General information about company
Scrip code*		532457
NSE Symbol*		GULPOLY
MSEI Symbol*		NOTLISTED
ISIN*		INE255D01024
Name of company		GULSHAN POLYOLS LIMITED
Type of company		Main Board
Class of security		Equity
Date of start of financial year		01-04-2025
Date of end of financial year		31-03-2026
Date of board meeting when results were approved		06-11-2025
Date on which prior intimation of the meeting for considering financial results was informed to the exchange		31-10-2025
Description of presentation currency		INR
Level of rounding		Lakhs
Reporting Type		Quarterly
Reporting Quarter		Second quarter
Nature of report standalone or consolidated		Consolidated
Whether results are audited or unaudited for the quarter ended		Unaudited
Whether results are audited or unaudited for the Year to date for current period ended/year ended		Unaudited
Segment Reporting		Multi segment
Description of single segment
Start date and time of board meeting		06-11-2025 15:00
End date and time of board meeting		06-11-2025 17:00
Whether cash flow statement is applicable on company		Yes
Type of cash flow statement		Cash Flow Indirect
Declaration of unmodified opinion or statement on impact of audit qualification		Not applicable

Financial Results – Ind-AS
Particulars		3 months/ 6 months ended (dd-mm-yyyy)	Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period		01-07-2025	01-04-2025
Date of end of reporting period		30-09-2025	30-09-2025
Whether results are audited or unaudited		Unaudited	Unaudited
Nature of report standalone or consolidated		Consolidated	Consolidated
Part I	Blue color marked fields are non-mandatory. For Consolidated Results, if the company has no figures for 3 months / 6 months ended, in such case zero shall be inserted in the said column.
1	Income
	Revenue from operations	54171.93	113495.15
	Other income	30.32	221.72
	Total income	54202.25	113716.87
2	Expenses
(a)	Cost of materials consumed	37539.92	73672.12
(b)	Purchases of stock-in-trade	257.35	532.73
(c)	Changes in inventories of finished goods, work-in-progress and stock-in-trade	-1269.39	4590.67
(d)	Employee benefit expense	1115.31	2212.89
(e)	Finance costs	815.47	1625.24
(f)	Depreciation, depletion and amortisation expense	1143.01	2195.44
(g)	Other Expenses
1	Other Expenses	12343.19	24643.88
	Total other expenses	12343.19	24643.88
	Total expenses	51944.86	109472.97
3	Total profit before exceptional items and tax	2257.39	4243.9
4	Exceptional items	0	0
5	Total profit before tax	2257.39	4243.9
6	Tax expense
7	Current tax	0	0
8	Deferred tax	682.27	1354.75
9	Total tax expenses	682.27	1354.75
10	Net movement in regulatory deferral account balances related to profit or loss and the related deferred tax movement	0	0
11	Net Profit Loss for the period from continuing operations	1575.12	2889.15
12	Profit (loss) from discontinued operations before tax	0	0
13	Tax expense of discontinued operations	0	0
14	Net profit (loss) from discontinued operation after tax	0	0
15	Share of profit (loss) of associates and joint ventures accounted for using equity method	0	0
16	Total profit (loss) for period	1575.12	2889.15
17	Other comprehensive income net of taxes	-28.79	17.97
18	Total Comprehensive Income for the period	1546.33	2907.12
19	Total profit or loss, attributable to
	Profit or loss, attributable to owners of parent	1575.12	2889.15
	Total profit or loss, attributable to non-controlling interests
20	Total Comprehensive income for the period attributable to
	Comprehensive income for the period attributable to owners of parent	1546.33	2907.12
	Total comprehensive income for the period attributable to owners of parent non-controlling interests
21	Details of equity share capital
	Paid-up equity share capital	623.71	623.71
	Face value of equity share capital	1	1
22	Reserves excluding revaluation reserve
23	Earnings per share
i	Earnings per equity share for continuing operations
	Basic earnings (loss) per share from continuing operations	2.53	4.63
	Diluted earnings (loss) per share from continuing operations	2.53	4.63
ii	Earnings per equity share for discontinued operations
	Basic earnings (loss) per share from discontinued operations	0	0
	Diluted earnings (loss) per share from discontinued operations	0	0
iii	Earnings per equity share (for continuing and discontinued operations)
	Basic earnings (loss) per share from continuing and discontinued operations	2.53	4.63
	Diluted earnings (loss) per share from continuing and discontinued operations	2.53	4.63
24	Debt equity ratio			Textual Information( 1)
25	Debt service coverage ratio			Textual Information( 2)
26	Interest service coverage ratio			Textual Information( 3)
27	Disclosure of notes on financial results	Textual Information(4)

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Textual Information(4)

1. The above Unaudited Consolidated Financial Results for the quarter and half year ended September 30, 2025 have been reviewed and recommended by the Audit Committee and approved by the Board of Directors in their respective meetings held on November 06, 2025. These results have been subjected to Limited Review by the Statutory Auditors as required under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and they have expressed an unmodified opinion on the aforesaid results.

