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10 Yrs X-Ray 
Valuation 
Analyst Note 
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About
Gulshan Polyols Ltd (GULPOLY)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532457 NSE: GULPOLY Breweries & Distilleries | Small Cap | Gulshan Polyols Share Price
₹170.70 1.20 (0.71%)
As on 25-Sep'26 16:59
Gulshan Polyols Ltd (GULPOLY)
Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 532457 NSE: GULPOLY Breweries & Distilleries | Small Cap | Gulshan Polyols Share Price
₹170.70 1.20 (0.71%)
As on 25-Sep'26 16:59
Key Metrics
Valuation Multiples
Market Cap
₹1,065 Cr.
Current Price
₹170.7
52-Week Low / High
₹122 / 228
TTM EPS
₹6.8
TTM Sales
₹2,260 Cr.
Book Value per Share
₹102.7
P/E Ratio
24.97
Lower than its 5-year historical median
Industry PE
52.9
Price to Book (P/B)
1.66
Lower than its 5-year historical median
Price to Sales (P/S)
0.47
Lower than its 5-year historical median
EV/EBITDA
10.96
Lower than its 5-year historical median
Dividend Yield
0.18%
Profitability Efficiency
Return on Equity (ROE)
4.10%
Underperforms industry median
Return on Capital Employed (ROCE)
6.46%
Underperforms industry median
Return on Assets (ROA)
1.99%
Operating Profit Margin
4.8%
Net Profit Margin
1.22%
Gross Profit Margin
3.6%
Growth Momentum
1-yr vs 3-yr growth
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
14.49%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
63.67%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
38.91%
Asset Quality
Promoter Holding
66.80%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹634 Cr.
Equity
₹6.2 Cr.
Face Value
₹1
All Time Low / High
₹0.17 / 357.50
Check Before You Invest
Quality
Not GoodValuation
UndervaluedCheck Valuation charts
Price Trend
Weak
Is Gulshan Polyols Ltd a good quality company?
Gulshan Polyols Ltd is a weak quality company, based on a inconsistent multi-year financial track record.
This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.
We have analysed the performance of the company on the following:
-
How has it performed on generating Profits?
By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.
-
How efficiently has it utilized Capital?
By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.
-
How is it managing its Debt?
By checking its Debt to Equity and Cash Flow from Operations.
How does Gulshan Polyols Ltd performance compare with that of its Peers?
Revenue growth of Gulshan Polyols Ltd vs industry peers?
Gulshan Polyols Ltd revenue CAGR is 22.42%, compared to the industry median CAGR of 4.05%, indicating faster growth and gaining its market share.
Promoter shareholding and pledge status of Gulshan Polyols Ltd?
Promoters hold 66.80% of the Gulshan Polyols Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Stock return of Gulshan Polyols Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 11.1% based on the current price.
10 Year X-Ray :
Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year endData adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
What is a Financial Track Record? How to read this chart in order to understand the data present here?
Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Gulshan Polyols Ltd has not performed well majority of the past ten years indicating its past ten year financial track record is not good
Value Creation ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 9.2% | 7.9% | 9.3% | 9.2% | 25.3% | 23.2% | 9.1% | 4.3% | 6.5% | 18.3% | - |
| Value Creation Index ⓘ | -0.3 | -0.4 | -0.3 | -0.3 | 0.8 | 0.7 | -0.4 | -0.7 | -0.5 | 0.3 | - |
Growth Parameters ⓘ |
|||||||||||
| Sales ⓘ | 493 | 624 | 674 | 621 | 766 | 1,101 | 1,180 | 1,378 | 2,020 | 2,312 | 2,359 |
| Sales YoY Gr. | - | 26.6% | 8% | -7.9% | 23.4% | 43.7% | 7.2% | 16.8% | 46.6% | 14.5% | - |
| Adj EPS ⓘ | 4.6 | 3 | 3.7 | 3.7 | 10.3 | 13.5 | 7 | 1.8 | 3.8 | 17.7 | 23.7 |
| YoY Gr. | - | -34.8% | 23.2% | -1.6% | 182.2% | 31.1% | -48.5% | -74.5% | 112.9% | 365.7% | - |
| BVPS (₹) ⓘ | 46 | 48.5 | 51.6 | 54.2 | 63.3 | 85.8 | 92.2 | 94.7 | 98.3 | 115.2 | 123.8 |
