Overview

Detailed Summary

Gulshan Polyols Limited is a multi‑product Indian manufacturer focused on ethanol/biofuel, grain‑based specialty products (starch and derivatives like sorbitol and fructose), and mineral processing (various grades of calcium carbonate), operating nine manufacturing facilities across India and exporting to multiple countries.
Ethanol has become the company’s primary growth engine: recent capacity additions and ramp ups increased ethanol volumes to 14.1 crore litres in FY25, driving FY25 ethanol revenue to Rs. 1,187 crores and causing a material shift in the revenue mix toward biofuels and by‑product sales.
Q3 FY26 performance showed meaningful margin recovery and operating leverage with consolidated EBITDA margin rising to 13.7% and quarterly EBITDA of Rs. 85.6 crores; management attributes the improvement to softer raw material prices, FCI rice mandates improving grain availability, and receipt of PLI incentives.
The grain‑processing segment remains under stress from overcapacity and global competitive pressure, particularly in starch; management plans to prioritise specialty, higher value‑added derivatives in future capex (planned FY28) rather than expanding low‑margin commodity starch volumes.
Balance‑sheet dynamics improved through receipt of Rs. 21.8 crores of state incentives and PLI disbursements, but working capital and short‑term borrowings rose (total current liabilities increased by FY25), and management is focused on reducing working capital intensity before embarking on fresh capex.

Sector: Agricultural Food & other Products
Industry: Other Agricultural Products
Market Cap: 1,148 Cr
Volatility: Moderate Risk
P/E Ratio: 26.9
Industry P/E: 33.2
PEG Ratio: 0.7
P/B Ratio: 1.8
52W High: 221.70
52W Low: 121.75

Sales CAGR

1Y: 46.50%
3Y: 22.42%
5Y: 26.61%
10Y: 17.48%

Profit CAGR

1Y: 38.91%
3Y: -33.75%
5Y: 3.79%
10Y: -2.28%

ROE

TTM: 6.66%
3Y: 4.94%
5Y: 8.79%
10Y: 8.73%

ROCE

TTM: 8.68%
3Y: 6.99%
5Y: 11.43%
10Y: 11.44%

Technicals

‌

Forecasts

Peers

Fast Moving Consumer Goods Fast Moving Consumer Goods Other Agricultural Products

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
CLSEL		288.60	1,437 Cr	12.52	1.90	1.04	13.69	17.68	11.04
GULPOLY		184.00	1,151 Cr	26.99	1.80	0.16	6.66	8.68	3.30
AVTNPL		68.74	1,054 Cr	16.26	1.88	1.16	11.59	13.65	7.66
REGAAL		80.50	827 Cr	14.88	1.69	0.31	11.35	9.50	4.16
MODINATUR		425.00	565 Cr	11.24	3.28	0.00	29.21	21.33	12.36
MGEL		16.70	555 Cr	12.28	2.24	0.06	14.68	16.16	5.62
SUKHJITS		171.55	540 Cr	19.97	0.95	0.00	4.76	6.98	2.48
Median: 7 Co.	—	171.55	827 Cr	14.88	1.88	0.16	11.59	13.65	5.62

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	293	308	371	406	455	440	610	515	593	542
Expenses	282	292	360	386	431	424	583	486	557	500
Operating Profit	12	16	11	19	24	16	27	29	37	42
OPM %	4.02	5.27	2.89	4.76	5.17	3.68	4.38	5.61	6.16	7.73
Other Income	3.78	3.98	3.02	1.42	2.18	1.16	0.74	0.78	1.91	0.30
Interest	2.13	3.98	0.48	3.52	4.28	7.46	7.88	8.78	8.10	8.15
Depreciation	8.78	9.53	5.27	8.78	8.44	8.07	11	10	11	11
Profit Before Tax	4.69	6.68	8.00	8.43	13	1.86	9.07	11	20	23
Tax %	6.61	67.51	42.13	21.95	25.35	34.41	25.58	33.46	33.82	30.22
Net Profit	4.38	2.17	4.63	6.58	9.69	1.22	6.75	7.01	13	16
EPS in Rs	0.70	0.35	0.74	1.05	1.55	0.20	1.08	1.12	2.11	2.53

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,101	1,180	1,378	2,020	2,158
Expenses	951	1,092	1,320	1,924	2,050
Operating Profit	150	88	58	95	108
OPM %	13.64	7.46	4.21	4.72	5.02
Other Income	2.05	7.06	12	4.87	4.59
Interest	4.96	6.13	10	28	32
Depreciation	32	29	32	37	39
Profit Before Tax	115	60	28	34	41
Tax %	25.74	24.95	36.12	28.36	31.95
Net Profit	85	45	18	25	28
EPS in Rs	—	6.78	2.84	3.95	6.84
Dividend Payout %	12.20	6.91	10.53	7.59	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	5.20	5.20	6.24	6.24
Reserves	530	570	584	607
Borrowings	117	248	349	392
Other Liabilities	122	165	217	318
Total Liabilities	774	988	1,156	1,323
Fixed Assets	237	276	518	716
CWIP	91	278	182	4.01
Investments	29	25	18	19
Other Assets	417	408	438	584
Total Assets	774	988	1,156	1,323

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	61	15	66	42
Cash from Investing Activity	-136	-247	-158	-54
Cash from Financing Activity	170	124	88	13
Net Cash Flow	95	-107	-4.41	0.60

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	66.81%	66.89%	66.92%	66.94%	66.85%	66.85%	66.91%	66.91%	66.91%	66.91%	67.00%	67.00%
FIIs	0.01%	0.00%	0.00%	0.01%	0.00%	0.50%	0.00%	0.06%	0.00%	0.00%	0.00%	0.30%
DIIs	3.53%	1.23%	1.20%	0.59%	0.40%	0.80%	1.11%	0.67%	0.57%	0.07%	0.00%	0.00%
Public	29.65%	31.88%	31.87%	32.46%	32.75%	31.84%	31.98%	32.36%	32.52%	33.02%	33.00%	32.70%
Total Shareholders	32,997	34,248	34,718	35,992	35,909	38,819	39,873	37,960	36,954	36,933	37,079	35,805

Market Transactions

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Projection

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q4 FY26

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Available on Pro Plan