Sector Alpha Week of 2026-07-24
Sector Alpha — machine-written from the numbers · Data as of 2026-07-24

Gulshan Polyols Ltd

GULPOLY
Miscellaneous

Gulshan Polyols Ltd is coiled. The quarters are improving, yet the P/E sits at the 25th percentile of its own 10-year range — the business is moving before the market.

The sharpest disagreement: annual EPS moved +38.9% against a +6.3% price move — the market has not yet caught up with the delivery.

The price is in a confirmed uptrend (13 weeks in) while the P/E sits at the 25th percentile of its own 10-year range. Underneath, the last four quarters read improving — profit +1,500.0% year on year, and 140% of the last 3 years' profit arrived as cash. What settles it: whether the price catches up with earnings that have already moved.

Stage
Improving
partial read
Price
₹177
+6.3% 1Y
P/E
28.5×
25th pctile
of its own 10-year range
Revenue (Sep 25)
₹542 Cr
+23.2% YoY
Profit (Sep 25)
₹16.0 Cr
+1,500.0% YoY
Operating margin
8.0%
+4.0 pp YoY
ROCE
6%
FY25
ROIC
13.1%
vs WACC 12.0% → +1.1 pp
Cash conversion
140%
of profit, last 3 FY
Unverified figures: Some figures on this page come from a second financial-data feed that could not be cross-checked against the primary source — the two do not share enough overlapping reported history to compare. They are drawn, because they are the only evidence there is, and every section carrying one is marked unverified. PEG is the exception: the quarterly curve is not drawn at all. PEG asks what is being paid for growth — both sides of that division come from the source that could not be checked, so it is withheld instead of marked.
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Gulshan Polyols Ltd trades at ₹177, in a confirmed uptrend and 13 weeks into that stage. That is +2.3% against its own 200-day average. It sits at 57% of a 52-week range of ₹126 to ₹215. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (4 weeks and counting).

Today the stock is in a confirmed uptrend — week 13 of stage 2, confirmed. At ₹177 it trades +2.3% versus its 200-day average and sits at 57% of its 52-week range (₹126–₹215).

Jul 26: ₹177 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
+2.3% versus the 200-day line, week 13 of stage 2
Price50-day avg200-day avg
S2S4S4S2S4S4S2₹262₹225₹189₹152₹116₹177₹173Jul 23Apr 24Feb 25Nov 25Jul 26
S2S4S4S2S4S4S2₹262₹225₹189₹152₹116₹177₹173Jul 23Feb 25Jul 26
Beating or trailing, week by week since 2016 Each cell is one week from 2016 to now (544 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Apr 16Jul 26

Against the market, two honest reads. Cumulative: over the last 10.3 years the stock moved +234% while the NIFTY 500 moved +266% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (4 weeks and counting; last ahead the week of 2026-06-25) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 25th percentile of its own range.

02 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Gulshan Polyols Ltd trades at 28.5× P/E, near the bottom of its own range — cheaper only 25% of the time. Its long-run median P/E is 38.9×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 28.5× is near the bottom of its own range — cheaper only 25% of the time, against a long-run median of 38.9× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

P/E 28.5× vs a 38.9× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 10.4-year window; loss-period spikes above 72× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
near the bottom of its own range — cheaper only 25% of the time
P/EMedianEPS (TTM) (quarterly)
76.5×₹7.858.6×₹5.940.8×₹3.922.9×₹2.05.0×₹0.0×28.50×₹7Feb 16Mar 24Jan 25Nov 25Jul 26
76.5×₹7.858.6×₹5.940.8×₹3.922.9×₹2.05.0×₹0.0×28.50×₹7Feb 16Jan 25Jul 26
P/E
28.5×
25th percentile of 10y

Why the multiple sits where it does: over the past year annual EPS moved +38.9% against a +6.3% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 3y, of the −9.5%/yr price move, ~−1.8%/yr came from earnings growth and ~−7.7 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

03 · Stage: Improving

Stage: Improving Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Gulshan Polyols Ltd reads as improving on its fundamental arc. Improving — profit growth bottomed 8 quarters ago at −77.8% and has held its recovery at +1500.0% (single-quarter readings), ROCE holding at 6.0%. The read is built from 9 quarters across 3 curves, on partial evidence.

Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. Where the trailing-twelve-month history is short, the curve falls back to single-quarter year-on-year growth — noisier, and the classifier smooths and caps base-effect spikes before reading. Base-effect spikes shown pinned (▲). A missing point means that reading is not held for the quarter.
the trajectory the stage is read from
RevenueProfitEPS
69%330%53%221%38%111%23%0.0%7.4%−108%%%23.2%300%93.2%Dec 22Mar 24Sep 25
69%330%53%221%38%111%23%0.0%7.4%−108%%%23.2%300%93.2%Dec 22Mar 24Sep 25
ROCE Annual readings — the quarterly balance-sheet pieces this curve needs are not held for this stock, so the returns read moves once a year and carries less weight in the call.
the return curve, annual readings
ROCE
25%19%13%7.2%1.4%%6%FY22FY23FY25
25%19%13%7.2%1.4%%6%FY22FY23FY25
Revenue growth
Rolling over
latest +23.2% · span +11.6% to +55.3%
Profit growth
Flat
latest +1,500.0% · span −77.8% to +100.0%
ROCE
Stuck low
latest 6.0% · span 3.0%–23.0%

Why it matters: a sustained climb off the trough is the setup this page is built to catch — the question moves to what you pay for it.

One or more growth curves carry a base-effect spike — a large year-on-year move off a near-zero or loss-making comparable quarter. Those spikes are capped before the classifier reads the trajectory, and shown pinned on the chart, so a single distorted quarter does not drive the stage call.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

Growth, year by year: revenue +46.6% in FY25, profit +38.9% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn.
Revenue YoYProfit YoYEPS YoY
51%224%35%148%19%71%3.5%−5.2%−12%−82%%%46.6%38.9%FY15FY20FY25
51%224%35%148%19%71%3.5%−5.2%−12%−82%%%46.6%38.9%FY15FY20FY25
TTM growth by quarter Trailing-twelve-month growth versus the year-ago TTM, per quarter, %: revenue (left axis); profit and EPS (right axis). The acceleration read compares the last 4 quarters (+35.2%) with the last 8 annualized (+35.3%).
revenue stabilising, profit accelerating
Revenue TTM YoYProfit TTM YoYEPS TTM YoY
52%104%45%65%39%26%33%−14%26%−53%%%35.2%87%Dec 22Mar 24Sep 25
52%104%45%65%39%26%33%−14%26%−53%%%35.2%87%Dec 22Mar 24Sep 25
Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+46.6%+22.4%+26.6%+17.7%
Profit+38.9%−33.5%+3.5%+0.0%
EPS+38.9%−35.0%+1.6%−1.8%
Share price+6.3%−9.5%−2.0%+11.1%
Revenue YoY (Sep 25)
+23.2%
latest quarter vs a year ago
Profit YoY (Sep 25)
+1,500.0%
latest quarter vs a year ago
Revenue 10y
17.7%
long-run compound pace

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

04 · 4-Factor Sector Score

4-Factor Sector Score

58.4/100 — rank 8 of 36 in Miscellaneous · 75% evidence confidence

Gulshan Polyols Ltd scores 58.4 out of 100 against the 36 companies it is compared with in Miscellaneous, ranking 8. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

The four contributions add to the total exactly: 24.6 + 12.8 + 10.6 + 10.4 = 58.4. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

05 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

Gulshan Polyols Ltd reported ₹542 Cr of revenue in the Sep 25 quarter, +23.2% year on year. That is the 9th straight quarter of year-on-year growth. Over 10 years it has compounded at 17.7% a year. The last full year, FY25, came in at ₹2,020 Cr. The last four reported quarters add to ₹2,260 Cr.

Gulshan Polyols Ltd reported ₹542 Cr of revenue in the Sep 25 quarter, +23.2% year on year. That is the 9th straight quarter of year-on-year growth. Over 10 years it has compounded at 17.7% a year. The last full year, FY25, came in at ₹2,020 Cr. The last four reported quarters add to ₹2,260 Cr.

FY25 revenue came in at ₹2,020 Cr (+46.6% on the year), capping 10 years at 17.7% compound. The latest quarter (Sep 25) printed ₹542 Cr, +23.2% year on year — the 9th consecutive quarter of year-over-year growth.

