Gayatri Rubbers And Chemicals Limited (GRCL)
Latest quarterly results (H2 FY26)
In its latest reported quarter, H2 FY26, Gayatri Rubbers' revenue was ₹24.5 Cr (+34.0% year on year, +41.4% on the previous half-year), and net profit ₹3.0 Cr (+87.4% year on year); the operating margin was 19.6%.
| H2 FY26 (₹ Cr) | Value | YoY vs H2 FY25 | vs prev. half |
|---|---|---|---|
| Revenue | ₹24.5 | +34.0% | +41.4% |
| Operating profit | ₹4.8 | +83.3% | +20.4% |
| Net profit | ₹3.0 | +87.4% | +12.3% |
| EPS (₹) | 5.15 | +87.3% | +12.4% |
| Operating margin | 19.6% | — | — |
GRCL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 100.0% of the GRCL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 95.26%. That is close to its usual level. Turnover was only ₹13 lakh, so a handful of trades can move this figure. It closed at its upper price band (circuit) on 16 Oct, one of 2 band closes in about the last 20 sessions.
Delivery in the last 5 sessions: 100.0% · 100.0% · 100.0% · 100.0% · 100.0%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Gayatri Rubbers And Chemicals Limited (GRCL) submitted the Scrutinizer's Report for its 4th Annual General Meeting held on September 25, 2026. All three ordinary resolutions were passed by shareholders with requisite majorities. Resolution 1 (adoption of FY2026 audited financial statements) passed unanimously with 4,210,000 votes in favour (100%). Resolutions 2 and 3 regarding the re-appointment of retiring directors Manoj Kumar Aggarwal and Utsav Rajendra Chotai were also approved with 100% and 98.63% favourable votes, respectively.
- Resolution 1 (FY26 Audited Financials) adopted with 4,210,000 votes (100% in favour)
- Resolution 2 (Re-appointment of Manoj Kumar Aggarwal) passed with 2,050,000 votes (100% in favour)
- Resolution 3 (Re-appointment of Utsav Rajendra Chotai) passed with 2,160,000 votes (98.63% in favour, 30,000 invalid votes)
- Cut-off date for eligibility was Saturday, September 19, 2026; remote e-voting took place September 22-24, 2026
Gayatri Rubbers And Chemicals Limited (GRCL) submitted the Scrutinizer's Report for its 4th Annual General Meeting held on September 25, 2026. All three ordinary resolutions were passed by shareholders with requisite majorities. Resolution 1 (adoption of FY2026 audited financial statements) passed unanimously with 4,210,000 votes in favour (100%). Resolutions 2 and 3 regarding the re-appointment of retiring directors Manoj Kumar Aggarwal and Utsav Rajendra Chotai were also approved with 100% and 98.63% favourable votes, respectively.
- Resolution 1 (FY26 Audited Financials) adopted with 4,210,000 votes (100% in favour)
- Resolution 2 (Re-appointment of Manoj Kumar Aggarwal) passed with 2,050,000 votes (100% in favour)
- Resolution 3 (Re-appointment of Utsav Rajendra Chotai) passed with 2,160,000 votes (98.63% in favour, 30,000 invalid votes)
- Cut-off date for eligibility was Saturday, September 19, 2026; remote e-voting took place September 22-24, 2026
Gayatri Rubbers And Chemicals Limited held its 4th Annual General Meeting (AGM) for FY 2025-26 on September 25, 2026, via video conferencing. A total of 9 members attended the meeting, where 3 ordinary resolutions were considered, including the adoption of audited financial statements and director re-appointments. Remote e-voting was open from September 22 to September 24, 2026. The final scrutinizer's report and voting results will be submitted within two working days.
- Held 4th AGM on September 25, 2026, commencing at 12:00 P.M. and concluding at 12:33 P.M.
- A total of 9 members attended the meeting via video conferencing
- 3 ordinary resolutions transacted via remote e-voting and AGM e-voting
- Final voting results to be announced within 2 working days
Gayatri Rubbers And Chemicals Limited has submitted its Structured Digital Database (SDD) Compliance Certificate to the NSE. The certificate covers the period from April 01, 2025, to September 15, 2026, and is duly certified by a Practicing Company Secretary. This filing is executed in compliance with Regulations 3(5) & 3(6) of the SEBI (Prohibition of Insider Trading) Regulations, 2015. There is zero financial or operational impact on the company from this administrative filing.
