GULPOLY
Gulshan Polyols share price & financials
- Price
- ₹176.73
- Market cap
- ₹1.2k Cr
- Sector
- Fast Moving Consumer Goods
- Calls analysed
- 6
Gulshan Polyols Limited Q1 FY27
What went well
- Consolidated revenue reached a historic high of INR646 crores in a quarter, growing 8% year-on-year.
- EBITDA surged 135% year-on-year to INR91 crores, with EBITDA margin improving significantly to 14.2% from 6.5% in the prior year.
- Profit after tax (PAT) saw a substantial jump of 307% year-on-year to INR54 crores, driven by higher operating profitability.
What to watch
- Experienced temporary pressure on margins during Q2 FY27 due to higher grain prices, although disciplined procurement and efficiencies are expected to mitigate this for the full year.
- Acknowledged that Q2 is seasonally weaker for grain-related industries due to material procurement from stockholders before the new Kharif crop.
What Gulshan Polyols Limited does
Gulshan Polyols Limited is a multi-segment specialty chemicals and biofuel manufacturer operating three segments: Ethanol (grain-based ethanol and alcohol/distillery products supplied to oil marketing companies under long-term offtake agreements), Grain Processing (starch and starch-derivative products such as sorbitol, liquid glucose, dextrose monohydrate, malto dextrin and rice gluten made from maize and rice, sold into FMCG, paper, textile, pharmaceutical and food industries), and Mineral Processing (ground and precipitated calcium carbonate, including dedicated on-site PCC plants located within customer paper mills, supplied to paper, plastics, personal-care and pharmaceutical industries). Its plants are located across Madhya Pradesh, Assam, Uttar Pradesh, Gujarat, Himachal Pradesh, Rajasthan and West Bengal, with a corporate office in Delhi and registered office in Muzaffarnagar, Uttar Pradesh.
Segments
- Ethanol
- Grain Processing
- Mineral Processing
- Ethanol production capacity
- 810 KLPD (26 crore litres per annum) across plants in Madhya Pradesh and Assam
- Manufacturing units
- 9+ plants across India, including dedicated on-site PCC plants
- Grain processing capacity
- 1,92,000 MTPA across Gujarat and Muzaffarnagar (UP) units
- Calcium carbonate processing capacity
- 100,400+ MTPA across Himachal Pradesh, Rajasthan and Uttar Pradesh units
- Export footprint
- Exports to 35+ countries
- Permanent employees
- 565 (as of March 31, 2025)
Guidance record · Q1 FY27
what the last two calls moved 20 tracked 4 delivered 1 missed 15 open- Consolidated Revenue FY26 delivered, diluted said Q4 FY25 Promised: ₹2300 to ₹2400 crores going forward Q1 FY27: Historical promise for a completed financial year. No new updates.
- Consolidated Revenue FY27 diluted said Q2 FY26 Promised: ₹2,800 crores Q1 FY27: Guidance narrowed to the lower end of the previous range, now stated as 'in the range of INR2,600 crores'. Q1 revenue at ₹646 cr is a strong start.
- Grain Processing Steady State Revenue missed said Q3 FY25 Promised: ₹900 crores Q1 FY27: Reiterated FY27 target of ₹800 crores. Q1 revenue was ₹170 crores (21.25% of annual target).
All 20 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 7.9%, net profit up 315.4% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 440 | 610 | 515 | 593 | 542 +23% | 627 +3% | 551 +7% | 640 +8% |
| EBITDA | 16 | 27 | 29 | 37 | 42 +163% | 85 +215% | 66 +128% | 85 +130% |
| Net profit | 1 | 7 | 7 | 13 | 16 +1500% | 41 +486% | 38 +443% | 54 +315% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +7.6% 1Y
1Y: ₹162.45 on 10 Sept 2025 → ₹174.84. High ₹214.95 (9 Jun 2026), low ₹125.32 (2 Feb 2026).
