Gulshan Polyols financials and balance sheet

NSE: GULPOLYBSE: 532457Agricultural Food & other ProductsSmall Cap

₹151.11₹6.38 (4.05%)BSE ₹151.55

Share price at the NSE close on 23 Oct 2026. Previous close ₹157.49.

52-week range of traded prices to 23 Oct 2026

₹121.50Low, 2 Feb 2026₹227.63High, 7 Aug 2026

Market cap: ₹942 Cr1,456th largest listed
P/E: 6.4
P/B: 1.3
Dividend yield: 0.99%
ROE: 22.1%
ROCE: 22.6%
Debt to equity: 0.43
Volume, NSE: 1,37,27848.5% delivered

10 years at a glance

Standalone: the listed company alone, without its subsidiaries. ₹ crore, years to March.Gulshan Polyols annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹2,312 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 0.7% of operating profit in the first full year.

Results for the year to Mar 2026

Standalone: the listed company alone, without its subsidiaries. ₹ crore.

From revenue to net profit

Revenue2,312
Materials and goods−1,534
Employee costs−49
Other expenses−499
Operating profit230
Depreciation−45
Other income+2.0
One-off items−0.2
Finance costs−41
Profit before tax145
Tax−38
Net profit107

What the company owns

Plant, investments and other assets₹848 Cr
Inventory₹223 Cr
Receivables₹206 Cr
Cash and bank₹28 Cr

What pays for it: net worth and liabilities

Net worth₹719 Cr
Borrowings₹313 Cr
Owed to suppliers₹159 Cr
Other liabilities₹114 Cr

Gulshan Polyols business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Standalone, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Gulshan Polyols segment results by quarter

Revenue by segment

₹2,312 CrTotal

Ethanol(Bio-Fuel)/Distillery₹1,609 Cr69.6% of total
Grain Processing₹610 Cr26.4% of total
Mineral Processing₹93 Cr4.0% of total

Profit by segment

Ethanol(Bio-Fuel)/Distillery₹178 Cr91.1% of total
Mineral Processing₹17 Cr8.9% of total

Segment results by year

Standalone from the year to Mar 2026, consolidated before, ₹ crore, years to March.

Ethanol(Bio-Fuel)/Distillery
Revenue, ₹ crore
197
189
493
1,187
1,609
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
25
0
16
52
178
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Grain Processing
Revenue, ₹ crore
521
484
541
809
875
785
729
610
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
41
11
66
81
33
−6
−11
−4
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Mineral Processing
Revenue, ₹ crore
120
131
92
94
116
100
104
93
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
17
33
17
13
29
18
20
17
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	674	621	766	1,101	1,180	1,378	2,020	2,312
Company revenue, as in its results	674	621	766	1,101	1,180	1,378	2,020	2,312
Revenue	–	–	–	197	189	493	1,187	1,609
Revenue growth	–	–	–	–	–	160.9%	140.6%	–
Profit	–	–	–	25	0	16	52	178
Profit growth	–	–	–	–	–	–	231.1%	–
Margin	–	–	–	12.4%	−0.2%	3.2%	4.4%	11.1%
Return on capital	–	–	–	15.1%	−0.1%	5.3%	14.8%	37.9%
Assets	–	–	–	254	492	732	859	857
Liabilities	–	–	–	92	235	433	505	388
Capital employed	–	–	–	163	257	299	354	469
Revenue	521	484	541	809	875	785	729	610
Revenue growth	–	−7.1%	11.7%	49.6%	–	−10.3%	−7.2%	–
Profit	41	11	66	81	33	−6	−11	−4
Profit growth	–	−73.5%	507.3%	22.8%	–	–	–	–
Margin	7.9%	2.3%	12.3%	10.1%	3.8%	−0.8%	−1.5%	−0.7%
Return on capital	25.5%	7.7%	28.8%	35.9%	13.3%	−2.5%	−5.0%	−2.3%
Assets	274	277	282	343	404	344	376	314
Liabilities	112	134	52	116	154	91	153	122
Capital employed	161	142	230	227	250	253	223	192
Revenue	120	131	92	94	116	100	104	93
Revenue growth	–	9.1%	−29.7%	1.9%	–	−14.1%	4.9%	–
Profit	17	33	17	13	29	18	20	17
Profit growth	–	92.9%	−47.5%	−26.1%	–	−37.8%	11.0%	–
Margin	14.2%	25.0%	18.7%	13.6%	25.4%	18.4%	19.5%	18.6%
Return on capital	38.3%	61.9%	34.1%	30.1%	57.3%	50.5%	44.4%	30.9%
Assets	69	63	66	56	60	52	61	78
Liabilities	24	9	15	14	8	16	16	22
Capital employed	45	53	51	42	51	36	46	56
Revenue	32	5	133	–	–	–	–	–
Revenue growth	–	−84.2%	–	–	–	–	–	–
Profit	−18	−5	16	–	–	–	–	–
Margin	−54.9%	−93.8%	11.9%	–	–	–	–	–
Return on capital	−29.7%	−4.9%	13.9%	–	–	–	–	–
Assets	105	108	128	–	–	–	–	–
Liabilities	46	13	14	–	–	–	–	–
Capital employed	59	96	114	–	–	–	–	–
Revenue	0	0	0	0	0	0	0	0
Profit	1	0	1	1	4	10	1	−4
Assets	35	9	20	150	32	28	27	54
Liabilities	9	−5	49	47	16	26	36	53

