GRPLTD

GRP share price & financials

Gujarat-origin integrated polymer-recycling company turning end-of-life tyres, plastics and industrial waste into reclaim rubber, crumb rubber, tyre pyrolysis oil/rCB, engineering plastics and custom die-formed rubber parts.

Price: ₹1,905
Market cap: ₹1.1k Cr
Sector: Capital Goods
Calls analysed: 7

Latest concall · Q1 FY27 · call held 27 Jul 2026

GRP Q1 FY27

EBITDA 174 million +60%EBITDA Margin 11% PAT 42 million +100%Gross Margin 48.3%

What went well

Consolidated total income grew 26% YoY to INR1,573 million.
EBITDA rose 60% to INR174 million, with margin expanding 233 bps to 11%.
Profit after tax more than doubled to INR42 million.

What to watch

Raw material costs rose sharply during the quarter.
Polymer composite business permanently shut down due to tariffs.

Read the full call →

What GRP does

GRP processes end-of-life tyres, tubes, tyre cord, fishnet and post-industrial rubber/textile waste into reclaim rubber and crumb rubber, and (via its Pyrova Energy platform) into tyre pyrolysis oil (TPO), recovered carbon black (rCB) and recovered steel wire, sold to tyre makers, rubber-product manufacturers and industrial customers. It also manufactures custom die-formed rubber components, engineering plastics (Polyamide 6 compounds) and repurposed polyolefin (ICPP) compounds for automotive and industrial applications. Manufacturing is spread across plants in Gujarat and Maharashtra, with raw material sourced through a wide vendor network across Indian states and import markets, and finished products sold both domestically and exported to global tyre and rubber-product makers.

Segments

Reclaim Rubber
Crumb Rubber & Tyre Pyrolysis (branded 'Pyrova Energy')
Engineering Plastics
Custom Die Forms
Repurposed Polyolefins
Polymer Composite

Manufacturing locations: 5 plants (Ankleshwar, Panoli, Solapur, Indore, Dahej) across Gujarat & Maharashtra
Total installed capacity: 1,22,000+ MTPA across Reclaim Rubber, Crumb Rubber, Engineering Plastics, Repurposed Polyolefins and Custom Die Forms
Reclaim Rubber capacity: 75,600 MTA
Crumb Rubber capacity: 31,875 MTA
Engineering Plastics capacity: 6,000 MTA
Employees: 900+

Founded 1974Headquarters Mumbai, Maharashtra Company website

Guidance record · Q1 FY27

what the last two calls moved 21 tracked 1 delivered 4 missed 16 open

Renewable Energy Sourcing delivered said Q4 FY25 Promised: Internal target to take up our energy from renewable sources to closer to 50%. Q1 FY27: Reached 48% in FY26. Management states target of 50% will be reached in FY27, well ahead of the original FY28 timeline.
H2 FY26 EBITDA Margin missed said Q2 FY26 Promised: EBITDA level improvement anywhere between 200 to 250 basis points for H2. Q1 FY27: No new update; target period has passed.
Recovered Carbon Black (RCB) Plant revised up said Q4 FY25 Promised: Set up and commissioned by Q4 of this fiscal (FY26). Q1 FY27: Timeline accelerated. Commissioning now expected by October 2026, ahead of the previous Feb 2027 estimate.

All 21 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 26.7%, net profit up 140.0% against the same quarter last year.

₹ Cr · quarterly

Line item	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
Revenue	132	132	160	124	132 +1%	135 +2%	145 −10%	157 +27%
Expenses	122	120	127	114	122	124	136	140
EBITDA	10	13	33	10	11 +8%	11 −15%	9 −73%	17 +70%
Margin	7%	10%	20%	8%	8%	8%	6%	11%
Other income	0	0	0	1	1	-1	1	0
Interest	2	3	3	3	4	4	4	4
Depreciation	4	4	4	4	5	5	5	5
Profit before tax	4	6	26	3	3 −15%	1 −82%	0 −98%	8 +161%
Tax rate	35%	27%	24%	46%	41%	21%	400%	50%
Net profit	3	4	19	2	2 −22%	1 −81%	-1 −107%	4 +140%
EPS	4.71	8.21	36.47	3.28	3.68	1.59	-2.51	7.88

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 −8.3% 1Y

1Y: ₹2,099.1 on 10 Sept 2025 → ₹1,925.1. High ₹2,300.4 (24 Sept 2025), low ₹1,542.4 (19 May 2026).

How the price took the results

close before → close after

Q1 FY27: +0.7%; 27 Jul
Q4 FY26: −11.5%; 18 May
Q3 FY26: −0.4%; 13 Feb
Q2 FY26: −1.9%; 14 Nov

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.

Financials, as filed

Revenue grew 5.9% a year over 3 years, FY23 to FY26. Operating margin widened to 7.5%.

Year ending	FY23	FY24	FY25	FY26
Revenue	₹451 Cr	₹461 Cr	₹550 Cr	₹535 Cr
Operating profit	₹25 Cr	₹51 Cr	₹68 Cr	₹40 Cr
Operating margin	5.5%	11.0%	12.4%	7.5%
Interest	₹7 Cr	₹7 Cr	₹10 Cr	₹15 Cr
Depreciation	₹13 Cr	₹12 Cr	₹16 Cr	₹19 Cr
Net profit	₹14 Cr	₹23 Cr	₹31 Cr	₹3 Cr
Net margin	3.1%	4.9%	5.6%	0.6%
Cash from operations	₹25 Cr	₹27 Cr	₹45 Cr	₹30 Cr
Free cash flow	₹13 Cr	₹-30 Cr	₹-18 Cr	₹-16 Cr
ROCE	9.0%	15.0%	18.0%	7.0%

How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year ending	FY21	FY22	FY23	FY24	FY25	FY26
Equity capital	₹1 Cr	₹1 Cr	₹1 Cr	₹1 Cr	₹5 Cr	₹5 Cr
Reserves	₹130 Cr	₹135 Cr	₹146 Cr	₹165 Cr	₹176 Cr	₹173 Cr
Borrowings	₹72 Cr	₹101 Cr	₹89 Cr	₹113 Cr	₹204 Cr	₹208 Cr
Other liabilities	₹44 Cr	₹59 Cr	₹50 Cr	₹63 Cr	₹68 Cr	₹76 Cr
Total liabilities	₹248 Cr	₹296 Cr	₹287 Cr	₹342 Cr	₹453 Cr	₹462 Cr
Fixed assets	₹110 Cr	₹122 Cr	₹103 Cr	₹160 Cr	₹218 Cr	₹227 Cr
Capital work in progress	₹2 Cr	₹0 Cr	₹11 Cr	₹1 Cr	₹9 Cr	₹6 Cr
Investments	₹0 Cr	₹15 Cr	₹16 Cr	₹2 Cr	₹24 Cr	₹14 Cr
Other assets	₹135 Cr	₹158 Cr	₹156 Cr	₹180 Cr	₹201 Cr	₹216 Cr
Total assets	₹248 Cr	₹296 Cr	₹287 Cr	₹342 Cr	₹453 Cr	₹462 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.

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse GRP

Guides on how to read this kind of business and the numbers that matter.