- Covers compliance period from April 01, 2025, till September 15, 2026
- Submitted pursuant to SEBI (PIT) Regulations 3(5) & 3(6) and NSE Circular dated October 18, 2024
- Certified by an independent Practicing Company Secretary
Gayatri Rubbers And Chemicals Limited has announced that its 4th Annual General Meeting (AGM) will be held on Friday, September 25, 2026, via Video Conferencing. The company has designated Saturday, September 19, 2026, as the cut-off date for determining shareholder voting eligibility. Remote e-voting is scheduled to begin on September 22, 2026 (09:00 AM IST) and close on September 24, 2026 (05:00 PM IST). This is a standard corporate compliance filing.
- 4th Annual General Meeting scheduled for Friday, September 25, 2026, at 12:00 PM IST
- Cut-off date for electronic voting eligibility set for Saturday, September 19, 2026
- Remote e-voting window open from September 22, 2026 (09:00 AM IST) to September 24, 2026 (05:00 PM IST)
Gayatri Rubbers and Chemicals Limited has issued the notice for its 4th Annual General Meeting (AGM) scheduled for September 25, 2026, at 12:00 PM IST via Video Conferencing/OAVM. Ordinary business includes the adoption of the audited financial statements for the year ended March 31, 2026. The meeting will also consider the reappointment of retiring directors Manoj Kumar Aggarwal (holding 21,50,000 shares) and Utsav Rajendra Chotai (holding 10,19,750 shares).
- 4th Annual General Meeting scheduled for September 25, 2026, at 12:00 PM IST via VC/OAVM
- Adoption of audited financial statements for the financial year ended March 31, 2026
- Reappointment of director Manoj Kumar Aggarwal, who holds 21,50,000 equity shares
- Reappointment of Whole-Time Director Utsav Rajendra Chotai, who holds 10,19,750 equity shares
- Shareholder speaker registration opens up to 7 days prior and general queries up to September 24, 2026
Gayatri Rubbers and Chemicals Limited has appointed M/s. Akash & Co., Company Secretaries, as its Secretarial Auditor for FY 2026-27. The appointment was approved at the Board meeting held on August 31, 2026. The proprietor, Mr. Akash Goel, has over 7 years of legal and corporate compliance experience. This is a routine annual statutory compliance appointment and has no material financial impact.
- Appointment of M/s. Akash & Co. as Secretarial Auditor for FY 2026-27
- Proprietor Mr. Akash Goel holds more than 7 years of professional experience
- Audit firm holds ICSI Peer Review No. 3283/2023
- Board meeting commenced at 02:00 PM and concluded at 02:30 PM on August 31, 2026
Gayatri Rubbers and Chemicals Limited (GRCL) has secured a pilot order for specialized EPDM Rubber from the Indian Space Research Organisation (ISRO). Under the order scope, GRCL will supply high-performance elastomeric components engineered for space-grade thermal and atmospheric standards. Although the financial value of the order was not disclosed, the engagement marks GRCL's entry into the high-precision aerospace and defence sector. Successful qualification could pave the way for recurring commercial contracts with government space agencies and private space-tech firms.
- Secured pilot order for specialized EPDM Rubber from Indian Space Research Organisation (ISRO)
- Contract value and execution timelines were not disclosed in the filing
- Marks formal entry into the high-precision aerospace, defense, and space exploration sector
- Positions the company for potential recurring orders upon successful pilot qualification
Financial Performance
Revenue Growth by Segment
Total revenue grew by 27% YoY in H1 FY26, reaching INR 17.33 Cr compared to INR 13.66 Cr in H1 FY25. Segment-specific growth percentages for rubber manufacturing versus trading are not disclosed in available documents.
Profitability Margins
Net profit margin for FY 2024-25 was 9%, up from 6.39% in FY 2023-24. In H1 FY26, PAT margins improved significantly to 15.18%, a 588 BPS increase from 9.3% in H1 FY25, driven by a strategic shift toward high-margin products.
