Gulshan Polyols repays Rs 79.52 crore of debt over six months

Gulshan Polyols Limited repaid Rs 79.52 crore of long- and short-term borrowings in the half year ended September 30, 2026, while reporting Rs 118.94 crore of net cash flow from operating activities. Total borrowings fell to Rs 233.00 crore at September 30 from Rs 312.53 crore at March 31, 2026.

How much debt did Gulshan Polyols repay in six months?

Gulshan Polyols recorded net repayment of Rs 79.52 crore of borrowings during the six months ended September 30, 2026. The cash-flow statement shows repayments of Rs 14.95 crore of long-term borrowings and Rs 64.57 crore of short-term borrowings.

Non-current borrowings declined to Rs 85.14 crore at September 30 from Rs 100.08 crore at March 31, while current borrowings fell to Rs 147.87 crore from Rs 212.44 crore. The larger reduction was in current borrowings, which represented Rs 64.57 crore of the total Rs 79.52 crore repayment.

Cash and cash equivalents increased by Rs 5.95 crore over the same six months, reaching Rs 33.71 crore at September 30 from Rs 27.76 crore at March 31. The increase followed operating inflows of Rs 118.94 crore, investing outflows of Rs 11.42 crore and financing outflows of Rs 101.57 crore.

How much operating cash did Gulshan Polyols generate?

Gulshan Polyols reported net cash flow from operating activities of Rs 118.94 crore for the half year ended September 30, 2026. This inflow was greater than the Rs 101.57 crore net financing outflow and left cash and cash equivalents Rs 5.95 crore higher after investing activity.

Profit before tax was Rs 125.75 crore for the September 2026 half year, compared with Rs 42.25 crore in the corresponding half year ended September 30, 2025. The operating-cash-flow calculation included Rs 20.96 crore of depreciation and amortisation and Rs 12.55 crore of interest expenses before working-capital movements.

Direct taxes paid, net of refunds, were Rs 24.61 crore in the half year. Interest expenses of Rs 12.55 crore were lower than the Rs 16.24 crore finance cost reported in the corresponding prior-year half, while the filing separately records the cash interest payment within financing activities.

What changed in Gulshan Polyols' working capital?

Gulshan Polyols used Rs 63.96 crore of cash through increased inventories in the half year ended September 30, 2026. Inventory on the balance sheet rose to Rs 286.88 crore at September 30 from Rs 222.92 crore at March 31, 2026.

Trade receivables increased by Rs 1.34 crore to Rs 207.19 crore over the same period. The filing also shows increased trade and other payables in the cash-flow calculation of Rs 18.47 crore, while other current liabilities on the balance sheet increased to Rs 49.84 crore from Rs 21.40 crore.

Trade payables due to micro and small enterprises rose to Rs 17.98 crore from Rs 15.28 crore, and payables to other creditors increased to Rs 154.80 crore from Rs 144.08 crore. Net income-tax liabilities were Rs 30.61 crore at September 30, compared with Rs 1.90 crore at March 31.

Revenue from operations increased to Rs 1,254.83 crore in the September 2026 half year from Rs 1,134.95 crore a year earlier. Ethanol (Bio-Fuel)/Distillery revenue rose to Rs 872.89 crore from Rs 789.67 crore, grain processing revenue increased to Rs 335.06 crore from Rs 300.68 crore, and mineral processing revenue rose to Rs 46.88 crore from Rs 44.61 crore. The filing does not allocate the inventory increase to a segment or product.

How did Gulshan Polyols allocate cash to investment and financing?

Gulshan Polyols spent Rs 19.56 crore on purchases of property, plant and equipment, including capital work-in-progress, during the September 2026 half year. It received Rs 11.51 crore from sales of property, plant and equipment and made net purchases of investments of Rs 3.81 crore, producing an investing cash outflow of Rs 11.42 crore.

Capital work-in-progress increased to Rs 15.32 crore at September 30 from Rs 7.00 crore at March 31. Property, plant and equipment declined to Rs 672.61 crore from Rs 693.67 crore, and the filing provides no project-level breakdown or capital-expenditure target.

Financing activity included Rs 12.55 crore of interest expenses, Rs 9.36 crore of dividends paid and Rs 79.52 crore of borrowing repayments. Total equity increased to Rs 802.08 crore at September 30 from Rs 718.58 crore at March 31, while total assets increased to Rs 1,388.62 crore from Rs 1,304.39 crore.

Conclusion

Gulshan Polyols' half-year statements show operating cash generation of Rs 118.94 crore alongside Rs 79.52 crore of net borrowing repayment, Rs 11.42 crore of investing outflows and Rs 9.36 crore of dividend payments. The company finished September 2026 with Rs 233.00 crore of borrowings and Rs 33.71 crore of cash and cash equivalents.

The next financial disclosure will show whether the Rs 63.96 crore inventory increase continues to absorb cash and whether borrowings keep declining. Gulshan Polyols did not provide a segment-level explanation for the inventory movement, a borrowing-repayment target or a capital-expenditure target in the filing.