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Last Updated: April 2, 2026, 3:01 am
Author: Getaka|Social: XLinkedIn

Gulshan Polyols Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹39.16Overvalued by 73.72%vs CMP ₹149.00

P/E (12.1) × ROE (3.9%) × BV (₹103.00) × DY (0.20%)

₹129.06Overvalued by 13.38%vs CMP ₹149.00
MoS: -15.5% (Negative)Confidence: 43/100 (Low)Models: 3 Under, 1 Fair, 4 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹37.9425%Over (-74.5%)
Graham NumberEarnings₹168.7718%Under (+13.3%)
DCFCash Flow₹54.9515%Over (-63.1%)
Net Asset ValueAssets₹102.878%Over (-31%)
EV/EBITDAEnterprise₹143.2110%Fair (-3.9%)
Earnings YieldEarnings₹122.908%Over (-17.5%)
ROCE CapitalReturns₹290.8610%Under (+95.2%)
Revenue MultipleRevenue₹324.686%Under (+117.9%)
Consensus (8 models)₹129.06100%Overvalued
Key Drivers: ROE 3.9% is below cost of equity. | Wide model spread (₹38–₹325) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -3.1%

*Investments are subject to market risks

Investment Snapshot

62
Gulshan Polyols Ltd scores 62/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health59/100 · Moderate
ROCE 6.3% WeakROE 3.9% WeakD/E 0.20 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money40/100 · Moderate
FII holding stable No changeDII holding down 0.67% MF sellingPromoter holding at 66.8% Stable
Earnings Quality50/100 · Moderate
OPM contracting (11% → 5%) DecliningWorking capital: 9 days (improving) Efficient
Quarterly Momentum100/100 · Strong
Revenue (4Q): +35% YoY AcceleratingProfit (4Q): +95% YoY StrongOPM: 8.0% (up 4.0% YoY) Margin expansion
Industry Rank55/100 · Moderate
P/E 12.1 vs industry 27.4 Cheaper than peersROCE 6.3% vs industry 11.8% Below peersROE 3.9% vs industry 12.3% Below peers3Y sales CAGR: 22% High growth

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:01 am

Market Cap 927 Cr.
Current Price 149
Intrinsic Value₹129.06
High / Low 220/122
Stock P/E12.1
Book Value 103
Dividend Yield0.20 %
ROCE6.31 %
ROE3.92 %
Face Value 1.00
PEG Ratio-3.88

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Gulshan Polyols Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Gulshan Polyols Ltd 927 Cr. 149 220/12212.1 1030.20 %6.31 %3.92 % 1.00
AVT Natural Products Ltd 867 Cr. 56.9 83.8/51.015.2 34.41.23 %12.8 %9.89 % 1.00
Bombay Super Hybrid Seeds Ltd 764 Cr. 72.8 158/59.228.9 11.40.00 %21.2 %28.8 % 1.00
Chamanlal Setia Exports Ltd 1,139 Cr. 229 396/20411.3 1531.09 %16.7 %14.2 % 2.00
Mangalam Global Enterprise Ltd 377 Cr. 11.4 18.5/9.5113.6 6.860.09 %16.8 %14.6 % 1.00
Industry Average3,418.70 Cr214.4227.42106.690.37%11.80%12.33%4.00

All Competitor Stocks of Gulshan Polyols Ltd

Quarterly Result

MetricSep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Sales 276332302293308371406455440610515593542
Expenses 257310276282292360386431424583486557500
Operating Profit 19222612161119241627293742
OPM % 7%7%9%4%5%3%5%5%4%4%6%6%8%
Other Income 1234431211120
Interest 1222414478988
Depreciation 777910598811101111
Profit before tax 12152057881329112022
Tax % 23%23%25%7%67%42%23%25%33%25%33%34%31%
Net Profit 912154256101771316
EPS in Rs 1.461.902.330.700.360.751.021.560.211.091.132.112.49

