GRP Ltd Q3 FY25 Results & Concall Highlights: Revenue, Margins & Order Book
Published 26 May 2026 | Industrial Products | Market Cap: ₹1.1K Cr
GRP Limited achieved 20% growth in income for Q3 and 9 months of FY25, driven by volume increases in Reclaim and non-Reclaim businesses. GRP Limited reported a 20% growth in income for Q3 and 9 months FY25, driven by volume increases.
From GRP Ltd's Q3 FY25 earnings-call transcript · updated 23 Aug 2026.
Price
₹2,039
Market Cap
₹1.1K Cr
P/E Ratio
153.9
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GRP Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹145 Cr, net profit ₹-1 Cr.
Full financials →📊 Revenue & Sales Performance
- →GRP Limited achieved 20% growth in income for Q3 and 9 months of FY25, driven by volume increases in Reclaim and non-Reclaim businesses.
- →Standalone volumes rose about 12% for 9 months, with a 9% increase in Reclaim Rubber volumes, despite subdued global tyre demand.
- →Domestic Reclaim Rubber consumption increased by approximately 10% in H1 FY25 against 3% growth in overall rubber consumption.
- →The company expects demand growth post-April 2025 driven by regulations mandating recycled plastic use, especially in their subsidiary's plastic recycling business.
- →New technologies and business lines (e.g., higher-grade Reclaim Rubber, tyre pyrolysis) are expected to contribute increasingly as approvals and capacity utilization rise.
- →Strategic focus on electrification and circular economy initiatives is expected to provide long-term growth potential.
- →Overall, GRP is confident of growth driven by regulatory mandates, increasing adoption of recycled materials, and expansions in product offerings.
📈 Profitability & Margins
- →GRP Limited reported a 20% growth in income for Q3 and 9 months FY25, driven by volume increases.
- →The company sees the recent quarter as an aberration in gross margins, expecting stabilization and return to prior profitability levels.
- →Long-term growth is supported by increasing adoption of recycled materials and regulatory mandates (e.g., EPR for plastics from April 2025).
- →Expansion into new technologies and investments in new businesses may temporarily stabilize earnings but promise higher ROCE and margin expansion in mid- to high-teens consolidated EBITDA over the next 2-3 years.
- →Strategic initiatives in plastic recycling are expected to scale post-regulation enforcement, improving margins.
- →Debt draws will be in tranches aligned with capacity expansion investments, keeping leverage manageable.
- →While short-term margins in some product lines (e.g., synthetic reclaim rubber) were impacted, the company is confident of margin recovery and long-term profitability growth.
- →Earnings growth is expected from operational efficiencies, new product approvals, and increased circular economy adoption.
🏗️ Capital Expenditure Plans
- →GRP Limited has an announced capex plan of INR 250 crores underway.
- →Documentation for a line of credit from the French DFI Proparco is complete; proceeds expected in the current quarter.
- →Shareholders have approved raising an additional INR 150 crores through equity via a qualified institutional placement.
- →So far, INR 33 crores have been spent on the project.
- →The first line of crumb rubber and continuous pyrolysis line is on track to commence operations by Q4 FY '25.
- →Investments target expansion across the tyre recycling ecosystem, including reclaimed rubber and recovered carbon black businesses.
- →The company is focused on integrating new technologies and businesses aligned with sustainable growth and circularity mandates.
- →No single tranche of debt drawdown expected; funding will be drawn in phases linked to investments.
💰 Fundraising & Capital Structure
- →GRP Limited has completed documentation for a line of credit from the French Development Finance Institution Proparco, with proceeds expected to be received in the current quarter.
- →The company has received shareholder approval to raise an additional INR 150 crores through equity shares via a qualified institutional placement (QIP).
- →Capex of approximately INR 33 crores has already been incurred for expansion projects.
- →The fundraising through debt (Proparco credit line) and equity (QIP) is intended to support the announced capex plan of INR 250 crores for expanding the tyre recycling ecosystem.
- →Debt drawdowns from the Proparco loan will be linked to phases of investment and utilized to offset incurred capital expenditures.
- →No significant one-time debt drawdown is expected; the overall investment is likely under INR 50 crores for the near term drawdowns.
📋 Order Book & Pipeline
- →No specific figures or detailed information about the current or expected order book or pending orders are explicitly mentioned in the transcript.
- →The company notes a steady improvement in offtake of orders for its repurpose polyolefins business, gaining more approvals from major brands.
- →Increased adoption of recycled materials and upcoming regulations mandating recycled content use are expected to boost demand and order inflows gradually.
- →There is ongoing engagement with customers, especially in the tyre industry, to sell inventory of EPR credits based on their buying patterns.
- →The buying behavior of tyre companies varies, resulting in unpredictable timing for sales of EPR credits and reclaimed products.
- →The management focuses on long-term growth and several mandates supporting electrification and circularity, which are expected to positively impact future order books.
Key Metrics
Frequently Asked Questions
What were GRP Ltd Q3 FY25 results?
GRP Limited achieved 20% growth in income for Q3 and 9 months of FY25, driven by volume increases in Reclaim and non-Reclaim businesses. GRP Limited reported a 20% growth in income for Q3 and 9 months FY25, driven by volume increases.
What is GRP Ltd share price analysis?
GRP Ltd currently shows a neutral. The stock trades at a P/E of 153.9 with a market cap of ₹1,055 Cr. Investors should review the full earnings analysis for detailed insights.
Is GRP Ltd planning capital expenditure?
GRP Limited has an announced capex plan of INR 250 crores underway.
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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.