GULPOLYFast Moving Consumer Goods

Gulshan Polyols Limited

Other Agricultural Products · ISIN INE255D01024 · BSE 532457 · NSE EQ · FV ₹1
Last price
₹171
+1.28%today
What this company does

Gulshan Polyols Limited operates in Other Agricultural Products, part of the Fast Moving Consumer Goods sector. It booked ₹542 cr of revenue in its latest quarter (Q2 FY26) and kept 2.9% of sales as profit.

Gulshan Polyols Limited, a multi-location, multi-product manufacturing enterprise, is one of India’s leading producers of grain-based chemicals, mineral-based products, and biofuels. With a presence in over 40 countries and a diversified product portfolio, GPL operates nine manufacturing facilities across India.
In the report:
50out of 100
Equitytale Health Score
Mixed

Healthier than 50% of companies in Fast Moving Consumer Goods, on the 5 of 6 measures we could read for it. Each measure is ranked against the 122–149 companies that reported it.

Measures financial condition, not whether to buy. Learn what this score means · How this is calculated

Price momentum
neutral
RSI (14)
34

At close. Not part of the score.

Profitability & returns42

How much profit it earns on the money it employs

Balance sheet31

How much it owes, and whether earnings cover the interest

Cash quality39

Whether reported profit actually arrives as cash

Valuation69

What today's price implies, against our models or its peers

Governance & risk100

How much of the promoters' stake is pledged, and how much they hold · highest in its sector on what we could measure

Not measurable for this company: growth & consistency. Those pillars are left out of the score rather than counted as zero.

Is this company doing well?
not investment advice
Strengths
Makes a profit
Sales up 23% vs last year
Profit up 1,190% vs last year
Promoters hold 67%
No promoter shares pledged
Watch-outs
! Thin 2.9% net margin
! Operating cash flow is negative

What if I invest in GULPOLY?

Set a growth rate and see what a monthly SIP would add up to. Your assumption, our arithmetic.

You would put in
₹12.00 lakh
120 instalments
At 10% a year, it would become
₹20.15 lakh

The starting rate is a round number, not a view on this company — this is your assumption, and the figure above is arithmetic on it. Returns are not steady year to year, and a real holding would not grow in a straight line. We do not publish price targets or predict returns.

Key ratios · latest quarter + price
₹171 +1.28%
latest close · 2026-09-17
1-year return
-15.2%
52-wk low ₹16552-wk high ₹354
Is it cheap or expensive?
What you pay for the profits, book value and cash flow. Higher isn't automatically worse — it can signal faster growth.
P/E ratio16.9Average
LowAverageHigh
P/B ratio1.67Moderate
Below bookModerateHigh
EV / EBITDA9.0Average
LowAverageHigh
How good is the business?
How much profit it earns from its money and its sales.
Return on equity9.8%Fair
WeakFairStrong ▸15%
Return on capital14.8%Fair
WeakFairStrong
Net margin2.9%Thin
ThinDecentStrong
EBITDA margin7.8%Thin
ThinDecentHealthy
Is it financially safe?
How much it owes, and whether it can comfortably cover it.
Debt to equity0.70Moderate
LowModerateHigh ▸1
Interest cover3.8×Okay
RiskyOkayStrong ▸5×
Current ratio1.17Healthy
Tight ◂1HealthyAmple
More figures
Market cap
₹1,067 cr
Book value
₹103
EPS
₹2.53
latest quarter
Net debt
₹447 cr
owes more than its cash
Enterprise value
₹1,514 cr
EBITDA
₹169 cr
annualised
EBIT
₹123 cr
annualised
Operating margin
5.7%
Return on assets
4.9%
Earnings yield
5.92%
P/S
0.49
Sales / share
₹347.4
Tax rate
30.2%
Face value
₹1
Shares
6.2 cr
Working capital
₹76 cr
Current assets
₹538 cr
Current liabilities
₹461 cr
Delivery %
51.5%
Strong / safeFairWeak / riskyValuation — a level, not good/badBands are general rules of thumb, not advice.

P/E, ROE, ROCE and margins are annualised from the latest quarter; per-share and balance-sheet ratios use the most recent balance sheet on file · prices as of 2026-09-17.

