---
title: "Gulshan Sugars & Chemicals Ltd(merged) (524184) — Share Price, Financials & Analysis"
symbol: "524184"
company: "Gulshan Sugars & Chemicals Ltd(merged)"
canonical: "https://tapetide.com/stocks/524184"
isin: "INE193C01029"
bse_code: "524184"
generated_at: "2026-10-13T11:00:45.137Z"
---

# Gulshan Sugars & Chemicals Ltd(merged) (524184)

Canonical page: https://tapetide.com/stocks/524184

## Company

- **BSE Code:** 524184
- **ISIN:** INE193C01029
- **Stock Type:** DELISTED
- **Face Value:** ₹8
- **F&O Eligible:** No
- **Website:** gulshanindia.com

## Latest Price

## Key Insights

### Strengths

- Company has been maintaining a healthy dividend payout of 25.6%
- Company's working capital requirements have reduced from 138 days to 104 days

### Weaknesses

- Company might be capitalizing the interest cost

## Growth Rates

| Metric | 1Y |
| --- | --- |
| net income growth | 70% |
| revenue growth | 24% |

## Financial Statements

### Quarterly Results

All figures in ₹ crore unless the row name says otherwise.

| Item | Dec 2022 | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Sales | 574.33 | 534.72 | 522.45 | 580.46 | 468.3 | 511.69 | 553.93 | 533.08 | 492.98 | 471.6 | 498.59 | 526.85 |
| Expenses | 546.86 | 476.24 | 465.45 | 534.8 | 416.36 | 442.61 | 492.21 | 487.16 | 450.12 | 423.32 | 455 | 517.28 |
| Operating Profit | 27.47 | 58.48 | 57 | 45.66 | 51.94 | 69.08 | 61.72 | 45.92 | 42.86 | 48.28 | 43.59 | 9.57 |
| OPM % | 4.78 | 10.94 | 10.91 | 7.87 | 11.09 | 13.5 | 11.14 | 8.61 | 8.69 | 10.24 | 8.74 | 1.82 |
| Other Income | 5.41 | 7.04 | 5.35 | 5.09 | 8 | 5.14 | 6.93 | 8.74 | 10.45 | 6.8 | 3.72 | 5.36 |
| Interest | 6.9 | 8.21 | 11.3 | 9.22 | 6.04 | 9.21 | 10.91 | 9.54 | 6.59 | 8.39 | 10.58 | 8 |
| Depreciation | 9 | 9.15 | 9.53 | 9.63 | 9.83 | 9.93 | 9.81 | 9.99 | 10 | 10.28 | 10.24 | 10.27 |
| Profit before tax | 16.98 | 48.16 | 41.52 | 31.9 | 44.07 | 55.08 | 47.93 | 35.13 | 36.72 | 36.41 | 26.49 | -3.34 |
| Tax % | 33.33 | 34.53 | 34.78 | 35.39 | 34.08 | 29.85 | 34.57 | 34.79 | 36 | 34.91 | 36.32 | -6.59 |
| Net Profit | 11.32 | 31.53 | 27.08 | 20.61 | 29.05 | 38.64 | 31.36 | 22.91 | 23.5 | 23.7 | 16.87 | -3.12 |
| EPS in Rs | 1.3 | 3.62 | 3.11 | 2.37 | 3.34 | 4.44 | 3.6 | 2.63 | 2.7 | 2.72 | 1.94 | -0.36 |

### Profit & Loss

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2006 | Mar 2007 | Mar 2008 |
| --- | --- | --- | --- |
| Sales | 39.78 | 47.65 | 59.26 |
| Expenses | 32.96 | 40.85 | 48.82 |
| Operating Profit | 6.82 | 6.8 | 10.44 |
| OPM % | 17.14 | 14.27 | 17.62 |
| Other Income | 0.31 | 3.32 | 1.96 |
| Interest | 2.02 | 2.06 | 1.99 |
| Depreciation | 2 | 1.89 | 2.3 |
| Profit before tax | 3.11 | 6.17 | 8.11 |
| Tax % | 9.65 | 16.69 | 7.15 |
| Net Profit | 2.81 | 5.14 | 7.53 |
| Dividend Payout % | 26.53 | 29.91 | 20.42 |

