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GRP Limited (GRPLTD)

📊 NSE: GRPLTD 🏢 Miscellaneous 📅 Last Updated: 12/13/2025 22:37

📢 Recent Corporate Announcements

GRP Ltd invests ₹2.60 Cr for 26.43% stake in BECIS Solar 5 for captive power

🟡 NEUTRAL ⭐ 4/10

M&A 📅 12 Aug 2026, 06:54 PM

GRP Limited has completed its investment commitment in BECIS Solar 5 Private Limited by subscribing to 2,60,48,649 equity shares at par. This investment, totaling ₹2.60 crore, gives GRP a 26.43% stake in the entity, fulfilling the regulatory requirement for captive power users under the Electricity Rules, 2005. The target entity is setting up an 8 MW solar power project in Gujarat to supply long-term power to GRP's manufacturing units at preferential tariffs. While the investment is small at ~1.35% of GRP's net worth, it is a strategic move to lower energy costs and improve sustainability.

Subscribed to 2,60,48,649 equity shares of ₹1 each at par on August 10, 2026
Total investment of ₹2.60 crore represents approximately 0.49% of TTM revenue
Final shareholding in BECIS Solar 5 Private Limited stands at 26.43%
Target entity is developing an 8 MW solar project in Gujarat for captive consumption
BECIS Solar 5 was incorporated in July 2025 and currently reports NIL turnover

💡 Investors should monitor the timeline for the 8 MW solar project's commissioning and its subsequent impact on reducing power costs, which could support the company's 7.7% operating margins.

GRP Ltd Q1 FY27: PAT Doubles to ₹4.2 Cr; Pyrova Revenue Potential Targeted at ₹250-300 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 30 Jul 2026, 08:34 PM

GRP Limited reported a strong Q1 FY27 with consolidated revenue growing 26% YoY to ₹157.3 Cr and PAT more than doubling to ₹4.2 Cr. The company is successfully pivoting toward an integrated circular materials platform, with the Pyrova Energy segment achieving a critical 25-day continuous reactor run milestone in July 2026. Management has provided aggressive guidance, targeting 20% volume growth in Reclaim Rubber for FY27 and a future revenue potential of ₹250-300 Cr from the Pyrova segment alone as it scales.

Q1 FY27 Revenue increased 26% YoY to ₹157.3 Cr, driven by volume growth and improved realizations.
EBITDA grew 60% YoY to ₹17.4 Cr, with margins expanding 233 bps to 11% despite raw material inflation.
Cumulative investment in Pyrova Energy stands at ₹91 Cr, representing approximately 47% of the company's net worth.
Management targets Pyrova segment revenue of ₹250-300 Cr with 15-20% EBITDA margins upon maturity.
Recovered Carbon Black (rCB) plant commissioning is scheduled for October 2026, a key margin driver.

💡 Watch for the successful commissioning of the rCB plant in October 2026 and subsequent customer approvals from the tire industry, which are essential for achieving the projected 18-20% segment margins.

GRP Limited Releases Q1FY27 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 27 Jul 2026, 05:13 PM

GRP Limited has released the audio recording of its earnings call held on July 27, 2026, regarding its Q1FY27 performance. This follows a period of financial pressure where the company reported a net loss of Rs 1.33 Cr in the quarter ending March 2026. Investors should focus on management commentary regarding the recovery of export volumes, which previously saw a 27% drop due to North American tariffs, and the progress of the planned Rs 50-60 Cr annual capex. The company currently trades at a high P/E of 226.4 despite thin TTM margins of 7.7%.

Earnings call conducted on July 27, 2026, at 3:00 p.m. IST to discuss Q1FY27 results
Company manages a TTM revenue of Rs 531 Cr with a market capitalization of Rs 1070 Cr
Maintains a significant 35% export market share in reclaimed rubber despite recent tariff headwinds
Engineering Plastics division previously registered 23% growth, a key area for diversification
Debt-to-Equity ratio remains at 1.05 with a total debt of Rs 201 Cr

💡 Investors should review the recording for updates on the EPR credit regime income and the execution timeline of the new rubber crumb facility to justify the current high valuation.

