NSE: GRMOVER · BSE: 531449
GRM OVERSEAS LIMITED
Processes basmati rice and sells it as branded and private-label products to customers in India and overseas. The Food segment contributed 72.9% of FY26 segment revenue at Rs 1,289.03 crore and houses the main basmati rice and packaged food business, split between Indian branded sales under the 10X brand (with Salman Khan as ambassador) and exports to over 55 countries. The Edible Oil segment accounted for 27.1% of segment revenue at Rs 479.98 crore. FY26 international business revenue was Rs 854 crore, while the India branded business crossed Rs 740 crore. The company has launched a diabetic-friendly basmati rice under the 10X line and set up a 10X Ventures platform that acquired a 44% stake in Rage Coffee to enter digital-first FMCG. Raw materials and agricultural commodities are the dominant cost, making up 60.2% of revenue, with employee costs at 0.9% and other operating expenses at 8.0%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Food (73%), Edible Oil (27%), Others (0%). FMCG and agricultural commodities-linked, export-oriented basmati rice processor with a growing domestic branded business.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,134 | 1,379 | 1,312 | 1,348 | 1,769 |
| EBITDA (ex other income) | 93 | 98 | 72 | 80 | 90 |
| margin % | 8.2 | 7.1 | 5.5 | 5.9 | 5.1 |
| Owners' profit | 0 | 0 | 0 | 0 | 74 |
| EPS, as reported (₹) | 14.01 | 10.45 | 10.12 | 10.21 | 7.85 |
| ROE % · ROCE % | 40.9 · 60.6 | 22.9 · 38.5 | 18.3 · 30.1 | 14.3 · 23.7 | 12.3 · 20.2 |
| Debt / equity (x) | 1.64 | 1.50 | 1.18 | 0.85 | 0.60 |
| Cash from operations | (116) | (89) | 47 | 62 | (54) |
| Capex | (5) | (5) | (2) | (8) | (2) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 315 | 371 | 291 | 327 | 362 | 483 | 597 | 427 |
| Profit before tax | 13 | 19 | 29 | 25 | 19 | 25 | 31 | 30 |
| Net profit | 9 | 14 | 20 | 19 | 15 | 19 | 22 | 21 |
| EPS (₹) | 1.53 | 2.26 | 3.41 | 3.11 | 2.41 | 1.05 | 2.35 | 0.51 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Food | 1,289 | 72.9 |
| Edible Oil | 480 | 27.1 |
| Others | 0 | 0.0 |
| Total, before eliminations | 1,769 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| LT FOODS LIMITED | 13,296 | 20.8 | 2.94 | 11.3 | 13.8 | 16.0 | 18.7 | 11.5 |
| KRBL LIMITED | 8,012 | 10.6 | 1.38 | 8.3 | 11.2 | 14.7 | 8.8 | 24.9 |
| GUJARAT AMBUJA EXPORTS LT | 6,614 | 15.9 | 2.01 | 12.4 | 9.2 | 11.7 | 4.0 | 17.0 |
| KAVERI SEED CO. LTD. | 3,616 | 14.6 | 2.06 | 9.8 | 16.9 | 17.0 | 6.1 | 40.1 |
| TRUALT BIOENERGY LIMITED | 3,233 | 23.0 | 2.05 | 12.7 | 6.1 | 4.8 | — | 23.5 |
| INDRAYANI BIOTECH LTD. | 2,966 | 22.3 | 29.05 | 217.6 | 1.9 | 0.2 | 45.6 | 8.2 |
| AMIR CHAND JAG KUM (E) L | 2,165 | 20.7 | 2.34 | 12.7 | 11.2 | 14.8 | — | 9.5 |
| SANSTAR LIMITED | 1,839 | 54.6 | — | — | — | — | — | 8.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 13.8 | 12.6 | 31 of 53 | 42% |
| P/B | 3.0 | 1.5 | 43 of 51 | 16% |
| ROCE | 16.5 | 4.1 | 13 of 67 | 82% |
| ROE | 12.3 | 3.5 | 13 of 51 | 76% |
| Debt / Equity | 0.6 | 0.4 | 33 of 51 | 36% |
| EBITDA margin | 8.4 | 9.7 | 28 of 45 | 39% |
| Revenue growth | 30.5 | 10.3 | 11 of 51 | 80% |
| Profit growth | 10.2 | 16.6 | 28 of 51 | 46% |
| Market cap | 1811 | 62 | 9 of 69 | 88% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 13 Oct 2026 · RTA Compliance Certificate for Q2 FY27 Filed with Stock Exchanges | compliance | minimal | — | — |
| 30 Sept 2026 · GRM Overseas: All 8 resolutions passed at 32nd AGM | board shareholder meetings | low | — | — |
| 29 Sept 2026 · 32nd AGM held on Sep 29, 2026 - 8 resolutions voted by members | board shareholder meetings | medium | — | — |
| 25 Sept 2026 · Trading Window Closure for Q2 FY27 Results - Oct 1 Onwards | compliance | minimal | — | — |
| 8 Sept 2026 · 32nd AGM set for September 29 with e-voting from September 26 | compliance | minimal | — | — |
| 6 Sept 2026 · Letter to shareholders with weblink to FY26 Annual Report and 32nd AGM notice | compliance | minimal | — | — |
| 6 Sept 2026 · GRM Overseas submits BRSR for FY 2025-26 | compliance | minimal | — | — |
| 6 Sept 2026 · GRM Overseas 32nd AGM on Sep 29, 2026; RPT approvals and fund reallocation | board shareholder meetings | low | — | — |
| 6 Sept 2026 · GRM Overseas files FY25-26 Annual Report, AGM on Sep 29, 2026 | board shareholder meetings | medium | — | — |
| 6 Sept 2026 · GRM Overseas 32nd AGM on September 29 2026 via video conferencing | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.