GRP Ltd has approved the grant of 79,400 stock options to eligible employees under the GRP Limited Employee Stock Option Plan 2024. The Board of Directors also finalized the notice for the Fifty Second Annual General Meeting, scheduled to be held on July 23, 2026. The meeting will commence at 12:30 p.m. via video conferencing or other audio-visual means.

The options granted will convert into equity shares with a face value of ₹10 each upon exercise. The pricing formula for the stock options is determined as the average of the daily high and low of the volume weighted average prices of the shares quoted on a recognised stock exchange during the 15 trading days preceding the grant date. No options have vested as of the grant date.

The vesting period for the options extends to a maximum of four years from the date of the grant. Eligible employees may exercise the vested options anytime during the exercise window, which is within three years from the date of vesting, provided they remain in employment with the company. The vesting criteria are contingent upon achieving earmarked targets for the respective years.

The Board meeting, convened on June 17, 2026, commenced at 11:00 a.m. and concluded at 2:30 p.m. The disclosures regarding the grant of options were made pursuant to Regulation 30 read with Paragraph Part A of Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and relevant SEBI circulars.

Key Details of ESOP Grant

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.