Company Overview

GRP Limited (Scrip Code: 509152) submitted its Investor Presentation for Q2 FY 2027 to BSE Limited and National Stock Exchange of India Limited pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015. The document date is 28th October, 2026.

Performance Highlights - Q2 FY27 (Consolidated)

Financial Performance:

  • Revenue: ₹1,723 Mn, up 30% YoY from ₹1,324 Mn in Q2FY26
  • Other Income: ₹4 Mn (₹8 Mn in Q2FY26)
  • Total Revenue: ₹1,727 Mn, up 30% YoY from ₹1,331 Mn
  • Cost of Goods Sold: ₹936 Mn (₹651 Mn in Q2FY26)
  • Gross Profit: ₹791 Mn, up 16% YoY from ₹680 Mn
  • Gross Profit Margin: 46% (51% in Q2FY26)
  • Employee Cost: ₹164 Mn (₹160 Mn in Q2FY26)
  • Other Expenses: ₹444 Mn (₹407 Mn in Q2FY26)
  • EBITDA: ₹182 Mn, up 60% YoY from ₹114 Mn
  • EBITDA Margin: 11% (9% in Q2FY26)
  • Depreciation: ₹52 Mn (₹45 Mn in Q2FY26)
  • Finance Cost: ₹42 Mn (₹35 Mn in Q2FY26)
  • PBT Before Exceptional Item & Tax: ₹89 Mn, up 167% YoY from ₹33 Mn
  • Tax: ₹25 Mn (₹14 Mn in Q2FY26)
  • Profit After Tax (PAT): ₹64 Mn, up 226% YoY from ₹20 Mn
  • PAT Margin: 4% (1% in Q2FY26)

Performance Highlights - H1 FY27 (Consolidated)

Financial Performance:

  • Revenue: ₹3,292 Mn, up 29% YoY from ₹2,561 Mn in H1FY26
  • Other Income: ₹8 Mn (₹17 Mn in H1FY26)
  • Total Revenue: ₹3,300 Mn, up 28% YoY from ₹2,578 Mn
  • Cost of Goods Sold: ₹1,750 Mn (₹1,274 Mn in H1FY26)
  • Gross Profit: ₹1,550 Mn, up 19% YoY from ₹1,304 Mn
  • Gross Profit Margin: 47% (51% in H1FY26)
  • Employee Cost: ₹331 Mn (₹309 Mn in H1FY26)
  • Other Expenses: ₹864 Mn (₹773 Mn in H1FY26)
  • EBITDA: ₹356 Mn, up 60% YoY from ₹222 Mn
  • EBITDA Margin: 11% (9% in H1FY26)
  • Depreciation: ₹102 Mn (₹88 Mn in H1FY26)
  • Finance Cost: ₹81 Mn (₹69 Mn in H1FY26)
  • PBT Before Exceptional Item & Tax: ₹173 Mn, up 164% YoY from ₹65 Mn
  • Tax: ₹67 Mn (₹28 Mn in H1FY26)
  • Profit After Tax (PAT): ₹106 Mn, up 185% YoY from ₹37 Mn
  • PAT Margin: 3% (1% in H1FY26)

Key Operational Highlights

Revenue Growth Drivers:

  • Consolidated operating revenue grew 29% YoY in H1 FY27
  • Driven by 24% volume growth and 4% increase in selling prices
  • Rubber Recycling business H1 revenue grew 30% YoY to ₹2,963 Mn
  • Domestic revenue growth of 40% and export growth of 22%
  • Plastics recycling revenue grew 38% YoY with EBITDA increasing 11 percentage points

EPR Income:

  • EPR income stood at ₹11.51 Cr in H1 FY27
  • Includes ₹1.49 Cr from Pyrova Energy, which began availing EPR benefits in Q2 FY27 following registration

Renewable Energy Initiatives:

  • Generated savings of ₹3.46 Cr in H1 FY27
  • Gujarat solar project commenced generation in late September 2026
  • Expected to deliver additional annual savings of ₹3-4 Cr upon completion of Phase 2

Pyrova Energy Investment:

  • Investment stood at ₹114 Cr as of Q2 FY27 end
  • Operations are stabilising month on month
  • Profitability expected to improve as operations scale up

Working Capital Management:

  • Proactive cash flow planning and disciplined working capital management
  • Reduced working capital cycle by 11 days

Capacity Expansion and Growth Initiatives

Pyrova Energy Phased Growth:

  • Phase 1 (Oct 2025): Commissioned India's largest single-line continuous reactor of 15KTPA; Commissioned Integrated Crumb Rubber Facility
  • Phase 2 (Under commissioning through Mar 2027): Setting up recovered Carbon Black facility at Solapur; Capacity enhancement of Tyre Pyrolysis plant to 45KTPA
  • Phase 3 (Under planning, to be commissioned through Dec 2027): Set-up integrated facility for Crumb Rubber, Tyre Pyrolysis Oil and rCB in Gujarat

Material Streams from Pyrolysis:

  • Tyre Pyrolysis Oil (TPO): For petrochemicals as feedstock
  • Recovered Carbon Black (rCB): For tyre manufacturing, pigments, plastics
  • Recovered Steel Wire: For steel industry

Capacity Expansion Targets:

  • Reclaim Rubber: Expansion from ~88KTA to 110KTA between FY27-FY30
  • EOL tire processing: Expansion from ~39KTA to 130KTA between FY27-FY30
  • Engineering Plastics: Capacity expansion using alternate feedstock materials

Balance Sheet Position (as of September 2026)

Liabilities:

  • Equity Share Capital: ₹53 Mn (unchanged from March 2026)
  • Other Equity: ₹1,844 Mn (₹1,730 Mn in March 2026)
  • Total Equity: ₹1,898 Mn (₹1,784 Mn in March 2026)
  • Non-Current Liabilities: ₹1,108 Mn (₹1,043 Mn in March 2026)
  • Current Liabilities: ₹1,887 Mn (₹1,792 Mn in March 2026)
  • Total Equity & Liabilities: ₹4,892 Mn (₹4,618 Mn in March 2026)

Assets:

  • Non-Current Assets: ₹2,667 Mn (₹2,437 Mn in March 2026)
  • Property, Plant and Equipment: ₹2,095 Mn (₹2,109 Mn in March 2026)
  • Capital work in progress: ₹238 Mn (₹58 Mn in March 2026)
  • Current Assets: ₹2,225 Mn (₹2,181 Mn in March 2026)
  • Inventories: ₹573 Mn (₹518 Mn in March 2026)
  • Trade receivables: ₹1,098 Mn (₹1,094 Mn in March 2026)
  • Cash & cash equivalents: ₹2 Mn (₹5 Mn in March 2026)

Management Commentary

Mr. Harsh Gandhi, Managing Director, commented on the strong revenue growth and continuing profitability momentum. He noted resilient domestic tyre demand and export growth, though raw material costs continued to pressure gross margins. The company achieved EcoVadis Gold rating, placing it among top 5% of companies assessed worldwide for sustainability performance. Priorities remain focused on strengthening procurement resilience, enhancing operational efficiencies, and driving technology-led improvements.

Dividend History

Dividend payout as percentage of PAT:

  • FY22: 20.83%
  • FY23: 16.25%
  • FY24: 22.09%
  • FY25: 25.18%
  • FY26: 57.95% (considered Adjusted PAT on account of impact of labour code)