GRP Limited reported a sharp deterioration in its financial performance for the fourth quarter and full year ended March 31, 2026, with both standalone and consolidated results reflecting significant pressure on profitability. The Board of Directors approved the audited standalone and consolidated financial results at its meeting held on May 15, 2026. The statutory auditors, Rajendra & Co. (Firm Registration No. 108355W), issued an unmodified audit opinion on both standalone and consolidated financial results. The consolidated results include GRP Limited (Holding Company), GRP Circular Solutions Limited (wholly owned subsidiary), and Gripsurya Recycling LLP (LLP with majority stake).

Earnings Call Transcript

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, GRP Limited has disclosed the transcript of the earnings call held on May 18, 2026, at 5:00 PM IST. The call was convened to discuss the operational and financial performance of the company for Q4 & FY26, with participation from Mr. Harsh Gandhi (Managing Director) and Ms. Shilpa Mehta (Chief Financial Officer).

Management described FY '26 as a transition year characterized by geopolitical volatility, tariff-related disruptions, and strategic investments. Approximately 33% of Reclaim Rubber revenues from key U.S. customers and nearly 44% of associated raw material margins were impacted by tariffs. The company noted that the Pyrova business commercialization phase resulted in an EBITDA and PAT loss of ₹23.9 Mn and ₹85 Mn respectively during FY26. The Board has recommended a dividend of INR 3.5 per equity share for FY '26, subject to shareholder approval.

Consolidated Q4 & FY26 Financial Performance

On a consolidated basis, GRP reported a net loss of ₹133.83 lakhs for Q4, compared to a net profit of ₹1,944.65 lakhs in the same quarter of the previous year. Revenue from operations (net of GST) declined to ₹14,451.61 lakhs from ₹16,034.47 lakhs year-on-year. For the full year FY26, consolidated revenue from operations stood at ₹53,532.77 lakhs against ₹55,045.33 lakhs in FY25. Consolidated profit for the full year fell sharply to ₹322.14 lakhs from ₹3,070.33 lakhs in FY25. The total comprehensive income for FY26 swung to a loss of ₹696.01 lakhs from a profit of ₹2,942.98 lakhs in the prior year.

The following table summarises the key consolidated financial metrics:

*Not Annualised

Standalone Q4 & FY26 Financial Performance

On a standalone basis, GRP reported a net loss of ₹7.81 lakhs for Q4, compared to a net profit of ₹2,131.11 lakhs in Q4 FY25. Standalone revenue from operations for Q4 stood at ₹14,293.12 lakhs versus ₹15,564.75 lakhs in the year-ago period. For the full year FY26, standalone revenue from operations was ₹52,606.17 lakhs against ₹53,427.09 lakhs in FY25. Standalone profit for FY26 came in at ₹892.67 lakhs, down significantly from ₹3,786.02 lakhs in FY25.

*Not Annualised

Factors Impacting Performance

The company attributed the decline in profitability to several factors, including a ~33% drop in reclaim revenues from key customers due to US tariff disruptions and a ~44% impact on corresponding raw material margins. An increase in raw material costs of key grades and one-time costs in Q4 FY26 — including ₹4.2 Mn towards QIP cost write-off and ₹7.9 Mn relating to the closure of the RC business — also weighed on results. The Pyrova business commercialisation phase resulted in an EBITDA and PAT loss of ₹23.9 Mn and ₹85 Mn respectively during FY26. Additionally, the implementation of new Labour Codes, effective from November 21, 2025, resulted in a one-time increase in employee benefit provisions of ₹140.41 lakhs, which has been recognised as an exceptional item in both standalone and consolidated financial results for FY26.

Dividend Recommendation

The Board of Directors recommended a dividend of ₹3.50 per fully paid-up equity share of ₹10 each (35%), subject to deduction of tax at applicable rates, for the financial year 2025-26. This recommendation is subject to approval by shareholders at the ensuing Annual General Meeting.

GRP Limited has scheduled an analyst and institutional investor meeting for May 28, 2026. The company officials will participate in the conference organized by 360 ONE Capital (B&K) to engage with investors.

The meeting is structured as a 1x1 or group interaction and is set to commence at 10:00 am onwards. The company has clarified that the discussions will be strictly based on publicly available information. No unpublished price sensitive information (UPSI) is intended to be shared during these interactions.

Meeting Details

The following table outlines the schedule and nature of the upcoming investor meeting:

This disclosure has been submitted to the stock exchanges pursuant to Regulation 30(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. GRP Limited noted that changes to the schedule may occur due to exigencies on the part of the host or the company.