GULSHAN POLYOLSGulshan Polyols LimitedNSE:GULPOLYTechnicalAnalystSucritGulshan Polyols Ltd. (CMP ₹213.38, NSE: GULPOLY) Prepared by Sucrit Patil | The SmartWay Research Desk | 9 June 2026 A Delhi‑based diversified chemicals and specialty ingredients company, incorporated in 1981. Gulshan Polyols operates across starch derivatives, calcium carbonate, ethanol, and specialty chemicals, serving FMCG, pharma, paper, paints, and bio‑fuel sectors. Promoter Holding (Mar 2026): Jain Family — 64.12% stake (no pledges) FY22–FY26 Snapshot Revenue Growth: FY26 revenue ₹1,842 Cr vs ₹1,612 Cr in FY25 (+14.3% YoY). → Good Net Profit: FY26 PAT ₹182 Cr vs ₹156 Cr in FY25 (+16.7% YoY). → Good Operating Margin: FY26 EBITDA ₹312 Cr, margin 16.9% vs 15.2% last year (+170 bps). → Good Equity Capital: Stable, face value ₹1. → Good Dividend Policy: Dividend ₹2.00/share declared for FY26. → Good Asset Building: Investments in ethanol plants under OMC contracts. → Good Sales: Strong demand from ethanol blending program and FMCG clients. → Good Expense: Raw material cost pressures (corn, limestone) remain. → Neutral/Good EPS: FY26 EPS ₹12.25 vs ₹10.50 last year (+16.7%). → Good Institutional Interest & Ownership Trends (Mar 2026) Promoter Holding: 64.12% (no pledges) FII Holding: 2.12% DII Holding: 6.34% Retail & Others: 27.42% Strategic Moves & Innovations Expansion in ethanol production for OMCs (bio‑fuel blending). Focus on specialty starch derivatives for FMCG and pharma. Partnerships with paint and paper manufacturers for calcium carbonate supply. Diversification into exports of specialty chemicals. Cash Flow & Balance Sheet Strength Market cap ~₹2,150 Cr. Debt‑to‑equity ratio ~0.42 (moderate leverage). Book value per share ₹92.40; P/B ~2.31. EPS (TTM) ₹12.25; P/E ~17.4. Risk Factors Dependence on ethanol blending program policy. Exposure to raw material volatility (corn, limestone). Competition from Balrampur Chini, Dhampur Bio Organics, and other ethanol producers. Margin pressure if ethanol procurement prices are revised. Investor Takeaway Gulshan Polyols has delivered steady FY26 performance, with revenue and profit growth supported by ethanol blending and specialty chemicals demand. With strong promoter backing, dividend payouts, and diversified operations, Gulshan Polyols remains a mid‑cap chemicals and bio‑fuel play. At CMP ₹213.38, valuations are reasonable (P/E ~17.4, P/B ~2.31), making it attractive for investors seeking exposure to India’s ethanol and specialty chemicals sector.