2. The above Unaudited Consolidated Financial Results have been prepared in accordance with Indian Accounting Standards ("IND AS") prescribed under Section 133 of the Companies Act, 2013 read together with the Companies (Indian Accounting Standards) Rules, 2015 (as amended) and other recognized accounting practices and policies to the extent applicable.

3. These Unaudited Consolidated Financial Results have been prepared in accordance with the Companies (Indian Accounting Standard) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognized accounting practices and policies to the extent applicable. The said financial results of the Company and its subsidiary have been prepared in accordance with Ind AS 110 "Consolidated Financial Statements.

4. During the quarter ending 30th September 2025, the Holding Company has closed its foreign subsidiary, Gulshan Overseas – FZCO, incorporated in Dubai, UAE. The operations of the subsidiary was discontinued and the entity has been legally dissolved as of 17th October 2025.

Consequent to the closure, the Group has adjusted its assets and liabilities considering the effect of closer and the same have been appropriately adjusted in the books of the Group. The financial impact arising on such closure has been recognized in the Statement of Profit and Loss under the head “Exceptional Items”, as applicable.

5. Figures for the previous period have been regrouped /rearranged wherever necessary to make them comparable with current figure.

6. The above Unaudited Consolidated Financial Results of Gulshan Polyols Limited for the above mentioned period are available on our website, www.gulshanindia.com and on the Stock Exchange Website i.e. www.nseindia.com and www.bseindia.com.

Statement of Asset and Liabilities
Particulars		Half Year ended (dd-mm-yyyy)
Date of start of reporting period		01-04-2025
Date of end of reporting period		30-09-2025
Whether results are audited or unaudited		Unaudited
Nature of report standalone or consolidated		Consolidated
	Assets
1	Non-current assets
	Property, plant and equipment	70576.33
	Capital work-in-progress	441.75
	Investment property	269
	Goodwill	0
	Other intangible assets	3.99
	Intangible assets under development	0
	Biological assets other than bearer plants	0
	Investments accounted for using equity method	0
	Non-current financial assets
	Non-current investments	340.85
	Trade receivables, non-current	0
	Loans, non-current	0
	Other non-current financial assets	2279.22
	Total non-current financial assets	2620.07
	Deferred tax assets (net)	0
	Other non-current assets	1391.79
	Total non-current assets	75302.93
2	Current assets
	Inventories	27185.22
	Current financial asset
	Current investments	1475.62
	Trade receivables, current	17099.84
	Cash and cash equivalents	97.88
	Bank balance other than cash and cash equivalents	211.92
	Loans, current	0
	Other current financial assets	0
	Total current financial assets	18885.26
	Current tax assets (net)	98.04
	Other current assets	7592.95
	Total current assets	53761.47
3	Non-current assets classified as held for sale	0
4	Regulatory deferral account debit balances and related deferred tax Assets	0
	Total assets	129064.4
	Total current assets	53761.47
3	Non-current assets classified as held for sale	0
4	Regulatory deferral account debit balances and related deferred tax Assets	0
	Total assets	129064.4
	Equity and liabilities
1	Equity
	Equity attributable to owners of parent
	Equity share capital	623.71
	Other equity	63414
	Total equity attributable to owners of parent	64037.71
	Non controlling interest	0
	Total equity	64037.71
2	Liabilities
	Non-current liabilities
	Non-current financial liabilities
	Borrowings, non-current	13555.53
	Trade Payables, non-current
	(A) Total outstanding dues of micro enterprises and small enterprises	0
	(B) Total outstanding dues of creditors other than micro enterprises and small enterprises	0
	Total Trade payable	0
	Other non-current financial liabilities	525
	Total non-current financial liabilities	14080.53
	Provisions, non-current	82.66
	Deferred tax liabilities (net)	4726.93
	Deferred government grants, Non-current	0
	Other non-current liabilities	0
	Total non-current liabilities	18890.12
	Current liabilities
	Current financial liabilities
	Borrowings, current	31228.72
	Trade Payables, current
	(A) Total outstanding dues of micro enterprises and small enterprises	1143.16
	(B) Total outstanding dues of creditors other than micro enterprises and small enterprises	8876.37
	Total Trade payable	10019.53
	Other current financial liabilities	2825.96
	Total current financial liabilities	44074.21
	Other current liabilities	2062.36
	Provisions, current	0
	Current tax liabilities (Net)	0
	Deferred government grants, Current	0
	Total current liabilities	46136.57
3	Liabilities directly associated with assets in disposal group classified as held for sale	0
4	Regulatory deferral account credit balances and related deferred tax liability	0
	Total liabilities	65026.69
	Total equity and liabilities	129064.4
	Disclosure of notes on assets and liabilities	Textual Information(1)

