Overview

Detailed Summary

GRP Limited is an integrated polymer and tyre-recycling company converting end-of-life tyres and plastics into reclaim rubber, crumb rubber, pyrolysis products, recovered carbon black and engineering plastics, operating across five verticals with manufacturing at multiple Indian sites and exports to 55+ countries. The business supplies major tyre OEMs and serves both tyre and non-tyre applications globally.
The company is in an active scale-up phase: management disclosed up to Rs.250 crore capex (Phase 1: Rs.150 crore) to expand crumb, pyrolysis and plastic recycling capabilities, with Rs.76 crore already spent and partial funding via a PROPARCO ECB. This capex materially changes GRP’s downstream product exposure and future revenue mix as plants ramp to commercialization.
Q3FY26 showed resilient top-line stability (total income Rs.1,352 million, +2% YoY) but material margin pressure driven by input cost inflation, lower export realizations due to prior US tariffs and early-stage costs from pyrolysis stabilization; EBITDA and PAT contracted meaningfully; management expects tariff normalization and capacity stabilization to underpin recovery over the coming quarters.
GRP is monetizing regulatory tailwinds: the company has already accrued EPR income (Rs.4.54 crore in Q3; Rs.13.56 crore YTD) and highlights EPR conversion factors for reclaim, crumb and pyrolysis streams. Combined with recent ISCC+/GRS certifications and an active roadmap on renewable energy, GRP is positioning to capture structural demand from sustainability and producer responsibility regulations.

Sector: Plantation & Plantation Products
Industry: Rubber - Products
Market Cap: 958 Cr
Volatility: Moderate Risk
P/E Ratio: 40.4
Industry P/E: 27.4
PEG Ratio: 2.4
P/B Ratio: 5.3
52W High: 3,215.00
52W Low: 1,500.00

Sales CAGR

1Y: 19.31%
3Y: 11.58%
5Y: 9.31%
10Y: 6.43%

Profit CAGR

1Y: 35.60%
3Y: 87.05%
5Y: 66.06%
10Y: 18.83%

ROE

TTM: 15.20%
3Y: 13.30%
5Y: 9.66%
10Y: 6.93%

ROCE

TTM: 13.34%
3Y: 17.62%
5Y: 13.25%
10Y: 10.38%

Technicals

‌

Forecasts

Unlock Premium Features

Analyst Target, Price, EPS and Revenue Projections

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
TINNARUBR	643.00	1,154 Cr	23.48	4.25	0.59	15.94	18.36	10.50
GRPLTD	1818.00	958 Cr	40.39	5.29	0.81	15.20	13.34	5.30
IIRM	85.95	579 Cr	30.26	3.99	0.00	12.34	16.45	9.13
INTLCONV	75.70	478 Cr	6.22	1.22	1.00	17.31	17.50	13.83
RUBFILA	64.25	350 Cr	12.05	1.15	3.10	9.40	12.57	7.83
HARRMALAYA	183.05	338 Cr	13.40	2.05	0.00	17.43	14.98	5.02
VRWODAR	88.35	255 Cr	-166.70	5.59	0.00	—	—	0.00

Financial Statements

AI Powered Summary

Discover detailed, AI-driven financial summaries that break down key metrics, trends, and insights—empowering you to make smarter investment decisions.

Ask AI

Consolidated Quarterly Results (in ₹ Crores)

