Any current/future new fundraising through debt or equity?

GRP Limited is currently undertaking a rights issue to raise up to INR 45 crores. The rights issue aims to fund multiple new projects in the tyre and plastic recycling value chain. The company opts for a balanced approach between equity and debt for fundraising. Taking 100% debt is not considered prudent for the size and nature of upcoming projects. Debt-equity ratio stood at 0.62 in H1 FY'24, indicating a controlled level of debt. More details on the rights issue and fund utilization will be shared in the offer letter to shareholders. The rights issue process is expected to conclude within ap

Any current/future capex/capital investment/strategic investment?

GRP Limited is actively exploring 2 to 3 new projects along the tyre and plastic recycling value chain. These projects are expected to require significant capital and are under evaluation, with final Board approval pending. The company has initiated a rights issue to raise up to INR 45 crores to be capital ready for these growth investments. Investments will focus on upgrading technology, especially to improve the quality and performance of Reclaim Rubber. There are ongoing efforts to enhance and upskill the supply chain, including implementing a hub-and-spoke model via partnerships and incent

Future growth expectations in sales/revenue/volumes?

GRP Limited is optimistic about growth opportunities in the end-of-life waste recycling sector, especially with the Extended Producer Responsibility (EPR) regulations driving demand for recycled content. The company is exploring 2-3 new projects in allied spaces within tire and plastic recycling to scale operations. Expects higher capacity utilization in Polymer Composite and Engineering Plastics businesses, with Engineering Plastics likely to surpass pre-fire revenue levels in the current quarter. Export volumes faced some challenges early in the fiscal year but are improving, with hope

Future growth expectations in earnings/operating earnings/profits/EPS?

GRP Limited is optimistic about future growth driven by opportunities in the end-of-life (EoL) waste recycling sector and evolving industry regulations like extended producer responsibility (EPR). The company plans to make large investments supported by a rights issue (up to INR 45 crores) to capitalize on growth opportunities. Senior management hires and technology improvements aim to drive faster growth than in the past decade. Operational efficiency measures, including automation and renewable energy usage, are expected to reduce costs and improve margins. EBITDA margins improved in H1 FY'2

Current/ Expected Orderbook/ Pending Orders?

Polymer Composite business order book is 100% utilized, indicating orders suffice for the entire current capacity. After commissioning the lost production line (due to fire), order book is expected to support 75%-80% capacity utilization. Engineering Plastics segment has a "fairly healthy order book" with increasing capacity utilization month-over-month. Demand in Engineering Plastics comes from automotive and compounding industries with several global brand customers. Polymer Composite business supplies resumed in Q2 after fire-related disruption, with expectations to reach pre-fire levels in

GRP LtdQ2 FY24Industrial Products

GRP Ltd Q2 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹1,928.7P/E: 150.2Market Cap: ₹1.0K CrSector: Industrial Products

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 3

GRP Limited is optimistic about growth opportunities in the end-of-life waste recycling sector, especially with the Extended Producer Responsibility (EPR) regulations driving demand for recycled content.
The company is exploring 2-3 new projects in allied spaces within tire and plastic recycling to scale operations.
Expects higher capacity utilization in Polymer Composite and Engineering Plastics businesses, with Engineering Plastics likely to surpass pre-fire revenue levels in the current quarter.
Export volumes faced some challenges early in the fiscal year but are improving, with hopes for stable export performance going forward.
The overall strategy emphasizes expanding global market share rather than focusing solely on the domestic market.
The company plans to take bolder bets, with capital infusion via a rights issue (~INR 45 crores) targeting faster growth than the last decade.
Operational efficiencies, new product approvals, and higher order books support revenue growth expectations in upcoming quarters.

Margin guidance

Category 3

GRP Limited is optimistic about future growth driven by opportunities in the end-of-life (EoL) waste recycling sector and evolving industry regulations like extended producer responsibility (EPR).
The company plans to make large investments supported by a rights issue (up to INR 45 crores) to capitalize on growth opportunities.
Senior management hires and technology improvements aim to drive faster growth than in the past decade.
Operational efficiency measures, including automation and renewable energy usage, are expected to reduce costs and improve margins.
EBITDA margins improved in H1 FY'24, with expectations of sustaining or increasing margins going forward, especially in non-Reclaim Rubber businesses.
Sequential improvements in revenue and PAT were reported, signaling a positive momentum.
The company anticipates higher EBITDA margins in the upcoming quarters due to improved utilization and new SKU approvals.
Growth prospects in exports remain cautiously optimistic despite some global slowdowns.

See what GRP Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

GRP Limited is currently undertaking a rights issue to raise up to INR 45 crores.
The rights issue aims to fund multiple new projects in the tyre and plastic recycling value chain.
The company opts for a balanced approach between equity and debt for fundraising.
Taking 100% debt is not considered prudent for the size and nature of upcoming projects.
Debt-equity ratio stood at 0.62 in H1 FY'24, indicating a controlled level of debt.
More details on the rights issue and fund utilization will be shared in the offer letter to shareholders.
The rights issue process is expected to conclude within approximately 90 days.
GRP is open to debt financing alongside equity but prefers not to rely solely on debt for growth capital.

Order book

Yes

Polymer Composite business order book is 100% utilized, indicating orders suffice for the entire current capacity.
After commissioning the lost production line (due to fire), order book is expected to support 75%-80% capacity utilization.
Engineering Plastics segment has a "fairly healthy order book" with increasing capacity utilization month-over-month.
Demand in Engineering Plastics comes from automotive and compounding industries with several global brand customers.
Polymer Composite business supplies resumed in Q2 after fire-related disruption, with expectations to reach pre-fire levels in upcoming quarters.

See what GRP Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

GRP Limited is actively exploring 2 to 3 new projects along the tyre and plastic recycling value chain.
These projects are expected to require significant capital and are under evaluation, with final Board approval pending.
The company has initiated a rights issue to raise up to INR 45 crores to be capital ready for these growth investments.
Investments will focus on upgrading technology, especially to improve the quality and performance of Reclaim Rubber.
There are ongoing efforts to enhance and upskill the supply chain, including implementing a hub-and-spoke model via partnerships and incentivization.
The company plans to invest income from Extended Producer Responsibility (EPR) credits back into supply chain efficiency, technology advancements, and circularity initiatives.
Capex details will be clearer after the rights issue offer letter and Board approvals, expected within approximately 90 days.

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GRP Ltd Q2 FY24 Earnings Call Analysis

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What GRP Ltd's management said in earlier quarters

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