Worth vs price · from the FY 2025 report & filings
not investment advice
Hard to value confidentlyLow confidence
The market price is far above what these earnings- and book-based models support — a fast-growing or asset-light business can trade well above them for years, so we won't put a confident number on how overpriced it is.
Models span ₹28₹53, midpoint ₹40

An educational model from the company's own filings, every assumption shown — not investment advice or a price target. Prices can stay above or below any model for years.

P&L · Q2 FY26 (consolidated)
Revenue from Operations₹542 cr
Other Income₹30.3 L
Total Income₹542 cr
Cost of Materials₹375 cr
Purchases of Stock-in-Trade₹3 cr
Inventory Change (±)₹-13 cr
Employee Benefit Expense₹11 cr
Finance Costs₹8 cr
Depreciation & Amortisation₹11 cr
Other Expenses₹123 cr
Total Expenses₹519 cr
Profit before Tax₹23 cr
Tax Expense₹7 cr
Net Profit₹16 cr
Net margin on total income2.9%
Where the money goes · Q2 FY26
% of total income
Materials + stock-in-trade₹365 cr67.4%
Employee benefit expense₹11 cr2.1%
Finance costs₹8 cr1.5%
Depreciation & amortisation₹11 cr2.1%
Other expenses₹123 cr22.8%
Tax expense₹7 cr1.3%
Profit for the period₹16 cr2.9%
Total income ₹542 cradds up to ₹100 ✓
Quarterly results · consolidated (₹ cr)
MetricQ4 FY25Q1 FY26Q2 FY26
Revenue515 cr593 cr542 cr
Total income516 cr595 cr542 cr
Expenses505 cr575 cr519 cr
Profit before tax11 cr20 cr23 cr
Tax4 cr7 cr7 cr
Net profit (owners' share)7 cr13 cr16 cr
Net margin (owners' share, on revenue)1.4%2.2%2.9%
EPS (₹)1.122.112.53
YoY (latest quarter): total income +22.7% · net profit +1,190.2%
Balance sheet & cash flow · as of Sep 2025
Moderate debt
Total assets
₹1,291 cr
Shareholder equity
₹640 cr
parent shareholders
Total debt
₹448 cr
Cash
₹97.9 L
Cash flow · H1 FY26
Operating
₹-26 cr
Investing
₹-12 cr
Financing
₹38 cr
Peer comparison
Other Agricultural Products · by market value
CompanyPriceMarket capP/E
LT Foods Limited₹422₹14,651 cr20.0
KRBL Limited₹395₹9,051 cr8.7
Gujarat Ambuja Exports Limited₹159₹7,312 cr10.4
TruAlt Bioenergy Limited₹424₹3,635 cr15.9
Kaveri Seed Company Limited₹703₹3,618 cr3.2
Sanstar Limited₹116₹2,314 cr57.8
Amir Chand Jagdish Kumar (Exports) Limited₹194₹2,006 cr13.6
GRM Overseas Limited₹80₹1,660 cr39.3
Chaman Lal Setia Exports Limited₹296₹1,470 cr11.5
Same industry · latest reported numbers · not a recommendation.
Corporate actions
Dividend yield
0.88%
trailing 12 months
Dividend / share (TTM)
₹1.5
Last dividend
₹1.5
ex 28 Aug 2026
ActionDetailEx-date
Dividend₹1.5 / share28 Aug 2026
Dividend₹0.3 / share11 Sep 2025
Dividend₹0.3 / share12 Sep 2024
Dividend₹0.5 / share22 Sep 2023
Bonus issue5:121 Jun 2023
Dividend₹1 / share19 Sep 2022
Who owns it · 2026-06-30
No pledge
Promoter
66.8%
FII / Foreign
0.3%
DII / Domestic
Retail / others
32.6%
Promoter stake up 0.1% over the last 12 quarters.
Smart-money activity
Insider trades
BoughtRAHUL JAIN · Promoter Group20,000 · ₹35.8 L23 Dec 24
BoughtGULSHAN POLYOLS LIMITED EMPLOYEES WELFARE TRUST · Other5,000 · ₹9.0 L27 Nov 24
BoughtGULSHAN POLYOLS LIMITED EMPLOYEES WELFARE TRUST · Other10,667 · ₹19.5 L26 Nov 24
Bulk / block deals
BoughtSILVERLEAF CAPITAL SERVICES PRIVATE LIMITED · NSE3.16 L @ ₹203.5522 Jul 26
SoldSILVERLEAF CAPITAL SERVICES PRIVATE LIMITED · NSE3.16 L @ ₹203.5622 Jul 26
SoldQE SECURITIES LLP · NSE3.74 L @ ₹199.222 Jul 26
Stake changes
BoughtGulshan Fmaily Benefit Trust · promoter→ 20.94% · 1.09 cr17 Aug 22
DisposalChandra Kumar Jain · promoter→ 2.67%17 Aug 22
BoughtGulshan Holdings private Limited · promoter→ 56.21% · 23.10 L4 Jun 20
What shareholders were asked to approve

