GRM Overseas Limited India business grows 53% in H1 FY27

In H1 FY27, GRM's India business revenue rose 53% year on year to ₹381 crore, ahead of the international business's 16% increase, while consolidated total income grew 24.6% to ₹880.4 crore. International business nevertheless generated ₹494 crore, ₹113 crore above India's ₹381 crore.

How did GRM’s India and international businesses perform in H1 FY27?

GRM’s India business increased revenue by ₹133 crore to ₹381 crore in H1 FY27, while its international business added ₹69 crore to reach ₹494 crore. The India business grew 53% from ₹248 crore in H1 FY26, compared with 16% growth from ₹425 crore for international business. International business therefore remained the larger revenue stream in the reported mix, but the gap narrowed by ₹64 crore over the year.

India grew 37 percentage points faster than international business in H1 FY27. GRM identifies its domestic offering through the 10X range, which includes rice, atta, edible oil, besan, maida, poha, sooji and dalia, while the company says its products reach more than 55 countries.

What drove GRM’s consolidated income growth in H1 FY27?

GRM reported consolidated revenue from operations of ₹879.2 crore in H1 FY27, up from ₹689.2 crore in H1 FY26, an increase of ₹190 crore. Total income was ₹880.4 crore, up 24.6% from ₹706.5 crore, with the difference between revenue from operations and total income reflecting ₹1.2 crore of other income in H1 FY27.

The reported revenue mix rose by a combined ₹202 crore, from ₹673 crore in H1 FY26 to ₹875 crore in H1 FY27. That increase was larger than the ₹173.9 crore rise in total income because other income declined to ₹1.2 crore from ₹17.3 crore. GRM’s presentation says total income includes other operating income and other income, while the profit-and-loss statement separately reports other income.

Did GRM’s profit growth keep pace with revenue in H1 FY27?

GRM’s earnings before interest, tax, depreciation and amortisation, or EBITDA, increased 21.0% to ₹67.9 crore in H1 FY27, while profit after tax rose 18.6% to ₹40.2 crore. Both earnings measures increased in rupee terms, but their margins were below the prior-year levels as revenue and total income grew faster than the corresponding profit measures.

EBITDA margin was 7.7% in H1 FY27, compared with 7.9% in H1 FY26, a reduction of 0.2 percentage points. Profit after tax margin moved to 4.6% from 4.8%, while finance cost rose to ₹10.8 crore from ₹10.5 crore and tax expense increased to ₹14.9 crore from ₹10.1 crore. GRM states that EBITDA includes other operating income and other income.

Did GRM’s India business grow faster in Q2 FY27 too?

GRM’s India business also grew faster by percentage in Q2 FY27, rising 37% year on year to ₹171 crore versus 25% growth in international business to ₹279 crore. India revenue increased by ₹46 crore from ₹125 crore, whereas international revenue increased by ₹56 crore from ₹223 crore, meaning the India business had the higher percentage rate but the smaller absolute addition in the quarter.

At the consolidated level, Q2 FY27 total income increased 21.9% to ₹453.4 crore from ₹372.1 crore, and EBITDA rose 30.2% to ₹31.8 crore. The quarterly EBITDA margin improved to 7.0% from 6.6%, while profit after tax rose 27.1% to ₹18.8 crore and its margin was 4.1%, compared with 4.0% in Q2 FY26.

Q2 FY27 revenue from operations was ₹452.6 crore, up from ₹362.4 crore, while other income was ₹0.8 crore compared with ₹9.7 crore a year earlier. This matched the H1 pattern in which operating revenue rose while other income was lower than in the comparable period. Cash profit in Q2 FY27 was ₹19.8 crore, against ₹15.5 crore in Q2 FY26.

Conclusion

GRM’s H1 FY27 figures show that the India business became the faster-growing part of the reported revenue mix, adding ₹133 crore and growing 53%, against a ₹69 crore increase and 16% growth in international business. International business still generated ₹494 crore, ahead of the India business’s ₹381 crore, while consolidated total income, EBITDA and profit after tax reached ₹880.4 crore, ₹67.9 crore and ₹40.2 crore, respectively.

The presentation gives no revenue target, segment-level profitability measure or scheduled event after H1 FY27. The next reported period will therefore show whether the India business can extend its 53% H1 FY27 growth while EBITDA margin, at 7.7% versus 7.9% a year earlier, changes; this remains an unresolved reporting point rather than management guidance.