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Standalone, ₹ crore, years to March.Gulshan Polyols quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 7 Jun	Mar 2020Filed 27 May	Mar 2021Filed 22 May	Mar 2022Filed 24 May	Mar 2023Filed 18 May	Mar 2024Filed 13 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 22 May
Revenue from operations	504	624	674	621	766	1,101	1,180	1,378	2,020	2,312
	443	555	590	552	635	951	1,092	1,320	1,924	2,083
Materials and goods bought	263	322	361	354	372	573	699	884	1,396	1,534
Employee costs	–	–	22	22	29	36	33	32	42	49
Other expenses	–	–	207	177	235	341	360	404	486	499
Operating profit before depreciation	61	69	84	69	131	150	88	58	95	230
Operating margin	12.0%	11.1%	12.4%	11.1%	17.1%	13.6%	7.5%	4.2%	4.7%	9.9%
Materials, % of revenue	–	–	53.5%	56.9%	48.6%	52.1%	59.2%	64.1%	69.1%	66.4%
Employee costs, % of revenue	–	–	3.3%	3.5%	3.7%	3.3%	2.8%	2.3%	2.1%	2.1%
Other expenses, % of revenue	–	–	30.8%	28.5%	30.6%	31.0%	30.5%	29.3%	24.1%	21.6%
Depreciation and amortisation	28	36	44	31	33	32	29	32	37	45
Operating profit after depreciation	33	33	39	38	98	118	59	26	58	184
Other income	4	2	2	1	2	2	7	12	5	2
Finance costs	5	11	14	11	7	5	6	10	28	41
Profit before one-off items and tax	31	24	27	27	93	115	60	28	35	146
One-off items	–	–	0	0	0	0	0	0	0	0
Profit before tax	31	24	27	27	93	115	60	28	35	145
	3	5	6	7	31	30	15	10	10	38
Current tax	0	–	6	5	31	31	15	0	0	22
Deferred tax	3	–	−1	1	0	−1	1	10	10	16
Net profit	28	18	21	21	62	85	45	18	25	107
Other comprehensive income	–	–	0	0	1	0	0	1	0	0
Total comprehensive income	–	–	21	20	63	85	45	18	25	107
Net margin	5.5%	2.9%	3.2%	3.3%	8.2%	7.7%	3.8%	1.3%	1.2%	4.6%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Earlier years, Mar 2008 to Mar 2016

