GRP Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Reclaim Rubber: 85.8% • Others: 14.2%
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Latest quarter profit grew 140.2% YoY, showing strong momentum
- Company has consistently been profitable over the last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.79x)
- Company has been maintaining a healthy dividend payout of 58.0%
- Company has a consistent dividend-paying track record
CONS
- Recent results are weak - TTM profit is down 86.6% versus prior year
- A large part of profit comes from other income (33.2% of PBT)
- Interest coverage is weak at 1.5x - earnings barely cover interest
- Free cash flow has been persistently negative
- Valuation is stretched - P/E of 182.5 is well above its own 5-year median (48.3)
- Total debt has risen sharply - up 41.2% year on year
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| APCOTEXIND | 600.65 | 80.82 | 3114.07 | 1.33 | 78.94 | 312.00 | 525.63 | 39.89 | 20.12 | 22.28 |
| PIXTRANS | 1720.60 | 17.79 | 2344.35 | 0.52 | 52.75 | 89.33 | 149.25 | 22.80 | 21.86 | 30.59 |
| TINNARUBR | 1034.65 | 30.22 | 1864.00 | 0.31 | 20.57 | 75.16 | 156.18 | 19.89 | 22.76 | 21.82 |
| GRPLTD | 1940.10 | 182.46 | 1034.72 | 0.18 | 4.20 | 140.16 | 156.83 | 26.73 | 6.33 | 10.78 |
| RUBFILA | 68.04 | 14.35 | 369.24 | 2.94 | 5.80 | -13.26 | 133.49 | -7.89 | 14.13 | 6.99 |
| HARRMALAYA | 186.90 | 12.73 | 344.93 | 0.00 | 3.93 | -34.03 | 124.92 | 7.26 | 11.38 | 4.55 |
| ELGIRUBCO | 58.48 | 0.00 | 292.69 | 0.00 | 40.85 | 2797.95 | 70.09 | -18.10 | -49.96 | 3.73 |
| SAMPANN | 24.24 | 17.69 | 123.89 | 0.00 | 2.05 | 12.24 | 41.70 | 27.62 | 6.01 | 10.99 |
| SOMICONVEY | 93.09 | 24.80 | 109.66 | 0.00 | 5.96 | 395.02 | 156.18 | 495.13 | 10.35 | 9.60 |
| TREADS | — | — | — | — | — | — | — | — | 24.53 | — |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 99 | 114 | 110 | 138 | 126 | 132 | 132 | 160 | 124 | 132 | 135 | 145 | 157 | |
| 93 | 103 | 99 | 115 | 113 | 122 | 120 | 127 | 114 | 122 | 124 | 136 | 149 | |
| Operating Profit | 7 | 11 | 10 | 23 | 13 | 10 | 13 | 33 | 10 | 11 | 11 | 9 | 8 |
| OPM % | 6.56% | 9.68% | 9.50% | 16.46% | 10.12% | 7.44% | 9.56% | 20.49% | 8.02% | 8.02% | 7.98% | 6.19% | 5.07% |
| 1 | 0 | 0 | -2 | 0 | 0 | 0 | 0 | 1 | 1 | -1 | 0 | 0 | |
| Interest | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 3 | 3 | 4 | 4 | 4 | 4 |
| Depreciation | 3 | 3 | 3 | 3 | 4 | 4 | 4 | 4 | 4 | 5 | 5 | 5 | 5 |
| Profit before Tax | 2 | 7 | 6 | 15 | 7 | 4 | 6 | 26 | 3 | 3 | 1 | 0 | 8 |
| Tax % | 20.24% | 29.47% | 24.52% | 23.96% | 40.36% | 35.73% | 27.48% | 24.29% | 45.65% | 40.96% | 20.56% | 397.78% | 50.10% |
| Net Profit | 0 | 0 | 0 | 0 | 4 | 3 | 4 | 19 | 2 | 2 | 1 | -1 | 4 |
| 14.74 | 8.79 | 8.08 | 21.89 | 8.19 | 4.70 | 8.22 | 36.46 | 3.28 | 3.67 | 1.60 | -2.51 | 7.87 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 304 | 300 | 357 | 349 | 280 | 388 | 451 | 461 | 550 | 535 | 568 | |
| 278 | 282 | 336 | 336 | 266 | 373 | 430 | 415 | 486 | 495 | 530 | |
| Operating Profit | 26 | 18 | 21 | 12 | 14 | 16 | 21 | 46 | 64 | 40 | 38 |
| OPM % | 8.58% | 6.00% | 5.96% | 3.54% | 4.85% | 3.99% | 4.64% | 10.00% | 11.62% | 7.52% | 6.73% |
