Announcement • May 18
Gulshan Polyols Limited to Report Q4, 2026 Results on May 22, 2026 Gulshan Polyols Limited announced that they will report Q4, 2026 results at 12:15 PM, Indian Standard Time on May 22, 2026 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹173, the stock trades at a trailing P/E ratio of 14x. Average trailing P/E is 21x in the Chemicals industry in India. Total loss to shareholders of 18% over the past three years. New Risk • Mar 23
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₹8.86b (US$94.7m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Earnings have declined by 20% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₹8.86b market cap, or US$94.7m). Reported Earnings • Feb 11
Third quarter 2026 earnings released: EPS: ₹6.56 (vs ₹1.08 in 3Q 2025) Third quarter 2026 results: EPS: ₹6.56 (up from ₹1.08 in 3Q 2025). Revenue: ₹6.27b (up 2.8% from 3Q 2025). Net income: ₹409.0m (up ₹341.6m from 3Q 2025). Profit margin: 6.5% (up from 1.1% in 3Q 2025). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Feb 05
Gulshan Polyols Limited to Report Q3, 2026 Results on Feb 10, 2026 Gulshan Polyols Limited announced that they will report Q3, 2026 results on Feb 10, 2026 Reported Earnings • Nov 07
Second quarter 2026 earnings released: EPS: ₹2.53 (vs ₹0.20 in 2Q 2025) Second quarter 2026 results: EPS: ₹2.53 (up from ₹0.20 in 2Q 2025). Revenue: ₹5.42b (up 23% from 2Q 2025). Net income: ₹157.5m (up ₹145.3m from 2Q 2025). Profit margin: 2.9% (up from 0.3% in 2Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Board Change • Nov 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Independent Director Rahul Jain was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Oct 31
Gulshan Polyols Limited to Report Q2, 2026 Results on Nov 06, 2025 Gulshan Polyols Limited announced that they will report Q2, 2026 results on Nov 06, 2025 New Risk • Oct 13
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₹8.79b (US$99.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.1x net interest cover). Earnings have declined by 19% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₹8.79b market cap, or US$99.1m). Announcement • Sep 18
Gulshan Polyols Limited Approves Directorate Appointments , Effective October 1, 2025 Gulshan Polyols Limited approved appointment of Mr. Rahul Jain as a Non-Executive Independent Director of the Company with effect from October 1, 2025. Company also approved Appointment of Ms. Anubha Gupta as a Non-Executive and Non- Independent Director of the Company with effect from October 1, 2025. Declared Dividend • Aug 27
Dividend of ₹0.30 announced Dividend of ₹0.30 is the same as last year. Ex-date: 11th September 2025 Payment date: 18th October 2025 Dividend yield will be 0.2%, which is lower than the industry average of 0.8%. Sustainability & Growth Dividend is covered by earnings (8% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 6.6% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Aug 25
Gulshan Polyols Limited, Annual General Meeting, Sep 18, 2025 Gulshan Polyols Limited, Annual General Meeting, Sep 18, 2025, at 13:00 Indian Standard Time. Location: the solitaire inn hotel,6 mile, stone, meerut road, national, highway 58, muzaffarnagar, uttar pradesh-251001, muzaffarnagar India Reported Earnings • Aug 08
First quarter 2026 earnings released: EPS: ₹2.11 (vs ₹1.55 in 1Q 2025) First quarter 2026 results: EPS: ₹2.11 (up from ₹1.55 in 1Q 2025). Revenue: ₹5.95b (up 31% from 1Q 2025). Net income: ₹131.4m (up 36% from 1Q 2025). Profit margin: 2.2% (in line with 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 36% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Announcement • Aug 05
Gulshan Polyols Limited to Report Q1, 2026 Results on Aug 07, 2025 Gulshan Polyols Limited announced that they will report Q1, 2026 results on Aug 07, 2025 Reported Earnings • May 21
Full year 2025 earnings released: EPS: ₹3.95 (vs ₹2.85 in FY 2024) Full year 2025 results: EPS: ₹3.95 (up from ₹2.85 in FY 2024). Revenue: ₹20.2b (up 47% from FY 2024). Net income: ₹246.7m (up 39% from FY 2024). Profit margin: 1.2% (down from 1.3% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Announcement • May 14
Gulshan Polyols Limited to Report Q4, 2025 Results on May 20, 2025 Gulshan Polyols Limited announced that they will report Q4, 2025 results on May 20, 2025 Announcement • Feb 07
Gulshan Polyols Limited Announces Resignation of Archisha Tyagi as Company Secretary and Compliance Officer Gulshan Polyols Limited announced that Archisha Tyagi vide her letter dated February 07, 2025 has tendered her resignation from the post of Company Secretary & Compliance Officer and a Key Managerial Personnel of the Company to pursue carrier opportunity outside the company with immediate effect from closing of business hours of February 07, 2025. Announcement • Jan 22
