Gayatri Rubbers and Chemicals Ltd(GRCL)

NSE: GRCL

₹ 575-1.71%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 330 crUpdated: 24 Oct 2026

About

Gayatri Rubbers and Chemicals Ltd makes rubber, polymer and PVC-based products for the automotive, infrastructure, railway, defence and architecture sectors. It runs two manufacturing facilities in Faridabad, Haryana. Revenue was 41.79 Cr in FY26. The company is a listed SME and its listing ceremony was held on 7 February 2023.^[1][2][3]

Business segments

Railway: about 55% of revenue in FY26, with an EBITDA margin of about 35%.^[2]
Smart meter components: about 20% of revenue in FY26, with an EBITDA margin of about 30%.^[2]
Architectural and auto: EBITDA margin of 15-20% in FY26. The architectural order book ran at ₹50-70 lakh a month.^[2]

Products

Products include extruded and moulded rubber profiles, EPDM and silicone gaskets, fire-retardant seals, sponge rubbers, PVC profiles and parts for smart energy meters (FY25).^[1]
The company also sells rubber compounds to other rubber product makers and to OEMs (FY25).^[1]
GRCL supplies 65 of the 75 rubber products used in a railway coach (FY26).^[2]
It launched fire-retardant silicone mobile holders for railway coaches, at 72 units per coach, which it ties to the Vande Bharat and Amrit Bharat programmes.^[4]
For smart meters, it supplies a specialised 3mm fire-retardant neoprene rubber (FY26).^[2]

Operations and capacity

Plant 1 in Faridabad has a capacity of 200 MT/month. It produced 160 MT/month (80% utilisation) as of FY26, up from 70 MT/month in 2023.^[4]
Plant 2 makes railway decoupling rubber flooring and UIC vestibule mountings. It ran at 30% utilisation as of FY26 and can handle up to ₹60 Cr of orders at peak.^[4]
Plant 2 has only developmental-stage RDSO approval, which caps its share of each tender at 20%. Management expects regular-supplier status in about 12 months, as stated on the Q4 FY26 call.^[2]
The company has an integrated production setup with in-house compounding. It sources neoprene from MVPL Kolkata and I SMC Pvt Ltd, Ahmedabad (FY25).^[1]
The company had 59 employees, including directors, in FY25.^[1]

Customers and distribution

GRCL is the sole supplier of neoprene rubber parts for smart meters to Genus Power and HPL Power, with agreements running to 2030 (FY26).^[2]
The smart meter business has an average annual order book of ₹12 Cr (FY26).^[4]
In railway tenders, its rates are 20-25% above competitors. It holds a 92% vendor rating, against 50-70% for peers (FY26).^[2]
Customers include Motherson Sumi, Ashok Leyland, Tata Motors, Piaggio, NALCO and Jindal. It holds contracts with Indian Railways and metro systems (FY25).^[1]
Products are sold across India, mainly to the aluminium and automotive sectors (FY25).^[1]
To reduce reliance on Genus and HPL, the company is pursuing Secure Meters and Adani as new smart meter customers.^[2]

Expansion plans

Management plans to raise Plant 1 utilisation from 80% to 90-95% by adding labour shifts, with no new capex.^[2]
Plant 2 is targeted at 70-80% utilisation in 1.5-2 years and ₹25-30 Cr of revenue in FY27.^[2][4]
The company plans to enter the EPDM bridge pad market within 6-8 months and to start making T-shaped rubber for solar panels in FY27.^[4]
Exports are planned from 2027, helped by the India-EU FTA removing a 6.5% tariff. Food-grade seals for the dairy industry that meet EU standards are in R&D.^[4]
Groundwork for a Plant 3 will start once the current plants reach full capacity.^[4]
The company is expanding into aerospace components and drone parts (FY25).^[1]

Recent developments

In March 2026, GRCL won a ₹1.2 Cr order from BEML for rubber gaskets, which gives it a BEML vendor code.^[4]
The promoter stake was raised to 74.06%, as reported on the Q4 FY26 call.^[2]

Market Cap

₹330 Cr

High / Low

₹629 / 307

Stock P/E

58.5

Price / Book

16.6

Book Value

₹34

EPS

₹9.7

No. of Shares

0.57 Cr

ROCE

37.8%

ROE

33.1%

OPM

19.6%

Debt / Equity

0.35

Sales

₹42 Cr

Net Profit

₹6 Cr

Promoter holding

74.0%

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