Gulshan Polyols Q1 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹892 Cr
- P/E
- 6.02
- ROE
- 16.56%
- PEG
- 0.15
- Price to sales
- 0.39
- Debt to equity
- 0.44
- 52W high / low
- ₹215 / ₹125
- Sales growth (5Y)
- 24.73%
- EBITDA margin
- 11.79%
- Net profit margin
- 4.77%
- Promoter holding
- 66.80%
- Sales (last year)
- ₹2,359 Cr
Incorporated in 1981, Gulshan Polyols Ltd is a manufacturer of Ethanol and other speciality chemicals.[1]
Guidance scorecard · Q1 FY27 call
What Gulshan Polyols Ltd's management guided
and where it ranks in Agricultural Food & other Products
Agricultural Food & other Products
RevenueQ1 FY27 call
10–20%- FY27 consolidated revenue guidance: ~INR 2,600 crores.
- Ethanol business expected to contribute INR 1,700 - 1,800 crores, with supplies around 22 crore liters.
- Grain processing business expected revenue: ~INR 800 crores.
- Mineral processing business expected revenue: ~INR 100 crores.
- Ethanol capacity utilization target: increase to 100%-110% by FY28 through debottlenecking (15%-20% growth in capacity).
- No major capex planned in starch business for FY27; focus on optimizing capacity utilization and margin improvement.
- Specialty chemical segment expansion planned for FY28 as a new growth platform.
2 more points from Gulshan Polyols Ltd's call on revenue
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MarginsQ1 FY27 call
FlatSee what Gulshan Polyols Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- Current focus is on debottlenecking ethanol plants to increase capacity utilization to 100%-110% by end of the current financial year (FY27).
- No major capex planned in starch business for FY27; focus on optimizing current capacity and improving margins.
- Major expansion planned in specialty chemical segment expected in FY28.
- Specialty chemical products are under evaluation, targeting import substitutes and scalable, sustainable products aligned with grain processing strengths.
2 more points from Gulshan Polyols Ltd's call on capex
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FundraisingQ1 FY27 call
See what Gulshan Polyols Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- Current order book stands at approximately 19 crore liters of ethanol.
- An additional 2 crore liters have been unofficially announced, with purchase orders awaited from Oil Marketing Companies (OMCs).
- Management is confident of securing these additional allocations in subsequent government tenders.
2 more points from Gulshan Polyols Ltd's call on the order book
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Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Agricultural Food & other Products
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Agricultural Food & other Products companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Up 0–2% | ₹911 Cr | 14.0 | |
| 2 | 40%+ | Up 0–2% | ₹129 Cr | 7.0 | |
| 3 | 40%+ | Flat | ₹23 Cr | 9.5 | |
| 4 | 20–40% | Up 2%+ | ₹219 Cr | 15.0 | |
| 5 | 20–40% | Up 2%+ | ₹190 Cr | 17.9 | |
| 6 | 20–40% | Up 0–2% | ₹2,595 Cr | 33.0 |
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Pro shows every company guiding 40%+ revenue growth →Full Agricultural Food & other Products rankingFinancials of Gulshan Polyols Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Financials of Gulshan Polyols Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2022 | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 276 | 332 | 302 | 293 | 308 | 371 | 406 | 455 | 440 | 610 | 515 | 593 | 542 |