140% PAT Growth in Q1 FY27; Total Income Rises 26% to Rs 157.3 Cr

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 24 Jul 2026, 11:05 PM

GRP Limited reported a strong start to FY27 with consolidated total income reaching Rs 157.3 Cr, a 26% YoY increase driven by 24% volume growth. Profitability saw a sharp recovery with PAT rising 140% YoY to Rs 4.2 Cr, nearly matching the entire previous TTM PAT of Rs 5 Cr in a single quarter. EBITDA margins expanded by 233 bps to 11.0% despite a 31% rise in raw material costs, aided by operating leverage and better realizations. The rubber recycling segment, which accounts for ~92% of standalone revenue, grew 34% YoY following the removal of US tariffs and recovery in export demand.

Consolidated PAT surged 140% YoY to Rs 4.2 Cr in Q1 FY27 compared to Rs 1.7 Cr in Q1 FY26
Total income grew 26% YoY to Rs 157.3 Cr, supported by 24% volume growth and 5% improvement in realizations
Rubber recycling segment revenue increased 34% YoY to Rs 143.7 Cr, with export volumes up 20%
Cumulative capital expenditure for Pyrova Energy reached Rs 91 Cr as of June 30, 2026
Working capital cycle improved by 8 days to 86 days as of June 30, 2026, from 94 days in March

💡 Investors should monitor the scaling of the Pyrova Energy unit and the commencement of recovered Carbon Black (rCB) production, which are key to long-term margin expansion.

GRP Ltd Q1 Results: Net Profit Jumps 140% YoY to ₹4.20 Cr; Revenue Up 27% YoY

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 23 Jul 2026, 06:01 PM

GRP Limited reported a strong performance for Q1 FY27, with consolidated revenue rising 26.7% YoY to ₹156.83 Cr. The company achieved a significant turnaround from a net loss of ₹1.34 Cr in the previous quarter (Mar 2026) to a net profit of ₹4.20 Cr. This single quarter's profit represents approximately 84% of the total TTM PAT, indicating a sharp recovery in margins. The Rubber Recycling segment continues to be the primary driver, contributing 95% of gross revenue.

Consolidated Revenue from Operations grew 26.7% YoY to ₹156.83 Cr from ₹123.75 Cr.
Net Profit increased 140% YoY to ₹4.20 Cr compared to ₹1.75 Cr in the same quarter last year.
Rubber Recycling segment revenue reached ₹149.57 Cr, up from ₹115.26 Cr YoY.
Achieved a turnaround from a net loss of ₹1.34 Cr in the immediate preceding quarter (Mar 2026).
Granted 52,530 stock options under ESOS-2024 at an exercise price of ₹1,756 per share.

💡 Investors should monitor if the improved profitability is sustainable across coming quarters, specifically watching the 'Others' segment (Engineering Plastics) which showed a profit of ₹2.20 Cr vs a loss in the previous quarter. Track the progress of the planned ₹50-60 Cr annual capex for rubber crumbs.

GRP Limited Concludes 52nd AGM; Approves FY26 Financials and Dividend Declaration

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 23 Jul 2026, 03:10 PM

GRP Limited held its 52nd Annual General Meeting on July 23, 2026, where shareholders transacted six key items of business. These included the adoption of audited standalone and consolidated financial statements for FY26 and the declaration of a dividend for the same period. The meeting also approved the re-appointment of Director Harsh Gandhi and ratified remuneration for the Cost Auditor for FY27. This procedural meeting follows a fiscal year where TTM PAT stood at Rs 5 Cr against a TTM revenue of Rs 531 Cr.

52nd Annual General Meeting conducted via Video Conferencing on July 23, 2026
Total of 34 members were present to establish the requisite quorum
6 resolutions were transacted, including the adoption of FY26 financial statements and dividend declaration
Ratification of remuneration for M/s. Kishore Bhatia & Associates as Cost Auditors for FY 2026-2027
Approval of remuneration for Mr. Rajendra V. Gandhi as a Non-Executive Non-Independent Director

💡 Investors should monitor the upcoming disclosure of the specific dividend amount and the voting results. Focus should remain on the company's ability to recover margins, as OPM has compressed to 7.7% from 12.36% in FY25.

July 27 Earnings Call Scheduled to Discuss Q1 FY27 Performance

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 20 Jul 2026, 02:21 PM

GRP Limited has scheduled its Q1 FY27 earnings conference call for July 27, 2026, at 3:00 PM IST. This follows a weak Mar 2026 quarter where the company reported a net loss of Rs 1.33 Cr on revenue of Rs 144.5 Cr. Management, including the MD and CFO, will likely address the 27% drop in export volumes previously attributed to US tariffs. With a high P/E of 209.9 and a debt-to-equity ratio of 1.05, investors will be looking for a recovery in operating margins from the current 7.7%.