How the price took the results
close before → close after
- Q1 FY27
- −1.1%
- 7 Aug
- Q4 FY26
- −7.0%
- 22 May
- Q3 FY26
- −0.5%
- 12 Feb
- Q2 FY26
- −3.1%
- 11 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 25.2% a year over 3 years, FY23 to FY26. Operating margin widened to 9.9%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹1.2k Cr | ₹1.4k Cr | ₹2.0k Cr | ₹2.3k Cr |
| Operating profit | ₹88 Cr | ₹58 Cr | ₹96 Cr | ₹230 Cr |
| Operating margin | 7.5% | 4.2% | 4.8% | 9.9% |
| Interest | ₹6 Cr | ₹11 Cr | ₹28 Cr | ₹40 Cr |
| Depreciation | ₹28 Cr | ₹33 Cr | ₹37 Cr | ₹45 Cr |
| Net profit | ₹46 Cr | ₹17 Cr | ₹25 Cr | ₹108 Cr |
| Net margin | 3.9% | 1.2% | 1.2% | 4.7% |
| Cash from operations | ₹16 Cr | ₹66 Cr | ₹42 Cr | ₹207 Cr |
| Free cash flow | ₹-238 Cr | ₹-113 Cr | ₹-14 Cr | ₹181 Cr |
| ROCE | 9.0% | 3.0% | 6.0% | 19.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹5 Cr | ₹5 Cr | ₹5 Cr | ₹6 Cr | ₹6 Cr | ₹6 Cr |
| Reserves | ₹361 Cr | ₹530 Cr | ₹570 Cr | ₹584 Cr | ₹634 Cr | ₹712 Cr |
| Borrowings | ₹11 Cr | ₹112 Cr | ₹248 Cr | ₹349 Cr | ₹449 Cr | ₹318 Cr |
| Other liabilities | ₹120 Cr | ₹126 Cr | ₹164 Cr | ₹217 Cr | ₹202 Cr | ₹268 Cr |
| Total liabilities | ₹496 Cr | ₹774 Cr | ₹988 Cr | ₹1.2k Cr | ₹1.3k Cr | ₹1.3k Cr |
| Fixed assets | ₹241 Cr | ₹240 Cr | ₹279 Cr | ₹521 Cr | ₹708 Cr | ₹696 Cr |
| Capital work in progress | ₹3 Cr | ₹91 Cr | ₹278 Cr | ₹182 Cr | ₹4 Cr | ₹7 Cr |
| Investments | ₹0 Cr | ₹26 Cr | ₹23 Cr | ₹15 Cr | ₹18 Cr | ₹47 Cr |
| Other assets | ₹252 Cr | ₹417 Cr | ₹408 Cr | ₹438 Cr | ₹560 Cr | ₹554 Cr |
| Total assets | ₹496 Cr | ₹774 Cr | ₹988 Cr | ₹1.2k Cr | ₹1.3k Cr | ₹1.3k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, DIIs trimmed −0.56 pp while FIIs added +0.32 pp. The shareholder count shrank 4% to 35,573.
- Promoters
- 66.8%
- FIIs
- 0.3%
- Public
- 32.6%
- Others
- 0.3%
Since Jun 2025
- DIIs −0.56 pp
- FIIs +0.32 pp
- Public +0.14 pp
How it drifted, 12 quarters
Over this window DIIs fell from 1.2% to 0.0% — −1.2 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 66.7%, DIIs 1.2%, Public 31.8%, Others 0.3%.Dec '23: Promoters 66.7%, DIIs 1.2%, Public 31.8%, Others 0.3%.Mar '24: Promoters 66.7%, FIIs 0.0%, DIIs 0.6%, Public 32.4%, Others 0.3%.Jun '24: Promoters 66.7%, DIIs 0.4%, Public 32.7%, Others 0.3%.Sep '24: Promoters 66.7%, FIIs 0.5%, DIIs 0.8%, Public 31.8%, Others 0.3%.Dec '24: Promoters 66.7%, DIIs 1.1%, Public 31.9%, Others 0.3%.Mar '25: Promoters 66.7%, FIIs 0.1%, DIIs 0.7%, Public 32.3%, Others 0.3%.Jun '25: Promoters 66.7%, DIIs 0.6%, Public 32.4%, Others 0.3%.Sep '25: Promoters 66.7%, DIIs 0.1%, Public 32.9%, Others 0.3%.Dec '25: Promoters 66.8%, Public 32.9%, Others 0.3%.Mar '26: Promoters 66.8%, FIIs 0.3%, Public 32.6%, Others 0.3%.Jun '26: Promoters 66.8%, FIIs 0.3%, Public 32.6%, Others 0.3%.
Who is on the register
Named in the Jun 2026 filing
Every holder of Gulshan Polyols Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Gulshan Family Benefit Trust(Chandra Kumar Jain) | 20.94% | unchanged |
| Mridula Family Trust(Arushi Jain) | 10.79% | unchanged |
| Lotus Holding Trust(Anubha Gupta) | 10.79% | unchanged |
| Chandra Holding Trust(Aditi Pasari) | 10.79% | unchanged |
| Chandra Kumar Jain | 2.67% | unchanged |
| Mridula Jain | 2.67% | unchanged |
| Arushi Jain | 2.67% | unchanged |
| Aditi Pasari | 2.67% | unchanged |
| Anubha Gupta | 2.67% | unchanged |
| Investor Education And Protection Fund Authority Ministry Of Corporate Affairs | 1.61% | unchanged |
| Rahul Jain | 0.15% | unchanged |
| Educate Artsome Private Limited | 0.00% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
All earnings calls (6)
Read the Q1 FY27 call →Learn to analyse Gulshan Polyols Limited
Guides on how to read this kind of business and the numbers that matter.