| Expenses + | 257 | 310 | 276 | 282 | 292 | 360 | 386 | 431 | 424 | 583 | 486 | 557 | 500 |
| Operating Profit | 19 | 22 | 26 | 12 | 16 | 11 | 19 | 24 | 16 | 27 | 29 | 37 | 42 |
| OPM % | 7% | 7% | 8% | 4% | 5% | 3% | 5% | 5% | 4% | 4% | 6% | 6% | 8% |
| Other Income + | 1 | 2 | 3 | 4 | 4 | 3 | 1 | 2 | 1 | 1 | 1 | 2 | 0 |
| Interest | 1 | 2 | 2 | 2 | 4 | 0 | 4 | 4 | 7 | 8 | 9 | 8 | 8 |
| Depreciation | 7 | 7 | 7 | 9 | 10 | 5 | 9 | 8 | 8 | 11 | 10 | 11 | 11 |
| Profit before tax | 12 | 15 | 19 | 5 | 7 | 8 | 8 | 13 | 2 | 9 | 11 | 20 | 23 |
| Tax % | 23% | 23% | 26% | 7% | 67% | 42% | 22% | 25% | 34% | 26% | 33% | 34% | 30% |
| Net Profit + | 9 | 12 | 14 | 4 | 2 | 5 | 7 | 10 | 1 | 7 | 7 | 13 | 16 |
| EPS in Rs | 1.46 | 1.90 | 2.30 | 0.70 | 0.35 | 0.74 | 1.05 | 1.55 | 0.20 | 1.08 | 1.12 | 2.11 | 2.53 |
Financials of Gulshan Polyols Ltd
Profit & Loss
Annual income statement trend
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|
| Sales + | 1,101 | 1,180 | 1,378 | 2,020 | 2,260 |
| Expenses + | 951 | 1,092 | 1,320 | 1,923 | 2,126 |
| Operating Profit | 150 | 88 | 58 | 97 | 134 |
| OPM % | 14% | 7% | 4% | 5% | 6% |
| Other Income + | 2 | 7 | 12 | 3 | 4 |
| Interest | 5 | 6 | 10 | 28 | 33 |
| Depreciation | 32 | 29 | 32 | 37 | 43 |
| Profit before tax | 115 | 60 | 28 | 34 | 62 |
| Tax % | 26% | 25% | 36% | 28% | |
| Net Profit + | 85 | 45 | 18 | 25 | 43 |
| EPS in Rs | 14.40 | 7.24 | 2.85 | 3.96 | 6.84 |
| Dividend Payout % | 12% | 6% | 11% | 8% |
Financials of Gulshan Polyols Ltd
Balance Sheet
Capital structure and asset base
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|
| Equity Capital | 5 | 5 | 6 | 6 | 6 |
| Reserves | 530 | 570 | 584 | 607 | 634 |
| Borrowings + | 117 | 248 | 349 | 392 | 453 |
| Other Liabilities + | 122 | 165 | 217 | 318 | 197 |
| Total Liabilities | 774 | 988 | 1,156 | 1,323 | 1,291 |
| Fixed Assets + | 240 | 279 | 521 | 718 | 708 |
| CWIP | 91 | 278 | 182 | 4 | 4 |
| Investments | 26 | 23 | 15 | 17 | 18 |
| Other Assets + | 417 | 408 | 438 | 584 | 560 |
| Total Assets | 774 | 988 | 1,156 | 1,323 | 1,291 |
Financials of Gulshan Polyols Ltd
Cash Flows
Operating, investing and financing cash movement
| 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 | 1 |
| Free Cash Flow | -52 | -238 | -113 | -15 |
| CFO/OP | 60% | 37% | 125% | 47% |
Financials of Gulshan Polyols Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|
| Debtor Days | 40 | 44 | 44 | 33 |
| Inventory Days | 69 | 82 | 62 | 76 |
| Days Payable | 37 | 42 | 52 | 60 |
| Cash Conversion Cycle | 72 | 84 | 54 | 49 |
| Working Capital Days | 26 | 33 | 27 | 9 |
| ROCE % | 9% | 3% | 6% |
Guidance history
How Gulshan Polyols Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Flat | Planned | — | Rising |
| Q4 FY26 call → | 10–20% | Flat | Planned | Planned | Flat |
| Q3 FY26 call → | 10–20% | Flat | Planned | None planned | Rising |
| Q2 FY26 call → | 20–40% | — | — | — | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
15 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | −6.5% | 55% |
| Last 6 months | −21.5% | 18% |
| Last 3 months | −27.9% | 8% |
The price is 59.6% below its all-time high of ₹351.67 (4 Feb 2022). Stocks more than 20% below their peak have their score halved, so 31 became 15.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Gulshan Polyols Ltd: 0.4 × 55 + 0.4 × 18 + 0.2 × 8 = 31, halved to 15 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 30 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Gulshan Polyols Ltd's management said in earlier quarters
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