Gulshan Polyols Limited to Report Q3, 2025 Results on Jan 30, 2025 Gulshan Polyols Limited announced that they will report Q3, 2025 results on Jan 30, 2025 Announcement • Jan 09
Gulshan Polyols Limited Announces Resumption of Operations/Production at Goalpara Plant, Assam Gulshan Polyols Limited announced that operations and production at its plant in Goalpara, Assam have now been resumed. These operations were temporarily halted to facilitate investigations related to the incident that occurred at the factory located in Goalpara, Assam. Announcement • Jan 07
Gulshan Polyols Limited Announces Temporarily Half of Operations at the Factory Located in Goalpara, Assam to Facilitate Investigations Gulshan Polyols Limited announced that an unfortunate incident that occurred at plant in Goalpara, Assam. On January 6, 2025, at approximately 7:00 A.M. (IST), despite of all safety and precautionary measures installed in the system, industrial accident happened within the factory, resulting in the loss of a life of an unskilled worker while he was being taken to the nearby hospital. As a result, operations at the plant have been temporarily halted to facilitate investigations. Announcement • Dec 19
Gulshan Polyols Limited Receives Grant of Production-Linked Incentive by the Government of Assam Gulshan Polyols Limited's 250 KLPD plant located at Goalpara, Assam have received in addition to the eligible benefits under Assam Ethanol Production Promotion Policy, 2021 (AEPPP Policy), A Production Linked Incentive ("PLI") of INR 2/Litre of bio-ethanol initially for 3 years, which shall be effective prospectively by "Government of Assam"- Cabinet Meeting held on December 7, 2024. Additionally, the company is expected to receive an estimated benefit of INR 500 million over a period of three years which is over and above the incentives already being availed under the AEPPP Policy. These incentives are expected to enhance company operational efficiency, support production growth, and contribute positively to the company's overall performance. Reported Earnings • Nov 18
Second quarter 2025 earnings released: EPS: ₹0.20 (vs ₹0.35 in 2Q 2024) Second quarter 2025 results: EPS: ₹0.20 (down from ₹0.35 in 2Q 2024). Revenue: ₹4.42b (up 44% from 2Q 2024). Net income: ₹12.2m (down 44% from 2Q 2024). Profit margin: 0.3% (down from 0.7% in 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Nov 14
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₹183, the stock trades at a trailing P/E ratio of 49.3x. Average trailing P/E is 33x in the Chemicals industry in India. Total loss to shareholders of 17% over the past three years. New Risk • Nov 07
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (7.8% average weekly change). Profit margins are more than 30% lower than last year (1.5% net profit margin). Announcement • Nov 05
Gulshan Polyols Limited to Report Q2, 2025 Results on Nov 13, 2024 Gulshan Polyols Limited announced that they will report Q2, 2025 results on Nov 13, 2024 Valuation Update With 7 Day Price Move • Sep 02
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹231, the stock trades at a trailing P/E ratio of 62.5x. Average trailing P/E is 35x in the Chemicals industry in India. Total returns to shareholders of 17% over the past three years. Announcement • Aug 29
Gulshan Polyols Limited, Annual General Meeting, Sep 20, 2024 Gulshan Polyols Limited, Annual General Meeting, Sep 20, 2024, at 13:00 Indian Standard Time. Location: the solitaire inn hotel,6 mile, stone, meerut road, national, highway 58, muzaffarnagar, uttar pradesh-251001, muzaffarnagar India Declared Dividend • Aug 29
Dividend of ₹0.30 announced Shareholders will receive a dividend of ₹0.30. Ex-date: 12th September 2024 Payment date: 20th October 2024 Dividend yield will be 0.1%, which is lower than the industry average of 0.8%. Sustainability & Growth Dividend is covered by earnings (11% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 88% to shift the payout ratio to a potentially unsustainable range, which is more than the 1.3% EPS decline seen over the last 5 years. Announcement • Aug 27
Gulshan Polyols Limited Proposes Dividend for the Fiscal Year 2024, Payable by October 19, 2024 Gulshan Polyols Limited proposed dividend for the Fiscal Year 2024 of INR 0.30 per equity share of face value of INR 1 each, at the AGM to be held on September 20, 2024. The dividend, if declared at the AGM of the Company, will be paid by October 19, 2024, to the Members holding equity shares of the Company as on close of business hours of September 13, 2024. Reported Earnings • Aug 14
