Gulshan Polyols Limited (GULPOLY) AI Stock Analysis

• Market Cap: ₹9.58B
• Dividend Yield: 0.22%
• Average Volume (3M): 9.06K
• Price to Earnings (P/E): 12.5
• Beta (1Y): 1.74
• Revenue Growth: 35.17%
• EPS Growth: 92.73%
• Country: IN
• Employees: 523
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Chemicals
• EPS (TTM): 6.56
• Shares Outstanding: 62,370,586
• 10 Day Avg. Volume: 3,825
• 30 Day Avg. Volume: 9,059
• PEG Ratio: 1.20
• Price to Book (P/B): 1.87
• Price to Sales (P/S): 0.57
• P/FCF Ratio: -78.45
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 59 Neutral
• Price Target: ₹161.00 ▲(12.71% Upside)
• Action: Reiterated Date: 11/26/25
• Date: Action: Reiterated 11/26/25

The overall stock score is primarily influenced by the strong financial performance, despite concerns over net profit margin and free cash flow. Technical analysis indicates bearish momentum, which negatively impacts the score. Valuation is fair but not compelling due to a low dividend yield.

Positive Factors

Sustained Revenue Growth

Consistent high revenue growth (Fundamentals.RevenueGrowth ~19%) indicates durable demand and expanding market penetration. Over the next 2-6 months this supports higher capacity utilization, revenue predictability, and a stronger base for future margin and cash generation improvements.

Solid Gross Profit Margin

A solid gross margin points to structural cost control and potential pricing power in its chemical products. Sustained gross margins underpin operating leverage as revenues grow, helping absorb SG&A and R&D while preserving core profitability through input-cost cycles.

Prudent Financial Leverage

A balanced debt-to-equity position and healthy equity base reflect conservative capital structure. This durability preserves borrowing capacity for strategic capex, lowers refinancing strain in cycles, and provides resilience to absorb temporary earnings or cash flow variability.

Negative Factors

Declining Net Profit Margin

A falling net margin despite top-line growth suggests rising operating costs, mix shifts, or non-operating pressures. If persistent, this erodes return on capital, reduces retained earnings available for reinvestment, and may compress sustainable free cash generation.

Negative Free Cash Flow

Repeated negative free cash flow driven by heavy capital expenditure can strain liquidity and necessitate external funding. Over months this limits flexibility for dividends, debt paydown, or opportunistic investments unless capex converts into proportionate cash returns.

Rising Debt Levels to Monitor

Gradually increasing debt, if it continues, raises leverage risk and interest burden. This could reduce financial flexibility, increase refinancing exposure, and pressure interest coverage during downturns, raising the importance of sustaining cash flows and margin stability.

Gulshan Polyols Limited Business Overview & Revenue Model

Company Description

Gulshan Polyols Limited engages in the mineral and grain processing, and distillery businesses in India and internationally. The company provides starch sugar products, such as sorbitol 70% solution, dextrose monohydrate, malto dextrine powder, and liquid glucose, as well as rice fructose syrups, brown rice syrups, and rice syrup solids; organic sweeteners; and activated, precipitated, and ground calcium carbonate products. It also offers grain based extra neutral alcohol, ethanol from damaged food grain, country liquor, bottling, sanitizers, and dried distillers grain solids, as well as alcoholic beverages under the Tiger Gold and Golden deer brands; and manufactures agro based animal feed products comprising corn/maize gluten feed, corn germ, cattle feed/enriched fiber, rice protein/gluten, and corn steep liquor products. In addition, the company provides native and maize starches in various grades. It serves pharmaceutical, personal care, footwear, tire, rubber and plastic, paint, alcohol, paper, agrochemical, and food and agro industries. The company was incorporated in 1981 and is based in Delhi, India. Gulshan Polyols Limited operates as a subsidiary of Gulshan Holdings Pvt. Ltd.

How the Company Makes Money

Gulshan Polyols Limited generates revenue through the production and sale of its core products, which include calcium carbonate, polyols, and other specialty chemicals. The company’s revenue model is primarily driven by its ability to supply these products to diverse sectors, including plastics, food processing, and construction, where they are used as essential raw materials. Key revenue streams include bulk sales to industrial clients and long-term contracts with manufacturers. Additionally, GULPOLY may engage in partnerships with other companies for research and development or distribution, enhancing its market reach and operational efficiency. The company also benefits from economies of scale due to its manufacturing capabilities, allowing it to maintain competitive pricing while maximizing profit margins.

