GRP Ltd Q1 FY27 Results: Profit up 48% on 30% revenue

Results announcement and why it matters

GRP Limited reported a sharp year-on-year improvement in profitability for the quarter ended June 30, 2026 (Q1 FY27), supported by higher revenue and a stronger segment performance in rubber recycling. The Board of Directors approved the unaudited standalone and consolidated results at its meeting held on July 23, 2026. The results were subjected to a limited review by statutory auditors Rajendra & Co. under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

For investors tracking companies linked to domestic manufacturing and recycling, GRP’s numbers are notable because the core segment continues to contribute the bulk of revenue, and the quarter also marked a recovery from the preceding period’s consolidated loss.

Standalone performance: revenue and profit move higher

On a standalone basis, GRP’s net profit rose 48% year-on-year to ₹4.82 crore in Q1 FY27, compared with ₹3.25 crore in Q1 FY26. Revenue from operations increased to ₹155.65 crore from ₹119.22 crore, a rise of about 30.5% year-on-year. Profit before tax (PBT) for the standalone entity increased to ₹8.83 crore from ₹4.71 crore.

The company reported basic EPS of ₹9.04 in Q1 FY27 versus ₹6.10 in Q1 FY26, reflecting the improved profitability. Standalone total comprehensive income stood at ₹5.79 crore, compared with a comprehensive loss of ₹1.62 crore in the corresponding quarter last year.

Consolidated performance: profit rises from a low base

On a consolidated basis, profit for the period was ₹4.20 crore in Q1 FY27, up from ₹1.75 crore in Q1 FY26. Consolidated revenue from operations rose to ₹156.83 crore from ₹123.75 crore. Consolidated PBT increased to ₹8.41 crore from ₹3.22 crore, and basic EPS was reported at ₹7.87 versus ₹3.28 a year earlier.

The quarter also marked a turnaround from the preceding quarter, where the consolidated entity reported a loss of ₹1.34 crore. That sequential context is important for investors who track earnings volatility and its effect on valuation multiples.

Rubber recycling remains the key revenue driver

GRP’s business continues to be driven primarily by its Rubber Recycling segment. In Q1 FY27, rubber recycling contributed ₹154.39 crore to gross revenue. The segment result (before tax and interest) was ₹19.23 crore, up from ₹11.24 crore in Q1 FY26.

The company also reports an ‘Others’ segment. For Q1 FY27, ‘Others’ recorded revenue of ₹14.39 crore and a segment result of ₹2.22 crore, as per the segment disclosure.

Preview expectations versus actual outcome

Ahead of the results, a preview note referenced a trailing-growth framework projecting GRP’s Q1 FY27 revenue in a range of ₹116 crore to ₹134 crore and profit after tax of ₹1 crore (shown as a tight range). The same material cited a current market price (CMP) of ₹1,890, a market capitalisation of ₹989 crore, and a 12-month target range of ₹1,650 to ₹1,896 (Uniresearch estimate), while describing the P/E multiple as “not meaningful.”

Against that context, the reported Q1 FY27 revenue from operations of ₹155.65 crore (standalone) and ₹156.83 crore (consolidated) came in well above the preview’s revenue band, while reported profitability was also stronger than the preview’s PAT figure.

Corporate actions: ESOS grant and disclosure policy update

During the quarter, GRP granted an additional 52,530 stock options under the second tranche of its Employees Stock Option Scheme (ESOS-2024) to eligible employees. The options have an exercise price of ₹1,756 per option and will vest over a maximum period of four years, subject to specified conditions. The company had previously reserved 160,000 equity shares for this scheme.

The Board also updated its Policy for Determining Materiality of Events/Information, clarifying which Key Managerial Personnel are authorised for disclosures.

AGM updates and near-term investor calendar

GRP held its 52nd Annual General Meeting on July 23, 2026, where it adopted the audited financial statements for the year ended March 31, 2026. The AGM also approved a dividend of ₹3.50 per share for FY 2025-26.

Separately, the company scheduled its Q1 FY27 earnings conference call for July 27, 2026 at 3:00 PM IST, with participation referenced from the Managing Director Harsh Gandhi and CFO Shilpa Mehta.

Key numbers table (₹ crore unless stated)

Market snapshot and what investors may watch next

A market snapshot in the provided material cited GRP’s current price at ₹1,828.20. Another reference point in the preview note placed the stock at ₹1,890 and described valuation as “not meaningful” on P/E due to earnings volatility.

With Q1 FY27 results now out, investor focus typically shifts to management commentary on demand trends, segment momentum in rubber recycling, and operational factors that could influence volumes and mix. The scheduled earnings call on July 27, 2026 is the next confirmed event on the calendar where the company is expected to discuss operational and financial performance.

Conclusion

GRP Limited delivered a stronger Q1 FY27, led by a 48% rise in standalone net profit to ₹4.82 crore and a 30% increase in standalone revenue from operations to ₹155.65 crore. Consolidated profit also rose sharply year-on-year to ₹4.20 crore, alongside higher consolidated revenue. The company’s disclosures indicate rubber recycling remained the principal contributor to revenue and segment results during the quarter. The next key milestone is the Q1 FY27 earnings call scheduled for July 27, 2026, which should provide additional operational context.