1. India Stocks

  2. •

    Consumer non-durables

  3. •

    Food: specialty/candy
Gulshan Polyols Limited

Gulshan Polyols Limited

151.11
INR
-6.38
(-4.05%)
23.70EPS
7.94P/E
11.73BMarket Cap
Nov 10Next Earn
Gulshan Polyols Limited
NSE:GULPOLY
(National Stock Exchange of India)

Recent

price

151.11

P/E

ratio

7.94

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
INR
-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
217.71
320.33
362.44
378.46
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
23.7
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
-18.11
-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
24.33
26.98
31.09
35.77
39.75
42.41
46
48.51
51.61
54.23
66.87
85.84
92.17
94.96
98.64
115.56
- -
Book Value per Share
24.33
26.98
31.09
35.77
39.75
42.41
46
48.48
51.58
54.2
66.85
85.83
92.16
94.95
98.63
115.55
- -
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
19,979
22,605
23,591
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
2.35
7.63
9.87
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
1,477
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
25.81
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
1.24
4.74
6.26
Profit Margin (%)
698
449
664
780
923
781
274
345
471
566
1,400
2,022
1,157
1,248
546
987
- -
Working Capital
21
136
106
439
325
865
567
600
306
117
13
518
1,320
2,330
1,752
1,054
- -
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
6,134
7,186
- -
Total Equity
-9.71
11.77
13.13
11.98
9.01
8.78
7.53
4.91
5.45
4.51
14.53
15.05
4.63
0.96
3.45
12.4
- -
Return on Invested Capital (%)
14.46
13.7
13.22
13.04
10
9.99
8.61
6.35
7.44
7.09
17.2
17.26
6.73
2.73
4.62
13.41
- -
Return on Capital (%)
14.38
13.04
15.75
16.57
12.46
13.19
10.66
6.86
7.6
6.91
18.22
18.7
8.14
3.05
4.12
16.09
- -
Return on Common Equity (%)

Capital Structure

INR

•

in mil. unless spec.
Dec'26
Mar'26
Jun'27
ST Debt
- -
2,125
- -
LT Borrowings
- -
986
- -
LT Finance Leases
- -
68
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
62
62
62
Market Capitalization
8,842
8,957
11,734

Working Capital

INR

•

in mil. unless spec.
Dec'26
Mar'26
Jun'27
Total Current Assets
- -
5,276
- -
Cash, Cash Equivalents & STI
- -
281
- -
Accounts Receivable, Net
- -
2,058
- -
Inventories
- -
2,229
- -
Total Current Liabilities
- -
4,290
- -
Payables & Accruals
- -
- -
- -
ST Debt
- -
2,125
- -
Deferred Revenue
- -
- -
- -

Growth Rates

INR

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
12.35%
14.66%
17.15%
Free Cash Flow
266.62%
-259.37%
-1,349.34%
Net Income, GAAP
47.31%
60.28%
332.27%
Sales/Revenue/Turnover
19.02%
25.74%
13.14%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
4,546
4,405
6,098
5,149
19,979
2026
5,932
5,417
6,267
5,508
22,605
2027
6,399
- -
- -
- -
- -

Quarterly Earnings Per Share

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
1.55
0.2
1.09
1.13
3.97
2026
2.11
2.53
6.56
6.02
17.18
2027
8.58
- -
- -
- -
- -

Quarterly Dividends Per Share

INR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2025
- -
- -
- -
- -
0.3
2026
- -
- -
- -
- -
0.3
2027
- -
- -
- -
- -
- -
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Business
Gulshan Polyols Limited manufactures and markets grain-based specialty products, ethanol and bio-fuels, and mineral processing outputs including precipitated calcium carbonate (PCC), ground calcium carbonate (GCC), and activated calcium carbonate (ACC); its grain processing segment produces starch and derivatives such as sorbitol 70%, maltodextrin, high fructose rice syrup, native maize starch powder, organic sweeteners, corn gluten, corn germ, rice protein, corn steep liquor, and enriched fiber for agro-based animal feed; the distillery division supplies ethanol for biofuel blending, country liquor, and Indian Made Foreign Liquor (IMFL) brands, while mineral operations include on-site PCC plants for paper mills; the company serves industries including food, pharmaceuticals, textiles, paper, adhesives, and animal nutrition with exports to over 40 countries across three continents. Founded in 1981 as Gulshan Sugars & Chemicals Limited and demerged in 2000 to form the current entity listed on BSE and NSE, Gulshan Polyols maintains its registered office in Muzaffarnagar, Uttar Pradesh, with a corporate office in New Delhi and manufacturing facilities in Uttar Pradesh, Madhya Pradesh, Gujarat, Himachal Pradesh, Rajasthan, and Assam. Recent developments include the commercial launch of a 250 KLPD grain-based ethanol plant in Goalpara, Assam, on June 15, 2024, enhancing biofuel capacity and supporting India's ethanol blending targets; securing a Rs 1,184.86 crore contract in October 2025 to supply 175,652 kiloliters of ethanol to oil marketing companies (OMCs) like IOCL, BPCL, HPCL, and MRPL for Ethanol Supply Year 2025-26; signing a May 2025 MoU with the Government of Assam for Rs 2 per liter production incentive on ethanol; receiving Production Linked Fiscal Assistance of Rs 5.38 crore for FY2023-24 from MP Industrial Development Corporation and approvals under Madhya Pradesh's Single Location Energy Consumer scheme for ethanol-linked subsidies, electricity tariff exemptions, and tax reimbursements through 2030; and announcing plans to double production capacity by FY2027 through expansions in specialty chemicals, grain processing, green methanol, carbon capture, and potential bio-diesel, alongside extending exports to over 35 countries.