GRCL
Gayatri Rubbers financials
- Market cap
- ₹331 Cr
- Sector
- Capital Goods
- Calls analysed
- 1
Gayatri Rubbers Q4 FY26
What went well
- Total income grew to ₹41.82 crores, a 30.85% YoY increase from ₹31.96 crores in FY25.
- Profit after tax (PAT) nearly doubled to ₹5.59 crores.
- EBITDA margins significantly expanded by 629 bps to 21.11% in FY26, up from 14.8% in FY25.
What to watch
- Experienced increased expenses and inventory pile-up due to a carbon shortage, though sulfur shortage was not an issue.
- Inability to pass through increased costs to Indian Railways for existing tenders due to fixed pricing for 2-6 month periods.
What Gayatri Rubbers does
Gayatri Rubbers and Chemicals manufactures extruded and moulded rubber profiles, EPDM/silicone gaskets, fire-retardant seals, sponge rubber and PVC profiles across two plants in Faridabad, Haryana. It is a direct, Class-1 status supplier to Indian Railways (rubber pads, gaskets, fire-retardant neoprene parts, UIC vestibule mountings and decoupling flooring) and a single-source vendor of neoprene rubber components to smart-meter makers Genus Power and HPL Power. It also supplies aluminium-window rubber profiles to dealers of Nalco, Jindal and Banco, and automotive rubber parts (windshield seals, wheel-arch rubber, boot seals) to the secondary vehicle market and via contracts linked to Tata Motors (through MSRTC) and KSRTC.
Segments
- Railways
- Industrial
- Architectural
- Automotive
- Manufacturing plants
- 2 (Plant 1 & Plant 2, Faridabad, Haryana)
- Railway coach product coverage
- 65 of 75 rubber products used in a single railway coach
- Plant 1 installed capacity
- ~200 MTPM (metric tonnes/month), operating at ~80% utilization
- Plant 2 annual production capacity
- Decoupling rubber flooring: ~3-3.5 lakh pieces; UIC Vestibule sets: 15,000 sets (3 pcs/set)
- Railway zones served
- All 19 Indian Railway zones plus ICF, MCF and RCF
- Named product lines
- 16+ across Railways, Industrial, Architectural and Automotive segments
Guidance record · Q4 FY26
what the last two calls moved 9 tracked 0 delivered 0 missed 9 open- Total Revenue open said Q4 FY26 Promised: ₹70-75 crore in revenue by FY28 Q4 FY26: Target set by management, backed by increased promoter stake to 74.06%.
All 9 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q4 FY26: revenue up 79.6%, net profit up 210.5% against the same quarter last year.
| Line item | Q2 FY23 | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11 | 11 | 11 | 14 | 14 +21% | 18 +67% | 17 +61% | 24 +80% |
| EBITDA | 1 | 1 | 1 | 2 | 2 +165% | 3 +201% | 4 +291% | 5 +181% |
| Net profit | 0 | 1 | 1 | 1 | 1 +243% | 2 +187% | 3 +331% | 3 +211% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +48.1% 1Y
1Y: ₹390 on 10 Sept 2025 → ₹577.5. High ₹629.2 (13 Jul 2026), low ₹306.85 (22 Jan 2026).
How the price took the results
close before → close after
- Q4 FY26
- +5.0%
- 5 May
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Balance sheet
| Year ending | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity capital | ₹4 Cr | ₹6 Cr | ₹6 Cr | ₹6 Cr | ₹6 Cr |
| Reserves | ₹0 Cr | ₹4 Cr | ₹6 Cr | ₹11 Cr | ₹14 Cr |
| Borrowings | ₹2 Cr | ₹0 Cr | ₹1 Cr | ₹7 Cr | ₹7 Cr |
| Other liabilities | ₹3 Cr | ₹1 Cr | ₹1 Cr | ₹5 Cr | ₹5 Cr |
| Total liabilities | ₹9 Cr | ₹11 Cr | ₹13 Cr | ₹28 Cr | ₹32 Cr |
| Fixed assets | ₹1 Cr | ₹1 Cr | ₹2 Cr | ₹3 Cr | ₹5 Cr |
| Capital work in progress | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹8 Cr | ₹9 Cr | ₹11 Cr | ₹25 Cr | ₹26 Cr |
| Total assets | ₹9 Cr | ₹11 Cr | ₹13 Cr | ₹28 Cr | ₹32 Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Mar 2026
Since Mar 2025, promoters added +0.66 pp while the public trimmed −0.66 pp. The shareholder count grew 15% to 224.
- Promoters
- 74.0%
- Public
- 26.0%
Since Mar 2025
- Promoters +0.66 pp
- Public −0.66 pp
How it drifted, 7 quarters
Ownership split by quarter, oldest first. Mar '23: Promoters 73.4%, Public 26.6%.Sep '23: Promoters 73.4%, Public 26.6%.Mar '24: Promoters 73.4%, Public 26.6%.Sep '24: Promoters 73.4%, Public 26.6%.Mar '25: Promoters 73.4%, Public 26.6%.Sep '25: Promoters 73.6%, Public 26.4%.Mar '26: Promoters 74.0%, Public 26.0%.
Who bought this quarter
since Sep 2025
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Shilp Chotai +0.30 pp 18.09% held
- Utsav Rajendra Chotai +0.17 pp 17.77% held
The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Mar 2026 filing
Every holder of Gayatri Rubbers above SEBI's 1% disclosure line, and what changed since Sep 2025.
| Holder | Stake | Change |
|---|---|---|
| Manoj Kumar Aggarwal | 37.47% | unchanged |
| Shilp Chotai | 18.09% | +0.30 pp |
| Utsav Rajendra Chotai | 17.77% | +0.17 pp |
| Sushil Kumar Verma | 2.44% | unchanged |
| Nitin Kumar Verma | 2.33% | unchanged |
| Manjula Bhanu Chauhan | 1.75% | unchanged |
| Parveen Kumar Agarwal | 1.56% | unchanged |
| Aditya Sharma | 1.05% | unchanged |
| Manjulaben Pravinbhai Dabhi | 1.01% | unchanged |
| Chotai Sonal Shilp | 0.17% | unchanged |
| Gitaben Rajendra Chotai | 0.17% | unchanged |
| Rajendra Vallabhadas Chotai | 0.17% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
What the price assumes
- Growth the price implies
- 25.2% a year
- for 7 years, fading to 4%
- It has actually compounded at
- Not enough history
- The gap
- —
- between what it did and what it must do
Learn to analyse Gayatri Rubbers
Guides on how to read this kind of business and the numbers that matter.