Gulshan Polyols Limited (GULPOLY) AI Stock Analysis

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Gulshan Polyols Limited

(NSE:GULPOLY)

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Rating:66Neutral

Price Target:INR 173.00▲(8.33% Upside)

Action:reiterated

Date:09/06/26

The score is supported mainly by attractive valuation (low P/E) and an improving FY2026 financial picture (better margins and free cash flow). It is held back by inconsistent historical cash generation and earnings volatility, plus weak near-term technical momentum (negative MACD and price below key moving averages).

Positive Factors

Revenue and Margin ReboundThe FY2026 rebound combines stronger revenue expansion with broad-based margin improvement, indicating better operating performance rather than growth alone. If maintained, this can strengthen earnings capacity, support reinvestment, and improve resilience across the company’s specialty-chemical end markets.

Negative Factors

Uneven Cash Flow HistoryDespite the FY2026 improvement, the multi-year record shows that reported earnings have not consistently converted into cash. Repeated negative free cash flow can constrain self-funded investment, increase dependence on financing, and make future cash availability less predictable if working-capital or capital-spending demands rise.

Gulshan Polyols Limited (GULPOLY) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 10.13B
Dividend Yield: 0.94%
Average Volume (3M): 15.86K
Price to Earnings (P/E): 6.7
Beta (1Y): 1.35
Revenue Growth: 9.30%
EPS Growth: 425.35%
Country: India
Employees: 575
Sector: General
Sector Strength: 55
Industry: Chemicals

Gulshan Polyols Limited Business Overview & Revenue Model

Company Description

Established in Delhi, India, in 1981, Gulshan Polyols Limited specializes in mineral and grain processing, alongside its distillery operations, catering to both domestic and international markets. The company functions as a subsidiary of Gulshan Hold...

How the Company Makes Money

Gulshan Polyols primarily makes money by manufacturing and selling chemical ingredients (with a key focus on sorbitol and related starch/sugar derivatives) to business customers. Revenue is generated through (1) domestic and export sales of these fin...

Gulshan Polyols Limited Financial Statement Overview

Summary

FY2026 shows a strong operational rebound with higher revenue growth, meaningfully improved margins, better ROE, and free cash flow turning positive. Offsetting this, prior years saw wide earnings/margin swings, multiple years of negative free cash flow, and higher leverage than the earlier conservative profile—reducing confidence in consistency.

Income Statement

74Positive

Balance Sheet

66Positive

Cash Flow

58Neutral

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	23.59B	23.12B	20.20B	13.58B	11.80B	10.95B
Gross Profit	8.24B	7.78B	6.24B	3.29B	1.29B	1.86B
EBITDA	2.78B	2.31B	1.00B	702.84M	950.63M	1.52B
Net Income	1.48B	1.07B	246.66M	177.58M	451.82M	852.49M
Balance Sheet
Total Assets	0	13.04B	13.23B	11.56B	9.88B	7.74B
Cash, Cash Equivalents and Short-Term Investments	281.04M	281.04M	169.94M	211.26M	85.44M	1.22B
Total Debt	0	3.18B	3.97B	3.54B	2.53B	1.17B
Total Liabilities	-7.19B	5.86B	7.10B	5.66B	4.13B	2.39B
Stockholders Equity	7.19B	7.19B	6.13B	5.90B	5.75B	5.35B
Cash Flow
Free Cash Flow	-384.65M	1.81B	-145.90M	-1.13B	-2.39B	-524.14M
Operating Cash Flow	-258.24M	2.07B	416.80M	662.78M	154.41M	609.30M
Investing Cash Flow	-122.16M	-602.36M	-543.17M	-1.58B	-2.47B	-1.36B
Financing Cash Flow	376.73M	-1.21B	132.41M	876.00M	1.24B	1.70B

Gulshan Polyols Limited Technical Analysis

Technical Analysis SentimentNeutral

Last Price159.70

Price Trends

50DMA167.81Negative

100DMA180.00Negative

200DMA172.22Negative

Market Momentum

MACD-3.66Negative

RSI50.89Neutral

STOCH83.56Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:GULPOLY, the sentiment is Neutral. The current price of 159.70 is above the 20-day moving average (MA) of 156.21, below the 50-day MA of 167.81, and below the 200-day MA of 172.22, indicating a neutral trend. The MACD of -3.66 indicates Negative momentum. The RSI at 50.89 is Neutral, neither overbought nor oversold. The STOCH value of 83.56 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:GULPOLY.

Gulshan Polyols Limited Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:GULPOLY against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:GULPOLY	66Neutral	INR 9.90B	6.72	―	0.94%	9.30%	425.35%
IN:VALIANTORG	63Neutral	INR 12.14B	19.15	―	―	1.41%	946.41%
IN:INDOAMIN	61Neutral	INR 9.43B	11.61	―	0.38%	13.23%	22.22%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:DMCC	53Neutral	INR 6.02B	16.31	―	1.02%	72.14%	34.49%
IN:DCW	50Neutral	INR 13.63B	19.27	―	0.86%	11.82%	104.11%
IN:GODAVARIB	36Underperform	INR 11.48B	7642.33	―	―	7.05%	26.42%

* General Sector Average

Performance Comparison

IN:GULPOLY and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:GULPOLY	Gulshan Polyols Limited	159.70	3.27	2.09%
IN:DCW	DCW Ltd.	47.37	-20.44	-30.14%
IN:DMCC	DMCC Speciality Chemicals Limited	243.40	-43.33	-15.11%
IN:GODAVARIB	Godavari Biorefineries Limited	225.70	-42.70	-15.91%
IN:INDOAMIN	Indo Amines Limited	122.70	-8.37	-6.39%
IN:VALIANTORG	Valiant Organics Limited	350.35	60.20	20.75%

Glossary

BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.

Date of analysis: Sep 06, 2026

Gulshan Polyols Limited AI Stock Analysis