| 3 | 2 | 5 | 7 | 5 | 9 | 13 | 4 | 5 | 1 | 1 | |
| Interest | 4 | 4 | 5 | 8 | 5 | 5 | 6 | 7 | 10 | 15 | 15 |
| Depreciation | 14 | 14 | 13 | 14 | 13 | 12 | 13 | 12 | 16 | 19 | 19 |
| Profit before Tax | 11 | 1 | 7 | -2 | 1 | 7 | 15 | 30 | 43 | 8 | 13 |
| Tax % | 35.72% | 197.75% | 26.16% | 231.64% | -126.93% | 22.58% | 8.86% | 25.00% | 28.49% | 60.05% | 57.23% |
| Net Profit | 7 | -1 | 5 | 3 | 2 | 6 | 14 | 23 | 31 | 3 | 6 |
| EPS | 51.32 | -5.64 | 39.95 | 22.26 | 12.52 | 43.20 | 104.61 | 169.78 | 57.57 | 6.04 | — |
| Dividend Payout % | 19.49% | -22.17% | 20.02% | 24.71% | 19.97% | 20.83% | 16.25% | 22.09% | 25.19% | 57.96% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 5%
- 5 Years:
- 14%
- 3 Years:
- 6%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- -9%
- 5 Years:
- 14%
- 3 Years:
- -39%
STOCK PRICE CAGR
- 10 Years:
- 19%
- 5 Years:
- 52%
- 3 Years:
- 26%
- 1 Year:
- -8%
RETURN ON EQUITY
- 10 Years:
- 6%
- 5 Years:
- 9%
- 3 Years:
- 11%
- Last Year:
- 2%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 5 | 5 |
| 125 | 123 | 128 | 126 | 130 | 135 | 146 | 165 | 186 | 171 | |
| 67 | 57 | 65 | 86 | 72 | 100 | 89 | 102 | 134 | 197 | |
| Trade Payables | 21 | 16 | 22 | 23 | 16 | 25 | 15 | 24 | 28 | 29 |
| 54 | 36 | 34 | 32 | 29 | 37 | 38 | 56 | 66 | 62 | |
| Total Liabilities | 269 | 233 | 250 | 269 | 248 | 299 | 290 | 349 | 420 | 465 |
| 134 | 125 | 121 | 121 | 109 | 121 | 102 | 159 | 181 | 226 | |
| Capital Work in Progress | 2 | 2 | 1 | 1 | 2 | 0 | 11 | 1 | 27 | 6 |
| 1 | 1 | 1 | 1 | 0 | 15 | 16 | 2 | 2 | 14 | |
| 46 | 34 | 35 | 47 | 43 | 53 | 46 | 49 | 53 | 52 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 106 | 101 | 109 | |
| Cash & Bank | 1 | 1 | 5 | 8 | 14 | 0 | 1 | 0 | 1 | 1 |
| 85 | 70 | 88 | 90 | 80 | 109 | 114 | 32 | 54 | 58 | |
| Total Assets | 269 | 233 | 250 | 269 | 248 | 299 | 290 | 349 | 420 | 465 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 23 | 22 | 11 | 8 | 25 | 4 | 29 | 27 | 45 | 30 | |
| Cash from Investing | -16 | -7 | -9 | -11 | 1 | -38 | -5 | -42 | -61 | -56 |
| Cash from Financing | -6 | -15 | 4 | 8 | -20 | 23 | -19 | 15 | 16 | 26 |
| -1 | 1 | 3 | 4 | 5 | -13 | 0 | -0 | -1 | -1 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-12 - GRP Limited has informed the Exchange about completion of Acquisition
2026-07-30 - GRP Limited has informed the Exchange about Transcript
2026-07-27 - GRP Limited has informed the Exchange about Link of Recording
2026-07-25 - GRP Limited has informed the Exchange about Copy of Newspaper Publication
2026-07-24 - GRP Limited has informed the Exchange about Investor Presentation
2026-07-23 - GRP Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-23 - GRP Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on July 23, 2026
2026-07-20 - GRP Limited has informed the Exchange about Schedule of meet
2026-07-16 - Corrigendum to the Annual Report of the Company for Financial Year 2025-26.
News
Recent coverage and analyst commentary for GRPLTD
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GRP Ltd.
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