Earnings call scheduled for July 27, 2026, at 3:00 PM IST
Management participation includes Managing Director Harsh Gandhi and CFO Shilpa Mehta
Call to discuss operational and financial performance for the quarter ended June 2026
Primary access numbers provided: +91 22 6280 1309 and +91 22 7115 8210

💡 Monitor the call for management's outlook on reclaiming export volumes and improving margins after the recent quarterly loss of Rs 1.33 Cr.

GRP Ltd Issues Corrigendum to FY26 Annual Report; Adjusts KMP Compensation Disclosure

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 16 Jul 2026, 05:46 PM

GRP Limited has issued a corrigendum to its FY 2025-26 Annual Report to rectify typographical errors in the Related Party Transactions disclosure (Note 41c). The total compensation paid to Key Management Personnel (KMP) for FY26 has been revised to Rs 848.20 from the previously stated Rs 798.20. Similarly, short-term employee benefits were corrected to Rs 490.71 from Rs 440.71. The company has explicitly stated that these revisions have no impact on the actual financial statements for the year ended March 31, 2026.

Total KMP compensation for FY26 revised upward to Rs 848.20 from Rs 798.20
Short-term employee benefits for FY26 corrected to Rs 490.71 from Rs 440.71
Annexure 4 report date corrected to May 15, 2026, from June 15, 2026
Company confirms zero impact on the audited financial statements for FY26
The 52nd Annual General Meeting (AGM) remains scheduled for July 23, 2026

💡 Investors should refer to the updated version of the Annual Report available on the company website for accurate governance and related-party data. No financial impact is expected on the company's valuation or earnings.

July 16, 2026 Set as Record Date for Dividend by GRP Limited

🟡 NEUTRAL ⭐ 4/10

DIVIDEND 📅 15 Jul 2026, 01:45 PM

GRP Limited has announced July 16, 2026, as the record date for determining shareholder eligibility for its upcoming dividend. The company's 52nd Annual General Meeting (AGM) is scheduled for July 23, 2026, with the book closure period set from July 17 to July 23, 2026. This administrative update follows a fiscal period where the company generated TTM revenue of Rs 531 Cr but a relatively thin PAT of Rs 5 Cr. Shareholders must hold the stock before the ex-dividend date to qualify for the payout.

Record date for dividend eligibility is fixed as July 16, 2026
52nd Annual General Meeting (AGM) to be held on July 23, 2026
Book closure period spans 7 days from July 17, 2026, to July 23, 2026
E-voting period for the AGM commences on July 20, 2026, at 9:00 AM IST
TTM PAT stands at Rs 5 Cr against a market capitalization of Rs 1010 Cr

💡 Investors should verify their holdings before the record date to ensure dividend eligibility. Monitor the upcoming AGM for management commentary on the planned Rs 50-60 Cr annual capex and strategies to improve the current low OPM of 7.7%.

GRP Limited Submits Quarterly Compliance Certificate for June 30, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 03 Jul 2026, 03:45 PM

GRP Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018, for the period ended June 30, 2026. The certificate, issued by MUFG Intime India Private Limited (Registrar and Share Transfer Agent), confirms that share certificates received for dematerialization were processed and the names of depositories were updated in the register of members. This is a standard administrative filing required by all listed companies in India to ensure the integrity of electronic shareholding records. There is no impact on the company's financial performance or business operations.

Compliance certificate issued for the quarter ended June 30, 2026
Confirmation of dematerialization processing by MUFG Intime India Private Limited
Verification that securities are listed on the BSE and NSE where earlier shares were listed
Confirmation that mutilated and cancelled certificates were handled within prescribed timelines

💡 This is a routine regulatory filing. Investors should monitor the company's upcoming quarterly financial results for material updates on business performance.

GRP Limited Appoints Ms. Sonal Jaju as CS & Compliance Officer Effective July 02, 2026

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 02 Jul 2026, 01:10 PM

GRP Limited has appointed Ms. Sonal Jaju as the Company Secretary and Compliance Officer (Key Managerial Personnel) effective July 02, 2026. Ms. Jaju brings over 6 years of experience in corporate secretarial functions and SEBI compliance. The appointment was approved by the Board on June 17, 2026, following the recommendation of the Nomination and Remuneration Committee. This is a routine administrative transition for the company, which has a market capitalization of Rs 1,006 Cr.

