GRP Ltd Q2FY27: Revenue Up 30% to ₹172.7 Cr, PAT Triples to ₹6.4 Cr
GRP Limited reported Q2 FY27 consolidated total income of ₹172.7 crore, up 30% YoY. PAT more than tripled to ₹6.4 crore. For H1 FY27, total income grew 28% to ₹330 crore, with EBITDA up 60% to ₹35.6 crore. EBITDA margin improved to 10.8%. The company is expanding Pyrova Energy and expects mid-teen EBITDA margins for its integrated platform.
The significant increase in revenue and profitability, along with strategic growth initiatives and expansion plans in key business segments, are expected to have a material positive impact on the company's financial performance and market position.
The company reported strong year-on-year growth in revenue, EBITDA, and PAT, along with improved EBITDA margins. The positive outlook on newer businesses like Pyrova Energy and the Plastics division, coupled with strategic expansions, contributes to a positive sentiment.
GRP Limited announced its financial results for the second quarter and first half of FY27, reporting a significant improvement in performance. For Q2 FY27, consolidated total income grew by 30% year-on-year to ₹1,727 million (₹172.7 crore), with EBITDA increasing by 60% to ₹182 million (₹18.2 crore) and Profit After Tax (PAT) more than tripling to ₹64 million (₹6.4 crore).
For the first half of FY27, total income rose by 28% to ₹3,300 million (₹330 crore), and EBITDA grew by 60% to ₹356 million (₹35.6 crore). The EBITDA margin for H1 FY27 stood at 10.8%, an improvement from 8.6% in the previous year. The company highlighted that despite a 5 percentage point fall in gross margins due to raw material inflation, EBITDA margins have been maintained at around 11% for two consecutive quarters, attributed to higher volumes, better manpower productivity, energy optimization, and contributions from newer businesses.
The company's core rubber recycling business performed well, with standalone segment revenue growing 30% in H1 FY27 and Reclaim Rubber volumes increasing by 8%. Sales from the new Reclaim technology platform are also rising. Pyrova Energy, a subsidiary involved in recovering crumb rubber, tire pyrolysis oil, and steel, is now contributing meaningfully, with its first EPR income recognized in Q2 FY27. Cumulative investment in Pyrova Energy reached ₹1,140 million (₹114 crore) by the end of September 2026, with expansion plans underway through March 2027.
The Plastics business has shown a turnaround, with consolidated revenue growing 38% year-on-year in H1 FY27 and EBITDA margins improving by 11 percentage points. The company is focusing on compounding and specialty applications, aiming for higher value use of recycled materials. A notable shift is observed in the business's shape, with standalone domestic revenue growing 40% in H1 FY27 to ₹1,678 million (₹167.8 crore), now accounting for approximately 52% of standalone revenue, compared to 48% a year ago. This shift is driven by Pyrova Energy and domestic demand for Reclaim Rubber.
The company provided guidance for the second half of the year, prioritizing the commissioning of the recovered carbon black (rCB) facility, growing reclaim market share, and converting plastics development programs into commercial volumes. They aim to achieve mid-teen EBITDA margins for the entire platform business as the rCB plant becomes operational.
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