Gulshan Polyols Ltd.

•

gulshanindia.comBSE: 532457NSE: GULPOLY

Market Cap₹ 1,122 Cr.

Current Price

High / Low₹ 228 / 122

Stock P/E7.6

Book Value₹ 124

Price to Book1.24

Dividend Yield0.83 %

ROCE18.3 %

ROE16.1 %

Face Value₹ 1

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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 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 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

Fast Moving Consumer GoodsAlcoholBreweries & Distilleries

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

S.No.	Name
1.	UNITDSPR	1404.25	54.21	102138.24	1.21	463.00	11.03	6122.00	-2.75	27.86	7.01
2.	RADICO	4429.50	84.35	59347.50	0.20	229.60	75.91	5867.69	10.43	22.64	6.07
3.	UBL	1267.45	84.71	33512.03	0.79	166.28	-9.65	5919.44	10.01	11.92	4.77
4.	ABDL	603.15	76.34	16870.72	0.90	45.42	-18.65	1809.15	1.85	18.53	6.38
5.	TI	529.60	0.00	13128.67	0.19	31.59	-64.31	2252.43	160.74	4.31	7.50
6.	PICCADIL	599.85	42.07	5912.85	0.17	214.35	1063.05	2705.03	1081.24	18.01	16.20
7.	TRUALT	420.50	24.29	3605.90	0.00	59.27	1154.41	626.88	106.29	10.57	21.18
8.	GLOBUSSPR	849.70	26.59	2673.27	0.77	26.48	49.69	1151.88	21.05	11.34	6.66
9.	GMBREW	917.40	13.36	2095.98	0.98	377.40	524.21	8029.00	1110.77	20.40	5.79
10.	SDBL	71.77	0.00	1492.11	0.00	1.56	-96.29	609.19	-31.13	18.52	2.46
11.	ASALCBR	685.90	16.67	1377.23	0.29	17.83	-24.60	286.30	5.96	18.06	10.43
12.	GULPOLY	179.95	26.32	1122.36	0.83	15.75	1190.01	541.72	22.98	18.29	7.73

Detailed Comparison with:

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

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

2026-08-19

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.

2026-08-08

Copy of Newspaper Publication

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

Recent coverage and analyst commentary for GULPOLY

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Gulshan Polyols Ltd.

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Free 5nance Account

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

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

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

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%

-1

Interest

Depreciation

Profit before Tax

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

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

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

130

150

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%

Interest

Depreciation

Profit before Tax

115

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

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%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

254

268

286

301

372

530

570

584

607

712

134

145

115

113

210

298

328

250

Trade Payables

127

230

159

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

278

182

108

157

150

290

223

167

184

206

Cash & Bank

123

117

129

123

105

152

189

248

114

109

Total Assets

502

511

481

457

507

774

988

1,157

1,323

1,304

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

114

207

Cash from Investing

-81

-37

-17

-16

-5

-136

-247

-158

-54

-60

Cash from Financing

-1

-4

-48

-51

-77

170

124

-121

-2

-23

-108

-4

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

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