Read the quarter in context.
A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹134.71 Cr
verified against source
Revenue YoY
2%
reported change
EBITDA
₹11.2 Cr
latest reported figure
Source
nse announcements
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
GRP reported a muted Q3 FY26 with total income of ₹135.2 crore (+2% YoY) and EBITDA of ₹11.2 crore (-14% YoY), impacted by a 40% drop in US export volumes due to tariffs and higher raw material costs. Domestic reclaimed rubber revenue grew 27% YoY in Q3, partially offsetting export weakness. The pyrolysis and carbon black plants operated at suboptimal levels, with stabilization taking longer than expected. Management deferred the next expansion phase to August 2026. Positively, US tariff reduction to ~18% provides relief, and commercial discussions with customers have resumed. Guidance includes mid-teen volume growth in reclaimed rubber for FY27 and significant revenue kicker from 45,000 tonnes of new pyrolysis capacity. Key risk: slower-than-expected recovery in US volumes and continued margin pressure from raw material inflation.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects reclaimed rubber volumes to grow in mid-teens percentage in FY27 over FY26, driven by US volume recovery and new technology approvals.
- Effective net capacity of 45,000 tonnes for pyrolysis, steel, oil, crumb char, and RCB will be available, expected to generate significant revenue.
- Approximately ₹80 crore capex for pyrolysis and recovered carbon black, and ₹12-15 crore for new reclaim rubber technology line, to be commissioned by May 2026.
- The solar PPA with BECIS is expected to be commissioned by July 2026, yielding annual cost savings of ₹3.2 crore.
Risks flagged
- Despite tariff reduction, recovery in US export volumes may take several quarters and depends on customer demand and substitution effects.
- The pyrolysis and carbon black plants are operating below expectations, and stabilization has taken longer than anticipated, with next expansion deferred to August 2026.
- One key raw material grade saw a 45% increase in input costs, with only 35% passed through; full pass-through expected from next quarter but remains uncertain.
- Virgin polypropylene prices declined 30-35% YoY due to low-cost imports from China, compressing spreads and slowing demand for recycled content.
Key quotes
- The reduction of US tariffs on Indian imports from a potential high of 50% to about 18% is a significant development that provides meaningful relief.
- We have prudently deferred the next stage of expansion including scaling up of the tire pyrolysis capacity and recovered carbon black facility are now expected to be commissioned by August 2026.
- We are reassessing the subsidiaries operating model to ensure the capital deployment aligns with return thresholds.
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