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Gulshan Polyols Limited Q2 FY26 earnings call summary

NSE: GULPOLY · BSE: 532457

Earnings call of 11 Nov 2025, summarised by AI from the filing.

Gulshan Polyols reported Q2 FY26 revenue growth of 23% Y-o-Y and PAT growth of almost 1,000%, while guiding FY27 revenue of ₹2,800 cr at 80-90% utilization.

Key takeaways

  1. FY27 guidance Targeting ₹2,800 cr revenue at 80-90% capacity utilization, subject to OMC allocations.
  2. Working capital Borrowings rose to ₹250 cr from ₹157 cr in March 2025 due to higher revenue and FCI advance payments.
  3. Grain processing Starch production on hold; recovery expected in second half of CY on raw material price correction.
  4. Overcapacity risk Grain processing margins skewed due to overcapacity and China competition.

Original filing on BSE

Gulshan Polyols Limited Q1 FY27 results

As filed: Revenue ₹640 cr (+8% year on year), EBITDA ₹84.9 cr (+130% year on year), PAT ₹53.5 cr (+300% year on year), EBITDA margin 13.3% (+703 bps).

The Q1 FY27 score, against the company's own trend, is for premium members.

Earlier results and the share price after them

  • Q4 FY26: Revenue ₹551 cr (+7% year on year), EBITDA ₹66.1 cr (+128% year on year), PAT ₹37.5 cr (+300% year on year), EBITDA margin 12.0% (+637 bps). Score 63 of 100, In line with trend. Revenue growth was well below the company's own trend; EBITDA growth was above it; profit growth was well above it. EBITDA margin rose 637 bps year on year. Revenue fell 12% from last quarter. Revenue rose ₹35.8 cr on a year ago, against ₹109 cr the year before. Share price after the results: +2.8% in 28 days (Nifty 500: +2.4%).
  • Q3 FY26: Revenue ₹627 cr (+3% year on year), EBITDA ₹85.1 cr (+215% year on year), PAT ₹40.9 cr (+300% year on year), EBITDA margin 13.6% (+916 bps). Score 64 of 100, In line with trend. Revenue growth was well below the company's own trend; EBITDA and profit growth were well above it. EBITDA margin rose 916 bps year on year. Revenue rose ₹16.6 cr on a year ago, against ₹239 cr the year before. Share price after the results: +9.2% in 30 days (Nifty 500: −7.8%).
  • Q2 FY26: Revenue ₹542 cr (+23% year on year), EBITDA ₹42.0 cr (+163% year on year), PAT ₹16.0 cr (+300% year on year), EBITDA margin 7.8% (+411 bps). Score 72 of 100, Above trend. Revenue growth was well below the company's own trend; EBITDA and profit growth were well above it. EBITDA margin rose 411 bps year on year. Revenue fell 9% from last quarter. Revenue rose ₹102 cr on a year ago, against ₹132 cr the year before. Share price after the results: −7.8% in 29 days (Nifty 500: +1.4%).
  • Q1 FY26: Revenue ₹593 cr (+30% year on year), EBITDA ₹37.0 cr (+61% year on year), PAT ₹13.0 cr (+30% year on year), EBITDA margin 6.2% (+118 bps). Score 60 of 100, In line with trend. Revenue growth was below the company's own trend; EBITDA and profit growth were in line with it. EBITDA margin rose 118 bps year on year. Revenue grew on the previous quarter, against its usual seasonal pattern. Revenue rose ₹138 cr on a year ago, against ₹162 cr the year before. Share price after the results: −6.5% in 29 days (Nifty 500: +0.6%).
  • Q4 FY25: Revenue ₹515 cr (+27% year on year), EBITDA ₹29.0 cr (+45% year on year), PAT ₹7.0 cr (0% year on year), EBITDA margin 5.6% (+70 bps). Score 46 of 100, In line with trend. Revenue growth was well below the company's own trend; EBITDA and profit growth were in line with it. EBITDA margin rose 70 bps year on year. Tax rate 36%. Revenue fell 16% from last quarter. Revenue rose ₹109 cr on a year ago, more than the ₹104 cr it added the year before. Share price after the results: −16.7% in 30 days (Nifty 500: +0.8%).
  • Q3 FY25: Revenue ₹610 cr (+64% year on year), EBITDA ₹27.0 cr (+170% year on year), PAT ₹7.0 cr (+40% year on year), EBITDA margin 4.4% (+173 bps). Score 93 of 100, Above trend. EBITDA margin rose 173 bps year on year. Not enough history for a trend yet: scored on growth alone.
  • Q2 FY25: Revenue ₹440 cr (+43% year on year), EBITDA ₹16.0 cr (−6% year on year), PAT ₹1.0 cr (−50% year on year), EBITDA margin 3.6% (−188 bps). Score 30 of 100, Below trend. EBITDA margin fell 188 bps year on year. Other income 50% of PBT. Tax rate 50%. Not enough history for a trend yet: scored on growth alone. Revenue fell 3% from last quarter.

Past price moves after results do not indicate future moves. Not a recommendation.

Gulshan Polyols Limited earnings call, investor presentation and press release summaries

Figures from the company's filings with NSE and BSE. Not investment advice.