GRP Ltd

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GRP Ltd

₹ 1,956 -0.73%
11 Nov - close price
grrpl.com; www.grpweb.com BSE: 509152 NSE: GRPLTD
About

GRP Ltd, established in 1974, is a manufacturer of reclaimed rubber from used tyres, upscaled polyamide from nylon waste and engineered products die-cut from end-of- life tyres. [1]

Key Points

Business Verticals:
a) Reclaim Rubber:[1]
GRP's core business involves recycling
end-of-life tyres, tubes, and rubber waste
into reclaimed rubber. It supplies 8 of the
top 10 global tyre manufacturers, with newer downstream technologies accounting for approximately 35% of sales volume and delivering 2–3% overall cost savings.
b) Pyrova Energy:[2]
Pyrova Energy is GRP's new growth vertical, recovering crumb rubber, tyre pyrolysis oil (TPO), recovered carbon black (rCB) and steel from end-of-life tyres. Its 15 KTPA continuous reactor has been commissioned, with capacity targeted to increase to 45 KTPA by March 2027. The 15 KTA rCB facility is expected to be commissioned by the end of Q3 FY27.
c) Engineering Plastics:[3][4]
The company recycles high-performance plastics such as PA6, PA66 and PBT, catering
to automotive, electrical and consumer goods applications. Products include engine covers, battery housings, connectors and cable ties.
d) Custom Die Forms:[5]
This division manufactures precision rubber and polymer components for industrial safety, noise reduction and equipment protection. Its products include vibration pads, noise-absorbing mats, industrial bumpers and specialised blades, serving agriculture, logistics, aviation, marine,
oil & gas and heavy machinery industries.
e) Repurposed Polyolefins:[3]
These vertical converts recycled
polypropylene and elastomeric
materials into value-added plastic
compounds, including TPE-PP
elastomers and filled polypropylene
compounds.
These products cater to automotive
interiors, packaging and household
applications, with EPR-driven recycled-
content regulations expected to support
demand growth.

Website BSE NSE
  • Market Cap ₹ 1,048 Cr.
  • Current Price ₹ 1,956
  • High / Low ₹ 2,240 / 1,500
  • Stock P/E 93.0
  • Book Value ₹ 356
  • Dividend Yield 0.18 %
  • ROCE 6.94 %
  • ROE 2.48 %
  • Face Value ₹ 10.0
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Pros

  • Company has been maintaining a healthy dividend payout of 35.0%

Cons

  • Stock is trading at 5.50 times its book value
  • Company has a low return on equity of 11.6% over last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Industrials Capital Goods Industrial Products Rubber

