GULSHAN POLYOLS LTD (GULPOLY): Financials & Fundamentals History

Share price

Closing priceAdjusted for splits and bonus issues.

3M1Y3YAll

₹164.43 latest close · −14.3% over the last 90 sessions

₹164.43 month-end · +18.5% over 12 months

₹164.43 month-end · −21.5% over 3 years

₹164.43 month-end · −18.2% since Jun '22

52-week range ₹121.50 to ₹227.63 · 1-year volatility 42.8%

Was the rally earned?

1 year3 years

+19%share price, 1 yearLower P/E held it back

Mostly yes, with a catch.

Per-share earnings added 45 points, but investors now pay less per rupee of profit (P/E 30.8x to 24.0x), which took 27 points back.
The share count barely moved.

Net profit growth+46 ptsNet profit rose about 53%, which lifts the price.

P/E change-27 ptsThe P/E fell from 30.8x to 24.0x, which lowers the price.

Share count change-1 ptsShare count was little changed. More shares would count against the price.

-22%share price, 3 yearsLower P/E held it back

Earnings helped, the multiple did not.

Per-share earnings added 7 points, but investors now pay less per rupee of profit (P/E 32.9x to 24.0x), which took 28 points back.
The share count barely moved.

Net profit growth+8 ptsNet profit rose about 10%, which lifts the price.

P/E change-28 ptsThe P/E fell from 32.9x to 24.0x, which lowers the price.

Share count change-2 ptsShare count was little changed. More shares would count against the price.

What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Not shown for 5 years: earnings were negative at one end, or there is not enough history.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with BRITANNIA INDUSTRIES

How rough has the ride been?

Maximum drawdown-70.5%recovered 2020-11

1-year volatility42.8%annualised

Beta vs sector index1.123-year daily, correlation 0.33

Volume spikes2last 90 sessions, 5x the 50-day median

Drawdown from peak

Largest drawdowns

-70.5% (2019-01 peak to 2020-03 low, recovered 2020-11)

-64.3% (2022-02 peak to 2026-02 low, not yet recovered)

-25.8% (2021-10 peak to 2021-11 low, recovered 2022-01)

Most recent volume spikes

2026-08-07: 19.6x the 50-day median, price -1.1% that day

2026-07-22: 58.7x the 50-day median, price +3.4% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Is it expensive against its own past and its peers?

24.0xP/E todayWithin its usual range

Against its own history33rd percentile

CheapestMedian 31.4xDearest

Usual range 14.3x to 54.2x since 2022-06.

Against Consumer Non-Durables24.0x vs 26.8x

This company

24.0x

Sector median

26.8x

10% below the Consumer Non-Durables median.

P/EP/BP/S

P/E (this company)10th to 90th percentile of its own historyIts medianConsumer Non-Durables median

The chart loads when you open this tab.

P/B (this company)10th to 90th percentile of its own historyIts medianConsumer Non-Durables median

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianConsumer Non-Durables median

How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Consumer Non-Durables is valued

Where does it rank among Consumer Non-Durables peers?

Each cell is the company's percentile rank among its Consumer Non-Durables peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

ROCE21st▲ 4 pts vs a year ago
Op. margin27th▲ 6 pts vs a year ago
Revenue growth41st▼ 51 pts vs a year ago
EPS growth84th▲ 9 pts vs a year ago
Debt/equity ↓23rdflat vs a year ago
Cash cycle ↓73rdflat vs a year ago
P/E ↓53rd▼ 6 pts vs a year ago
12M momentum83rd▲ 46 pts vs a year ago

Rank history

ROCE

Op. margin

Revenue growth

EPS growth

Debt/equity ↓

Cash cycle ↓

P/E ↓

12M momentum

Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26

Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Consumer Non-Durables sector page Watch it move against Consumer Non-Durables in the Observatory

What is the price implying?