FY25 revenue ₹2,020 Cr (+46.6% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
17.7% a year over 10 years
RevenueYoY growth
2.2k51%1.6k35%1.1k19%5453.5%0−12%₹ Cr%₹2,02046.6%FY15FY20FY25
2.2k51%1.6k35%1.1k19%5453.5%0−12%₹ Cr%₹2,02046.6%FY15FY20FY25
Sep 25: ₹542 Cr (+23.2% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
9th straight quarter of growth
Revenue (quarterly)YoY growth
65969%49453%32938%16523%07.4%₹ Cr%₹54223.2%Dec 22Mar 24Sep 25
65969%49453%32938%16523%07.4%₹ Cr%₹54223.2%Dec 22Mar 24Sep 25

Pace check: the last four quarters averaged +36.2% growth against the decade's 17.7% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +35.2% over the last 4 quarters against +35.3%/yr over the last 8 — stabilising; TTM profit +87.0% vs +15.9%/yr — accelerating.

→ Revenue grew — did margins hold as it scaled? Next: 8.0% this quarter (+4.0 pp YoY).

06 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Gulshan Polyols Ltd's operating margin is 8.0% in the Sep 25 quarter, +4.0 percentage points against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged 4.0% to 17.0%. The current quarter sits inside that band.

Gulshan Polyols Ltd's operating margin is 8.0% in the Sep 25 quarter, +4.0 percentage points against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged 4.0% to 17.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 8.0%, +4.0 pp against the same quarter a year ago. Across 12 fiscal years the operating margin has ranged 4.0%–17.0%.

Why the margin moved: operating margin went +4.0 pp year on year while gross margin went +1.6 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

FY25: 5.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 12-year window.
within a 4.0–17.0% band over 12 years
operating marginYoY change (pp)
18%7.0%14%3.3%11%−0.5%6.7%−4.3%3.0%−8.0%%%5%1%FY14FY19FY25
18%7.0%14%3.3%11%−0.5%6.7%−4.3%3.0%−8.0%%%5%1%FY14FY19FY25
Sep 25: 8.0% operating margin (+4.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
8.4%4.6%7.0%2.3%5.5%0.0%4.0%−2.3%2.6%−4.6%%%8%4%Dec 22Mar 24Sep 25
8.4%4.6%7.0%2.3%5.5%0.0%4.0%−2.3%2.6%−4.6%%%8%4%Dec 22Mar 24Sep 25

→ Margins held — did that reach the bottom line? Next: profit +1,500.0% in the latest quarter.

07 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Gulshan Polyols Ltd earned ₹16.0 Cr of net profit in the Sep 25 quarter, +1,500.0% year on year. It is the 2nd consecutive quarter of growth. Full-year FY25 profit was ₹25.0 Cr. The 10-year compound rate is 0.0%. That is 3.0% of the quarter's revenue. The same quarter a year earlier earned ₹1.0 Cr.

Gulshan Polyols Ltd earned ₹16.0 Cr of net profit in the Sep 25 quarter, +1,500.0% year on year. It is the 2nd consecutive quarter of growth. Full-year FY25 profit was ₹25.0 Cr. The 10-year compound rate is 0.0%. That is 3.0% of the quarter's revenue. The same quarter a year earlier earned ₹1.0 Cr.

Sep 25 profit was ₹16.0 Cr, +1,500.0% year on year — the 2nd consecutive quarter of growth. On the full year, FY25 printed ₹25.0 Cr (+38.9%), and the 10-year compound rate is 0.0%.

FY25 profit ₹25.0 Cr (+38.9% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
0.0% a year over 10 years
Net profitYoY growth
92216%69142%4668%23−6.4%0−80%₹ Cr%₹2538.9%FY15FY20FY25
92216%69142%4668%23−6.4%0−80%₹ Cr%₹2538.9%FY15FY20FY25
Sep 25: ₹16.0 Cr (+1,500.0% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
2nd straight quarter of growth
Net profit (quarterly)YoY growth
171,626%131,169%9711%4254%0−204%₹ Cr%₹161,500%Dec 22Mar 24Sep 25
171,626%131,169%9711%4254%0−204%₹ Cr%₹161,500%Dec 22Mar 24Sep 25

Why profit moved: revenue contributed +23.2% and the margin +4.0 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.

Pace comparison, last four quarters: profit +392.5% vs revenue +36.2%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 140% of the last 3 years' profit arrived as cash.

