Gulshan Polyols Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Distillary: 69.6% • Grain Processing: 26.4% • Mineral Processing: 4.0%
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 306.3% YoY, showing strong momentum
- Company has delivered good sales growth of 24.7% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.11x)
- Stock looks reasonably valued - P/E of 7.6 is below its historical median
- Attractively priced for its growth - PEG of 0.2
- Company has a consistent dividend-paying track record
CONS
- Company has a low return on capital employed of 9.7%
- Company has a low return on equity of 7.7% over last 3 years
- Recurring exceptional / one-off items are inflating headline profit
- Though reporting repeated profits, the company pays out little dividend (8.7%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| UNITDSPR | 1404.25 | 54.21 | 102138.24 | 1.21 | 463.00 | 11.03 | 6122.00 | -2.75 | 27.86 | 7.01 |
| RADICO | 4429.50 | 84.35 | 59347.50 | 0.20 | 229.60 | 75.91 | 5867.69 | 10.43 | 22.64 | 6.07 |
| UBL | 1267.45 | 84.71 | 33512.03 | 0.79 | 166.28 | -9.65 | 5919.44 | 10.01 | 11.92 | 4.77 |
| ABDL | 603.15 | 76.34 | 16870.72 | 0.90 | 45.42 | -18.65 | 1809.15 | 1.85 | 18.53 | 6.38 |
| TI | 529.60 | 0.00 | 13128.67 | 0.19 | 31.59 | -64.31 | 2252.43 | 160.74 | 4.31 | 7.50 |
| PICCADIL | 599.85 | 42.07 | 5912.85 | 0.17 | 214.35 | 1063.05 | 2705.03 | 1081.24 | 18.01 | 16.20 |
| TRUALT | 420.50 | 24.29 | 3605.90 | 0.00 | 59.27 | 1154.41 | 626.88 | 106.29 | 10.57 | 21.18 |
| GLOBUSSPR | 849.70 | 26.59 | 2673.27 | 0.77 | 26.48 | 49.69 | 1151.88 | 21.05 | 11.34 | 6.66 |
| GMBREW | 917.40 | 13.36 | 2095.98 | 0.98 | 377.40 | 524.21 | 8029.00 | 1110.77 | 20.40 | 5.79 |
| SDBL | 71.77 | 0.00 | 1492.11 | 0.00 | 1.56 | -96.29 | 609.19 | -31.13 | 18.52 | 2.46 |
| ASALCBR | 685.90 | 16.67 | 1377.23 | 0.29 | 17.83 | -24.60 | 286.30 | 5.96 | 18.06 | 10.43 |
| GULPOLY | 179.95 | 26.32 | 1122.36 | 0.83 | 15.75 | 1190.01 | 541.72 | 22.98 | 18.29 | 7.73 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 293 | 308 | 371 | 406 | 455 | 440 | 610 | 515 | 593 | 542 | 627 | 551 | 640 | |
| 282 | 292 | 360 | 386 | 431 | 424 | 583 | 486 | 557 | 500 | 542 | 485 | 572 | |
| Operating Profit | 12 | 16 | 11 | 19 | 24 | 16 | 27 | 29 | 37 | 42 | 85 | 66 | 68 |
| OPM % | 4.03% | 5.27% | 2.91% | 4.77% | 5.17% | 3.70% | 4.39% | 5.61% | 6.17% | 7.73% | 13.58% | 12.00% | 10.58% |
| 4 | 4 | 3 | 1 | 2 | 1 | 1 | 1 | 2 | 0 | 0 | -1 | 6 | |
| Interest | 2 | 4 | 1 | 4 | 4 | 7 | 8 | 9 | 8 | 8 | 16 | 8 | 7 |
| Depreciation | 9 | 10 | 5 | 9 | 8 | 8 | 11 | 10 | 11 | 11 | 12 | 11 | 11 |
| Profit before Tax | 5 | 7 | 8 | 8 | 13 | 2 | 9 | 11 | 20 | 22 | 58 | 46 | 73 |
| Tax % | 6.58% | 66.91% | 42.07% | 22.51% | 25.33% | 33.16% | 25.49% | 33.40% | 33.82% | 30.51% | 28.94% | 17.59% | 27.09% |
| Net Profit | 4 | 2 | 5 | 6 | 10 | 1 | 7 | 7 | 13 | 16 | 41 | 38 | 54 |
