Quarterly Financial Highlights (Consolidated)

Q2 FY27 Performance (Figures in ₹ Crore):

  • Revenue from Operations: ₹452.6
  • Other Income: ₹0.8
  • Total Income: ₹453.4 (21.9% increase YoY from ₹372.1 in Q2 FY26)
  • EBITDA: ₹31.8 (30.2% increase YoY)
  • EBITDA Margin: 7.0% (vs. 6.6% in Q2 FY26)
  • Profit Before Tax (PBT): ₹25.2 (35.5% increase YoY)
  • Tax Expense: ₹6.4
  • Profit After Tax (PAT): ₹18.8 (27.1% increase YoY from ₹14.8)
  • PAT Margin: 4.1% (vs. 4.0% in Q2 FY26)
  • Cash Profit: ₹19.8

H1 FY27 Performance (Figures in ₹ Crore):

  • Revenue from Operations: ₹879.2
  • Other Income: ₹1.2
  • Total Income: ₹880.4 (24.6% increase YoY from ₹706.5 in H1 FY26)
  • EBITDA: ₹67.9 (21.0% increase YoY)
  • EBITDA Margin: 7.7% (vs. 7.9% in H1 FY26)
  • Profit Before Tax (PBT): ₹55.1 (25.3% increase YoY)
  • Tax Expense: ₹14.9
  • Profit After Tax (PAT): ₹40.2 (18.6% increase YoY from ₹33.9)
  • PAT Margin: 4.6% (vs. 4.8% in H1 FY26)
  • Cash Profit: ₹42.2

Company Overview & Historical Context

GRM Overseas has a legacy dating back to 1974, starting as a rice trader and evolving into a prominent food FMCG player. Key operational metrics include:

  • Annual rice production capacity: 4,40,800 MT
  • Presence in 55+ countries
  • FY26 Total Income: ₹1,805.9 Cr
  • FY26 Return on Equity: 12.6%
  • FY26 Return on Capital Employed: 20.2%
  • FY26 Debt-to-Equity: 0.6x
  • Long-term Credit Rating: A (Stable) from Acuité

The business is structured into two main segments:

1. India Business (10X brand): Focused on domestic FMCG market (Rice, Atta, Oil, Besan, Maida, Poha, Sooji, Dalia)

2. International Business: Basmati rice exports through private labels (95% of revenue) and own brands Himalaya River and Tanoush (5% of revenue)

Strategic Roadmap & FY28 Vision

The company has set a target to achieve ₹3,500 Cr in revenue by FY28, with a projected revenue mix of 57% from India business and 43% from international business.

India Business Growth Strategy (Target: ₹2,000 Cr by FY28, 2.7x from FY26's ₹740 Cr):

  • Penetrate aggressively into the packaged foods industry
  • Launch ready-to-eat and ready-to-cook products
  • Acquire new-age, margin-accretive businesses in niche segments

International Business Growth Strategy (Target: ₹1,500 Cr by FY28, 1.8x from FY26's ₹854 Cr):

  • Grow sustainably in existing markets through private labels
  • Expand own brands into newer markets via distributor partnerships

India Business Details

Growth Levers:

1. Scaled existing products under 10X; now building a house of brands

2. Funds available at disposal to fuel growth

3. Robust distribution network: 176 distributors, 103,000+ touch points (kirana stores)

4. Diverse product range from staples to coffee

5. Strong marketing initiatives with Salman Khan as brand ambassador

6. Favorable industry tailwinds

House of Brands Strategy:

  • 10X Core Staples: Rice, Atta, Oil, Besan, Maida
  • 10X Farms (Proof over Poetry): Organic honey, A2 desi cow ghee, Sattu flour, Khapli atta
  • 10X Ventures: Digital-first platform for acquisitions (Ticket sizes: ₹20-40 Cr; Phase-1 investment plan: ₹200 Cr)

Funding & Investments:

  • Raised ₹136.5 Cr from prominent investors and promoters through share warrants issued on a preferential basis
  • Objectives: Inorganic growth, expanding product range, operational efficiencies
  • First 10X Ventures Investment: Acquired 44% stake in Swmabhan Commerce Pvt Ltd (parent of Rage Coffee)

International Business Details

  • Among the top 5 basmati rice exporters globally
  • Export markets: 55+ countries, with strong presence in MENA region
  • Recent orders: Government agency in Oman and Al-Naqeeb Group in Yemen
  • Brand expansion: "Tanoush" expanded to Georgia, Chile, and Morocco; 10X brand launched in 12 international markets

Historical Financials (Consolidated)

P&L Trend (₹ Crore):

| Fiscal Year | Revenue Ops | Total Income | EBITDA | PAT |

| FY23 | 1,379.5 | 1,392.2 | 111.0 | 62.9|

| FY24 | 1,312.4 | 1,345.0 | 104.7 | 60.7|

| FY25 | 1,348.2 | 1,374.2 | 105.6 | 61.2|

| FY26 | 1,796.2 | 1,805.9 | 127.0 | 76.0|

Balance Sheet (₹ Crore) as of September 30, 2026:

  • Equity & Liabilities: Total ₹1,013.6 Cr
  • Shareholders' Funds: ₹645.7 Cr (Equity Share Capital: ₹41.4 Cr; Other Equity: ₹599.6 Cr; Non-controlling Interest: ₹4.7 Cr)
  • Non-current Liabilities: ₹6.7 Cr
  • Current Liabilities: ₹361.2 Cr (Short-term Borrowings: ₹282.8 Cr)
  • Assets: Total ₹1,013.6 Cr
  • Non-current Assets: ₹75.3 Cr
  • Current Assets: ₹938.3 Cr (Inventories: ₹370.5 Cr; Trade Receivables: ₹452.8 Cr; Cash & Bank: ₹74.8 Cr)

Additional Information

  • The presentation includes standard safe harbor statements regarding forward-looking information
  • For further information, contact Sachin Narang (Company Secretary & Compliance Officer) or IR advisors at Ernst & Young LLP