GRP Limited submitted an investor presentation to BSE and NSE pursuant to Regulation 30 of SEBI LODR Regulations, covering unaudited financial results for the quarter ended 30th June 2026.

Performance Highlights Q1FY27

Managing Director Harsh Gandhi commented that FY27 commenced on a strong note with total income of ₹1,573 million, representing 26% year-on-year growth driven by 24% consolidated volume growth and improved realizations. The global tire industry operated in a mixed environment with weakness in OE segment but resilient replacement demand.

Financial Performance

Consolidated Financials (Q1FY27 vs Q1FY26):

  • Total Income: ₹1,573 Mn (26% YoY growth)
  • Cost of Goods Sold: ₹813 Mn vs ₹622 Mn (22% increase)
  • Gross Profit: ₹760 Mn vs ₹624 Mn (60% increase)
  • Gross Profit Margin: 48% vs 50% (2 percentage point decline)
  • Employee Cost: ₹166 Mn vs ₹149 Mn
  • Other Expenses: ₹420 Mn vs ₹367 Mn
  • EBITDA: ₹174 Mn vs ₹109 Mn (60% increase)
  • EBITDA Margin: 11% vs 9% (233 basis point expansion)
  • Depreciation: ₹50 Mn vs ₹42 Mn
  • Finance Cost: ₹40 Mn vs ₹34 Mn
  • PBT Before Exceptional Item & Tax: ₹84 Mn vs ₹32 Mn (161% increase)
  • Tax: ₹42 Mn vs ₹15 Mn
  • Profit After Tax (PAT): ₹42 Mn vs ₹17 Mn (140% increase)
  • PAT Margin: 3% vs 1%

Raw material costs increased 31% due to higher prices of select rubber grades, contributing to the gross margin decline.

Segment Performance

Rubber Recycling Business: Segment revenues grew 34% year-on-year with reclaim rubber volumes increasing 12% supported by 20% growth in export volumes following removal of US tariffs. EPR income stood at ₹49 Mn in Q1FY27 versus ₹46 Mn in Q1FY26.

Other Business (Engineering Plastics, Polymer Composite, Windmill): Maintained stable revenues despite higher comparative base. Engineering Plastics recorded 27% YoY growth in volumes. Repurposed Polyolefins business showed meaningful margin turnaround driven by better realizations and cost management. Plastics business EBITDA margin improved by 14 percentage points year-on-year.

Operational Highlights

Working capital cycle improved by 8 days to 86 days as of 30 June from 31 March through optimized working capital management. Pyrova Energy business stabilized during the quarter following resolution of initial operational issues.

Growth Initiatives and Capacity Expansion

Cumulative capital expenditure under Pyrova Energy reached approximately ₹91 crore as of 30 June 2026. The company is progressing with a phased expansion plan:

Phase 1 (Completed Oct 2025): Commissioned India's largest single-line continuous reactor of 15KTPA and integrated Crumb Rubber Facility.

Phase 2 (Under commissioning through Feb 2027): Setting up recovered Carbon Black (rCB) facility at Solapur and enhancing Tyre Pyrolysis plant capacity to 45KTPA.

Phase 3 (Under planning, to be commissioned through Oct 2027): Setting up integrated facility for Crumb Rubber, Tyre Pyrolysis Oil and rCB in Gujarat.

Capacity expansion targets:

  • Reclaim Rubber: ~88KTA to 110KTA FY27-FY30
  • EOL tire processing: ~39KTA to 130KTA FY27-FY30

Balance Sheet Position (as of March 2026)

Liabilities:

  • Equity Share Capital: ₹53 Mn
  • Other Equity: ₹1,730 Mn
  • Total Equity: ₹1,784 Mn
  • Non-Current Liabilities: ₹1,043 Mn (Borrowings: ₹863 Mn)
  • Current Liabilities: ₹1,792 Mn (Borrowings: ₹1,201 Mn)

Assets:

  • Non-Current Assets: ₹2,437 Mn (Property, Plant and Equipment: ₹2,109 Mn)
  • Current Assets: ₹2,181 Mn (Inventories: ₹518 Mn, Trade Receivables: ₹1,094 Mn)
  • Total Assets: ₹4,618 Mn

The company published its FY 2026 Sustainability Report during the quarter, showcasing progress on ESG priorities and commitment to circular economy.