GRP Limited has announced the retirement of a key senior management personnel, marking a significant transition in the company's leadership structure.

Senior Executive Retirement

Mr. Virendra Rathod, President - Marketing & Business Development, will retire from the services of the company effective from the close of business hours on March 31, 2026. Following his retirement, he will cease to be a Senior Management Personnel of GRP Limited.

Board Recognition

The Board of Directors, at its meeting held on Friday, March 27, 2026, formally acknowledged Mr. Rathod's retirement. The board placed on record its appreciation for the invaluable contributions made by him during his tenure with the company.

Regulatory Compliance

The announcement was made through a regulatory filing dated March 27, 2026, in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing was submitted to both BSE Limited and National Stock Exchange of India Limited, ensuring full transparency with stakeholders.

The company provided detailed information as required under the regulatory framework, including the reason for change, date of cessation, and other relevant particulars in accordance with Schedule III of the SEBI regulations.

Company Information

GRP Limited, with CIN No. L25191GJ1974PLC002555, operates from its registered office at Plot No. 8, G.I.D.C., Ankleshwar, Gujarat, and maintains its corporate office in Mumbai. The filing was signed by Jyoti Sancheti, Company Secretary & Compliance Officer, ensuring proper authorization and compliance with corporate governance requirements.

GRP Limited has announced its unaudited financial results for the quarter and nine months ended December 31, 2025, showcasing mixed performance amid strategic expansion initiatives. The integrated polymer recycling company reported consolidated revenue growth while facing margin pressures from various operational challenges.

Financial Performance Overview

The company's Q3FY26 consolidated performance reflected both growth and challenges across key metrics:

For the nine-month period ending December 31, 2025, GRP Limited maintained steady revenue performance:

Operational Challenges and Market Dynamics

The company's EBITDA performance was impacted by several factors during the quarter. Raw material costs in the Reclaim segment increased by 11%, while export margins declined by 45% due to U.S. tariffs. Additionally, costs in select rubber grades continued to remain elevated, rising approximately 45% year-over-year.

The quarter's results included accrued EPR income of Rs. 4.54 crore, bringing the total accrual to Rs. 13.56 crore for Q3FY26. The company also implemented New Labour Code provisions on gratuity, incurring a one-time cost of Rs. 1.40 crore, which was treated as an exceptional item totaling Rs. 14 Mn.

Strategic Capital Expansion

GRP Limited has secured significant funding for its growth initiatives through External Commercial Borrowings. The company obtained a term loan of up to EUR 12 million from Société de Promotion et de Participation pour la Coopération Economique S.A. (PROPARCO), France:

Advanced Recycling Capabilities

The company has expanded its tire recycling operations with new pyrolysis and crumb rubber facilities. The Solapur integrated facility now features India's largest single-line continuous reactor with capacity to process over 30,000 MT of crumb rubber annually, equivalent to nearly 2 million tires recycled. This closed-loop energy system utilizes syngas for clean, efficient heating and enables extraction of three material streams.

The current capacity represents Phase 1 of the project, with output expected to double within the next 12 months. These facilities are strategically located adjacent to existing reclaim units, providing operational synergies.

Segment Performance Analysis

The company's standalone operations showed varied performance across segments, with both reclaim rubber and non-reclaim revenue streams experiencing different market dynamics. Export revenues faced particular challenges due to international trade conditions, while domestic operations maintained relatively stable performance.

Renewable energy and biofuel initiatives continued delivering cost savings, totaling Rs. 8.70 crore up to Q3FY26. However, margins were impacted by costs from the pyrolysis project during its stabilization phase, as operations remained at sub-optimal utilization levels.

Source: GRP Limited Investor Presentation