### Balance Sheet

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2006 | Mar 2007 | Mar 2008 |
| --- | --- | --- | --- |
| Equity Capital | 4.97 | 10.25 | 10.25 |
| Reserves | 10.01 | 34.39 | 40.18 |
| Borrowings | 28.1 | 28.05 | 23.25 |
| Other Liabilities | 6.68 | 6.98 | 9.88 |
| Total Liabilities | 49.76 | 79.67 | 83.56 |
| Fixed Assets | 24.84 | 36.55 | 38.04 |
| CWIP | 3.29 | 0.73 | 14.23 |
| Investments | 0.08 | 0.08 | 0.08 |
| Other Assets | 21.55 | 42.31 | 31.21 |
| Total Assets | 49.76 | 79.67 | 83.56 |

### Cash Flow

All figures in ₹ crore unless the row name says otherwise.

| Item | Mar 2006 | Mar 2007 | Mar 2008 |
| --- | --- | --- | --- |
| Cash from Operating Activity | 0.77 | 1.09 | 14.04 |
| Cash from Investing Activity | 0 | -14.47 | -16.74 |
| Cash from Financing Activity | -0.76 | 26.35 | -7.24 |
| Net Cash Flow | 0.01 | 12.97 | -9.94 |
| Free Cash Flow | -2.99 | -9.92 | -3.25 |
| CFO/OP | 16 | 30 | 145 |

### Ratios

| Item | Mar 2006 | Mar 2007 | Mar 2008 |
| --- | --- | --- | --- |
| Debtor Days | 117.72 | 117.66 | 108.22 |
| Inventory Days | 350.31 | 193.41 | 124.75 |
| Days Payable | 106.79 | 52.01 | 121.97 |
| Cash Conversion Cycle | 361.24 | 259.05 | 110.99 |
| Working Capital Days | 148.09 | 160.63 | 104.4 |
| ROCE % | — | 12.75 | 13.8 |

## Shareholding Pattern

### annual

| Category | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Dec 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 44.52% | 44.52% | 46.47% | 46.88% | 50.11% | 50.11% | 50.11% | 50.11% | 50.11% | 50.11% |
| FIIs | 0% | 0.09% | 0% | 0% | 0% | 0.32% | 0.06% | 2% | 1.84% | 1.49% |
| DIIs | 7.7% | 7.15% | 7.15% | 6.69% | 6.69% | 0.02% | 7.83% | 7.86% | 12.39% | 12.72% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.1% |
| Public | 47.78% | 48.24% | 46.38% | 46.42% | 43.2% | 49.56% | 42.01% | 40.03% | 35.66% | 35.57% |
| No. of Shareholders | 78396 | 52427 | 49936 | 48728 | 44323 | 64118 | 62280 | 59746 | 59698 | 56969 |

### Quarterly

| Category | Mar 2023 | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Promoters | 50.11% | 50.11% | 50.11% | 50.11% | 50.11% | 50.11% | 50.11% | 50.11% | 50.11% | 50.11% | 50.11% | 50.11% |
| FIIs | 0.06% | 0.13% | 0.99% | 1.4% | 2% | 2.23% | 2.15% | 2% | 1.84% | 1.78% | 1.66% | 1.49% |
| DIIs | 7.83% | 7.83% | 7.83% | 7.83% | 7.86% | 7.71% | 7.51% | 11.96% | 12.39% | 13.32% | 12.78% | 12.72% |
| Government | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.1% |
| Public | 42.01% | 41.92% | 41.07% | 40.67% | 40.03% | 39.93% | 40.22% | 35.92% | 35.66% | 34.78% | 35.46% | 35.57% |
| No. of Shareholders | 62280 | 61848 | 61430 | 61706 | 59746 | 59739 | 61976 | 60582 | 59698 | 58981 | 59585 | 56969 |

## Technical Indicators

Derived from daily closing prices and recomputed each trading session; values move with the market.

- **Overall Signal:** Strong Buy
- **Buy / Neutral / Sell:** 12 / 5 / 2

### Moving Averages — summary: **Strong Buy**

| Indicator | Value | Signal |
| --- | --- | --- |
| SMA (10) | 192.84 | Buy |
| EMA (10) | 196.82 | Buy |
| SMA (20) | 186.3 | Buy |
| EMA (20) | 189.25 | Buy |
| SMA (50) | 178.47 | Buy |
| EMA (50) | 181.28 | Buy |
| SMA (100) | 175.73 | Buy |
| EMA (100) | 180.61 | Buy |
| SMA (200) | 185.19 | Buy |
| EMA (200) | 197.19 | Buy |

### Oscillators — summary: **Neutral**

| Indicator | Value | Signal |
| --- | --- | --- |
| RSI (14) | 80.39 | Sell |
| MACD (12,26,9) | 8.15 | Buy |
| Stochastic (14,3,3) | 67.67 | Neutral |
| ADX (14) | 16.23 | Neutral |
| Williams %R (14) | -25.52 | Neutral |
| ATR (14) | 12.3 | High Volatility |
| ROC (12) | 20.13 | Buy |
| Stoch RSI (14) | 100 | Sell |
| UO (7,14,28) | 52.31 | Neutral |

