GRP Ltd(GRPLTD)

NSE: GRPLTDBSE: 509152

₹ 1,681-5.45%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 897 crWebsite: www.grpweb.comUpdated: 24 Oct 2026

About

GRP Ltd recycles end-of-life tyres into reclaim rubber, custom die forms and, through Pyrova Energy, pyrolysis products. It also runs engineering plastics, recycled polyolefin and windmill operations. Reported revenue was 535.33 in FY26, and the Reclaim Rubber segment accounted for 93.2% of revenue in FY26.^[1][2]

Business segments

From Q1 FY27, operations are grouped into two segments: Rubber Recycling (Reclaim Rubber, Custom Die Forms, Pyrova Energy) and Others (Engineering Plastics, Windmill, residual Polymer Composite).^[3]
Reclaim Rubber: Rs 499.04 Cr revenue, 93.2% of revenue, EBIT margin 11.0% in FY26, versus revenue of ₹42,470 lakhs in FY25.^[2][4]
Others: Rs 82.28 Cr revenue, 15.4% share, EBIT margin -2.6% in FY26, versus revenue of ₹6,211 lakhs in FY25.^[2][4]
Rubber Recycling segment revenue was INR1,437 Mn in Q1 FY27, up 34% YoY on a standalone basis.^[3]

Operations and capacity

Reclaim rubber capacity is about 88 KTA, and crumb/TPO/rCB capacity about 39 KTA, as stated in the Q4 FY26 call.^[5]
A continuous pyrolysis line at Solapur was commissioned in October 2025. It is India's largest single-line 15 KTPA reactor and is integrated with the reclaim rubber facility.^[5]
Pyrolysis plant utilisation was above 85% monthly in Q4 FY26. In July 2026 it achieved a 25-day continuous run, the industry threshold.^[5]
In FY26, 38% of reclaim capacity moved to a new devulcanisation process, saving about 5% on power. A second line was planned by end-Q1 FY27, taking capacity to about 700 tons/month from about 350.^[5]
Utilisation was about 87% for reclaim rubber in Q3 FY26, versus about 50% each for Engineering Plastics and Custom Die Forms.^[6]
Renewable energy supplied about 48% of standalone power consumption in FY26, up from 37% in FY25.^[3]

Key operating numbers

Consolidated volumes grew 24% YoY in Q1 FY27, and realisations improved 5%.^[3]
Reclaim rubber volumes grew 12% YoY in Q1 FY27, and reclaim export volumes grew 20% YoY.^[3]
Engineering Plastics volumes grew 27% YoY in Q1 FY27, after 23% volume growth in FY25.^[3][4]
In FY26, reclaim export volumes fell about 15% and domestic volumes grew nearly 10%. Domestic margins are 200-250 bps below export margins.^[5]
EPR income was INR 202 Mn in FY26, compared with INR 434 Mn in FY25.^[5]

Customers and markets

Reclaim rubber volume rose 8% in FY25, with an export market share of 35%.^[4]
In FY25, more than 90% of Polymer Composite and Custom Die Forms output went to the United States.^[4]
Volumes to key North American customers fell nearly 40% YoY in Q3 FY26 because of US tariffs. US tariffs on Indian imports were later cut from a potential 50% to about 18%.^[6]
Domestic reclaim rubber revenue grew 27% YoY in Q3 FY26 and 17% for 9M FY26, driven by a focus on non-tyre applications.^[6]
Pyrolysis oil and char are sold to the cement and steel industries. Pyrolysis oil is being validated for use in industrial furnaces.^[6]

Expansion and capex

The rCB plant is expected to be commissioned by October 2026, with meaningful revenue expected from Q4 FY27. Cumulative Pyrova capex was about INR91 crores as of Q1 FY27.^[3]
Pyrova Phase 1b (rCB plus pyrolysis expanded to 45 KTPA, with 12 KT of rCB) is targeted for full commissioning by February 2027.^[5]
An integrated Phase 3 facility in Gujarat (crumb, pyrolysis and rCB) is targeted by October 2027 and will add 30,000 tons of pyrolysis capacity in FY2028.^[5]
FY27 growth capex of INR90-100 crores is planned, mainly for Pyrova pyrolysis and the rCB plant.^[3]
Planned capacity growth for FY27-FY30: reclaim rubber from about 88 KTA to 110 KTA, and crumb/TPO/rCB from about 39 KTA to 130 KTA.^[5]
Under a solar PPA with BECIS Solar, GRP invested about INR 3 crores for 26% of the SPV. The project was expected to commission by July 2026.^[6]
The Board approved raising up to EUR 15 million through an external commercial borrowing from French development institution Proparco (FY25 annual report).^[4]

Recent developments

The Polymer Composite contract manufacturing business was permanently shut after US tariffs. This led to an INR 79 lakh write-off in Q4 FY26.^[5]
Commissioning of the rCB facility was deferred from March-April 2026 to August 2026, and later to October 2026.^[6]
Full pass-through of raw material costs took effect in pricing from April 2026.^[5]

Market Cap

₹897 Cr

High / Low

₹2,300 / 1,500

Stock P/E

169.1

Price / Book

5.4

Book Value

₹334

EPS

₹6.0

No. of Shares

0.53 Cr

ROCE

6.7%

ROE

1.7%

OPM

4.5%

Debt / Equity

1.16

Sales

₹535 Cr

Net Profit

₹3 Cr

Promoter holding

40.0%

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GRP Ltd(GRPLTD)

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Expansion and capex

Recent developments

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