GRP Limited has informed the Exchange about Transcript
GRPLTD · price
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GRP Limited reported a challenging FY '26 with total income of INR 5,380 million (down 3% YoY) and EBITDA of INR 429 million (margin 8% vs 13% in FY '25). Q4 saw sharper decline with income at INR 1,450 million and EBITDA margin dropping to 7% from 21% in Q4 FY '25. Key pressures included US tariff disruptions impacting ~33% of Reclaim Rubber revenues, 43% raw material inflation in certain SKUs, and INR 85 million loss from Pyrolysis (Pyrova) business ramp-up. EPR credit recognition fell to INR 202 million from INR 434 million due to prior period accruals in FY '25. The company offset export weakness (volumes down 15%) with domestic growth (volumes up 10%). Management expects US export volumes to fully recover in FY '27 and targets high double-digit EBITDA margins for Pyrova Energy once fully stabilized in FY '28.
The stock faces near-term pressure from multiple headwinds (tariffs, RM inflation, new business losses), but management's confidence in FY '27 recovery for exports and medium-term operating leverage from Pyrova Energy stabilization provides a constructive medium-term outlook. Dividend of INR 3.5/share offers some shareholder return.