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.