Format for Reporting Segmenet wise Revenue, Results and Capital Employed along with the company results
Particulars		3 months/ 6 month ended (dd-mm-yyyy)	Year to date figures for current period ended (dd-mm-yyyy)
Date of start of reporting period		01-07-2025	01-04-2025
Date of end of reporting period		30-09-2025	30-09-2025
Whether results are audited or unaudited		Unaudited	Unaudited
Nature of report standalone or consolidated		Consolidated	Consolidated
1	Segment Revenue (Income)
	(net sale/income from each segment should be disclosed)
1	Ethanol(Bio-Fuel)/Distillery	38655.48	78966.59
2	Grain Processing	13323.62	30067.52
3	Mineral Processing	2192.83	4461.04
4	Unallocated	0	0
	Total Segment Revenue	54171.93	113495.15
	Less: Inter segment revenue	0	0
	Revenue from operations	54171.93	113495.15
2	Segment Result
	Profit (+) / Loss (-) before tax and interest from each segment
1	Ethanol(Bio-Fuel)/Distillery	2715.27	5350.61
2	Grain Processing	-69.26	-499.51
3	Mineral Processing	450.23	872.89
4	Unallocated	-23.38	145.15
	Total Profit before tax	3072.86	5869.14
	i. Finance cost	815.47	1625.24
	ii. Other Unallocable Expenditure net off Unallocable income	0	0
	Profit before tax	2257.39	4243.9
3	(Segment Asset - Segment Liabilities)
	Segment Asset
1	Ethanol(Bio-Fuel)/Distillery	85933.27	85933.27
2	Grain Processing	33803.52	33803.52
3	Mineral Processing	6181.17	6181.17
4	Unallocated	3146.44	3146.44
	Total Segment Asset	129064.4	129064.4
	Un-allocable Assets	0	0
	Net Segment Asset	129064.4	129064.4
4	Segment Liabilities
	Segment Liabilities
1	Ethanol(Bio-Fuel)/Distillery	46636.62	46636.62
2	Grain Processing	12412.52	12412.52
3	Mineral Processing	954.11	954.11
4	Unallocated	5023.44	5023.44
	Total Segment Liabilities	65026.69	65026.69
	Un-allocable Liabilities	0	0
	Net Segment Liabilities	65026.69	65026.69
	Disclosure of notes on segments

Other Comprehensive Income
Date of start of reporting period		01-07-2025	01-04-2025
Date of end of reporting period		30-09-2025	30-09-2025
Whether results are audited or unaudited		Unaudited	Unaudited
Nature of report standalone or consolidated		Consolidated	Consolidated
	Other comprehensive income [Abstract]
1	Amount of items that will not be reclassified to profit and loss
1	Gain/(Loss) on equity instruments	-32.48	23.13
2	Gain/(Loss) Of defined benefit obligation	-1.27	-2.53
	Total Amount of items that will not be reclassified to profit and loss	-33.75	20.60
2	Income tax relating to items that will not be reclassified to profit or loss	-4.96	2.67
3	Amount of items that will be reclassified to profit and loss
1	Gain/(Loss) on translation of foreign operation	0.00	0.04
	Total Amount of items that will be reclassified to profit and loss	0.00	0.04
4	Income tax relating to items that will be reclassified to profit or loss	0.00	0.00
5	Total Other comprehensive income	-28.79	17.97