~17%annual earnings growth implied by the price

At a P/E of 23.9x, the price would imply about 16.7%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Earnings figures have not updated recently, so the company is left out of the lists.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Consumer Non-Durables The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov: ₹164.43
P/E: 24.0x
Market Cap: ₹1027 cr
Revenue (TTM): ₹2260 cr
P/S: 0.5x
P/B: 1.6x
ROE: 6.7%
Operating Margin: 8.0%
Debt / Equity: 0.7x
Promoter Holding: 66.8%
12M Momentum: 18.5%

52-week range

₹121.50₹227.63

40% of the way from its 52-week low to its high

Price risk

1Y volatility

42.8%

Beta vs sector

1-year daily

1.11

Balance sheet & cash

Interest cover

operating profit ÷ interest

2.9x

Cash from profit, 3Y

operating cash flow ÷ net profit

1.40x

Share count, 1Y

unchanged

Are profits backed by cash?

4 of 5checks within range1 beyond a threshold

Other income reliance6%Within range

Other income as a share of pre-tax profit (trailing twelve months): 6.3%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate30%Within range

Median quarterly effective tax rate over about 2.5 years: 30.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion1.40xWithin range

Operating cash flow divided by net profit over the last three fiscal years: 1.40x (cash from operations ₹123 cr, net profit ₹88 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow0 of 4 yrsBeyond threshold

Fiscal years with positive free cash flow in the last 4: 0. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history—Not enough data

Not enough reported data to compute this.

Capital work in progress1% of fixed assetsWithin range

Capital work-in-progress is 1% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days—Not enough data

Not enough reported data to compute this.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

Over 2 years, DIIs trimmed 1.2 pts.

Holdings, Jun '26

How each group changed

GroupDec '23Jun '26Change

Promoters66.7%66.8%+0.1 pts

FIIs0.0%0.3%+0.3 pts

DIIs1.2%0.0%-1.2 pts

Public and others31.8%32.6%+0.8 pts

Number of shareholders

35,573shareholders+2% since Dec '23

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

+6.4%typical 12-month return vs the marketNot meaningfully different from the base rate

We found 50 past situations where a non-financial company looked like GULSHAN POLYOLS LTD today on valuation, margins, debt, growth, price momentum, size and volatility.
Over the following 12 months the middle half of them returned −17% to +34% vs the market, against −5% for all non-financial companies in the same months.
The gap against the base rate (+11.1%, 80% range −0.1% to +15.8%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 4 beyond the range shown, drawn at the edge

Similar setups' median

+6.4%

All companies' median

−4.7%

Beat the market

54% vs 45%

50 past situations · 50 companies · 36 months · 2020–2025

The closest matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
RAMRAT Producer Manufacturing	Nov 2023	29x	17%	+65%	−11%	+57%
INDIANHUME Producer Manufacturing	Aug 2023	24x	12%	+57%	−8%	+32%
JAYBARMARU Distribution Services	Jan 2024	39x	11%	+113%	−3%	−47%
GOODLUCK Non-Energy Minerals	Jan 2024	33x	16%	+135%	−7%	−26%
THANGAMAYL Consumer Durables	Apr 2020	13x	17%	−20%	−45%	+50%

Show the other 3 matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
PGIL Consumer Non-Durables	Jul 2021	46x	5%	+219%	−4%	−1%
MUNJALAU Producer Manufacturing	Sep 2025	25x	9%	−13%	−28%	+9%
MANGLMCEM Non-Energy Minerals	Oct 2024	37x	12%	+112%	−19%	−9%

How reliable is this?

Matched on P/E, P/S, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: interest cover, P/E and drawdown from 12-month high. Not used (unavailable for this company): ROCE. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 6 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to GULSHAN POLYOLS LTD. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

Feature	Weight	Non-financial	Financial
P/E	1	yes	yes
P/S	1	yes	—
P/B	1	—	yes
ROCE	1	yes	—
operating margin	1	yes	—
ROE	1	—	yes
debt/equity	0.75	yes	—
interest cover	0.5	yes	—
revenue growth	0.75	yes	yes
12-month momentum	1	yes	yes
drawdown from 12-month high	0.75	yes	yes
size	0.75	yes	yes
volatility	0.5	yes	yes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