| Adj Net Profit ⓘ | 26.1 | 17 | 20.9 | 20.6 | 61.5 | 84.5 | 43.5 | 11.1 | 23.7 | 110 | 148 |
| Cash Flow from Ops. ⓘ | 81 | 42.1 | 87.1 | 44.1 | 97.5 | 60.9 | 15.6 | 66.3 | 41.8 | 207 | - |
| Debt/CF from Ops. ⓘ | 2 | 4.3 | 1.7 | 2.3 | 0.1 | 1.8 | 15.9 | 5.3 | 9.4 | 1.5 | - |
CAGR ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 18.7% | 24.7% | 25.2% | 14.5% | ||||
| Adj EPS ⓘ | 16% | 11.3% | 36.2% | 365.7% | ||||
| BVPSⓘ | 10.7% | 12.7% | 7.7% | 17.2% | ||||
| Share Price | 11.1% | -4.1% | -9% | 15% | ||||
Key Financial Parameters ⓘ
| Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | Mar'25 | Mar'26 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 10.4 | 6.4 | 7.4 | 6.9 | 18 | 18.5 | 7.8 | 1.9 | 3.9 | 16.5 | 19.8 |
| Op. Profit Mgn % ⓘ | 12.3 | 11.1 | 12.4 | 11.1 | 17 | 13.6 | 7.5 | 4.2 | 4.8 | 10.1 | 11.8 |
| Net Profit Mgn % ⓘ | 5.3 | 2.7 | 3.1 | 3.3 | 8 | 7.7 | 3.7 | 0.8 | 1.2 | 4.8 | 6.3 |
| Debt to Equity ⓘ | 0.6 | 0.7 | 0.5 | 0.3 | 0 | 0.2 | 0.4 | 0.6 | 0.6 | 0.4 | - |
| Working Cap Days ⓘ | 117 | 117 | 103 | 108 | 103 | 88 | 108 | 110 | 91 | 87 | 44 |
| Cash Conv. Cycle ⓘ | 72 | 80 | 77 | 79 | 61 | 47 | 59 | 54 | 39 | 37 | 7 |
Valuation of Gulshan Polyols - Consolidated
Analyst's Notes
No data found!
Management X-Ray
Shareholding Pattern
Promoter's Holding & Share Pledging
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
* Pledged shares as % of Promoter's holding (%)
Financials
| PARTICULARS | Mar'22 | Mar'23 | Mar'24 | Mar'25 |
|---|---|---|---|---|
| Sales | 1,101 | 1,180 | 1,378 | 2,020 |
| Operating Expenses ⓘ + | 951 | 1,092 | 1,320 | 1,925 |
| Operating Profit ⓘ | 150 | 88 | 58 | 95 |
| Operating Profit Margin (%) | 13.6% | 7.4% | 4.2% | 4.7% |
| Other Income ⓘ + | 2 | 7 | 12 | 5 |
| Interest ⓘ | 5 | 6 | 10 | 28 |
| Depreciation ⓘ | 32 | 29 | 32 | 37 |
| Profit Before Tax ⓘ | 115 | 60 | 28 | 34 |
| Tax ⓘ | 30 | 15 | 10 | 10 |
| Profit After Tax | 85 | 45 | 18 | 25 |
| PAT Margin (%) | 7.7% | 3.8% | 1.3% | 1.2% |
| Adjusted EPS (₹) | 13.7 | 7.2 | 2.9 | 4.0 |
| Dividend Payout Ratio (%) | 12.20% | 5.80% | 10.50% | 7.60% |
| PARTICULARS | Mar'22 | Mar'23 | Mar'24 | Mar'25 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | |||||||||||
| Shareholders Fund + | 535 | 575 | 590 | 613 | |||||||
| Debt + | 109 | 205 | 293 | 323 | |||||||
| Minority Interest | 0 | 0 | 0 | 0 | |||||||
| Trade Payables | 58 | 80 | 127 | 230 | |||||||
| Others Liabilities ⓘ | 72 | 127 | 146 | 156 | |||||||
| Total Liabilities ⓘ | 774 | 988 | 1,156 | 1,323 | |||||||
Fixed Assets | |||||||||||
| Net Fixed Assets ⓘ + | 237 | 276 | 518 | 716 | |||||||
| CWIP ⓘ | 91 | 278 | 182 | 4 | |||||||
| Investments ⓘ | 26 | 23 | 15 | 17 | |||||||
| Inventories | 108 | 157 | 150 | 290 | |||||||
| Trade Receivables | 120 | 142 | 167 | 184 | |||||||
| Cash Equivalents | 123 | 6 | 10 | 4 | |||||||
| Others Assets ⓘ | 69 | 106 | 114 | 109 | |||||||
| Total Assets ⓘ | 774 | 988 | 1,156 | 1,323 | |||||||
| PARTICULARS | Mar'22 | Mar'23 | Mar'24 | Mar'25 |
|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ + | 61 | 15 | 66 | 42 |
| Cash Flow From Investing Activity ⓘ + | -136 | -247 | -158 | -54 |
| Cash Flow From Financing Activity ⓘ + | 170 | 124 | 88 | 13 |
| Net Cash Flow ⓘ | 95 | -107 | -4 | 1 |
| PARTICULARS | Mar'22 | Mar'23 | Mar'24 | Mar'25 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 15.92 | 8.14 | 3.05 | 4.1 | ||||||
| ROCE (%) | 18.5 | 9.02 | 4.3 | 6.46 | ||||||
| Asset Turnover Ratio | 1.42 | 1.34 | 1.29 | 1.63 | ||||||
| PAT to CFO Conversion(x) | 0.72 | 0.33 | 3.67 | 1.68 | ||||||
| Working Capital Days | ||||||||||
| Receivable Days | 39.60 | 40.40 | 40.80 | 31.70 | ||||||
| Inventory Days | 35.70 | 41 | 40.70 | 39.80 | ||||||
| Payable Days | 36.80 | 36.10 | 42.70 | 46.70 | ||||||
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Gulshan Polyols Ltd FAQs
The current trading price of Gulshan Polyols on 25-Sep-2026 16:59 is ₹170.7.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 24-Sep-2026 the market cap of Gulshan Polyols stood at ₹1,064.7 Cr
The latest P/E ratio of Gulshan Polyols as of 24-Sep-2026 is 7.22.
