GRP Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Reclaim Rubber: 87.8% • Others: 12.2%
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
- Company has delivered good profit growth of 40.4% CAGR over last 5 years
- Latest quarter profit grew 48.3% YoY, showing strong momentum
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.50x)
- Company has a consistent dividend-paying track record
CONS
- Recent results are weak - TTM profit is down 77.8% versus prior year
- A large part of profit comes from other income (35.9% of PBT)
- Interest coverage is weak at 2.0x - earnings barely cover interest
- Free cash flow has been persistently negative
- Valuation is stretched - P/E of 101.6 is well above its own 5-year median (39.2)
- Total debt has risen sharply - up 46.3% year on year
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| APCOTEXIND | 611.55 | 82.29 | 3170.58 | 1.31 | 78.94 | 312.00 | 525.63 | 39.89 | 20.12 | 22.28 |
| PIXTRANS | 1730.80 | 17.90 | 2358.25 | 0.52 | 52.75 | 89.33 | 149.25 | 22.80 | 21.86 | 30.59 |
| TINNARUBR | 1020.05 | 29.80 | 1837.70 | 0.32 | 20.57 | 75.16 | 156.18 | 19.89 | 22.76 | 21.82 |
| GRPLTD | 2000.00 | 188.09 | 1066.67 | 0.17 | 4.20 | 140.16 | 156.83 | 26.73 | 6.33 | 10.78 |
| RUBFILA | 70.55 | 14.88 | 382.86 | 2.83 | 5.80 | -13.26 | 133.49 | -7.89 | 14.13 | 6.99 |
| HARRMALAYA | 190.50 | 12.97 | 351.58 | 0.00 | 3.93 | -34.03 | 124.92 | 7.26 | 11.38 | 4.55 |
| ELGIRUBCO | 59.12 | 0.00 | 295.90 | 0.00 | 40.85 | 2797.95 | 70.09 | -18.10 | -49.96 | 3.73 |
| SAMPANN | 24.35 | 17.77 | 124.45 | 0.00 | 2.05 | 12.24 | 41.70 | 27.62 | 6.01 | 10.99 |
| SOMICONVEY | 91.06 | 24.26 | 107.27 | 0.00 | 5.96 | 395.02 | 156.18 | 495.13 | 10.35 | 9.60 |
| TREADS | — | — | — | — | — | — | — | — | 24.53 | — |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | 139 | 123 | 127 | 129 | 156 | 119 | 131 | 133 | 143 | 156 | |
| 92 | 103 | 99 | 116 | 109 | 116 | 116 | 122 | 109 | 120 | 122 | 133 | 148 | |
| Operating Profit | 7 | 11 | 11 | 23 | 13 | 11 | 13 | 33 | 10 | 11 | 11 | 10 | 8 |
| OPM % | 6.67% | 9.72% | 9.61% | 16.28% | 10.72% | 8.60% | 10.22% | 21.32% | 8.66% | 8.40% | 8.38% | 6.71% | 4.96% |
| 1 | 1 | 1 | -2 | 1 | 1 | 1 | 1 | 2 | 1 | -0 | 1 | 1 | |
| Interest | 2 | 2 | 2 | 2 | 2 | 2 | 3 | 3 | 3 | 3 | 4 | 4 | 4 |
| Depreciation | 3 | 3 | 3 | 3 | 4 | 4 | 4 | 4 | 4 | 4 | 5 | 5 | 5 |
| Profit before Tax | 3 | 7 | 6 | 15 | 9 | 6 | 8 | 27 | 5 | 5 | 3 | 2 | 9 |
| Tax % | 20.60% | 28.57% | 23.89% | 22.24% | 32.96% | 22.35% | 23.62% | 22.20% | 31.00% | 28.48% | 7.81% | 104.62% | 45.41% |
| Net Profit | 2 | 5 | 5 | 12 | 6 | 5 | 6 | 21 | 3 | 3 | 2 | -0 | 5 |