08 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 140% of Gulshan Polyols Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY25 that was ₹42.0 Cr of operating cash against ₹25.0 Cr of profit. After ₹56.0 Cr of capital spending, ₹−14.0 Cr was left as free cash.

FY25: operating cash of ₹42.0 Cr against reported profit of ₹25.0 Cr, leaving free cash of ₹−14.0 Cr after ₹56.0 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 140% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY25: CFO ₹42.0 Cr vs profit ₹25.0 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 11-year window, annual resolution. FY23 reflects an acquisition year — point shown clipped.
140% of 3-year profit arrived as cash
Operating cashNet profitFree cash
12360−3−66−129₹ Cr₹42₹25₹−14FY15FY20FY25
12360−3−66−129₹ Cr₹42₹25₹−14FY15FY20FY25
FY25: CFO = 168% of profit (three-year rate 140%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash; outlier years shown pinned.
Conversion100%
321%244%167%89%12%%168%FY15FY20FY25
321%244%167%89%12%%168%FY15FY20FY25

Why conversion sits at 140%: the cash cycle tightened 59 days between FY20 and FY25 — cash that used to wait in the cycle now reaches the bank sooner.

Router verdict: the bigger cash user is investment — capital spending ran 5.0× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹489 Cr of building over 3 years.

09 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Gulshan Polyols Ltd's cash conversion cycle runs 49 days in FY25, down from 108 days in FY20. Capital spending ran ₹489 Cr over the last 3 years. At FY25 sales of ₹2,020 Cr each day of that cycle holds about ₹5.5 Cr, so roughly ₹271 Cr sits inside the business at any moment.

FY25: debtors at 33 days, inventory at 76 days — roughly 2.5 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 49 days, tighter than FY20's 108.

The full loop: cash goes out to suppliers and production on day 0; stock waits 76 days to sell; customers pay about 33 days after that; and suppliers themselves are paid at 60 days — netting out to the 49-day cycle.

In money terms: at FY25 sales of ₹2,020 Cr, each day of the cycle holds about ₹5.5 Cr — so the 49-day loop keeps roughly ₹271 Cr sitting inside the business at any moment.

FY25: a 49-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 12-year window.
−59 days vs FY20
Cash cycleInventory daysDebtor daysPayable days
154118834711days49d76d33d60dFY14FY16FY19FY22FY25
154118834711days49d76d33d60dFY14FY19FY25

On the investment side: capital spending of ₹489 Cr over the last 3 fiscal years against ₹98.0 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹4.0 Cr (FY25) — capacity paid for but not yet earning.

FY25: capex ₹56.0 Cr, work-in-progress ₹4.0 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
a build-out
CapexWork-in-progress
300225150750₹ Cr₹56₹4FY15FY17FY20FY22FY25
300225150750₹ Cr₹56₹4FY15FY20FY25

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 6% and the ROIC − WACC spread is +1.1 pp.

10 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified

Gulshan Polyols Ltd earns a ROCE of 6% in FY25. That is up from a trough of 3% in FY24. Return on invested capital clears the cost of that capital by +1.1 percentage points, so growth here adds value rather than only size. The wiring behind it is 1.2% net margin on 1.53× asset turns.

FY25 ROCE is 6%, recovered from a FY24 trough of 3% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY25): 1.2% net margin × 1.53× asset turns × 2.16× balance-sheet leverage ≈ 4.0% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 13.1% − 12.0% = a +1.1 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.

FY25: ROCE 6% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 12-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY24's 3%
ROCEROIC (annual)WACC
27%20%13%6.8%0.0%%6%4.3%FY14FY19FY25
27%20%13%6.8%0.0%%6%4.3%FY14FY19FY25
Q4 FY26: ROCE 21.1% (TTM) vs WACC 12.0% Trailing-twelve-month ROCE and ROIC, per quarter, %; dashed line = the cost of capital. Last 12 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)ROIC (TTM)WACC
23%17%12%5.9%0.4%%21.1%9.8%Q1 FY24Q2 FY25Q4 FY26
23%17%12%5.9%0.4%%21.1%9.8%Q1 FY24Q2 FY25Q4 FY26

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.64.

