Gulshan Polyols Limited (GULPOLY.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-869.6%

-₹1,170.41

vs ₹152.08 price

Levered DCF

-₹1,080.64

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

—

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	8.65×	46.38×	61.07×	23.28×	21.18×	7.35×	4.85×	12.19×
P/B	1.29×	1.87×	1.84×	1.83×	3.37×	1.21×	0.33×	0.9×
P/S	0.4×	0.57×	0.8×	0.89×	1.65×	0.6×	0.17×	0.4×
EV / EBITDA	5.26×	15.37×	20.45×	13.67×	11.9×	3.38×	2.85×	4.36×
Gross margin	33.6%	30.9%	24.2%	10.9%	17.0%	19.8%	10.6%	11.3%
Operating margin	8.0%	2.9%	1.0%	4.9%	10.3%	12.7%	4.2%	6.0%
Net margin	4.6%	1.2%	1.3%	3.8%	7.8%	8.1%	3.4%	3.3%
Current ratio	1.23×	1.14×	1.4×	1.43×	2.17×	2.34×	1.44×	1.31×
Debt / equity	0.44×	0.65×	0.6×	0.44×	0.22×	0.03×	0.33×	0.46×
Interest coverage	4.52×	2.04×	1.35×	9.46×	22.72×	14.3×	2.2×	2.85×
Dividend yield	0.2%	0.2%	0.3%	0.5%	0.2%	0.3%	4.7%	1.3%
Payout ratio	1.7%	7.6%	17.6%	11.5%	3.2%	1.9%	22.8%	15.3%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	14.9%	4.0%	3.0%	7.9%	15.9%	16.5%	6.7%	7.4%
Return on invested capital	12.5%	4.0%	0.9%	5.2%	12.6%	16.0%	4.6%	7.2%
Return on assets	8.2%	1.9%	1.5%	4.6%	11.0%	12.2%	4.5%	4.4%
Free cash flow yield	19.5%	-1.3%	-10.4%	-22.7%	-2.9%	18.2%	26.7%	24.2%
Earnings yield	11.6%	2.2%	1.6%	4.3%	4.7%	13.6%	20.6%	8.2%
Enterprise value	₹12.2B	₹15.4B	₹14.4B	₹13B	₹18.1B	₹4.5B	₹2B	₹3.7B
Net debt / EBITDA	1.25×	3.95×	5.02×	2.61×	0.03×	-0.05×	1.41×	1.29×
Cash conversion cycle (days)	48	49	53	71	60	74	89	76