EBITDA Margin
Operating profit margin for FY 2024-25 was 13%. PBT margin for H1 FY26 reached 20%, representing a 748 BPS increase from 12.52% in H1 FY25, reflecting improved operational efficiency and product mix optimization.
Capital Expenditure
The company operationalized a new manufacturing facility on October 1, 2025, to cater to increased demand for railway products. Specific historical and planned CAPEX values in INR Cr were not disclosed.
Credit Rating & Borrowing
The Debt-Equity ratio increased to 0.19 in FY 2024-25 from 0.01 in FY 2023-24 due to new borrowings for expansion. The company maintains a healthy Interest Coverage Ratio of 9.98.
Operational Drivers
Raw Materials
Rubber and chemical compounds are the primary raw materials. Specific percentage of total cost for each material is not disclosed in available documents.
Capacity Expansion
A new facility became operational on October 1, 2025, specifically designed to manufacture new high-margin products for the Indian Railways. Current and planned capacity in MT was not disclosed.
Raw Material Costs
Cost of revenue operations for H1 FY25 was INR 13.75 Cr. The company is shifting to high-margin products to mitigate raw material cost volatility and improve overall profitability.
Manufacturing Efficiency
Inventory turnover ratio improved to 4.85 in FY 2024-25 from 3.40 in FY 2023-24, although the company noted an increase in inventory holding relative to sales growth during that period.
Strategic Growth
Expected Growth Rate
75%
Growth Strategy
The company plans to achieve this growth by shifting its product mix toward high-margin specialized items like Absorption strips and Intercar Gangway for Indian Railways. The new facility operational since October 2025 provides the necessary capacity to meet the 'huge demand' for these products. Management aims for a minimum 50% annual PAT growth, recently revised upward to 75% for FY26.
Products & Services
Rubber products, chemicals, and specialized railway components including Absorption strips and Intercar Gangway.
Brand Portfolio
Gayatri Rubbers and Chemicals Limited (GRCL).
New Products/Services
Recently launched Absorption strips and Intercar Gangway for the Indian Railways sector; these are identified as high-margin products expected to drive the 75% PAT growth guidance.
Market Expansion
Expansion into the infrastructure and industrial development sectors in India, specifically targeting the railway supply chain.
External Factors
Industry Trends
The rubber industry is on a stable growth trajectory driven by automotive and industrial demand. GRCL is positioning itself to benefit from the modernization of Indian Railways and the shift toward specialized, high-performance rubber components.
Competitive Landscape
The company operates in a competitive rubber manufacturing and trading market but is differentiating itself through high-margin, specialized infrastructure products.
Competitive Moat
The company's moat is built on its operational history (incorporated 2022 but with rich legacy experience) and its ability to manufacture specialized railway components that meet stringent quality standards, creating higher switching costs for customers.
Macro Economic Sensitivity
The company is sensitive to India's infrastructure and industrial development cycles, particularly railway infrastructure spending.
Consumer Behavior
Increased government focus on railway safety and infrastructure is driving demand for specialized rubber components like absorption strips.
Regulatory & Governance
Industry Regulations
Operations are subject to the Companies Act, 2013 and Accounting Standards (AS) prescribed under Section 133. The company must comply with quality standards for products supplied to Indian Railways.
Taxation Policy Impact
Current tax expense for H1 FY25 was INR 44.52 Lakhs on a PBT of INR 170.86 Lakhs, implying an effective tax rate of approximately 26%.
Legal Contingencies
The company has disclosed the impact of pending litigations in Note 35 of its financial statements as of March 31, 2025. Specific case values in INR were not provided in the summary documents.
Risk Analysis
Key Uncertainties
Seasonality risk due to labor shortages in H1 could impact annual targets if H2 production does not compensate. Potential impact is significant as the business is 'H2 heavy'.
Geographic Concentration Risk
Operations are centered in Faridabad, Haryana, with a registered office in Porbandar, Gujarat.
Technology Obsolescence Risk
The company is mitigating technology risk by investing in a new facility and shifting to advanced products like Intercar Gangway.
Credit & Counterparty Risk
Debtors turnover ratio improved to 5.46 in FY 2024-25 from 5.12, indicating stable receivables quality.
