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Gulshan Polyols Limited

Gulshan Polyols Limited

GULPOLY.BO
Gulshan Polyols LimitedIN flagBombay Stock Exchange
184.00
INR
-6.55
- -
11.50BMarket Cap
Gulshan Polyols Limited
GULPOLY.BO
(Bombay Stock Exchange)

Recent

price

184.00

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
FRC
-3.28
53.82
55.69
64.16
75.45
78.14
85.77
107.57
117.02
106.76
126.19
173.39
186.29
217.93
323.48
370.78
371.1
Revenue per Share
3.22
3.35
4.57
5.54
4.6
5.31
4.68
3.24
3.81
3.66
10.44
13.67
7.24
2.85
3.97
17.18
17.23
Basic EPS, GAAP
1.71
4.74
2.07
-5.11
5.2
-11.19
-0.73
0.27
11.25
4.74
13.93
-8.4
-38.29
-18.12
-2.32
29.03
- -
Free Cash Flow per Basic Share
0.24
0.24
0.43
0.67
0.99
1.03
0.63
0.58
0.58
0.83
0.2
0.44
0.83
0.5
0.3
0.3
- -
Dividend per Share
2.86
16.88
20.38
24.46
26.64
28.16
31.37
33.38
35.94
38.47
54.58
63.74
70.13
72.72
76.22
1
1
Book Value per Share
24.33
26.98
31.09
35.77
39.75
42.41
46
48.48
51.58
54.2
63.29
85.83
92.16
94.73
98.2
115.21
115.31
Tangible Book Value per Share
51
51
51
51
53
56
56
56
56
56
59
62
62
62
62
62
62
Basic Weighted Avg Shares
-166
2,728
2,823
3,252
4,022
4,342
4,829
6,056
6,588
6,011
7,505
10,815
11,619
13,579
20,197
23,124
23,124
Sales/Revenue/Turnover
93.19
8.71
10.92
10.22
7.83
8.53
6.71
4.37
4.55
4.16
11.52
9.82
3.94
1
2.87
7.98
7.98
Operating Margin (%)
144
133
142
135
225
237
281
365
443
310
326
324
287
324
374
452
452
Depreciation Expense
163
179
241
271
255
305
273
182
214
206
621
852
452
178
248
1,071
1,073
Net Income, GAAP
13.17
17.11
15.7
14.15
19.92
19.36
9.84
22.51
20.7
24.94
33.69
25.74
24.95
36.12
28.26
26.29
26.26
Effective Tax Rate (%)
-98.17
6.57
8.55
8.34
6.33
7.02
5.66
3.01
3.25
3.42
8.28
7.88
3.89
1.31
1.23
4.63
4.64
Profit Margin (%)
698
449
664
780
923
781
274
345
471
566
1,400
2,022
1,157
1,248
678
987
987
Working Capital
21
136
106
439
325
865
567
600
306
117
13
518
1,320
2,330
1,752
1,001
1,001
LT Debt
1,233
1,368
1,576
1,813
2,119
2,357
2,590
2,731
2,906
3,053
3,765
5,354
5,749
5,903
6,132
7,186
7,186
Total Equity
-9.71
13.09
14.23
12.68
8.96
8.84
7.5
4.82
5.41
4.51
14.39
15.04
4.64
0.98
4.27
13.31
13.32
Return on Invested Capital (%)
50.79
29.25
18.59
17.34
12.92
12.82
10.87
7.91
9.29
9.03
21.01
21.16
8.26
3.24
5.37
23.03
23.07
Return on Capital (%)
113.1
33.9
24.54
24.71
18.42
19.78
15.83
10.01
10.98
9.83
22.96
23.61
10.82
3.99
5.34
44.45
44.53
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
ST Debt
3,123
- -
2,125
LT Borrowings
1,356
- -
1,001
LT Finance Leases
52
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
62
- -
62
Market Capitalization
9,157
8,859
8,917

Working Capital

FRC

•

in mil. unless spec.
Sep'26
Dec'26
Mar'26
Total Current Assets
5,376
- -
5,276
Cash, Cash Equivalents & STI
179
- -
281
Accounts Receivable, Net
1,710
- -
2,058
Inventories
2,719
- -
2,229
Total Current Liabilities
4,614
- -
4,290
Payables & Accruals
- -
- -
- -
ST Debt
3,123
- -
2,125
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
12.35%
14.67%
17.19%
Free Cash Flow
266.62%
-259.37%
-1,349.34%
Net Income, GAAP
47.31%
60.28%
332.27%
Sales/Revenue/Turnover
19.32%
26.33%
14.49%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
2,935
3,078
3,711
3,855
13,579
2025
4,546
4,405
6,098
5,149
20,197
2026
5,932
5,417
6,267
5,508
23,124

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.7
0.35
0.74
- -
2.85
2025
1.55
0.2
1.09
1.13
3.97
2026
2.11
2.53
6.56
6.02
17.18

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
0.5
2025
- -
- -
- -
- -
0.3
2026
- -
- -
- -
- -
0.3
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Business
Gulshan Polyols Limited manufactures and markets specialty chemicals, biofuels, and grain-based products in India. The company produces starch sugar products, including sorbitol 70% solution, dextrose monohydrate, maltodextrin powder, liquid glucose, rice fructose syrups, brown rice syrups, and rice syrup solids; native starches such as maize and rice starch powder; organic sweeteners; mineral processing products comprising precipitated calcium carbonate (PCC), ground calcium carbonate (GCC), and wet ground calcium carbonate (WGCC); ethanol and bio-fuel from distillery operations; country liquor; and agro-based animal nutrition products like dried distillers grain solubles (DDGS), corn gluten, corn germ, rice protein, corn steep liquor, and enriched fiber. Gulshan Polyols operates manufacturing facilities in multiple locations across India, including Muzaffarnagar and Bharuch in Uttar Pradesh and Gujarat, respectively; Goalpara in Assam; Borgaon in Madhya Pradesh; Dhaula Kuan in Himachal Pradesh; and Abu Road in Rajasthan. The company serves diverse industries such as pharmaceuticals, food and beverages, toothpaste, textiles, paper, adhesives, and animal feed, with exports to over 40 countries across three continents. It maintains a wholly owned subsidiary, Gulshan Overseas FZCO in Dubai, focused on industrial chemicals and petrochemicals trading. Founded in 1981 as Gulshan Sugars & Chemicals Limited and restructured through demerger in 2000, Gulshan Polyols is headquartered at its registered office in Muzaffarnagar, Uttar Pradesh, with a corporate office in New Delhi. In recent developments, the company secured major ethanol supply contracts under India's Ethanol Blended Petrol Programme, including a Rs 1,184.86 crore order for 175,652 kiloliters to oil marketing companies such as IOCL, BPCL, HPCL, and MRPL for Ethanol Supply Year 2025-26, and additional allocations worth over Rs 1,250 crore for ESY 2024-25. Gulshan Polyols entered a long-term agreement with Amplus RJ Solar Private Limited for solar power supply to its Muzaffarnagar plant and approved fundraising up to Rs 250 crore via qualified institutional placement in 2024 to support expansions. The company plans to double production capacity by fiscal year 2027, with focus on green methanol, ethanol, carbon capture, and potential bio-diesel, alongside full utilization of its 810 KLPD distillery capacity following new plant commissions in Madhya Pradesh and Assam.