RITCO LOGISTICSRITCO

Transportation

80%similar

P/EEPS growth

GRM OVERSEASGRMOVER

Process Industries

67%similar

operating marginP/E

PATEL RETAILPATELRMART

Retail Trade

64%similar

operating marginmarket cap

RAJRATAN GLOBAL WIRERAJRATAN

Producer Manufacturing

57%similar

promoter holdingP/E

GREENPLY INDUSTRIESGREENPLY

Producer Manufacturing

56%similar

EPS growthrevenue growth

S.P. APPARELSSPAL

Consumer Non-Durables

54%similar

P/Erevenue

MUKKA PROTEINSMUKKA

Consumer Non-Durables

53%similar

volatilitymarket cap

BCL INDUSTRIESBCLIND

Consumer Non-Durables

52%similar

revenuedebt/equity

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

30 events since Jan '22

2026
JulPriceVolume reached 58.7x its 50-day median on 2026-07-22; price +3.4% that day.
JunPriceVolume reached 19.4x its 50-day median on 2026-06-08; price +5.8% that day.
FebPriceFell 64% from the Feb 2022 peak to the Feb 2026 low.
FebPriceVolume reached 34.1x its 50-day median on 2026-02-11; price +12.6% that day.
2025
DecPeer rankMoved into the 3rd quartile of Consumer Non-Durables on operating margin (from the bottom quartile).
OctPriceVolume reached 46.0x its 50-day median on 2025-10-23; price +8.7% that day.
SepPeer rankSlipped to the bottom quartile of Consumer Non-Durables on operating margin (from the 3rd quartile).
AugPriceVolume reached 5.8x its 50-day median on 2025-08-08; price +0.9% that day.

Show 22 earlier events

2025
JunResultsYear-on-year EPS growth turned positive.
JunPeer rankMoved into the 3rd quartile of Consumer Non-Durables on operating margin (from the bottom quartile).
JanPriceVolume reached 18.6x its 50-day median on 2025-01-20; price +10.4% that day.
2024
DecPeer rankMoved into the 3rd quartile of Consumer Non-Durables on EPS growth (from the bottom quartile).
OctPriceVolume reached 11.2x its 50-day median on 2024-10-23; price +9.9% that day.
SepPeer rankSlipped to the bottom quartile of Consumer Non-Durables on operating margin (from the 3rd quartile).
AugPriceVolume reached 21.9x its 50-day median on 2024-08-28; price +11.3% that day.
JunValuationP/E crossed above the 90th percentile of its own history to date (70.4x).
JunPeer rankSlipped to the bottom quartile of Consumer Non-Durables on ROCE (from the 3rd quartile).
JunSharesShare count is up 20.0% over 12 months.
JunPriceVolume reached 8.8x its 50-day median on 2024-06-13; price +1.2% that day.
MarPeer rankSlipped to the bottom quartile of Consumer Non-Durables on operating margin (from the 3rd quartile).
FebPriceVolume reached 10.8x its 50-day median on 2024-02-21; price +6.3% that day.
2023
DecPeer rankMoved into the 3rd quartile of Consumer Non-Durables on operating margin (from the bottom quartile).
DecPriceVolume reached 27.2x its 50-day median on 2023-12-05; price +0.1% that day.
AugPriceVolume reached 18.0x its 50-day median on 2023-08-23; price +10.2% that day.
JunResultsRevenue (TTM) reached a new high of ₹1,180 cr.
JunDividendDividend payout cut from 12% to 6% of profit.
AprPriceVolume reached 27.7x its 50-day median on 2023-04-05; price +11.1% that day.
2022
DecPriceVolume reached 13.8x its 50-day median on 2022-12-15; price +5.3% that day.
JanPriceRegained the 2021-10 peak, 2 months after the low.
JanPriceVolume reached 6.9x its 50-day median on 2022-01-12; price -1.5% that day.