Gulshan Polyols Limited Financial Statement Overview

Summary

Gulshan Polyols Limited shows strong revenue growth and a solid gross profit margin. However, the decline in net profit margin and negative free cash flow are concerns, indicating rising operational costs and significant capital expenditures that may affect short-term liquidity.

Income Statement

Gulshan Polyols Limited has demonstrated strong revenue growth over the years with an impressive revenue increase from 2024 to 2025. The gross profit margin is solid, indicating efficient cost management. However, net profit margin has shown some variability, reducing slightly in the recent year, which could suggest rising operational costs or other expenses affecting profitability. Overall, the income statement reflects strong revenue growth and robust gross profit margins, but the recent decrease in net profit margin warrants attention.

Balance Sheet

The company has maintained a balanced debt-to-equity ratio, indicating prudent financial leverage. The equity ratio remains healthy, showcasing a strong asset base relative to liabilities. Return on equity has fluctuated, reflecting changes in net income. The balance sheet reflects financial stability with a strong equity base, though the increasing debt levels over the years should be monitored to ensure continued financial health.

Cash Flow

Operating cash flow has been positive, but free cash flow has been negative in recent years, highlighting significant capital expenditures. The operating cash flow to net income ratio suggests efficient cash generation relative to reported profits. However, the negative free cash flow implies that the company may be investing heavily, potentially affecting short-term liquidity. The cash flow statement indicates solid operating performance, but the negative free cash flow requires attention to ensure it aligns with strategic growth initiatives.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	21.58B	20.20B	13.58B	11.80B	10.95B	7.66B
Gross Profit	6.44B	6.24B	3.29B	1.29B	1.86B	1.52B
EBITDA	1.13B	1.00B	702.84M	950.63M	1.52B	1.33B
Net Income	281.15M	246.66M	177.58M	451.82M	852.49M	621.17M
Balance Sheet
Total Assets	0.00	13.23B	11.56B	9.88B	7.74B	5.07B
Cash, Cash Equivalents and Short-Term Investments	169.94M	169.94M	211.26M	85.44M	1.22B	192.61M
Total Debt	0.00	3.97B	3.54B	2.53B	1.17B	119.98M
Total Liabilities	-6.13B	7.10B	5.66B	4.13B	2.39B	1.31B
Stockholders Equity	6.13B	6.13B	5.90B	5.75B	5.35B	3.76B
Cash Flow
Free Cash Flow	0.00	-145.90M	-1.13B	-2.39B	-524.14M	828.54M
Operating Cash Flow	0.00	416.80M	662.78M	154.41M	609.30M	975.07M
Investing Cash Flow	0.00	-543.17M	-1.58B	-2.47B	-1.36B	-46.86M
Financing Cash Flow	0.00	132.41M	876.00M	1.24B	1.70B	-772.12M

Gulshan Polyols Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 142.85
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:GULPOLY, the sentiment is Positive. The current price of 142.85 is below the 20-day moving average (MA) of 144.88, above the 50-day MA of 141.44, and below the 200-day MA of 158.45, indicating a neutral trend. The MACD of 5.19 indicates Negative momentum. The RSI at 59.29 is Neutral, neither overbought nor oversold. The STOCH value of 17.31 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for IN:GULPOLY.

Gulshan Polyols Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GNFC	70 Outperform	₹67.31B	10.80	―	3.68%	-7.53%	42.74%
ANDHRSUGAR	68 Neutral	₹9.75B	11.56	―	1.06%	16.68%	15.13%
EPIGRAL	67 Neutral	₹40.66B	12.03	―	0.46%	8.51%	32.37%
INDIAGLYCO	65 Neutral	₹62.20B	21.35	―	0.47%	5.61%	33.63%
SRHHYPOLTD	63 Neutral	₹8.12B	8.88	―	0.56%	-7.93%	11.44%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
GULPOLY	59 Neutral	₹9.58B	12.47	―	0.22%	35.17%	92.73%

Gulshan Polyols Limited Corporate Events

Gulshan Polyols Reports No Physical Share Transfer Requests in November

Gulshan Polyols Limited announced that during the period from November 1, 2025, to November 30, 2025, no requests were received for the re-lodgement of transfer of physical shares. This indicates a lack of demand for physical share transfers, reflecting a possible shift towards digital or electronic shareholding among stakeholders.