GRP LIMITED

Manufactures reclaimed rubber from end-of-life tyres and other rubber scrap, selling it largely to tyre makers and rubber product companies. In FY26, Reclaim Rubber accounted for 93.2% of segment revenue at Rs 499.04 crore with Rs 54.97 crore of EBIT, while an "Others" bucket covering engineering plastics, wind power, polymer composites, custom die forms and the newer Pyrova Energy pyrolysis operation added Rs 82.28 crore (15.4% share) at a small EBIT loss. The Pyrova Energy unit runs continuous pyrolysis of rubber waste into pyrolysis oil and recovered carbon black, with a cumulative Rs 91 crore invested and plans to scale to 45,000 tons in FY27 and add 30,000 tons in FY28, plus a 12,000-ton rCB plant targeted for commissioning in October 2026. Reclaim rubber capacity is 88KTA with a stated expansion to 110KTA by FY30, and repurposed polyolefins are set to grow from 39KTA to 130KTA by FY30. Q1 FY27 saw Rubber Recycling segment revenue up 34% year-on-year, with reclaim volumes +12% and export volumes rebounding 20% as US tariff orders normalised, while engineering plastics volumes rose 27%. The biggest input cost is raw materials at 51.2% of FY26 revenue, followed by other operating expenses at 29.7% and employee cost at 11.5%.