| 15.86 | 9.29 | 8.66 | 22.55 | 11.19 | 8.93 | 10.91 | 39.96 | 6.10 | 6.36 | 4.42 | -0.15 | 9.04 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 303 | 299 | 357 | 349 | 280 | 388 | 451 | 462 | 534 | 526 | 562 | |
| 277 | 281 | 336 | 337 | 266 | 373 | 430 | 415 | 468 | 484 | 523 | |
| Operating Profit | 27 | 18 | 21 | 12 | 13 | 15 | 21 | 46 | 66 | 42 | 39 |
| OPM % | 8.80% | 6.06% | 5.85% | 3.47% | 4.78% | 3.96% | 4.72% | 10.02% | 12.41% | 7.99% | 7.01% |
| 3 | 2 | 5 | 7 | 5 | 9 | 9 | 5 | 8 | 4 | 3 | |
| Interest | 4 | 4 | 5 | 8 | 5 | 4 | 6 | 8 | 10 | 14 | 15 |
| Depreciation | 14 | 13 | 13 | 13 | 13 | 12 | 12 | 12 | 15 | 18 | 18 |
| Profit before Tax | 12 | 2 | 8 | -2 | 1 | 7 | 12 | 31 | 50 | 14 | 18 |
| Tax % | 30.99% | 60.23% | 22.57% | 233.11% | -140.44% | 22.34% | 11.57% | 23.85% | 24.32% | 35.04% | 41.26% |
| Net Profit | 8 | 1 | 6 | 3 | 2 | 6 | 10 | 24 | 38 | 9 | 10 |
| EPS | 62.76 | 7.37 | 47.86 | 22.49 | 12.27 | 43.39 | 76.71 | 177.84 | 70.99 | 16.74 | — |
| Dividend Payout % | 15.93% | 16.96% | 16.71% | 24.46% | 20.37% | 20.74% | 22.16% | 21.09% | 20.43% | 20.91% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 5%
- 5 Years:
- 13%
- 3 Years:
- 5%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 1%
- 5 Years:
- 40%
- 3 Years:
- -4%
STOCK PRICE CAGR
- 10 Years:
- 19%
- 5 Years:
- 54%
- 3 Years:
- 28%
- 1 Year:
- -3%
RETURN ON EQUITY
- 10 Years:
- 7%
- 5 Years:
- 10%
- 3 Years:
- 13%
- Last Year:
- 5%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 126 | 126 | 132 | 130 | 134 | 139 | 146 | 167 | 194 | 185 | |
| 66 | 56 | 64 | 86 | 71 | 100 | 85 | 99 | 128 | 193 | |
| Trade Payables | 21 | 15 | 22 | 25 | 17 | 26 | 16 | 25 | 29 | 30 |
| 54 | 35 | 34 | 32 | 29 | 37 | 38 | 54 | 62 | 59 | |
| Total Liabilities | 268 | 234 | 253 | 273 | 253 | 304 | 286 | 347 | 418 | 473 |
| 131 | 121 | 118 | 119 | 107 | 119 | 100 | 146 | 163 | 208 | |
| Capital Work in Progress | 2 | 2 | 1 | 1 | 2 | 0 | 5 | 1 | 27 | 6 |
| 1 | 1 | 8 | 8 | 8 | 23 | 21 | 7 | 9 | 26 | |
| 45 | 33 | 34 | 46 | 43 | 53 | 46 | 48 | 50 | 49 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 106 | 102 | 115 | |
| Cash & Bank | 1 | 1 | 5 | 8 | 14 | 0 | 1 | 0 | 1 | 1 |
| 89 | 74 | 87 | 90 | 79 | 108 | 114 | 38 | 66 | 69 | |
| Total Assets | 268 | 234 | 253 | 273 | 253 | 304 | 286 | 347 | 418 | 473 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 24 | 24 | 12 | 8 | 25 | 4 | 30 | 29 | 48 | 29 | |
| Cash from Investing | -17 | -7 | -10 | -12 | 1 | -38 | -3 | -44 | -59 | -59 |
| Cash from Financing | -7 | -15 | 4 | 8 | -20 | 23 | -23 | 15 | 13 | 29 |
| -2 | 1 | 3 | 4 | 5 | -13 | 0 | -0 | 1 | -1 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| 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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