₹ crore	Mar 2008	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016
Revenue from operations	111	216	220	275	273	282	325	402	441
	94	182	185	239	236	237	279	348	380
Materials and goods bought	43	66	77	97	107	110	126	169	199
Operating profit before depreciation	18	34	35	36	37	45	47	54	61
Operating margin	16.1%	15.7%	15.8%	13.2%	13.6%	16.0%	14.3%	13.4%	13.8%
Depreciation and amortisation	3	7	15	14	13	14	14	23	24
Operating profit after depreciation	15	27	20	22	24	31	33	31	37
Other income	2	1	0	1	1	2	1	3	5
Finance costs	5	6	5	4	3	4	4	3	4
Profit before one-off items and tax	–	23	15	19	22	29	31	32	38
One-off items	–	–	–	0	–	–	1	–	–
Profit before tax	12	23	15	19	22	29	32	32	38
	2	6	2	2	4	4	4	6	7
Current tax	–	–	–	–	–	–	–	–	8
Deferred tax	–	–	–	–	–	–	–	–	0
Net profit	10	17	13	16	18	24	27	25	30
Net margin	8.7%	8.0%	5.8%	5.9%	6.6%	8.5%	8.3%	6.3%	6.9%

Standalone, ₹ crore, years to March.

Balance sheet

Standalone, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 7 Jun	Mar 2020Filed 27 May	Mar 2021Filed 22 May	Mar 2022Filed 24 May	Mar 2023Filed 18 May	Mar 2024Filed 13 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 22 May
	291	305	366	535	575	590	613	719
Share capital	5	5	5	5	5	6	6	6
Reserves	286	301	361	530	570	584	607	712
	115	81	11	112	248	349	392	313
Repayable after a year	41	21	11	47	128	228	170	100
Repayable within a year	75	60	0	65	120	121	222	212
	151	130	104	204	267	309	500	429
Trade payables	21	29	56	58	80	127	230	159
Other financial liabilities	38	27	8	15	47	30	22	34
Other liabilities	9	8	17	27	18	32	25	21
Provisions	2	2	5	7	0	0	0	0
Tax owed	6	5	18	32	–	0	0	2
	41	22	27	65	146	257	210	157
Other financial liabilities	0	–	1	5	4	4	5	5
Other liabilities	0	0	–	0	–	0	0	1
Provisions	0	0	0	0	1	1	1	1
Deferred tax	0	0	15	13	14	24	34	49
Total assets	482	457	496	804	988	1,157	1,323	1,304
	284	270	253	381	606	723	755	777
Plant in use, after depreciation	273	260	241	237	276	518	715	694
Plant being built	5	3	3	91	278	182	4	7
Intangible assets	0	0	0	0	0	0	0	0
Property held to earn rent	0	0	–	3	3	3	3	3
Investments	0	0	0	26	20	3	3	47
Loans given	0	0	5	0	0	0	0	0
Other financial assets	3	5	2	10	12	14	21	21
Deferred tax	2	–	–	0	2	0	0	0
Other assets	1	1	2	14	16	2	8	5
	198	187	243	423	382	434	568	528
Inventories	53	87	90	108	157	150	290	223
Trade receivables	100	82	98	120	142	167	184	206
Cash and cash equivalents	25	2	18	113	5	1	1	28
Other bank balances	1	1	0	10	1	9	2	0
Current investments	0	0	0	0	3	12	13	0
Other financial assets	0	0	1	0	–	0	0	71
Tax paid in advance	0	–	–	0	1	5	2	–
Other assets	19	14	36	72	73	89	74	–
Net debt	90	78	−7	−11	239	327	375	284

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Standalone, ₹ crore, years to March.

