GULPOLY

Gulshan Polyols Limited

Gulshan Polyols Limited (GULPOLY) financial statements and selected valuation metrics through 30 June 2026.

Fast Moving Consumer Goods›Fast Moving Consumer Goods›Agricultural Food & other Products›Other Agricultural Products

gulshanindia.com(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-19

Stock price
₹163.46
Market cap
1,019 Cr
Stock P/E
6.9
P/B
1.42
Dividend yield
0.2%
ROE (FY25)
4.0%
ROCE (FY25)
6.3%
Operating margin (FY25)
2.9%
Debt / equity (FY25)
0.64
OCF / EBITDA (FY26)
90.3%
OCF / EBITDA (3Y)
82.3%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Gulshan Polyols (GPL) makes grain-based ethanol that it supplies to oil marketing companies (OMCs), along with starch, sorbitol and other grain-processing products and calcium carbonate mineral products, from plants across India.

Company snapshot

11thBy market cap

Ranked among 23 companies in Other Agricultural Products.

Segment mix

Reportable segments as of 2024-12-31 (Consolidated). Revenue share = segment revenue ÷ total revenue.

Largest segment: 66.5% of revenue

SegmentRevenue shareRevenuePBTAssets
Ethanol (BIO-Fuel)/ Distillery
66.5%
405 Cr10 Cr808 Cr
Grain Processing
29.6%
181 Cr3 Cr409 Cr
Mineral Processing
3.9%
24 Cr4 Cr59 Cr
Unallocated—0 Cr0.03 Cr28 Cr

What we see

Concerns
  • ✗Net margin is very thin at 1.2% — little room for error if costs rise.