## Filings & Documents

### Other Documents

| Date | Document |
| --- | --- |
| 2026-02-25 | [Shareholder Meeting / Postal Ballot-Scrutinizer"s Report](https://www.bseindia.com/xml-data/corpfiling/AttachHis/1ece229c-c71a-4c84-99e8-698816adfb5b.pdf) |
| 2026-02-16 | [Announcement under Regulation 30 (LODR)-Newspaper Publication](https://www.bseindia.com/xml-data/corpfiling/AttachHis/0ac3a37b-b7e9-4e76-ac41-4e65c0d62a74.pdf) |
| 2026-02-14 | [Board Meeting Outcome for Unaudited Financial Results For The Quarter And Nine Months Ended 31.12.2025.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/04d7bd15-303b-4003-a763-618b9a73ad82.pdf) |
| 2026-02-14 | [Unaudited Financial Results For The Quarter And Nine Months Ended 31.12.2025.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/0cc46a6b-4ae5-4845-90d9-6d4261c66f8d.pdf) |
| 2026-02-09 | [Board Meeting Intimation for Approval Of Unaudited Financial Results For The Quarter And Nine Months Ended 31.12.2025.](https://www.bseindia.com/xml-data/corpfiling/AttachHis/b7324837-3c2a-4588-9344-aca30e6f5446.pdf) |
| 2026-02-03 | [Apportionment Of Cost Of Acquisition](https://www.bseindia.com/xml-data/corpfiling/AttachHis/a9cf20a7-1ca8-4467-9097-ced55c087046.pdf) |
| — | [Disclosures under Reg. 10(5) in respect of acquisition under Reg. 10(1)(a) of SEBI (SAST) Regulations, 2011](https://www.bseindia.com/xml-data/corpfiling/AttachLive/5AC7069C_E3B6_4F98_8E2C_5CD19B8CA6E1_174819.pdf) |

### Annual Reports

| Date | Document |
| --- | --- |
| 2025 | [Financial Year 2025](https://www.bseindia.com/xml-data/corpfiling/AttachHis/b49187ed-1dfb-429b-a61b-8c0a60ea7b63.pdf) |
| 2024 | [Financial Year 2024](https://www.bseindia.com/xml-data/corpfiling/AttachHis/6905d035-54a3-4c3e-b47d-87ed33b7a29e.pdf) |
| 2023 | [Financial Year 2023](https://www.bseindia.com/xml-data/corpfiling/AttachHis/a9fa1431-f2ec-4838-bf76-7cd6556ff72f.pdf) |
| 2022 | [Financial Year 2022](https://www.bseindia.com/bseplus/AnnualReport/523369/73537523369.pdf) |
| 2021 | [Financial Year 2021](https://www.bseindia.com/bseplus/AnnualReport/523369/69295523369.pdf) |
| Mar 2020 | [Financial Year 2020](https://www.bseindia.com/bseplus/AnnualReport/523369/5233690320.pdf) |
| Mar 2019 | [Financial Year 2019](https://www.bseindia.com/bseplus/AnnualReport/523369/5233690319.pdf) |
| Mar 2018 | [Financial Year 2018](https://www.bseindia.com/bseplus/AnnualReport/523369/5233690318.pdf) |
| Mar 2017 | [Financial Year 2017](https://www.bseindia.com/bseplus/AnnualReport/523369/5233690317.pdf) |
| Mar 2016 | [Financial Year 2016](https://www.bseindia.com/bseplus/AnnualReport/523369/5233690316.pdf) |

### Credit Rating Reports

| Date | Document |
| --- | --- |
| 2025-10-06 | Credit rating update — CARE Ratings |
| 2024-08-07 | Credit rating update — CARE Ratings |
| 2023-08-23 | Credit rating update — CARE Ratings |
| 2023-07-05 | Credit rating update — CARE Ratings |
| 2022-09-23 | Credit rating update — CARE Ratings |
| 2022-06-22 | Credit rating update — CARE Ratings |

---

Provenance differs by section. Financial statements, shareholding and filings are as reported in company disclosures to NSE/BSE/SEBI. Price, volume and 52-week levels are exchange market data. Technical indicators are computed by Tapetide from daily closing prices. The Tapetide Score is Tapetide's own analysis. Analyst ratings are third-party estimates, not company statements. All figures are for research and information only and are not investment advice. Generated 2026-10-13T11:00:45.137Z.