GRP Limited — Investor Meet, 21-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

GRP Limited's Q2 FY26 income reached 133.1 Cr (+1% YoY), though PAT declined 22% to 2 Cr, impacted by US tariffs, forex losses, and increased finance costs. H1 income remained flat at 257.8 Cr.

Domestic reclaim rubber sales grew 20%, partially offsetting a 2% dip in exports. The company will discontinue its Polymer Composite business, affecting 7 Cr in annual top-line and 10-15% in EBITDA. Pyrolysis operations have begun at Solapur, recovering oil, char, and steel. Strong crumb rubber demand is expected for the upcoming road surfacing season, with the recovered carbon black unit planned for Q4 FY26.

95 Cr has been invested in green energy projects and reclaim rubber technology. Management anticipates a stronger H2, projecting a 200-250 basis points EBITDA margin improvement driven by new technology, solar energy savings, and the pyrolysis plant ramp-up. FY27 is expected to show significant growth as new initiatives fully materialize. Sentiment is confident about a long-term turnaround.