Gulshan Polyols Limited (GULPOLY) AI Stock Analysis

• Market Cap: ₹9.67B
• Dividend Yield: 0.22%
• Average Volume (3M): 9.06K
• Price to Earnings (P/E): 5.4
• Beta (1Y): 1.50
• 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: ₹162.00 ▲(13.41% 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

Revenue Growth Trend

Sustained ~19% revenue growth indicates persistent demand and successful market penetration. Over the next 2-6 months this organic top-line expansion supports scale benefits, strengthens bargaining with suppliers, and provides the basis for reinvestment in capacity and product development.

Gross Profit Margin Strength

A solid gross margin shows the company retains value after direct costs, reflecting pricing power or input cost control. Margin durability supports operating leverage as volumes rise, cushions against input inflation, and underpins sustainable operating cash generation over the medium term.

Balanced Leverage & Strong Equity Base

Prudent leverage with a healthy equity base provides financial flexibility for capex and working capital. This structural balance reduces refinancing risk, supports strategic investments, and gives management room to navigate cycles without immediate need for equity raises.

Negative Factors

Declining Net Profit Margin

A falling and variable net margin suggests rising operating costs or non-operating pressures that erode retained earnings. Persistently weaker net margins reduce free cash flow and ROE, limiting capacity to fund growth internally and exposing the business to margin-sensitive competition.

Negative Free Cash Flow

Consistent negative free cash flow from heavy capital spending strains liquidity and means growth is largely funded externally. Over months this raises reliance on debt or equity, increases interest and refinancing needs, and can constrain dividends or opportunistic investments.

Rising Debt Trend

An upward trend in debt raises interest burden and refinancing exposure, especially with negative FCF. Higher leverage narrows strategic flexibility, elevates solvency risk in downturns, and may increase cost of capital if debt metrics continue to deteriorate.

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

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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	22.60B	20.20B	13.58B	11.80B	10.95B	7.66B
Gross Profit	6.84B	6.24B	3.29B	1.29B	1.86B	1.52B
EBITDA	1.38B	1.00B	702.84M	950.63M	1.52B	1.33B
Net Income	426.46M	246.66M	177.58M	451.82M	852.49M	621.17M
Balance Sheet
Total Assets	12.91B	13.23B	11.56B	9.88B	7.74B	5.07B
Cash, Cash Equivalents and Short-Term Investments	178.54M	169.94M	211.26M	85.44M	1.22B	192.61M
Total Debt	4.53B	3.97B	3.54B	2.53B	1.17B	119.98M
Total Liabilities	6.50B	7.10B	5.66B	4.13B	2.39B	1.31B
Stockholders Equity	6.40B	6.13B	5.90B	5.75B	5.35B	3.76B
Cash Flow
Free Cash Flow	-384.65M	-145.90M	-1.13B	-2.39B	-524.14M	828.54M
Operating Cash Flow	-258.24M	416.80M	662.78M	154.41M	609.30M	975.07M
Investing Cash Flow	-122.16M	-543.17M	-1.58B	-2.47B	-1.36B	-46.86M
Financing Cash Flow	376.73M	132.41M	876.00M	1.24B	1.70B	-772.12M

Gulshan Polyols Limited Technical Analysis

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

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:GULPOLY, the sentiment is Neutral. The current price of 142.85 is below the 20-day moving average (MA) of 155.84, below the 50-day MA of 147.02, and below the 200-day MA of 155.46, indicating a neutral trend. The MACD of 2.52 indicates Positive momentum. The RSI at 52.62 is Neutral, neither overbought nor oversold. The STOCH value of 59.51 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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	₹59.83B	12.10	―	3.68%	-7.53%	42.74%
ANDHRSUGAR	68 Neutral	₹9.62B	11.48	―	1.06%	16.68%	15.13%
EPIGRAL	67 Neutral	₹36.77B	33.65	―	0.46%	8.51%	32.37%
INDIAGLYCO	65 Neutral	₹58.68B	23.54	―	0.47%	5.61%	33.63%
SRHHYPOLTD	63 Neutral	₹7.43B	9.34	―	0.56%	-7.93%	11.44%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
GULPOLY	59 Neutral	₹9.67B	5.40	―	0.22%	35.17%	92.73%