Part of BSE Industrials

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024 Mar 2025 Jun 2025 Sep 2025 Dec 2025 Mar 2026 Jun 2026 Sep 2026
114.41 109.69 137.94 126.20 131.65 132.26 160.34 123.75 132.36 134.71 144.52 156.83 172.34
103.33 99.27 115.22 113.42 121.85 119.62 127.49 113.82 121.74 123.97 135.59 139.93 154.49
Operating Profit 11.08 10.42 22.72 12.78 9.80 12.64 32.85 9.93 10.62 10.74 8.93 16.90 17.85
OPM % 9.68% 9.50% 16.47% 10.13% 7.44% 9.56% 20.49% 8.02% 8.02% 7.97% 6.18% 10.78% 10.36%
0.43 0.48 -2.23 0.47 0.24 0.40 0.25 0.93 0.78 -0.92 0.50 0.46 0.37
Interest 1.88 1.91 1.69 2.10 2.18 2.94 3.25 3.39 3.54 3.86 4.00 3.96 4.16
Depreciation 2.98 3.28 3.44 3.83 3.97 4.05 4.16 4.25 4.54 4.89 4.98 4.99 5.20
Profit before tax 6.65 5.71 15.36 7.32 3.89 6.05 25.69 3.22 3.32 1.07 0.45 8.41 8.86
Tax % 29.32% 24.52% 23.96% 40.30% 35.48% 27.44% 24.29% 45.65% 40.96% 20.56% 400.00% 50.06% 28.10%
4.69 4.31 11.67 4.37 2.51 4.38 19.45 1.75 1.96 0.85 -1.34 4.20 6.38
EPS in Rs 8.85 8.13 22.02 8.25 4.71 8.21 36.47 3.28 3.68 1.59 -2.51 7.88 11.96
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 TTM
339 315 304 300 357 349 280 388 451 461 550 535 608
317 286 278 281 332 330 263 364 426 411 482 494 554
Operating Profit 22 29 26 18 25 19 17 24 25 51 69 41 54
OPM % 7% 9% 9% 6% 7% 5% 6% 6% 6% 11% 13% 8% 9%
8 -0 3 1 0 1 2 0 10 -1 1 0 0
Interest 5 4 4 4 5 8 5 5 6 7 10 15 16
Depreciation 15 14 14 14 13 14 13 12 13 12 16 19 20
Profit before tax 11 10 11 1 7 -2 1 7 15 30 43 8 19
Tax % 19% 24% 35% 197% 26% -232% -127% 23% 9% 25% 28% 60%
9 8 7 -1 5 3 2 6 14 23 31 3 10
EPS in Rs 16.74 14.92 13.00 -1.42 10.06 5.60 3.15 10.87 26.32 42.72 57.56 6.04 18.92
Dividend Payout % 17% 17% 19% -22% 20% 25% 20% 21% 16% 22% 25% 58%
Compounded Sales Growth
10 Years: 5%
5 Years: 14%
3 Years: 6%
TTM: 11%
Compounded Profit Growth
10 Years: -6%
5 Years: 45%
3 Years: -30%
TTM: -59%
Stock Price CAGR
10 Years: 18%
5 Years: 52%
3 Years: 27%
1 Year: -2%
Return on Equity
10 Years: 7%
5 Years: 10%
3 Years: 12%
Last Year: 2%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026 Sep 2026
Equity Capital 1 1 1 1 1 1 1 1 1 1 5 5 5
Reserves 111 118 125 123 128 126 130 135 146 165 186 173 184
67 68 67 57 65 86 72 101 89 113 147 208 220
53 50 51 48 52 56 44 59 50 63 74 76 79
Total Liabilities 233 237 244 230 247 269 248 296 287 342 412 462 489
130 132 134 126 122 122 110 122 103 160 182 227 225
CWIP 6 2 2 2 1 2 2 0 11 1 27 6 24
Investments 1 1 1 1 1 1 0 15 16 2 2 14 8
97 102 107 100 123 144 135 158 156 180 201 216 232
Total Assets 233 237 244 230 247 269 248 296 287 342 412 462 489

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
32 18 21 22 8 7 25 2 25 27 45 30
-8 -13 -16 -7 -9 -11 1 -38 -5 -42 -61 -56
-24 -5 -6 -15 4 8 -20 23 -19 15 18 26
Net Cash Flow -1 0 -2 1 3 4 5 -13 0 -0 1 -1
Free Cash Flow 23 5 5 15 -0 -4 25 -22 13 -30 -18 -16
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit 150% 72% 90% 122% 45% 43% 148% 16% 116% 63% 76% 96%

Ratios

Consolidated / View Standalone

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Debtor Days 54 63 58 63 67 68 83 81 57 84 67 75
Inventory Days 62 82 121 91 74 100 117 107 81 86 77 69
Days Payable 42 46 42 42 46 50 43 50 27 42 41 38
Cash Conversion Cycle 74 99 137 112 95 118 158 138 111 127 103 105
Working Capital Days 3 10 22 22 22 21 46 38 37 27 18 17
ROCE % 8% 8% 8% 3% 6% 3% 2% 6% 9% 15% 18% 7%

Insights

In beta
Mar 2018 Mar 2019 Mar 2020 Mar 2022 Mar 2023 Mar 2024 Mar 2025 Mar 2026
Number of Countries of Presence
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Number of Customers
count
Reclaim Rubber Installed Capacity
MT
Total Installed Capacity
MT
Number of Vendors
count
EPR Credit Income
Rs Mn
Crumb Rubber Installed Capacity
MT

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
40.36% 40.36% 40.30% 40.29% 40.18% 40.06% 40.06% 40.06% 40.06% 40.06% 40.05% 40.05%
0.00% 0.00% 0.00% 0.05% 0.01% 0.05% 0.03% 0.02% 0.02% 0.05% 0.02% 0.01%
0.00% 0.00% 0.00% 0.00% 0.38% 0.38% 0.38% 0.00% 0.00% 0.00% 0.00% 0.28%
59.64% 59.64% 59.69% 59.66% 59.44% 59.53% 59.53% 59.93% 59.93% 59.90% 59.93% 59.66%
No. of Shareholders 2,9453,1513,8949,0978,4948,2378,3578,7958,5588,0467,9327,653

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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