GRM Overseas Ltd(GRMOVER)

NSE: GRMOVERBSE: 531449

₹ 87.47-3.69%refreshed 23 Oct, 03:50 pm ISTMarket cap: ₹ 1,812 crWebsite: www.grmrice.comUpdated: 24 Oct 2026

About

GRM Overseas Ltd is an Indian basmati rice miller, processor and marketer, selling branded and non-branded rice in domestic and international markets through two segments: Food and Edible Oil. The company reported consolidated revenue of Rs. 1,769.2 Cr in FY26, growing 31.2% year-on-year. GRM is among the top 5 exporters of basmati rice globally and among the largest exporters in the MENA region.^[1][2]

Business segments

Food segment contributed 72.9% of FY26 revenue at Rs. 1,289.03 Cr, with EBIT of Rs. 72.0 Cr (5.6% margin); covers basmati rice milling, processing and branded sales domestically and internationally.^[3]
Edible Oil segment contributed 27.1% of FY26 revenue at Rs. 479.98 Cr, with EBIT of Rs. 0.71 Cr (0.1% margin).^[3]
India Business (operated through subsidiary GRM Foodkraft / 10X brand) reached Rs. 740 Cr revenue in FY26 vs Rs. 58 Cr in FY21, accounting for 46% of FY26 consolidated revenue.^[2]

Products and brands

Core product is basmati rice sold under branded and non-branded formats; the domestic consumer brand is 10X, which generated ~Rs. 150 Cr from 10X Zarda King Rice and ~Rs. 340 Cr from 10X Atta & Oil in FY25.^[4]
International own-brands include Himalaya River and Tanoush, sold in the MENA region and being extended to new markets.^[2]
New sub-brand Faashta is planned to house new-age products including Dosa Mix, Idli Mix, Poha Mix, Uthappam Mix, Upma Mix, Sambhar Mix and Vada Mix, flagged as 'To Be Launched' as of Q3 FY26.^[5]
Ready to Eat and Ready to Cook products are in the pipeline targeting aggressive penetration of packaged foods in India by FY28.^[6]

Operations and capacity

Annual production capacity is 440,800 MT as of FY26/Q1 FY27.^[2][6]
The Company's rice shelling facilities are optimally utilised through the arrangement with subsidiary GRM Foodkraft Private Limited (GFPL), which handles domestic distribution.^[7]
GRM Foodkraft Private Limited (GFPL) is a material subsidiary in which GRM holds 91.48% of paid-up share capital; GFPL had turnover of Rs. 111.95 Cr, PAT of Rs. 3.63 Cr and net worth of Rs. 40.12 Cr in the immediately preceding financial year.^[7]
GRM International Holding Limited (GIHL), a wholly owned UK subsidiary, handles marketing and distribution of basmati rice and food products in the UK and other international markets.^[7]
GRM Foods & Flavours Inc. (GFFI), a wholly owned US step-down subsidiary, is the vehicle through which the Company is commencing direct supply to the United States market.^[7]

Key operating numbers

Q1 FY27 revenue from operations grew 30.5% YoY to Rs. 426.5 Cr vs Rs. 326.8 Cr in Q1 FY26, driven by both domestic (Rs. 116.0 Cr vs Rs. 93.0 Cr) and export (Rs. 215.1 Cr vs Rs. 202.0 Cr) segments.^[6]
Q4 FY26 revenue grew 105% YoY to Rs. 597.2 Cr; full-year FY26 revenue grew 31.2% to Rs. 1,769.2 Cr.^[2]
Q1 FY27 EBITDA margin was 8.4% (Rs. 36.0 Cr), down from 9.5% in Q1 FY26; FY26 full-year EBITDA margin was 7.0%, down from 7.7% in FY25.^[6][2]

Customers and distribution

Domestic distribution network as of Q1 FY27: 176 distributors and 103K+ kirana store touch points.^[6]
International institutional buyers include a government agency in Oman and Al-Naqeeb Group in Yemen, added in Q3 FY26 / Q1 FY27.^[6][5]
The 10X brand has been launched in 12 international countries as of Q1 FY27, extending the domestic brand into the export channel.^[6]
Tanoush brand distributor agreements signed in Georgia, Chile and Morocco, expanding the international own-brand footprint.^[6]
Bollywood actor Salman Khan was onboarded as brand ambassador for the 10X brand in Q2 FY26, with CGI and video ad campaigns launched for 10X Zarda King.^[4]

Expansion and targets

India Business (GRM Foodkraft / 10X brand) targets Rs. 2,000 Cr revenue by FY28.^[6]
International Business targets Rs. 1,500 Cr revenue by FY28, with a goal to grow own-brand contribution beyond the current 5% of international revenue.^[6]
10X Ventures Phase 1: plans to deploy Rs. 200 Cr across digital-first D2C brand acquisitions at Rs. 20 - 40 Cr ticket sizes.^[6]

Recent developments

GRM acquired a 44.1% (single largest) stake in Swambhan Commerce Pvt. Ltd., parent of digital-first coffee brand Rage Coffee (backed by Virat Kohli), as the first investment under 10X Ventures.^[6][8]
In August 2024, GRM allotted 90,70,000 convertible share warrants aggregating Rs. 136.05 Cr to investors and promoters to fund inorganic growth, product expansion and operational efficiencies.^[8][2]
Material related party transactions with subsidiary GRM Foodkraft Private Limited proposed for FY2026-27 at an aggregate value not exceeding Rs. 600 Cr.^[8]
CFO Vedant Garg's remuneration was proposed to increase to Rs. 12.50 lakh per month effective 1 October 2025.^[8]

Market Cap

₹1,812 Cr

High / Low

₹186 / 77

Stock P/E

23.1

Price / Book

3.0

Book Value

₹29

EPS

₹3.6

No. of Shares

20.72 Cr

ROCE

13.8%

ROE

14.5%

OPM

6.8%

Debt / Equity

0.61

Sales

₹1,769 Cr

Net Profit

₹74 Cr

Promoter holding

63.1%

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GRM Overseas Ltd(GRMOVER)

About

Business segments

Products and brands

Operations and capacity

Key operating numbers

Customers and distribution

Expansion and targets

Recent developments

Signal history

The analysis Screener can't give you

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Company data

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