Appointment of Ms. Sonal Jaju as Company Secretary and Compliance Officer effective July 02, 2026
Candidate possesses 6+ years of experience in corporate secretarial and SEBI regulations
Board approval for the appointment was finalized on June 17, 2026
The role is designated as a Key Managerial Personnel (KMP) under the Companies Act, 2013

💡 This is a routine administrative filing. Investors should continue to monitor the company's quarterly financial performance and the progress of its planned Rs 50-60 Cr annual capex in the rubber crumb segment.

GRP Limited Announces Trading Window Closure Starting June 30, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 30 Jun 2026, 11:58 AM

GRP Limited has informed the exchanges that its trading window for designated persons will be closed from the end of business hours on June 30, 2026. This closure is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the company's Q1 FY2027 financial results. The window will reopen 48 hours after the audited financial results for the quarter ended June 30, 2026, are declared. This is a standard administrative procedure for all listed entities.

Trading window closure effective from the end of business hours on June 30, 2026
Window remains closed until 48 hours after the declaration of audited financial results for the quarter ended June 30, 2026
Restriction applies to all Designated Persons and their immediate relatives as per the company's Code of Conduct

💡 Educational: Investors should wait for the announcement of the board meeting date, which will determine when the actual financial performance for the quarter will be disclosed.

GRP Limited Grants 79,400 ESOPs and Schedules 52nd AGM for July 23, 2026

🟡 NEUTRAL ⭐ 4/10

BOARD_MEETING 📅 17 Jun 2026, 02:56 PM

GRP Limited has approved the grant of 79,400 stock options to eligible employees under the GRP Limited Employee Stock Option Plan 2024. Each option is convertible into one equity share of face value Rs. 10, with the exercise price linked to the 15-day average volume-weighted average price (VWAP). The vesting period is set for a maximum of 4 years, contingent on meeting specific performance targets. Additionally, the company's 52nd Annual General Meeting is scheduled for July 23, 2026.

Grant of 79,400 stock options under the Employee Stock Option Plan 2024.
Exercise price determined by the 15-day average of daily high and low VWAP preceding the grant.
Vesting period of up to 4 years based on the achievement of earmarked performance targets.
Options must be exercised within 3 years from the date of vesting.
52nd Annual General Meeting (AGM) to be held on July 23, 2026, via VC/OAVM.

💡 Investors should note the performance-linked nature of the ESOPs which aligns employee interests with company growth, while keeping in mind the eventual minor equity dilution upon exercise.

GRP Limited Schedules Investor Meeting for May 28, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 22 May 2026, 01:15 PM

GRP Limited has announced a meeting with analysts and institutional investors scheduled for May 28, 2026, starting at 10:00 am. The event is organized by 360 ONE Capital (B&K) and will consist of 1x1 or group meetings. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be discussed, and interactions will be based on publicly available data. This is a routine disclosure under SEBI Listing Regulations to maintain transparency with stakeholders.

Investor conference scheduled for Thursday, May 28, 2026, from 10:00 am onwards.
Meeting format includes both 1x1 and group interactions organized by 360 ONE Capital (B&K).
Compliance filing under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Company confirms that only publicly available information will be discussed during the sessions.

💡 Investors should monitor for any investor presentations or transcripts released after the meeting for insights into the company's outlook, though no immediate action is required.

GRP Limited to Participate in Investor Conference on May 28, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 22 May 2026, 01:08 PM

GRP Limited has announced its participation in an Analyst/Institutional Investor meeting scheduled for May 28, 2026. The event is organized by 360 ONE Capital (B&K) and will feature 1x1 or group interactions starting from 10:00 am. The company has explicitly stated that discussions will be limited to publicly available information, ensuring no unpublished price sensitive information (UPSI) is shared. This is a routine regulatory disclosure under SEBI Listing Regulations.

Meeting scheduled for May 28, 2026, at 10:00 am onwards
Organized by 360 ONE Capital (B&K) involving 1x1 and group meetings
Compliance with Regulation 30 of SEBI (LODR) Regulations, 2015
Company confirms no unpublished price sensitive information (UPSI) will be discussed

💡 Investors should monitor for any subsequent transcripts or investor presentations that may be released following the meeting for insights into management's outlook.

View All GRPLTD Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Reclaim Rubber (RR) revenue grew 1% YoY to INR 225.2 Cr in H1FY26, while Non-Reclaim Rubber revenue declined 8% YoY to INR 24.7 Cr. In FY24, Reclaim Rubber generated INR 424.7 Cr and 'Others' (Polymer Composite, Engineered Plastics) generated INR 62.11 Cr.