Last Updated: January 1, 2026, 12:46 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 8:16 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 3193954334926166746217661,1011,1801,3782,0202,276
Expenses 2733413724315475905526359511,0921,3201,9232,084
Operating Profit 47546160698469131150885897192
OPM % 15%14%14%12%11%12%11%17%14%7%4%5%8%
Other Income 23542212271233
Interest 4346111411756102841
Depreciation 14232428364431333229323744
Profit before tax 3232383024272794115602835110
Tax % 14%20%19%10%23%21%25%33%26%25%36%28%
Net Profit 27253027182121628545182577
EPS in Rs 5.374.765.494.863.243.813.6611.0914.407.272.833.9712.29
Dividend Payout % 8%12%11%39%18%15%16%8%12%6%11%8%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)-7.41%20.00%-10.00%-33.33%16.67%0.00%195.24%37.10%-47.06%-60.00%38.89%
Change in YoY Net Profit Growth (%)0.00%27.41%-30.00%-23.33%50.00%-16.67%195.24%-158.14%-84.16%-12.94%98.89%

Gulshan Polyols Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:18%
5 Years:27%
3 Years:22%
TTM:40%
Compounded Profit Growth
10 Years:-1%
5 Years:3%
3 Years:-35%
TTM:22%
Stock Price CAGR
10 Years:11%
5 Years:28%
3 Years:-10%
1 Year:-28%
Return on Equity
10 Years:9%
5 Years:9%
3 Years:4%
Last Year:4%

Last Updated: September 5, 2025, 5:45 am

Balance Sheet

Last Updated: December 4, 2025, 1:20 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 4455555555666
Reserves 167197229254268286301361530570584607634
Borrowings 9410014816318214510111112248349392449
Other Liabilities 54475479584751120126164217318202
Total Liabilities 3193484365025134824574967749881,1571,3231,291
Fixed Assets 147142145198298273260241240279521718708
CWIP 27979715339127818244
Investments 1257860002623151718
Other Assets 157195187199209204193252417408438584560
Total Assets 3193484365025134824574967749881,1571,3231,291

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 3250558142874410661166642
Cash from Investing Activity + -69-11-116-81-37-17-16-12-136-247-158-54
Cash from Financing Activity + 41-236-1-4-48-51-791701248813
Net Cash Flow 437-25-2222-231595-108-40
Free Cash Flow -2628-62-32642893-52-238-113-14
CFO/OP 83%104%103%143%66%113%73%93%60%37%125%48%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-47.00-46.00-87.00-103.00-113.00-61.00-32.00120.0038.00-160.00-291.00-295.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 685962666954484740444433
Inventory Days 12887761168454898969826276
Days Payable 523639683821305537425260
Cash Conversion Cycle 14411099115115871088072845449
Working Capital Days 38213012151231572633279
ROCE %15%12%12%9%8%9%9%25%23%9%3%6%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 66.65%66.65%66.72%66.72%66.72%66.68%66.68%66.71%66.71%66.71%66.71%66.80%
FIIs 0.31%0.01%0.00%0.00%0.01%0.00%0.50%0.00%0.06%0.00%0.00%0.00%
DIIs 3.53%3.52%1.23%1.20%0.58%0.40%0.80%1.11%0.67%0.56%0.07%0.00%
Public 29.27%29.58%31.80%31.77%32.36%32.66%31.77%31.88%32.27%32.44%32.92%32.90%
Others 0.25%0.25%0.26%0.31%0.33%0.27%0.27%0.30%0.30%0.30%0.30%0.30%
No. of Shareholders 29,37732,99734,24834,71835,99235,90938,81939,87337,96036,95436,93337,079

