GRP announced its financial results for the third quarter of FY26, demonstrating resilience amid global macroeconomic challenges and industry headwinds
Q3 Performance
GRP reported total income of INR 1,352 million, reflecting a 2% year-on-year growth. While elevated raw material costs and export margin pressures impacted profitability, GRP maintained stable EBITDA margins at 9%, underscoring disciplined cost management and operational efficiency. Gross profit stood at INR 666 million, and EBITDA was INR 112 million. In contrast, Adjusted Profit After Tax was INR 23 million, primarily affected by temporary tariff-related export pressures and higher input costs.
GRP made significant progress toward its long-term vision of building a fully integrated tyre recycling ecosystem, with key advancements in tyre pyrolysis technology stabilisation, recovered carbon black capacity expansion and crumb rubber development.
Approximately INR 760 million of the planned INR 1.5 billion CapEx has been deployed, with an additional INR 80 million earmarked for FY27. The GRP Sholapur project is expected to be commissioned in the first half of FY27, enhancing production capacity and asset efficiency.
Harsh Gandhi, Joint Managing Director, GRP, said: “While FY26 has presented macroeconomic and industry-wide challenges, our focus remains on structural cost optimisation and long-term capacity expansion. The normalisation of tariffs and continued investments in advanced recycling technologies position us strongly for mid-teen volume growth in reclaimed rubber and meaningful revenue contributions from pyrolysis and recovered carbon black projects in FY27.”