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history54 months · 2022-06 to 2026-11

Month	P/E	Revenue (TTM)	ROE	ROCE	Debt / Equity
2026-11	24.0x	₹2260 cr	6.7%	—	0.7x
2026-10	20.8x	₹2260 cr	6.7%	—	0.7x
2026-09	24.2x	₹2260 cr	6.7%	—	0.7x
2026-08	27.9x	₹2260 cr	6.7%	—	0.7x
2026-07	28.8x	₹2260 cr	6.7%	—	0.7x
2026-06	27.5x	₹2260 cr	6.7%	—	0.7x
2026-05	25.7x	₹2260 cr	6.7%	—	0.7x
2026-04	26.5x	₹2260 cr	6.7%	—	0.7x
2026-03	21.1x	₹2260 cr	6.7%	—	0.7x
2026-02	23.5x	₹2260 cr	6.7%	—	0.7x
2026-01	18.7x	₹2260 cr	6.7%	—	0.7x
2025-12	20.7x	₹2260 cr	6.7%	—	0.7x
2025-11	30.8x	₹2158 cr	4.6%	6.0%	0.6x
2025-10	33.6x	₹2158 cr	4.6%	6.0%	0.6x
2025-09	32.8x	₹2158 cr	4.6%	6.0%	0.6x
2025-08	41.6x	₹2020 cr	4.1%	6.0%	0.6x
2025-07	42.9x	₹2020 cr	4.1%	6.0%	0.6x
2025-06	45.5x	₹2020 cr	4.1%	6.0%	0.6x
2025-05	47.7x	₹1911 cr	4.2%	3.0%	0.6x
2025-04	48.6x	₹1911 cr	4.2%	3.0%	0.6x
2025-03	46.4x	₹1911 cr	4.2%	3.0%	0.6x
2025-02	44.3x	₹1672 cr	3.9%	3.0%	0.6x
2025-01	55.9x	₹1672 cr	3.9%	3.0%	0.6x
2024-12	49.5x	₹1672 cr	3.9%	3.0%	0.6x
2024-11	48.6x	₹1540 cr	4.1%	3.0%	0.6x
2024-10	55.1x	₹1540 cr	4.1%	3.0%	0.6x
2024-09	63.4x	₹1540 cr	4.1%	3.0%	0.6x
2024-08	81.5x	₹1378 cr	3.1%	3.0%	0.6x
2024-07	71.3x	₹1378 cr	3.1%	3.0%	0.6x
2024-06	70.4x	₹1378 cr	3.1%	3.0%	0.6x
2024-05	43.6x	₹1274 cr	4.3%	9.0%	0.4x
2024-04	52.0x	₹1274 cr	4.3%	9.0%	0.4x
2024-03	39.6x	₹1274 cr	4.3%	9.0%	0.4x
2024-02	37.2x	₹1235 cr	5.6%	9.0%	0.4x
2024-01	38.7x	₹1235 cr	5.6%	9.0%	0.4x
2023-12	40.3x	₹1235 cr	5.6%	9.0%	0.4x
2023-11	32.9x	₹1203 cr	6.8%	9.0%	0.4x
2023-10	32.0x	₹1203 cr	6.8%	9.0%	0.4x
2023-09	35.4x	₹1203 cr	6.8%	9.0%	0.4x
2023-08	30.5x	₹1180 cr	7.8%	9.0%	0.4x
2023-07	29.6x	₹1180 cr	7.8%	9.0%	0.4x
2023-06	34.8x	₹1180 cr	7.8%	9.0%	0.4x
2023-05	14.8x	₹1101 cr	15.9%	—	0.2x
2023-04	14.6x	₹1101 cr	15.9%	—	0.2x
2023-03	11.7x	₹1101 cr	15.9%	—	0.2x
2023-02	13.1x	₹1101 cr	15.9%	—	0.2x
2023-01	13.7x	₹1101 cr	15.9%	—	0.2x
2022-12	14.6x	₹1101 cr	15.9%	—	0.2x
2022-11	13.9x	₹1101 cr	15.9%	—	0.2x
2022-10	14.2x	₹1101 cr	15.9%	—	0.2x
2022-09	14.5x	₹1101 cr	15.9%	—	0.2x
2022-08	16.0x	₹1101 cr	15.9%	—	0.2x
2022-07	17.1x	₹1101 cr	15.9%	—	0.2x
2022-06	14.0x	₹1101 cr	15.9%	—	0.2x

Methodology and data notes