View Standalone

Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	114	110	138	126	132	132	160	124	132	135
Expenses	103	99	115	113	122	120	128	114	122	124
Operating Profit	11	10	23	13	9.81	13	33	9.93	11	11
OPM %	9.68	9.50	16.46	10.12	7.45	9.56	20.48	8.02	8.02	7.98
Other Income	0.43	0.48	-2.23	0.47	0.24	0.40	0.25	0.93	0.78	-0.92
Interest	1.88	1.91	1.69	2.10	2.18	2.94	3.25	3.39	3.54	3.86
Depreciation	2.98	3.28	3.44	3.83	3.97	4.05	4.16	4.25	4.54	4.89
Profit Before Tax	6.65	5.71	15	7.31	3.89	6.04	26	3.22	3.32	1.07
Tax %	29.47	24.52	23.96	40.36	35.73	27.48	24.29	45.65	40.96	20.56
Net Profit	4.69	4.31	12	4.37	2.51	4.38	19	1.75	1.96	0.85
EPS in Rs	8.79	8.09	21.89	8.19	4.70	8.22	36.46	3.28	3.67	1.60

Consolidated Profit Loss (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	316	315	377	367	297	412	480	494	591	548
Expenses	278	281	332	330	263	365	426	411	482	483
Operating Profit	38	34	45	37	35	47	54	84	108	65
OPM %	12.01	10.85	11.91	10.20	11.62	11.31	11.17	16.94	18.31	11.90
Other Income	2.69	0.21	-0.11	0.64	1.87	1.16	9.52	-0.79	1.36	1.82
Interest	3.83	4.44	4.73	8.18	5.40	4.51	6.50	7.28	10	12
Depreciation	14	14	13	14	13	12	13	12	16	16
Profit Before Tax	11	0.77	7.21	-2.25	0.74	7.44	15	30	43	39
Tax %	35.31	197.75	26.16	231.64	-126.93	22.58	8.86	25.00	28.49	27.68
Net Profit	6.89	-0.75	5.33	2.97	1.67	5.76	14	23	31	28
EPS in Rs	—	—	9.99	5.57	3.13	10.80	26.15	42.45	57.57	45.01
Dividend Payout %	19.35	-22.16	20.03	24.71	19.97	20.83	16.25	22.09	25.19	—

Consolidated Balance Sheet (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	1.33	1.33	1.33	1.33	1.33	1.33	1.33	1.33	1.33	5.33
Reserves	118	125	123	128	126	130	135	146	165	186
Borrowings	56	61	51	62	81	72	101	89	113	147
Other Liabilities	62	56	54	55	61	44	59	50	63	74
Total Liabilities	237	244	230	247	269	248	296	287	342	412
Fixed Assets	132	133	125	121	121	109	121	102	159	181
CWIP	1.96	2.19	2.36	1.09	1.65	1.93	0.14	11	1.05	27
Investments	0.67	2.42	1.95	1.71	1.73	1.22	16	17	2.73	2.59
Other Assets	102	107	100	123	144	135	158	156	180	201
Total Assets	237	244	230	247	269	248	296	287	342	412

Consolidated Cash Flows (in ₹ Crores)

View Standalone

Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	18	21	22	8.41	7.36	25	1.52	25	27	45
Cash from Investing Activity	-13	-16	-6.59	-8.77	-11	0.86	-38	-5.45	-42	-61
Cash from Financing Activity	-4.71	-6.25	-15	3.83	7.66	-20	23	-19	15	18
Net Cash Flow	0.33	-1.60	0.53	3.47	3.84	5.49	-13	0.30	-0.42	1.07

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Aug 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	40.51%	40.41%	40.36%	40.36%	40.30%	40.30%	40.30%	40.19%	40.06%	40.06%	40.06%	40.06%
FIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.03%	0.05%	0.01%	0.05%	0.03%	0.02%	0.02%
DIIs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.38%	0.38%	0.38%	0.00%	0.00%
Public	59.49%	59.59%	59.63%	59.64%	59.69%	59.67%	59.65%	59.43%	59.52%	59.53%	59.92%	59.92%
Total Shareholders	3,074	2,997	2,945	3,151	3,894	7,972	9,097	8,494	8,237	8,357	8,795	8,558

Market Transactions

Unlock Premium Features

Analyst Target, Price, EPS and Revenue Projections

Projection

Unlock Premium Features

Get In-depth insights on EPS and Revenue forecasts

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

Available on Pro Plan