Cash flow statement, indirect
Particulars		Half Year ended (dd-mm-yyyy)
Date of start of reporting period		01-04-2025
Date of end of reporting period		30-09-2025
Whether results are audited or unaudited		Unaudited
Nature of report standalone or consolidated		Consolidated
Part I	Blue color marked fields are non-mandatory.
1	Statement of cash flows
	Cash flows from used in operating activities
	Profit before tax	4243.9
2	Adjustments for reconcile profit (loss)
	Adjustments for finance costs	1625.24
	Adjustments for decrease (increase) in inventories	1806.86
	Adjustments for decrease (increase) in trade receivables, current	1345.06
	Adjustments for decrease (increase) in trade receivables, non-current	0
	Adjustments for decrease (increase) in other current assets	-213.45
	Adjustments for decrease (increase) in other non-current assets	0
	Adjustments for other financial assets, non-current	0
	Adjustments for other financial assets, current	0
	Adjustments for other bank balances	0
	Adjustments for increase (decrease) in trade payables, current	-12384.19
	Adjustments for increase (decrease) in trade payables, non-current	0
	Adjustments for increase (decrease) in other current liabilities	-489.91
	Adjustments for increase (decrease) in other non-current liabilities	0
	Adjustments for depreciation and amortisation expense	2195.44
	Adjustments for impairment loss reversal of impairment loss recognised in profit or loss	0
	Adjustments for provisions, current	0
	Adjustments for provisions, non-current	-2.36
	Adjustments for other financial liabilities, current	0
	Adjustments for other financial liabilities, non-current	0
	Adjustments for unrealised foreign exchange losses gains	0
	Adjustments for dividend income	0
	Adjustments for interest income	39.47
	Adjustments for share-based payments	0
	Adjustments for fair value losses (gains)	-134.9
	Adjustments for undistributed profits of associates	0
	Other adjustments for which cash effects are investing or financing cash flow	0
	Other adjustments to reconcile profit (loss)	-0.93
	Other adjustments for non-cash items	0
	Share of profit and loss from partnership firm or association of persons or limited liability partnerships	0
	Total adjustments for reconcile profit (loss)	-6292.61
	Net cash flows from (used in) operations	-2048.71
	Dividends received	0
	Interest paid	0
	Interest received	0
	Income taxes paid (refund)	533.7
	Other inflows (outflows) of cash	0
	Net cash flows from (used in) operating activities	-2582.41
3	Cash flows from used in investing activities
	Cash flows from losing control of subsidiaries or other businesses	0
	Cash flows used in obtaining control of subsidiaries or other businesses	0
	Other cash receipts from sales of equity or debt instruments of other entities	0
	Other cash payments to acquire equity or debt instruments of other entities	0
	Other cash receipts from sales of interests in joint ventures	0
	Other cash payments to acquire interests in joint ventures	0
	Cash receipts from share of profits of partnership firm or association of persons or limited liability partnerships	0
	Cash payment for investment in partnership firm or association of persons or limited liability partnerships	0
	Proceeds from sales of property, plant and equipment	3
	Purchase of property, plant and equipment	1264.09
	Proceeds from sales of investment property	0
	Purchase of investment property	0
	Proceeds from sales of intangible assets	0
	Purchase of intangible assets	0
	Proceeds from sales of intangible assets under development	0
	Purchase of intangible assets under development	0
	Proceeds from sales of goodwill	0
	Purchase of goodwill	0
	Proceeds from biological assets other than bearer plants	0
	Purchase of biological assets other than bearer plants	0
	Proceeds from government grants	0
	Proceeds from sales of other long-term assets	0
	Purchase of other long-term assets	0
	Cash advances and loans made to other parties	0
	Cash receipts from repayment of advances and loans made to other parties	0
	Cash payments for future contracts, forward contracts, option contracts and swap contracts	0
	Cash receipts from future contracts, forward contracts, option contracts and swap contracts	0
	Dividends received	0
	Interest received	39.47
	Income taxes paid (refund)	0
	Other inflows (outflows) of cash	0
	Net cash flows from (used in) investing activities	-1221.62
4	Cash flows from used in financing activities
	Proceeds from changes in ownership interests in subsidiaries	0
	Payments from changes in ownership interests in subsidiaries	0
	Proceeds from issuing shares	0
	Proceeds from issuing other equity instruments	0
	Payments to acquire or redeem entity's shares	0
	Payments of other equity instruments	0
	Proceeds from exercise of stock options	0
	Proceeds from issuing debentures notes bonds etc	0
	Proceeds from borrowings	9020.97
	Repayments of borrowings	3438.04
	Payments of lease liabilities	3.3
	Dividends paid	187.11
	Interest paid	1625.24
	Income taxes paid (refund)	0
	Other inflows (outflows) of cash	0
	Net cash flows from (used in) financing activities	3767.28
	Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes	-36.75
5	Effect of exchange rate changes on cash and cash equivalents
	Effect of exchange rate changes on cash and cash equivalents	0
	Net increase (decrease) in cash and cash equivalents	-36.75
	Cash and cash equivalents cash flow statement at beginning of period	134.63
	Cash and cash equivalents cash flow statement at end of period	97.88

General information about company

Financial Results – Ind-AS

Text Block

Statement of Asset and Liabilities

Format for Reporting Segmenet wise Revenue, Results and Capital Employed along with the company results

Other Comprehensive Income

Cash flow statement, indirect