First quarter 2025 earnings released: EPS: ₹1.55 (vs ₹0.70 in 1Q 2024) First quarter 2025 results: EPS: ₹1.55 (up from ₹0.70 in 1Q 2024). Revenue: ₹4.57b (up 56% from 1Q 2024). Net income: ₹96.9m (up 121% from 1Q 2024). Profit margin: 2.1% (up from 1.5% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Announcement • Aug 05
Gulshan Polyols Limited to Report Q1, 2025 Results on Aug 13, 2024 Gulshan Polyols Limited announced that they will report Q1, 2025 results on Aug 13, 2024 Valuation Update With 7 Day Price Move • Jun 12
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₹207, the stock trades at a trailing P/E ratio of 72.7x. Average trailing P/E is 32x in the Chemicals industry in India. Total returns to shareholders of 30% over the past three years. Reported Earnings • May 23
Full year 2024 earnings released: EPS: ₹2.85 (vs ₹7.24 in FY 2023) Full year 2024 results: EPS: ₹2.85 (down from ₹7.24 in FY 2023). Revenue: ₹13.9b (up 18% from FY 2023). Net income: ₹177.6m (down 61% from FY 2023). Profit margin: 1.3% (down from 3.8% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 05
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹189, the stock trades at a trailing P/E ratio of 46.7x. Average trailing P/E is 30x in the Chemicals industry in India. Total returns to shareholders of 104% over the past three years. Reported Earnings • Feb 14
Third quarter 2024 earnings released: EPS: ₹0.74 (vs ₹1.90 in 3Q 2023) Third quarter 2024 results: EPS: ₹0.74 (down from ₹1.90 in 3Q 2023). Revenue: ₹3.74b (up 13% from 3Q 2023). Net income: ₹46.3m (down 61% from 3Q 2023). Profit margin: 1.2% (down from 3.6% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 38% per year, which means it is well ahead of earnings. Announcement • Jan 18
Gulshan Polyols Limited Announces Executive Appointments The board of directors of Gulshan Polyols Limited meeting held on January 18, 2024, approved appointment of Ms. Archisha Tyagi as Company Secretary (Membership No- 49606) (KMP) of the company with effect from 18 January, 2024 and appointment of Ms. Priyanka Sharma as Compliance Officer (Membership No. 32848) of the company with effect from 18 January, 2024. Ms. Archisha Tyagi is a Member of the Institute of Company Secretaries of India and holds a Bachelor's degree in Commerce and Law. She brings with her more than 6 years of work experience with reputable companies in the area of corporate secretarial and related compliances. Ms. Priyanka Sharma is a member of the Institute of Company Secretaries of India and a Law Graduate. She has 11 years of rich experience in dealing with Listing Compliances. Announcement • Dec 21
Gulshan Polyols Limited Announces Resignation of Asha Mittal as Company Secretary & Compliance Officer, Effective from January 13, 2024 Gulshan Polyols Limited announces that Ms. Asha Mittal, who has joined post her maternity leaves has tendered her resignation from the post of Company Secretary & Compliance Officer (Key Managerial Personnel) of the Company, vide letter dated December 21, 2023 due to her personal reasons and unavoidable circumstances. The Company has accepted her resignation, and she will be relieved from responsibilities with effect from the close of working hours of January 13, 2024. Reported Earnings • Nov 08
Second quarter 2024 earnings released: EPS: ₹0.35 (vs ₹1.46 in 2Q 2023) Second quarter 2024 results: EPS: ₹0.35 (down from ₹1.46 in 2Q 2023). Revenue: ₹3.12b (up 13% from 2Q 2023). Net income: ₹21.7m (down 76% from 2Q 2023). Profit margin: 0.7% (down from 3.3% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 49% per year, which means it is well ahead of earnings. Announcement • Oct 19
Gulshan Polyols Limited Announces Resignation of Megha Jain from the Position of the Compliance Officer Gulshan Polyols Limited announced that Ms. Megha Jain, has resigned from the position of the Compliance Officer of the Company with effect from 17th October, 2023. Further, the Company has received confirmation from Ms. Megha Jain that there are no other material reasons for her resignation other than those which are provided in the resignation letter. Reason for change: Due to ill health and Doctor's advice, she resigns from the post of Compliance Officer of the Company with effect from 17th October, 2023. Upcoming Dividend • Sep 15
Upcoming dividend of ₹0.50 per share at 0.2% yield Eligible shareholders must have bought the stock before 22 September 2023. Payment date: 29 October 2023. Payout ratio is a comfortable 5.8% but the company is not cash flow positive. Trailing yield: 0.2%. Lower than top quartile of Indian dividend payers (1.3%). Lower than average of industry peers (0.8%). Announcement • Sep 06