A company cannot decide everything on its own. Things like a top executive’s pay, issuing new shares, or re-appointing a director have to be put to the people who own the company, and they vote — one vote per share. So whoever owns the most shares has the most say.

Yearly shareholder meeting · 11 Sep 2026
See the official result
1
To receive, consider and adopt the Audited Financial Statements of the Company for the Financial Year ended March 31, 2026, together with the Reports of the Board of Directors and the Auditors thereon.
Backed by 100% of shareholders other than promotersneeded 50%
7.13 L votes for, 167 against · 0% of mutual funds and other big investors said no
2
To declare a Final Dividend of ₹1.50 (One Rupee Fifty paise) per equity share of ₹1/- (Rupee One only) each, fully paid-up, for the Financial Year ended March 31, 2026.
Backed by 100% of shareholders other than promotersneeded 50%
7.13 L votes for, 167 against · 0% of mutual funds and other big investors said no
3
To appoint a Director in place of Ms. Aditi Pasari (DIN: 00120753), who retires by rotation and being eligible, offers herself for re-appointment.
Promoters had a personal stake in this
Backed by 100% of shareholders other than promotersneeded 50%
7.12 L votes for, 897 against · 0% of mutual funds and other big investors said no
4
To appoint a Director in place of Mr. Ashwani Kumar Vats (DIN: 00062413), who retires by rotation and being eligible, offers himself for re-appointment.
Backed by 100% of shareholders other than promotersneeded 50%
7.12 L votes for, 897 against · 0% of mutual funds and other big investors said no

Every vote count above is taken from the result the company filed with the stock exchange, certified by an independent counter. To work out what would have happened without the promoters, we simply remove their votes and re-apply the same legal bar the proposal had to clear. Nothing here is an estimate or an opinion.

Who controls this company, and what it pays them

Most Indian companies are controlled by a family or group — the promoters. The exchange requires them to be listed by name, including members who own no shares at all, and requires the company to disclose any business it does with them.

The promoter group — 21 named members
owning 66.8% between them · as of 2026-06-30
Gulshan Family Benefit Trust(Chandra Kumar Jain)20.94%
Chandra Holding Trust(Aditi Pasari)10.79%
Lotus Holding Trust(Anubha Gupta)10.79%
Mridula Family Trust(Arushi Jain)10.79%
ADITI PASARI2.67%
ANUBHA GUPTA2.67%
ARUSHI JAIN2.67%
CHANDRA KUMAR JAIN2.67%
Business done with them
FY2025 · 4 of the group
The company paid ₹5 cr to companies in the promoter group last year — about 0.3% of its ₹2,020 cr revenue.
Chandra Kumar Jain
Paid them for services · Remuneration, Rent Paid, Preference Share Dividend/Interest
also owns 2.67% of the company
₹3 cr
company paid
Chandra Kumar Jain
Leases As Lessee · Remuneration, Rent Paid, Preference Share Dividend/Interest
also owns 2.67% of the company
₹1 cr
company received
Aditi Pasari
Paid them for services · Remuneration and Dividend Paid
also owns 2.67% of the company
₹1 cr
company paid
Arushi Jain
Paid them for services · Remuneration and Dividend Paid
also owns 2.67% of the company
₹1 cr
company paid
Mridula Jain
Leases As Lessee · Rent Paid, Dividend Paid
also owns 2.67% of the company
₹9.6 L
company received

The company also transacted with 8 other related parties — subsidiaries, joint ventures, directors and others — that we could not match by name to the promoter list above. Some may still be connected to the family; we only count the ones the filings let us match with certainty.

Names and holdings from the company’s shareholding pattern filed with the exchange; transactions from the related-party note in its annual report. Every figure is as filed — these are legal, disclosed dealings, and what to make of them is your call.

How the stock has moved · adjusted for splits & bonuses
Data from primary exchange filings · analysis tool, not investment advice.