GRP Limited has informed the Exchange about Transcript
GRPLTD · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
GRP Limited reported Q3 FY26 total income of INR 1,352 million (up 2% YoY) but EBITDA fell 14% YoY to INR 112 million, and adjusted PAT dropped 49% to INR 23 million, hurt by higher raw material costs (+11%), sub-optimal new plant utilization, and a 45% decline in export margins due to U.S. tariffs. For 9MFY26, revenue was broadly flat at INR 3,930 million with EBITDA margins steady at 9%, while adjusted PAT fell to INR 60 million from INR 113 million. Management highlighted that the U.S. tariff reduction from ~50% to 18% is a major positive, with commercial conversations restarted and partial volume recovery expected from the current quarter. The company has deferred its pyrolysis and recovered carbon black capacity expansion to August 2026, with ~INR 80 crore more capex planned for FY27, and is discontinuing its U.S.-dependent rubber composites business. Management guided to mid-teen volume growth in reclaim rubber for FY27, described going into FY27 as 'extremely bullish,' and said debt-to-equity of 0.92 will improve over coming quarters.
Near-term, profitability remains under pressure from elevated input costs and delays in new capacity ramp-up, but the easing of U.S. tariffs, the EU-India FTA, and the shift toward domestic and new-technology reclaim volumes offer a clear medium-term growth and margin recovery story. For shareholders, the stock reaction is likely to hinge on signs of U.S. volume normalization in coming quarters and timely commissioning of the August 2026 pyrolysis/rCB expansion.