Statement tables · Standalone

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales308 Cr371 Cr406 Cr455 Cr440 Cr610 Cr515 Cr593 Cr542 Cr627 Cr551 Cr640 Cr
Operating expenses (approx.)292 Cr360 Cr386 Cr431 Cr424 Cr583 Cr486 Cr557 Cr500 Cr542 Cr485 Cr555 Cr
EBITDA16 Cr11 Cr19 Cr24 Cr16 Cr27 Cr29 Cr37 Cr42 Cr85 Cr66 Cr85 Cr
OPM %5.3%2.9%4.8%5.2%3.7%4.4%5.6%6.2%7.7%13.6%12.0%13.3%
Other income4 Cr3 Cr1 Cr2 Cr1 Cr0.74 Cr0.78 Cr2 Cr0.30 Cr0.44 Cr-0.69 Cr6 Cr
Interest4 Cr0.52 Cr4 Cr4 Cr7 Cr8 Cr9 Cr8 Cr8 Cr16 Cr8 Cr7 Cr
Depreciation10 Cr5 Cr9 Cr8 Cr8 Cr11 Cr10 Cr11 Cr11 Cr12 Cr11 Cr11 Cr
Profit before tax7 Cr8 Cr8 Cr13 Cr2 Cr9 Cr11 Cr20 Cr22 Cr58 Cr46 Cr73 Cr
Tax %66.9%42.0%22.5%25.3%33.2%25.5%33.4%33.8%30.5%28.9%17.6%27.1%
Net profit2 Cr5 Cr6 Cr10 Cr1 Cr7 Cr7 Cr13 Cr16 Cr41 Cr38 Cr54 Cr
EPS (₹)₹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 (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales527 Cr624 Cr674 Cr621 Cr766 Cr1,101 Cr1,180 Cr1,378 Cr2,020 Cr2,312 CrSign in free for the trailing twelve months
Operating expenses (approx.)466 Cr555 Cr590 Cr552 Cr635 Cr951 Cr1,092 Cr1,320 Cr1,924 Cr2,083 CrSign in free for the trailing twelve months
EBITDA60 Cr69 Cr84 Cr69 Cr131 Cr150 Cr88 Cr58 Cr95 Cr230 CrSign in free for the trailing twelve months
OPM %11.5%11.1%12.4%11.1%17.1%13.6%7.5%4.2%4.7%9.9%Sign in free for the trailing twelve months
Other income4 Cr2 Cr2 Cr0.95 Cr2 Cr2 Cr7 Cr12 Cr5 Cr2 CrSign in free for the trailing twelve months
Interest6 Cr11 Cr14 Cr11 Cr7 Cr5 Cr6 Cr10 Cr28 Cr41 CrSign in free for the trailing twelve months
Depreciation28 Cr36 Cr44 Cr31 Cr33 Cr32 Cr29 Cr32 Cr37 Cr45 CrSign in free for the trailing twelve months
Profit before tax30 Cr24 Cr27 Cr27 Cr93 Cr115 Cr60 Cr28 Cr35 Cr145 CrSign in free for the trailing twelve months
Tax %9.8%22.5%20.7%24.9%33.2%25.7%24.9%36.3%28.3%26.3%Sign in free for the trailing twelve months
Net profit27 Cr18 Cr21 Cr21 Cr62 Cr85 Cr45 Cr18 Cr25 Cr107 CrSign in free for the trailing twelve months
EPS (₹)₹5.83₹3.89₹4.57₹4.39₹13.31₹16.40₹8.73₹2.83₹3.97₹17.18Sign in free for the trailing twelve months
Dividend payout %————4.5%3.2%11.5%17.7%7.5%1.7%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital5 Cr5 Cr5 Cr5 Cr5 Cr5 Cr5 Cr6 Cr6 Cr6 Cr
Reserves254 Cr268 Cr286 Cr301 Cr361 Cr530 Cr570 Cr584 Cr607 Cr712 Cr
Borrowings134 Cr145 Cr115 Cr81 Cr11 Cr112 Cr248 Cr349 Cr392 Cr313 Cr
Other liabilities100 Cr94 Cr76 Cr71 Cr120 Cr157 Cr165 Cr217 Cr318 Cr273 Cr
Total liabilities493 Cr513 Cr482 Cr457 Cr496 Cr804 Cr988 Cr1,157 Cr1,323 Cr1,304 Cr
Fixed assets (net)198 Cr298 Cr273 Cr260 Cr241 Cr237 Cr276 Cr518 Cr715 Cr694 Cr
CWIP97 Cr0.72 Cr5 Cr3 Cr3 Cr91 Cr278 Cr182 Cr4 Cr7 Cr
Investments8 Cr6 Cr0.47 Cr0.42 Cr0.42 Cr29 Cr26 Cr18 Cr19 Cr50 Cr
Inventories79 Cr74 Cr53 Cr87 Cr90 Cr108 Cr157 Cr150 Cr290 Cr223 Cr
Trade receivables89 Cr116 Cr100 Cr82 Cr98 Cr120 Cr142 Cr167 Cr184 Cr206 Cr
Cash & bank1 Cr3 Cr25 Cr2 Cr18 Cr113 Cr5 Cr0.68 Cr1 Cr28 Cr
Other assets21 Cr15 Cr26 Cr22 Cr45 Cr107 Cr104 Cr120 Cr108 Cr97 Cr
Total assets493 Cr513 Cr482 Cr457 Cr496 Cr804 Cr988 Cr1,157 Cr1,323 Cr1,304 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity81 Cr42 Cr87 Cr44 Cr106 Cr64 Cr16 Cr66 Cr42 Cr207 Cr
Cash from investing-81 Cr-37 Cr-17 Cr-16 Cr-12 Cr-140 Cr-247 Cr-158 Cr-54 Cr-60 Cr
Cash from financing-1 Cr-4 Cr-48 Cr-51 Cr-79 Cr170 Cr124 Cr88 Cr13 Cr-121 Cr
Net cash flow-2 Cr2 Cr22 Cr-23 Cr15 Cr95 Cr-108 Cr-4 Cr0.49 Cr27 Cr
Free cash flow (OCF − Capex)-4 Cr2 Cr63 Cr27 Cr91 Cr-53 Cr-239 Cr-113 Cr-14 Cr181 Cr

Ratios

MetricMar 2023Mar 2024Mar 2025
ROCE %8.1%4.0%6.3%
ROE %7.9%3.0%4.0%
Debtor days444433
Inventory days826072
Days payable425057
Cash conversion cycle845448
OCF / EBITDA %17.5%114.1%43.7%
OCF / EBITDA % (3 years)——51.1%
Debt / equity0.430.590.64
Current ratio1.431.401.14
Net debt / EBITDA2.765.994.10