Gulshan Polyols Ltd

gulshanindia.com BSE: 532457 NSE : GULPOLY

About [ edit ]

Gulshan Polyols Ltd is one of the largest manufacturers of Precipitated Calcium Carbonate and Sorbitol in India. It is a market leader with a substantial market share in the respective segments ^#

Key Points [ edit ]

Multiple manufacturing facilities ^#
GPL is engaged in the manufacturing of Calcium Carbonate (CC) and Sorbitol & Liquid Glucose (LG) and starch. The manufacturing facilities for CC are located at Muzaffarnagar (UP), Dhaula Kuan (HP), Abu Road (Rajasthan) and Patiala (Punjab) while that of Sorbitol & LG are located at Bharuch (Gujarat). Further, from Dec 2017, GPL had commenced the commercial production of ENA and Rectified Spirit and as on date the total installed capacity of the same stands at 60,000 liters per day.
As on March 31, 2020, the total installed capacity of Sorbitol & LG stood at 87,000 MTPA, CC was 1,06,000 MT and starch was at 60,000 MTPA.

Expansion of Ethanol capacity
Company has kicked off the process of setting up a 300KLPD Grain based Ethanol
Manufacturing Facility at its existing site at Chhindwara, MP ^#

Website BSE NSE

Market Cap ₹ 443 Cr.
Current Price ₹ 94.2
High / Low ₹ 110 / 19.6
Stock P/E 10.1
Book Value ₹ 69.8
Dividend Yield 0.74 %
ROCE 9.22 %
ROE 6.68 %
Face Value ₹ 1.00

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Pros

Company has reduced debt.

Cons

The company has delivered a poor sales growth of 9.45% over past five years.
Company has a low return on equity of 6.79% for last 3 years.

Peer comparison

Sector: Chemicals Industry: Chemicals

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Detailed Comparison with:

Quarterly Results

Figures in Rs. Crores

	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020
	165	167	165	172	170	169	177	140	135	121	209	209
	140	142	143	154	151	149	158	124	121	104	174	173
Operating Profit	25	24	22	19	19	20	19	16	14	17	35	36
OPM %	15%	15%	13%	11%	11%	12%	11%	12%	10%	14%	17%	17%
Other Income	1	0	0	1	1	0	0	-0	1	0	0	0
Interest	4	3	2	3	6	3	3	2	3	2	2	1
Depreciation	11	12	12	12	8	8	8	8	8	8	8	8
Profit before tax	11	9	8	4	6	10	8	6	3	7	25	27
Tax %	29%	31%	28%	11%	3%	25%	29%	22%	17%	28%	32%	32%
Net Profit	8	7	5	4	6	7	6	5	3	5	17	19
EPS in Rs	1.66	1.39	1.16	0.79	1.23	1.55	1.22	1.02	0.59	1.10	3.65	3.96
	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes	Notes

Profit & Loss

Figures in Rs. Crores

	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	TTM
	192	204	254	268	277	319	395	433	492	616	674	621	674
	158	169	217	231	232	273	341	372	431	547	590	552	572
Operating Profit	34	35	37	37	45	47	54	61	60	69	84	69	102
OPM %	18%	17%	14%	14%	16%	15%	14%	14%	12%	11%	12%	11%	15%
Other Income	1	1	1	1	2	2	3	5	4	2	2	1	1
Interest	6	5	4	3	4	4	3	4	6	11	14	11	8
Depreciation	7	15	14	13	14	14	23	24	28	36	44	31	32
Profit before tax	23	15	19	22	29	32	32	38	30	24	27	27	63
Tax %	25%	13%	13%	17%	16%	14%	20%	19%	10%	23%	21%	25%
Net Profit	17	13	16	18	24	27	25	30	27	18	21	21	44
EPS in Rs	4.17	3.09	3.86	4.24	5.72	6.43	5.74	6.59	5.83	3.89	4.57	4.39	9.30
Dividend Payout %	5%	8%	6%	6%	9%	8%	12%	11%	39%	18%	15%	16%

Compounded Sales Growth
10 Years:	12%
5 Years:	9%
3 Years:	8%
TTM:	3%

Compounded Profit Growth
10 Years:	5%
5 Years:	-4%
3 Years:	-9%
TTM:	85%

Stock Price CAGR
10 Years:	20%
5 Years:	10%
3 Years:	6%
1 Year:	104%

Return on Equity
10 Years:	11%
5 Years:	9%
3 Years:	7%
Last Year:	7%

Balance Sheet

Figures in Rs. Crores

Corporate actions

	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Sep 2020
	14	14	14	14	14	14	15	15	5	15	15	14	5
Reserves	91	94	107	122	143	167	195	227	254	268	286	301	323
Borrowings	56	48	44	39	35	83	90	138	163	172	135	91	61
	32	35	44	42	47	64	59	66	79	68	57	60	83
Total Liabilities	184	181	200	207	229	319	348	436	502	513	482	457	471
	112	98	95	106	98	147	142	145	198	298	273	260	248
CWIP	8	5	9	3	6	2	7	97	97	1	5	3	2
Investments	1	0	0	0	0	12	5	7	8	6	0	0	0
	63	77	95	98	124	157	195	187	199	209	204	193	221
Total Assets	184	181	200	207	229	319	348	436	502	513	482	457	471

Cash Flows

Figures in Rs. Crores

	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020
	22	22	23	43	21	32	50	55	81	42	87	44
	-15	-10	-16	-17	-8	-69	-11	-116	-81	-37	-17	-16
	-7	-7	-7	-10	-10	41	-2	36	-1	-4	-48	-51
Net Cash Flow	-0	4	0	15	3	4	37	-25	-2	2	22	-23

Ratios

Figures in Rs. Crores

	Mar 2009	Mar 2010	Mar 2011	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020
ROCE %	19%	13%	14%	15%	18%	15%	12%	12%	9%	8%	9%	9%
Debtor Days	62	71	70	52	73	68	59	62	66	69	54	48
Inventory Turnover	5.97	5.78	6.31	6.44	6.11	5.09	5.36	6.12	5.01	5.27	7.03	6.00

Shareholding Pattern

Numbers in percentages

Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020
58.89	58.89	58.89	59.14	59.27	59.27	63.32	63.32	63.28	68.20	68.20	68.20
4.64	4.64	4.64	4.64	4.64	3.75	3.65	3.65	3.65	0.00	0.00	0.00
0.03	0.05	0.03	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
0.00	0.00	0.00	0.00	1.04	0.00	0.00	0.00	0.00	0.00	0.00	0.00
36.44	36.42	36.44	36.20	35.00	36.78	32.47	32.47	32.51	31.23	31.20	31.18
0.00	0.00	0.00	0.00	0.06	0.20	0.57	0.57	0.57	0.57	0.59	0.62

Gulshan Polyols Ltd

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flows

Ratios

Shareholding Pattern

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