Investor Presentation for the Quarter and Financial year ended March 31, 2026
GRMOVER · price
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GRM Overseas Ltd reported strong revenue growth for FY26 with total income of Rs. 1,805.9 Crores, up 31.4% YoY from Rs. 1,374.2 Crores in FY25. However, profitability margins declined — EBITDA margin fell to 7.0% from 7.7% and PAT margin to 4.2% from 4.5%, indicating margin pressure despite higher volumes. Q4 FY26 showed even sharper margin compression with EBITDA margin at 6.5% vs 12.7% in Q4FY25. The company has a clear dual business model: International Business (54% of revenue, Rs. 854 Crores) primarily through private labels exporting to 55+ countries, and India Business (46%, Rs. 740 Crores) through the 10X brand with Salman Khan as brand ambassador. GRM raised Rs. 136.5 Crores via share warrants to fund growth, including Rs. 200 Crores allocated to 10X Ventures for acquiring digital-first D2C brands — already having acquired 44% stake in Rage Coffee. The company targets Rs. 3,500 Crores consolidated revenue by FY28.
While revenue growth is impressive at 31%, the declining margins suggest cost pressures or competitive pricing strategies that may concern profitability-focused investors. The strong distribution network (103K+ touch points) and brand-building efforts provide a foundation, but margin recovery will be key for stock appreciation.