₹ crore	Mar 2021Filed 22 May	Mar 2022Filed 24 May	Mar 2023Filed 18 May	Mar 2024Filed 13 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 22 May
	106	64	16	66	42	207
	116	94	33	73	46	224
	−10	−56	−59	15	−51	−11
Receivables	−17	−21	−22	−25	−18	−21
Inventories	−4	−17	−49	7	−140	67
Payables	8	12	48	28	96	−59
Other working capital	3	−30	−35	5	10	3
Tax paid	−16	−30	−17	−6	−4	−16
Interest paid	7	0	0	0	0	0
Capital spending	15	117	254	179	56	26
Free cash flow	91	−53	−239	−113	−14	181
	−12	−140	−247	−158	−54	−60
Plant and property sold	2	0	0	0	0	0
Interest received	1	1	1	1	2	1
Dividends received	0	0	0	0	0	0
	−79	170	124	88	13	−121
Borrowings raised	0	101	136	101	43	0
Borrowings repaid	−69	0	0	0	0	−79
Interest paid	−7	−5	−6	−10	−28	−41
Lease payments	0	0	0	0	0	–
Dividends paid	3	3	5	3	2	2
Shares bought back	0	0	0	0	0	0
Shares issued	0	76	0	0	0	0
Net change in cash	15	95	−108	−4	0	27

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020. Lease payments is left blank for the year to Mar 2026: the line is filed below nought and is smaller than the rounding of its section's total, so the statement does not show which way it moved cash.

Standalone, ₹ per share, years to March.Gulshan Polyols dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 7 Jun	Mar 2020Filed 27 May	Mar 2021Filed 22 May	Mar 2022Filed 24 May	Mar 2023Filed 18 May	Mar 2024Filed 13 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 22 May
	₹4.78	₹3.24	₹3.81	₹3.66	₹11.09	₹13.67	₹7.27	₹2.83	₹3.97	₹17.18
As stated that year	₹5.74	₹3.89	₹4.57	₹4.39	₹13.31	₹16.40	₹8.73	₹2.83	₹3.97	₹17.18
	₹4.78	₹3.24	₹3.81	₹3.66	₹11.09	₹13.67	₹7.27	₹2.83	₹3.97	₹17.18
As stated that year	₹5.74	₹3.89	₹4.57	₹4.39	₹13.31	₹16.40	₹8.73	₹2.83	₹3.97	₹17.18
	₹0.58	₹0.58	₹0.58	₹0.58	₹0.83	₹1.67	₹0.50	₹0.30	₹0.30	₹1.50
As declared that year	–	₹0.70	₹0.70	₹0.70	₹1.00	₹2.00	₹0.50	₹0.30	₹0.30	₹1.50
	–	–	₹51.61	₹54.23	₹64.93	₹85.84	₹92.20	₹94.66	₹98.34	₹115.21
On that year's share count	–	–	₹61.93	₹65.07	₹77.91	₹103.01	₹110.64	₹94.66	₹98.34	₹115.21
Dividend payout	11.8%	18.0%	15.3%	16.0%	7.5%	12.2%	6.9%	10.6%	7.5%	8.7%
Shareholder yield	–	–	–	–	0.7%	−4.5%	0.5%	0.3%	0.2%	0.2%
Market cap at the year end (₹ crore)	425	312	259	100	432	1,630	1,051	1,011	1,123	898

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from. The dividend as declared is blank for the year to Mar 2017: its payments were declared on different share counts, a split or bonus between them, so they do not add to one figure.