11 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.⚠ unverified

Gulshan Polyols Ltd carries total debt of ₹313 Cr against shareholder equity of ₹719 Cr as of Mar 26, a debt-to-equity of 0.44. On the annual view that ratio went from 0.22 in FY22 to 0.44 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹313 Cr against shareholder equity of ₹719 Cr — a debt-to-equity of 0.44. On the annual view, debt-to-equity went from 0.22 (FY22) to 0.44 (FY26). Read the returns on this page with that leverage in mind.

FY26: debt ₹313 Cr at 0.44× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 5-year window.
Total debtDebt-to-equity
4290.7×3220.6×2140.4×1070.3×00.2×₹ Cr×₹3130.44×FY22FY24FY26
4290.7×3220.6×2140.4×1070.3×00.2×₹ Cr×₹3130.44×FY22FY24FY26
Mar 26: debt ₹313 Cr, debt-to-equity 0.44 Total debt per quarter, ₹ Cr (bars); debt-to-equity, × (line). Last 12 quarters. India reports the full balance sheet half-yearly, so the intervening quarter carries the prior reading forward.
Total debt (quarterly)Debt-to-equity
4890.8×3670.7×2450.6×1220.5×00.4×₹ Cr×₹3130.44×Jun 23Sep 24Mar 26
4890.8×3670.7×2450.6×1220.5×00.4×₹ Cr×₹3130.44×Jun 23Sep 24Mar 26

→ Who owns this, and are they adding or leaving? Next: the register is quiet.

12 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

No holder of Gulshan Polyols Ltd moved a full percentage point over the last two years — the register is quiet. Foreign institutions moved +0.3 points over the same window, to 0.3%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: −0.4 points over 8 quarters to 0.0%; Foreign institutions: +0.3 points over 8 quarters to 0.3%; Promoters: +0.1 points over 8 quarters to 66.8%.

Fiscal-year ends: promoters +0.1 pts from Mar 24 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 3 year-ends held.
PromotersForeign inst.Domestic inst.Public
72%53%33%14%−5.3%%66.8%0.3%0%32.6%Mar 24Mar 25Mar 26
72%53%33%14%−5.3%%66.8%0.3%0%32.6%Mar 24Mar 25Mar 26
A quiet register: no holder moved a full point in two years Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Domestic inst.Public
72%53%33%14%−5.3%%66.8%0.3%0%32.6%Jun 23Dec 24Jun 26
72%53%33%14%−5.3%%66.8%0.3%0%32.6%Jun 23Dec 24Jun 26

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

13 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Gulshan Polyols Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Related companies · same sector · Miscellaneous Every company is compared on the shape of its own curves, not static ratios. The Revenue, EPS and ROCE columns each draw that company's last 12 quarters as a mini line of the ACTUAL level (trailing-twelve-month revenue and EPS, and the ROCE itself) — so a line that climbs is a business getting bigger, a line that sinks is one shrinking. The colour tracks the same line: green when it is rising or steadily healthy, amber when it is rolling over from a high (still elevated but turning down), red when it is falling, grey when flat or stuck. Colour and direction always agree — a green line never points down. The ROCE curve is the return on capital (annual readings for peers, so a slightly coarser line than the quarterly one at the top of this page). The Stage column then runs the same 12-quarter trajectory classifier used at the top of the page on each company and names where it sits. What lands a company in each bucket: CONSISTENT — growth stays positive across the window and returns are healthy (ROCE ≥ 15%, or ROE ≥ 12% for lenders); IMPROVING — profit or EPS fell into real decline, bottomed a few quarters back, and has climbed back to positive and held there; TURNING AROUND — the same kind of trough but more recent, with the latest quarters just lifting off it (an early, unconfirmed turn); TOPPING OUT — growth is still positive but decelerating hard from its own peak while returns have stopped rising; DETERIORATING — two or more growth curves are shrinking (latest below zero) and staying there, not one soft quarter; MIXED — the curves genuinely disagree, or no clean majority, so no single word fits; NO READ — fewer than eight usable quarters. It is a like-for-like read of every company against its own past, not a ranking against the group.
CompanyP/EMkt capRevenueEPSROCEStage
Gulshan Polyols Ltd this page28.5×₹1,217 CrImproving
GMR Airports Ltd544.0×₹1.1L CrNo read
Aegis Vopak Terminals Ltd104.0×₹32,424 CrNo read
Sagility Ltd18.4×₹18,922 CrMixed
Central Mine Planning & Design Institute Ltd27.1×₹17,738 Cr
Embassy Developments Ltd₹8,512 CrNo read
Inox Green Energy Services Ltd74.6×₹7,703 CrMixed
RattanIndia Enterprises Ltd₹4,368 CrNo read
Kaveri Seed Company Ltd14.5×₹4,298 CrNo read
Indiqube Spaces Ltd₹3,844 CrNo read
TruAlt Bioenergy Ltd38.3×₹3,678 CrNo read
Anzen India Energy Yield Plus Trust₹3,324 CrNo read
Eveready Industries India Ltd25.9×₹2,595 CrNo read
Shipping Corporation of India Land & Assets Ltd66.8×₹1,925 CrTurning around
Jai Corp Ltd10.3×₹1,761 CrMixed
Delta Corp Ltd18.9×₹1,687 CrDeteriorating
Aeroflex Enterprises Ltd22.2×₹1,441 CrImproving
TCC Concept Ltd20.5×₹1,293 CrMixed
Unitech Ltd₹1,146 CrNo read
Jindal Photo Ltd₹1,104 CrNo read
GKW Ltd₹980 CrDeteriorating
Shree Vasu Logistics Ltd154.0×₹888 Cr
IIRM Holdings India Ltd36.3×₹886 CrNo read
Stanley Lifestyles Ltd61.4×₹879 CrDeteriorating
Parin Enterprises Ltd125.0×₹810 CrMixed
FlySBS Aviation Ltd13.3×₹807 Cr
Exhicon Events Media Solutions Ltd19.6×₹799 CrNo read
Tandhan Industries Ltd₹746 CrNo read
Exhicon Events Media Solutions Ltd19.7×₹731 CrNo read
Prozone Realty Ltd62.5×₹668 CrNo read
Aqylon Nexus Ltd₹666 CrNo read
Take Solutions Ltd3,222.0×₹644 CrNo read
Aqylon Nexus Ltd₹639 CrNo read
Maagh Advertising & Marketing Services Ltd₹572 CrNo read
IIRM Holdings India Ltd28.4×₹569 CrNo read
Shree Rama Newsprint Ltd₹532 CrNo read
Global Education Ltd19.6×₹519 CrTurning around
Qualitek Labs Ltd35.0×₹513 Cr
R K Swamy Ltd21.0×₹512 CrNo read
12 · Frequently asked questions

Frequently asked questions

What is Gulshan Polyols Ltd's share price today?

Gulshan Polyols Ltd trades at ₹177, +6.3% over the past year. The company is valued at ₹1,217 Cr. The stock sits at 57% of its 52-week range of ₹126–₹215, +2.3% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 13 weeks in. — as of 24 July 2026.

What were Gulshan Polyols Ltd's latest quarterly results?

Gulshan Polyols Ltd reported revenue of ₹542 Cr and net profit of ₹16.0 Cr for the Sep 25 quarter. Revenue rose 23.2% and profit rose 1,500.0% year on year. Earnings per share were ₹2.53. The operating margin was 8.0%, 4.0 pp higher than a year earlier. — as of 24 July 2026.

What is Gulshan Polyols Ltd's revenue?

Gulshan Polyols Ltd reported revenue of ₹542 Cr in the Sep 25 quarter, +23.2% year on year. For the full FY25 fiscal year, revenue was ₹2,020 Cr (+46.6%). Over the last 10 years revenue compounded at 17.7% a year. — as of 24 July 2026.

What is Gulshan Polyols Ltd's profit?

Gulshan Polyols Ltd earned ₹16.0 Cr of net profit in the Sep 25 quarter, +1,500.0% year on year — the 2nd straight quarter of growth. Full-year FY25 profit was ₹25.0 Cr. The operating margin ran 8.0% in the latest quarter. — as of 24 July 2026.

What is Gulshan Polyols Ltd's market cap?

Gulshan Polyols Ltd's market capitalisation is ₹1,217 Cr at a share price of ₹177. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.

What is Gulshan Polyols Ltd's P/E ratio?

Gulshan Polyols Ltd trades at a P/E of 28.5×, at the 25th percentile of its own 10-year range, against a long-run median of 38.9×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.

Does Gulshan Polyols Ltd pay a dividend?