| 0.70 | 0.36 | 0.74 | 1.02 | 1.56 | 0.21 | 1.09 | 1.13 | 2.11 | 2.49 | 6.56 | 6.02 | 8.58 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 493 | 624 | 674 | 621 | 766 | 1,101 | 1,180 | 1,378 | 2,020 | 2,312 | 2,359 | |
| 432 | 555 | 590 | 552 | 636 | 951 | 1,092 | 1,320 | 1,925 | 2,083 | 2,098 | |
| Operating Profit | 60 | 69 | 84 | 69 | 130 | 150 | 88 | 58 | 95 | 229 | 261 |
| OPM % | 12.27% | 11.06% | 12.41% | 11.09% | 17.03% | 13.64% | 7.46% | 4.22% | 4.71% | 9.92% | 11.06% |
| 5 | 2 | 2 | 1 | 3 | 2 | 7 | 12 | 5 | 2 | 5 | |
| Interest | 7 | 11 | 14 | 11 | 7 | 5 | 6 | 10 | 28 | 41 | 39 |
| Depreciation | 28 | 36 | 44 | 31 | 33 | 32 | 29 | 32 | 37 | 45 | 45 |
| Profit before Tax | 30 | 24 | 27 | 27 | 94 | 115 | 60 | 28 | 35 | 145 | 199 |
| Tax % | 9.84% | 22.51% | 20.70% | 24.94% | 33.69% | 25.74% | 24.87% | 36.27% | 28.26% | 26.29% | 25.83% |
| Net Profit | 27 | 18 | 21 | 21 | 62 | 85 | 45 | 18 | 25 | 107 | 147 |
| EPS | 5.83 | 3.89 | 4.57 | 4.39 | 12.53 | 16.40 | 7.27 | 2.83 | 3.97 | 17.18 | — |
| Dividend Payout % | 12.01% | 18.00% | 15.33% | 15.96% | 7.98% | 12.19% | 5.73% | 10.61% | 7.55% | 8.73% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 18%
- 5 Years:
- 25%
- 3 Years:
- 25%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 13%
- 5 Years:
- 12%
- 3 Years:
- 33%
STOCK PRICE CAGR
- 10 Years:
- 12%
- 5 Years:
- -3%
- 3 Years:
- -8%
- 1 Year:
- 9%
RETURN ON EQUITY
- 10 Years:
- 10%
- 5 Years:
- 10%
- 3 Years:
- 8%
- Last Year:
- 16%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 6 | 6 | 6 |
| 254 | 268 | 286 | 301 | 372 | 530 | 570 | 584 | 607 | 712 | |
| 134 | 145 | 115 | 81 | 12 | 113 | 210 | 298 | 328 | 250 | |
| Trade Payables | 46 | 33 | 21 | 29 | 56 | 58 | 80 | 127 | 230 | 159 |
| 62 | 60 | 54 | 42 | 62 | 68 | 123 | 142 | 151 | 176 | |
| Total Liabilities | 502 | 511 | 481 | 457 | 507 | 774 | 988 | 1,157 | 1,323 | 1,304 |
| 197 | 298 | 273 | 260 | 241 | 237 | 276 | 518 | 716 | 694 | |
| Capital Work in Progress | 97 | 1 | 5 | 3 | 3 | 91 | 278 | 182 | 4 | 7 |
| 8 | 6 | 0 | 0 | 1 | 26 | 23 | 15 | 17 | 47 | |
| 79 | 74 | 53 | 87 | 90 | 108 | 157 | 150 | 290 | 223 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 167 | 184 | 206 | |
| Cash & Bank | 4 | 3 | 26 | 2 | 20 | 123 | 6 | 10 | 3 | 28 |
| 117 | 129 | 123 | 105 | 152 | 189 | 248 | 114 | 109 | 99 | |
| Total Assets | 502 | 511 | 481 | 457 | 507 | 774 | 988 | 1,157 | 1,323 | 1,304 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 86 | 45 | 94 | 50 | 114 | 90 | 33 | 66 | 42 | 207 | |
| Cash from Investing | -81 | -37 | -17 | -16 | -5 | -136 | -247 | -158 | -54 | -60 |
| Cash from Financing | -1 | -4 | -48 | -51 | -77 | 170 | 124 | 88 | 13 | -121 |
| -2 | 2 | 22 | -23 | 16 | 95 | -108 | -4 | 0 | 27 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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.
2026-08-08 - Gulshan Polyols Limited has informed the Exchange about Copy of Newspaper Publication regarding Unaudited Financials of the Company for the Quarter ended June 30, 2026.
News
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