NSE: GRPLTD · BSE: 509152
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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Reclaim Rubber (93%), Others (Engineering Plastics, Custom Die Forms, Pyrova pyrolysis, Polymer Composite, Windmill) (15%). Asset-heavy, recycling-focused circular materials platform with multi-year capex build-out in pyrolysis and plastics
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 388 | 451 | 461 | 550 | 535 |
| EBITDA (ex other income) | 23 | 25 | 48 | 68 | 39 |
| margin % | 6.0 | 5.5 | 10.5 | 12.4 | 7.3 |
| Owners' profit | 6 | 14 | 23 | 31 | 3 |
| EPS, as reported (₹) | 43.20 | 104.61 | 169.78 | 57.57 | 6.04 |
| ROE % · ROCE % | 4.2 · 6.5 | 9.5 · 11.7 | 13.6 · 18.3 | 16.0 · 21.5 | 1.8 · 8.1 |
| Debt / equity (x) | 0.73 | 0.60 | 0.68 | 0.76 | 1.16 |
| Cash from operations | 2 | 25 | 27 | 45 | 30 |
| Capex | (24) | (30) | (57) | (66) | (46) |
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 | 132 | 132 | 160 | 124 | 132 | 135 | 145 | 157 |
| Profit before tax | 4 | 6 | 26 | 3 | 3 | 1 | 0 | 8 |
| Net profit | 3 | 4 | 19 | 2 | 2 | 1 | (1) | 4 |
| EPS (₹) | 4.70 | 8.22 | 36.46 | 3.28 | 3.67 | 1.60 | (2.51) | 7.87 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| a) Reclaim Rubber | 387 | 72.2 |
| b) Others | 60 | 11.3 |
| Reclaim Rubber | 104 | 19.5 |
| Others | 20 | 3.7 |
| Total, before eliminations | 571 | 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. % |
|---|---|---|---|---|---|---|---|---|
| APCOTEX INDUSTRIES LIMITE | 2,986 | 18.5 | 4.81 | — | 16.3 | 19.6 | — | 22.8 |
| PIX TRANSMISSIONS LIMITED | 2,375 | 18.0 | 3.41 | 13.5 | 15.3 | 19.2 | 7.8 | 49.0 |
| TINNA RUBBER AND INFR LTD | 1,609 | 25.7 | 5.36 | 18.1 | 17.6 | 20.1 | 33.2 | 22.1 |
| GRP LIMITED ◆ | 970 | 171.0 | 5.44 | 28.3 | 1.8 | 2.9 | 13.9 | 11.1 |
| RUBFILA INTERNATIONAL LTD | 337 | 12.8 | 1.09 | 6.8 | 8.6 | 10.9 | 13.3 | 8.1 |
| HARRISON MALAYALAM LTD | 317 | 11.7 | 1.78 | 8.7 | 16.3 | 10.1 | 3.6 | 7.1 |
| AMEENJI RUBBER LIMITED | 314 | 39.7 | — | — | — | 11.2 | — | — |
| ELGI RUBBER CO. LTD | 269 | — | 3.55 | — | (317.4) | (143.8) | 1.3 | 79.5 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 171.0 | 17.3 | 10 of 10 | 0% |
| P/B | 5.4 | 3.0 | 10 of 10 | 0% |
| ROCE | 2.9 | 10.9 | 10 of 11 | 10% |
| ROE | 1.8 | 15.1 | 9 of 10 | 11% |
| Debt / Equity | 1.2 | 0.4 | 8 of 10 | 22% |
| EBITDA margin | 11.1 | 16.9 | 7 of 10 | 33% |
| Revenue growth | 26.7 | 22.8 | 4 of 9 | 63% |
| Profit growth | 140.2 | 75.2 | 3 of 9 | 75% |
| Market cap | 970 | 317 | 4 of 11 | 70% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 6 Oct 2026 · Routine compliance certificate for securities dematerialisation | compliance | minimal | — | — |
| 30 Sept 2026 · Trading window closed from Oct 1, 2026 till 48 hours after Q2 results | compliance | minimal | — | — |
| 12 Aug 2026 · GRP Limited completes 26.43% stake acquisition in BECIS Solar 5 | strategic transactions | medium | — | — |
| 30 Jul 2026 · GRP Limited Q1 FY27 earnings call transcript filed with exchanges | investor communications | medium | — | — |
| 30 Jul 2026 · GRP Q1 FY27 earnings call filed; 26% revenue growth, 60% EBITDA rise | investor communications | medium | — | — |
| 27 Jul 2026 · GRP shares audio recording link of Q1FY27 earnings call | investor communications | low | — | — |
| 25 Jul 2026 · Newspaper publication of Q1 FY27 unaudited financial results | compliance | minimal | — | — |
| 24 Jul 2026 · GRP Q1 FY27 results: Revenue up 26%, EBITDA up 60%, margins expand 233 bps | investor communications | medium | — | — |
| 24 Jul 2026 · GRP Limited Q1 FY27 results: income up 26%, PAT up 140% YoY | investor communications | medium | — | — |
| 23 Jul 2026 · GRP Limited Q1 FY27 results: revenue up 30%, PAT up 48% YoY | results | high | — | — |
How to read this document
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|---|---|---|
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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.