12.	GULPOLY	176.85	25.87	1103.02	0.85	15.75	1190.01	541.72	22.98	18.29	7.73

Detailed Comparison with:

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

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	66.68	66.68	66.71	66.71	66.71	66.71	66.80	66.80	66.80
	0.00	0.50	0.00	0.06	0.00	0.00	0.00	0.29	0.32
	0.40	0.80	1.11	0.67	0.56	0.07	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	32.93	32.03	32.19	32.56	32.73	33.22	33.20	32.90	32.88

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-11

Shareholders meeting

2026-09-11 - Gulshan Polyols Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on September 11, 2026

2026-08-19

Copy of Newspaper Publication

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

Updates

2026-08-18 - Gulshan Polyols Limited has informed the Exchange regarding 'Business Responsibility and Sustainability Report'.

2026-08-18

Shareholders meeting

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

General Updates

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

General Updates

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

Copy of Newspaper Publication

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

Record Date

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

Analysts/Institutional Investor Meet/Con. Call Updates

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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Gulshan Polyols Ltd.

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Free 5nance Account

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

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

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

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%

Interest

Depreciation

Profit before Tax

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

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

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

134

OPM %

13.64%

7.45%

4.21%

4.71%

5.93%

Interest

Depreciation

Profit before Tax

115

Tax %

25.74%

24.95%

36.12%

28.36%

31.26%

Net Profit

EPS

16.40

7.24

2.85

3.95

—

Dividend Payout %

12.19%

5.75%

10.54%

7.59%

—

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Equity Capital

530

570

584

607

113

210

298

329

Trade Payables

127

230

123

142

151

Total Liabilities

774

988

1,156

1,323

237

276

518

716

Capital Work in Progress

278

182

108

157

150

290

167

184

Cash & Bank

123

189

248

114

109

Total Assets

774

988

1,156

1,323

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Cash from Investing

-136

-247

-158

-54

Cash from Financing

170

124

-107

-4

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

66.68

66.71

66.80

0.00

0.50

0.00

0.06

0.00

0.29

0.32

0.40

0.80

1.11

0.67

0.56

0.07

0.00

Government

0.00

32.93

32.03

32.19

32.56

32.73

33.22

33.20

32.90

32.88

Gulshan Polyols Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

Gulshan Polyols Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI