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Swing Capital

Gulshan Polyols Ltd

NSE: GULPOLY BSE: 532457

Incorporated in 1981, Gulshan Polyols Ltd is a manufacturer of Ethanol and other speciality chemicals.[1]

₹188
52W: ₹122 — ₹220
PE 15.3 · Book ₹103 · +83% vs book
Market Cap₹1,175 Cr
Stock P/E15.3Price to Earnings
ROCE6.31%Return on Capital
ROE3.92%Return on Equity
Div. Yield0.16%Face Value ₹1

Weaknesses

  • −Company has a low return on equity of 4.45% over last 3 years.
  • −Company might be capitalizing the interest cost
  • −Dividend payout has been low at 7.97% of profits over last 3 years

Shareholding Pattern

Promoters66.8%
FIIs0.29%
DIIs0%
Public32.6%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters66.68%66.68%66.71%▲0.066.71%66.71%66.71%66.8%▲0.166.8%
FIIs0%0.5%▲0.50%▼0.50.06%▲0.10%▼0.10%0%0.29%▲0.3
DIIs0.4%0.8%▲0.41.11%▲0.30.67%▼0.40.56%▼0.10.07%▼0.50%▼0.10%
Public32.66%31.77%▼0.931.88%▲0.132.27%▲0.432.44%▲0.232.92%▲0.532.9%▼0.032.6%▼0.3

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales308371406455440610515593542627
Expenses292360386431424583486557500542
Operating Profit16111924162729374285
OPM %5%3%5%5%4%4%6%6%8%14%
Net Profit25610177131641
EPS ₹0.360.751.021.560.211.091.132.112.496.56

AI Insights

Revenue Trend

TTM revenue at ₹2,276Cr, up 12.7% YoY. OPM at 8%.

Debt Position

Borrowings at ₹449Cr. Debt-to-equity ratio: 0.71x. Moderate leverage.

Capex Cycle

CWIP at ₹4Cr (1% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 0% (-3.52pp change). FIIs: 0.29% (+0.28pp change). Promoters hold 66.8%.

Margin & Efficiency

ROCE declining from 15% (Mar 2014) to 6% (Mar 2025). Working capital days: 9.

Valuation

PE 15.3x with 6.31% ROCE. Price is 83% above book value of ₹103. Dividend yield: 0.16%.

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