Shareholding Pattern Chart

No. of Shareholders

Gulshan Polyols Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Aditya Birla Sun Life Pure Value Fund 767,357 0.33 15.6767,3572025-04-22 15:56:570%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22
FaceValue 1.001.001.001.00
Basic EPS (Rs.) 3.952.858.6916.40
Diluted EPS (Rs.) 3.952.858.6916.40
Cash EPS (Rs.) 9.958.0414.2222.64
Book Value[Excl.RevalReserv]/Share (Rs.) 98.3194.65110.61103.01
Book Value[Incl.RevalReserv]/Share (Rs.) 98.3194.65110.61103.01
Revenue From Operations / Share (Rs.) 323.82220.93226.98211.78
PBDIT / Share (Rs.) 16.0711.2718.2929.28
PBIT / Share (Rs.) 10.086.0812.7623.04
PBT / Share (Rs.) 5.524.4611.5822.09
Net Profit / Share (Rs.) 3.952.858.6916.40
NP After MI And SOA / Share (Rs.) 3.952.858.6916.40
PBDIT Margin (%) 4.965.108.0513.82
PBIT Margin (%) 3.112.755.6210.87
PBT Margin (%) 1.702.015.1010.42
Net Profit Margin (%) 1.221.283.827.74
NP After MI And SOA Margin (%) 1.221.283.827.74
Return on Networth / Equity (%) 4.023.007.8515.92
Return on Capital Employeed (%) 7.634.479.1919.94
Return On Assets (%) 1.861.534.5711.01
Long Term Debt / Equity (X) 0.270.380.220.08
Total Debt / Equity (X) 0.630.590.430.20
Asset Turnover Ratio (%) 1.631.291.340.00
Current Ratio (X) 1.141.401.432.17
Quick Ratio (X) 0.550.910.841.54
Inventory Turnover Ratio (X) 9.175.945.290.00
Dividend Payout Ratio (NP) (%) 7.580.0011.503.21
Dividend Payout Ratio (CP) (%) 3.010.007.032.32
Earning Retention Ratio (%) 92.420.0088.5096.79
Cash Earning Retention Ratio (%) 96.990.0092.9797.68
Interest Coverage Ratio (X) 3.536.9515.5130.68
Interest Coverage Ratio (Post Tax) (X) 1.872.768.3718.19
Enterprise Value (Cr.) 1506.431351.271295.731814.50
EV / Net Operating Revenue (X) 0.740.981.101.65
EV / EBITDA (X) 15.0319.2313.6311.92
MarketCap / Net Operating Revenue (X) 0.550.730.891.66
Retention Ratios (%) 92.410.0088.4996.78
Price / BV (X) 1.821.711.833.41
Price / Net Operating Revenue (X) 0.550.730.891.66
EarningsYield 0.020.010.040.04

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Gulshan Polyols Ltd. is a Public Limited Listed company incorporated on 20/10/2000 and has its registered office in the State of Uttar Pradesh, India. Company's Corporate Identification Number(CIN) is L24231UP2000PLC034918 and registration number is 034918. Currently Company is involved in the business activities of Distilling, rectifying and blending of spirits; ethyl alcohol production from fermented materials. Company's Total Operating Revenue is Rs. 2019.68 Cr. and Equity Capital is Rs. 6.24 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Agricultural Products9th K .M., Muzaffarnagar Uttar Pradesh 251001Contact not found
Management
NamePosition Held
Dr. Chandra Kumar JainChairman & Managing Director
Ms. Arushi JainJoint Managing Director
Ms. Aditi PasariJoint Managing Director
Mr. Ashwani K VatsWholeTime Director & CEO
Ms. Archana JainDirector
Mr. Soumyajit MitraDirector
Mr. Nitesh GargDirector
Mr. Vardhaman DoogerDirector

FAQ

What is the intrinsic value of Gulshan Polyols Ltd and is it undervalued?

As of 18 April 2026, Gulshan Polyols Ltd's intrinsic value is ₹129.06, which is 13.38% lower than the current market price of ₹149.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (3.92 %), book value (₹103), dividend yield (0.20 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Gulshan Polyols Ltd?

Gulshan Polyols Ltd is trading at ₹149.00 as of 18 April 2026, with a FY2026-2027 high of ₹220 and low of ₹122. The stock is currently in the middle of its 52-week range. Market cap stands at ₹927 Cr..

How does Gulshan Polyols Ltd's P/E ratio compare to its industry?

Gulshan Polyols Ltd has a P/E ratio of 12.1, which is below the industry average of 27.42. Trading at a steep discount to peers could signal a value opportunity or reflect concerns about the company's fundamentals.

Is Gulshan Polyols Ltd financially healthy?

Key indicators for Gulshan Polyols Ltd: ROCE of 6.31 % is on the lower side compared to the industry average of 11.80%; ROE of 3.92 % is below ideal levels (industry average: 12.33%). Dividend yield is 0.20 %.

Is Gulshan Polyols Ltd profitable and how is the profit trend?

Gulshan Polyols Ltd reported a net profit of ₹25 Cr in Mar 2025 on revenue of ₹2,020 Cr. Compared to ₹85 Cr in Mar 2022, the net profit shows a declining trend.

Does Gulshan Polyols Ltd pay dividends?

Gulshan Polyols Ltd has a dividend yield of 0.20 % at the current price of ₹149.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Gulshan Polyols Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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