The latest P/B ratio of Gulshan Polyols as of 24-Sep-2026 is 1.38.
The 52-week high of Gulshan Polyols is ₹227.7 and the 52-week low is ₹121.8.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Gulshan Polyols is ₹2,359 ( Cr.) .
Past 10 year’s financial track record analysis by Moneyworks4me indicates that Gulshan Polyols Ltd is a below average quality company.
The key valuation ratios of Gulshan Polyols Ltd's currently when compared to its past seem to suggest it is in the Undervalued zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Gulshan Polyols Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.
About Gulshan Polyols Ltd
Gulshan Polyols Ltd. (GPL) was incorporated, to take over the Sorbitol project from Gulshan Sugars & Chemicals Ltd.(GSCL) in terms of scheme of Arrangement/ demerger.
The plant was set-up in 1996 in the State of Gujarat in the parent company i.e. Gulshan Sugars & Chemicals .The plant is equipped with International Quality Equipment and Technology having the largest capacity in India.
The plant is capable to produce Crystalline and Non–crystalline grade of Sorbitol which is a unique feature as compared to other domestic plants. The present installed capacity is 30000 Tones of Sorbitol.
Gulshan Group has diversified interests and is engaged in manufacture of various Industrial Chemicals for Multiple Applications in several companies. The Group was initially engaged in sugar business, which later diversified into the field of Industrial Chemicals. The Group set up its first Indigenous plant to produce ‘Synthetic Fillers’ popularly known as ‘Calcium Carbonate (Caco3) ‘Precipitated and Activated’ in the State of Uttar Pradesh where the high quality Limestone is available in plenty in nearby area.
The Board of Directors of the Gulshan Sugars & Chemicals and Gulshan Polyols at its meeting held on February 14, 2008, has considered the proposal for corporate restructuring involving merger / amalgamation and other related matters. The Board of Directors unanimously approved a proposal for amalgamation / merger of Gulshan Sugars & Chemicals Ltd with Gulshan Polyols Ltd subject to the approval of shareholders, High Court, Stock Exchange and other Regulatory Authorities and compliance of other applicable regulations.
Gulshan Polyols Ltd and Gulshan Sugars & Chemicals Ltd both jointly appointed Price Waterhouse Coopers (PWC) to carry out the valuation exercise and to suggest entitlement ratio upon amalgamation / merger of Gulshan Sugars & Chemicals Ltd with Gulshan Polyols Ltd. PWC have submitted their report to the Board of Directors and recommended the entitlement ratio as under:
The entitlement ratio for Issue of equity shares of Gulshan Polyols Ltd to the shareholders of Gulshan Sugars & Chemicals Ltd as 6:1 i.e. One (Rupees 5/- fully paid up) equity share of Gulshan Polyols Ltd for Six (Rupees 8/- fully paid up) equity shares of Gulshan Sugars & Chemicals Ltd.
The Board of Gulshan Polyols Ltd have accepted and approved the above entitlement ratio subject to the approval of shareholders, Stock Exchange, High Court and compliance of other regulatory and applicable provisions etc.
Product manufactured by the company include:
The Company is engaged in manufacturing of ‘Sorbitol-70%’. Sorbitol, a starch derivative, sweet in taste, finds wide range application, the major uses in dentrifice, cosmetic, Pharma, Vitamin-C, food products etc.
Achievements/ recognition:
GPL has an accreditation as ISO 9001:2000 certification.
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