Gulshan Polyols Limited Proposes Final Dividend for the Year Ended March 31, 2023, Payable on or Before October 29, 2023 Gulshan Polyols Limited at its to be held on AGM September 29, 2023, proposed final dividend @ 0.50/- per equity share of 1 each of the Company, subject To Approve the members at the ensuing AGM, for the year ended March 31, 2023, be paid on or before October 29, 2023. Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₹224, the stock trades at a trailing P/E ratio of 35.4x. Average trailing P/E is 26x in the Chemicals industry in India. Total returns to shareholders of 425% over the past three years. Reported Earnings • Aug 05
First quarter 2024 earnings released: EPS: ₹0.70 (vs ₹1.63 in 1Q 2023) First quarter 2024 results: EPS: ₹0.70 (down from ₹1.63 in 1Q 2023). Revenue: ₹2.97b (up 10.0% from 1Q 2023). Net income: ₹43.8m (down 57% from 1Q 2023). Profit margin: 1.5% (down from 3.8% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 76% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 29
Gulshan Polyols Limited to Report Q1, 2024 Results on Aug 04, 2023 Gulshan Polyols Limited announced that they will report Q1, 2024 results on Aug 04, 2023 New Risk • Jun 25
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 20% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (6.2% operating cash flow to total debt). High level of non-cash earnings (42% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (3.8% net profit margin). Shareholders have been diluted in the past year (20% increase in shares outstanding). Announcement • Jun 16
Gulshan Polyols Limited Appoints Ms. Megha Jain as Compliance Officer Gulshan Polyols Limited informed that the Board of Directors, vide Board resolution dated June 15, 2023 has appointed Ms. Megha Jain, Manager-Secretarial Compliance of the Company, a Qualified Company Secretary as the Compliance Officer of the company with immediate effect in terms of Regulation 6(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Regulation 2(1)(c) of SEBI (Prohibition of Insider Trading) Regulations, 2015, who will be responsible for all compliance related matters and Investors Relations during intervening period of Maternity leave of Ms. Asha Mittal, Company Secretary and Compliance Officer of the company. Announcement • May 13
Gulshan Polyols Limited Recommends A Final Dividend for the Financial Year 2022-2023 Gulshan Polyols Limited recommended a Final dividend of 50% amounting INR 0.50 per equity share on the basis of face value of INR 1 each, for the Financial Year 2022-2023 . T he dividend sh ll be paid to the shareholders on the record date (be determined and fixed for the purpose and will be intimated to the exchange) within the prescribed timeline after the conclusion of the forthcoming Annual General Meeting, subject to the approval of the shareholders of the Company. Reported Earnings • May 13
Full year 2023 earnings released: EPS: ₹8.69 (vs ₹16.40 in FY 2022) Full year 2023 results: EPS: ₹8.69 (down from ₹16.40 in FY 2022). Revenue: ₹11.9b (up 7.8% from FY 2022). Net income: ₹451.8m (down 47% from FY 2022). Profit margin: 3.8% (down from 7.7% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 120% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 06
Gulshan Polyols Limited to Report Q4, 2023 Results on May 12, 2023 Gulshan Polyols Limited announced that they will report Q4, 2023 results on May 12, 2023 Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹230, the stock trades at a trailing P/E ratio of 27.8x. Average trailing P/E is 19x in the Chemicals industry in India. Total returns to shareholders of 849% over the past three years. Reported Earnings • Jan 19
Third quarter 2023 earnings released: EPS: ₹2.28 (vs ₹4.08 in 3Q 2022) Third quarter 2023 results: EPS: ₹2.28 (down from ₹4.08 in 3Q 2022). Revenue: ₹3.34b (up 14% from 3Q 2022). Net income: ₹118.5m (down 38% from 3Q 2022). Profit margin: 3.6% (down from 6.5% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 67% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jan 08
Gulshan Polyols Limited to Report Q3, 2023 Results on Jan 17, 2023 Gulshan Polyols Limited announced that they will report Q3, 2023 results on Jan 17, 2023 Recent Insider Transactions • Nov 17
Insider recently bought ₹1.6m worth of stock On the 14th of November, Ankur Pasari bought around 7k shares on-market at roughly ₹229 per share. This transaction increased Ankur Pasari's direct individual holding by 2x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₹6.3m more in shares than they have sold in the last 12 months. Reported Earnings • Nov 12
Second quarter 2023 earnings released: EPS: ₹1.75 (vs ₹6.07 in 2Q 2022) Second quarter 2023 results: EPS: ₹1.75 (down from ₹6.07 in 2Q 2022). Revenue: ₹2.78b (flat on 2Q 2022). Net income: ₹90.9m (down 68% from 2Q 2022). Profit margin: 3.3% (down from 10% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has increased by 80% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Sep 12