Geographic Revenue Split

In H1FY26, Exports contributed 52% (INR 129.6 Cr, down 6% YoY) and Domestic sales contributed 48% (INR 120.2 Cr, up 8% YoY). The company exports to 55+ countries.

Profitability Margins

Gross margins for H1FY26 were 50.6% (down 123 bps YoY). PAT margins declined significantly to 1.4% in H1FY26 from 2.7% in H1FY25, a drop of 122 bps, primarily due to higher interest costs and forex losses.

EBITDA Margin

EBITDA margin stood at 8.6% in H1FY26, down 38 bps from 9.0% in H1FY25. FY24 EBITDA margin was 10.8%, up from 6.6% in FY23, driven by EPR credit sales and cost efficiencies.

Capital Expenditure

Planned capex of INR 200-220 Cr over the next 3 years (FY26-FY28). Historical capex in FY24 was INR 67.39 Cr, including INR 37.04 Cr for Plant and Machinery and INR 22.85 Cr for Civil Infrastructure.

Credit Rating & Borrowing

CRISIL Ratings maintains a 'Stable' outlook. Total debt as of Sep-25 was ~INR 205 Cr, with interest coverage ratio weakening but remaining adequate. Bank limit utilization was 89% for the 12 months ended May 2025.

⚙️ Operational Drivers

Raw Materials

End-of-life tires (ELT) and Butyl rubber. Raw material costs account for approximately 50% of operating income.

Import Sources

Sourced from an extensive chain of 350+ vendors across 150+ cities domestically; specific import countries for Butyl rubber are not disclosed but are subject to global price fluctuations.

Key Suppliers

Not disclosed by specific company names; however, the company maintains a base of 350+ vendors.

Capacity Expansion

Current capacity is 1,220,000+ MTPA (including crumb rubber capacity added in Q4FY25). Planned expansion includes a facility for rubber crumbs and downstream products with an annual capex of INR 50-60 Cr.

Raw Material Costs

Raw material costs as a percentage of revenue fluctuated; Q2FY26 saw a INR 3.8 Cr gross margin reduction due to elevated Butyl rubber prices and export margin contraction of 15% YoY.

Manufacturing Efficiency

Operating efficiency improved in FY24 through debottlenecking; however, subsidiary GCSL is currently operating below optimal capacity due to supply chain bottlenecks.

Logistics & Distribution

Distribution costs impacted by increased ocean freight rates; company is leveraging inland customer networks to maintain service levels.

📈 Strategic Growth

Expected Growth Rate

9-11%

Growth Strategy

Growth will be driven by capacity enhancement in the reclaim rubber segment, maturing of the EPR credit regime (providing high-margin income), and scaling the Repurposed Polyolefins and Engineering Plastics businesses. The company is also investing INR 200-220 Cr in capex for downstream products.

Products & Services

Reclaimed rubber, rubber crumbs, engineered plastics, polymer composites, and repurposed polyolefins.

Brand Portfolio

GRP (Global Reclaim Partner).

New Products/Services

Rubber crumbs and downstream products; Engineering Plastics division registered 23% growth recently.

Market Expansion

Targeting 55+ countries with a focus on balancing regional supply chains to offset North American tariff risks.

Market Share & Ranking

Holds a 20% share in the domestic market and ~35% share in the export market for reclaimed rubber.

Strategic Alliances

Subsidiaries include Gripsurya Recycling LLP and GRP Circular Solutions Ltd (GCSL).

🌍 External Factors

Industry Trends

The EPR (Extended Producer Responsibility) market is maturing with floor/ceiling prices set at INR 2.525–INR 8/kg, providing a structured sustainability incentive for recyclers.

Competitive Landscape

GRP is a market leader in reclaimed rubber; competition includes other global recyclers and virgin rubber producers.

Competitive Moat

Moat is built on 5 decades of experience, established relationships with 8/10 top global tire firms, and ISCC+/GRS certifications which are difficult for new entrants to replicate.

Macro Economic Sensitivity

Highly sensitive to global tire demand and automotive industry cycles.

Consumer Behavior

Increasing global push for sustainability and circular economy regulations (like EPR) is driving demand for recycled rubber and plastic solutions.

Geopolitical Risks

Proposed tariff barriers in North America have reduced container availability and increased ocean freight rates, directly impacting export volumes.

⚖️ Regulatory & Governance

Industry Regulations

CPCB (Central Pollution Control Board) EPR norms require tire companies to purchase credits from recyclers. Formulae for awarding credits may undergo regulatory changes.