Ratios

Standalone, years to March.Gulshan Polyols PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 7 Jun	Mar 2020Filed 27 May	Mar 2021Filed 22 May	Mar 2022Filed 24 May	Mar 2023Filed 18 May	Mar 2024Filed 13 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 22 May
Revenue growth	14.2%	23.9%	8.0%	−7.9%	23.4%	43.7%	7.2%	16.8%	46.6%	14.5%
Operating profit growth	−0.3%	13.9%	21.2%	−17.7%	89.8%	14.8%	−41.3%	−34.0%	64.1%	140.7%
Net profit growth	−8.5%	−34.6%	17.4%	−3.9%	203.4%	36.5%	−46.8%	−61.1%	40.5%	332.3%
Earnings per share growth	−9.9%	−32.2%	17.5%	−3.9%	203.2%	23.2%	−46.8%	−61.1%	40.3%	332.7%
	–	–	7.4%	6.9%	18.6%	18.9%	8.2%	3.0%	4.1%	16.1%
	–	–	–	−0.5 pts	11.7 pts	0.3 pts	−10.8 pts	−5.1 pts	1.1 pts	12.0 pts
From the net margin	–	–	–	0.3 pts	10.1 pts	−0.9 pts	−9.5 pts	−5.4 pts	−0.1 pts	11.4 pts
From asset turnover	–	–	–	−0.4 pts	3.7 pts	0.9 pts	−2.1 pts	−0.1 pts	0.8 pts	1.3 pts
From borrowing	–	–	–	−0.4 pts	−2.0 pts	0.3 pts	0.9 pts	0.4 pts	0.4 pts	−0.7 pts
Return on capital employed	–	–	9.7%	9.8%	26.1%	18.2%	7.2%	2.7%	5.8%	17.9%
Cash conversion	–	–	–	–	169.5%	75.5%	34.4%	375.5%	168.5%	193.6%
Interest cover	6.3	3.0	2.8	3.3	15.0	23.7	9.7	2.6	2.0	4.5
Debt to equity	–	–	0.40	0.27	0.03	0.21	0.43	0.59	0.64	0.43
Receivable days	–	–	54	48	47	40	44	44	33	32
Inventory days	–	–	54	89	89	69	82	62	76	53
Payable days	–	–	21	30	55	37	42	52	60	38
Cash conversion cycle, days	–	–	87	108	80	72	84	54	49	48
Working capital days	–	–	52	66	58	53	70	59	49	45
Asset turnover	–	–	1.40	1.32	1.61	1.69	1.32	1.29	1.63	1.76
Assets per rupee of net worth	–	–	1.66	1.58	1.42	1.44	1.61	1.84	2.06	1.97
Sales per rupee of plant	–	–	2.47	2.39	3.18	4.64	4.28	2.66	2.82	3.33
Capital spending to depreciation	–	–	–	–	0.45	3.61	8.85	5.54	1.51	0.58
Plant being built, % of plant in use	–	–	1.7%	1.2%	1.3%	38.5%	100.8%	35.2%	0.6%	1.0%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Standalone: the listed company alone, without its subsidiaries. Each window ends with the year to Mar 2026.

Return on assets, latest year: 8.2%
Cash from operations against operating profit: 90.3%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	18.0%	24.7%	25.1%
Profit growth, yearly rate	13.4%	11.4%	33.2%
Return on equity, average	–	10.1%	7.7%
Return on capital employed, average	–	10.4%	8.8%
Operating margin, average	10.4%	8.0%	6.3%
Net margin, average	4.2%	3.7%	2.4%
Asset turnover, average	–	1.54	1.56
Cash conversion cycle, days, average	–	61	50
Interest cover, average	7.3	8.5	3.0
Debt to equity, average	–	0.46	0.55

Where the cash came from and went

Standalone: the listed company alone, without its subsidiaries. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	395	315	207
Cash from investing	−660	−273	−60
Cash from financing	274	−20	−121
Capital spending	633	262	26
Dividends paid	15	7	2
Shares bought back	0	0	0
Shares issued for cash	76	0	0
Borrowings raised	381	144	0
Borrowings repaid	79	79	79

Accounting checks

Standalone, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	9	4	3	3	–	9
Altman Z-scorePublished threshold 1.81	–	–	3.44	3.10	5.54	7.14	–	–	–	4.02
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.63	−0.23	−1.70	–	–	−2.73
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−6.63	24.72	30.94	–	–	−3.05
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.96	0.99	–	2.11
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−9.79	−3.96	−22.10	11.23	–	–	−2.89
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	64.17	−0.63	−34.91	24.04	–	–	−33.02
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−0.69	2.89	3.23	0.17	–	–	−0.24
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.18	0.22	3.18	4.13	–	–	0.30
Effective tax ratePublished threshold 17.16 per cent	9.66	22.51	20.70	24.94	33.20	25.74	–	–	–	26.29
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	0.00	–	–	–	15.12

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
23 Jul 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AReview, Other	Stable	230
23 Jul 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1Review, Re-affirm		40

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.