Upcoming dividend of ₹1.00 per share Eligible shareholders must have bought the stock before 19 September 2022. Payment date: 28 October 2022. Payout ratio is a comfortable 15% but the company is not cash flow positive. Trailing yield: 0.7%. Lower than top quartile of Indian dividend payers (1.6%). In line with average of industry peers (0.7%). Reported Earnings • Aug 12
First quarter 2023 earnings released: EPS: ₹1.96 (vs ₹5.58 in 1Q 2022) First quarter 2023 results: EPS: ₹1.96 (down from ₹5.58 in 1Q 2022). Revenue: ₹2.71b (up 14% from 1Q 2022). Net income: ₹101.9m (down 61% from 1Q 2022). Profit margin: 3.8% (down from 11% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has increased by 82% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₹249, the stock trades at a trailing P/E ratio of 16.1x. Average trailing P/E is 19x in the Chemicals industry in India. Total returns to shareholders of 628% over the past three years. Valuation Update With 7 Day Price Move • Jun 29
Investor sentiment improved over the past week After last week's 16% share price gain to ₹246, the stock trades at a trailing P/E ratio of 15x. Average trailing P/E is 17x in the Chemicals industry in India. Total returns to shareholders of 462% over the past three years. Recent Insider Transactions • May 30
Insider recently bought ₹3.0m worth of stock On the 26th of May, Rahul Jain bought around 14k shares on-market at roughly ₹213 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₹5.2m more in shares than they have sold in the last 12 months. Valuation Update With 7 Day Price Move • May 27
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₹238, the stock trades at a trailing P/E ratio of 13.8x. Average trailing P/E is 18x in the Chemicals industry in India. Total returns to shareholders of 375% over the past three years. Reported Earnings • May 23
Full year 2022 earnings released: EPS: ₹16.40 (vs ₹13.31 in FY 2021) Full year 2022 results: EPS: ₹16.40 (up from ₹13.31 in FY 2021). Revenue: ₹11.0b (up 44% from FY 2021). Net income: ₹852.5m (up 37% from FY 2021). Profit margin: 7.7% (down from 8.2% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has increased by 72% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Apr 27
Price target increased to ₹898 Up from ₹91.10, the current price target is provided by 1 analyst. New target price is 158% above last closing price of ₹348. Stock is up 120% over the past year. The company posted earnings per share of ₹13.31 last year. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 5 highly experienced directors. Additional Non-Executive Woman Independent Director Archana Jain was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Feb 17
Insider recently bought ₹723k worth of stock On the 9th of February, Archana Vats bought around 2k shares on-market at roughly ₹361 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought ₹1.9m more in shares than they have sold in the last 12 months. Reported Earnings • Feb 07
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: ₹4.08 (up from ₹3.97 in 3Q 2021). Revenue: ₹2.93b (up 40% from 3Q 2021). Net income: ₹191.3m (up 2.8% from 3Q 2021). Profit margin: 6.5% (down from 8.9% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has increased by 95% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Nov 11
Second quarter 2022 earnings released: EPS ₹6.07 (vs ₹3.65 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: ₹2.78b (up 33% from 2Q 2021). Net income: ₹284.8m (up 66% from 2Q 2021). Profit margin: 10% (up from 8.2% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has increased by 69% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment improved over the past week After last week's 17% share price gain to ₹286, the stock trades at a trailing P/E ratio of 15.2x. Average trailing P/E is 19x in the Chemicals industry in India. Total returns to shareholders of 436% over the past three years. Upcoming Dividend • Sep 01
Upcoming dividend of ₹0.40 per share Eligible shareholders must have bought the stock before 08 September 2021. Payment date: 18 October 2021. Trailing yield: 0.3%. Lower than top quartile of Indian dividend payers (1.5%). Lower than average of industry peers (0.7%). Valuation Update With 7 Day Price Move • Jul 28
Investor sentiment improved over the past week After last week's 19% share price gain to ₹276, the stock trades at a trailing P/E ratio of 15.8x. Average trailing P/E is 21x in the Chemicals industry in India. Total returns to shareholders of 357% over the past three years.