Yes — Gulshan Polyols Ltd's dividend payout was 8% of profit in FY25, and it recorded a payout in each of its last 12 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.

Is Gulshan Polyols Ltd overvalued?

On its own history, Gulshan Polyols Ltd looks cheap against its own history: its P/E of 28.5× has been cheaper only 25% of the time in 10 years (long-run median 38.9×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 24 July 2026.

Is Gulshan Polyols Ltd growing?

Yes — Gulshan Polyols Ltd is growing: latest-quarter revenue +23.2% year on year, profit +1,500.0%, and the margin +4.0 pp at 8.0%. The 10-year compound rates are 17.7% (revenue) and 0.0% (profit). The earnings engine currently reads: improving — as of 24 July 2026.

How is Gulshan Polyols Ltd performing?

Gulshan Polyols Ltd is in a confirmed uptrend, 13 weeks in. Its latest quarter's revenue rose 23.2% and profit rose 1,500.0% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 4 weeks. This describes what the data did, not a rating. — as of 24 July 2026.

What stage is Gulshan Polyols Ltd in?

Improving — profit growth bottomed 8 quarters ago at −77.8% and has held its recovery at +1500.0% (single-quarter readings), ROCE holding at 6.0%. The read comes from the last 12 quarters of growth (revenue growth +23.2% latest, profit growth +1,500.0% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.

Is Gulshan Polyols Ltd in an uptrend?

Yes — the price is in a confirmed uptrend (week 13 of stage 2), trading +2.3% versus its 200-day average and at 57% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.

Is Gulshan Polyols Ltd beating the market?

Not lately — on a trailing-13-week view Gulshan Polyols Ltd is currently behind the NIFTY 500 (4 weeks and counting; last ahead the week of 2026-06-25), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.3 years the stock moved +234% against the NIFTY 500's +266% — behind the index over the full window. — as of 24 July 2026.

Will Gulshan Polyols Ltd's share price go up?

This page publishes no price forecast for Gulshan Polyols Ltd. What it measures instead: the share price is ₹177, the price is in a confirmed uptrend 13 weeks in. Its P/E of 28.5× sits at the 25th percentile of its own 10-year range. — as of 24 July 2026.

Who owns Gulshan Polyols Ltd?

Promoters hold 66.8% of Gulshan Polyols Ltd, foreign institutions 0.3%, domestic institutions 0.0% and the public 32.6% (latest quarter). No holder moved a full point over the last two years — the register is quiet. — as of 24 July 2026.

Does Gulshan Polyols Ltd have too much debt?

It is moderate — Gulshan Polyols Ltd's debt-to-equity is 0.64, and operating profit covers the interest bill 4×. FY25 borrowings were ₹392 Cr against equity of ₹613 Cr. Read the returns on this page with that leverage in mind — as of 24 July 2026.

What is Gulshan Polyols Ltd's capex?

Gulshan Polyols Ltd spent ₹489 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY25 alone that was ₹56.0 Cr, with ₹4.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.

What is Gulshan Polyols Ltd's cash flow?

Gulshan Polyols Ltd generated ₹42.0 Cr of operating cash flow in FY25 and ₹−14.0 Cr of free cash flow after ₹56.0 Cr of capital spending. Reported profit that year was ₹25.0 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.

Is Gulshan Polyols Ltd's profit real cash?

Yes — over the last 3 fiscal years, 140% of Gulshan Polyols Ltd's reported profit arrived as operating cash. In FY25, operating cash was ₹42.0 Cr against reported profit of ₹25.0 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 24 July 2026.

Where is Gulshan Polyols Ltd in its business cycle?

Gulshan Polyols Ltd's FY25 operating margin was 5.0%, against a 12-year band of 4.0%–17.0%: the low end of its own band, which is where recoveries start when they come. The latest quarter ran 8.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.

What could break the Gulshan Polyols Ltd story?

The sharpest disagreement: annual EPS moved +38.9% against a +6.3% price move — the market has not yet caught up with the delivery. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.

Is Gulshan Polyols Ltd a stock worth studying right now?

This is not investment advice. The machine read: Gulshan Polyols Ltd is coiled. The quarters are improving, yet the P/E sits at the 25th percentile of its own 10-year range — the business is moving before the market. The sharpest open question: whether the price catches up with earnings that have already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.

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