GRP Q2 FY27 Results: Consolidated Net Profit ₹6.38 Crore on Total Income of ₹173 Crore
Earnings
Rubber recycling
Blacklitt Research3 min read
Spielvogel, via Wikimedia Commons (CC0). Illustrative image.
GRP (NSE: GRPLTD) reported consolidated total income of ₹172.71 crore and net profit of ₹6.38 crore for the quarter ended 30 Sep 2026, and standalone total income of ₹167.67 crore and net profit of ₹5.82 crore, it said in a filing on 28 Oct 2026.
Key highlights
Consolidated
Including its subsidiaries
Total income: ₹172.71 crore, up 29.7% YoY and 9.8% QoQ
Net profit: ₹6.38 crore, up 225.5% YoY and 51.9% QoQ
EPS: Basic ₹7.87 for the quarter, against ₹3.67 a year earlier
Finance costs: ₹4.16 crore, up 17.5% YoY
Standalone
The company on its own, without its subsidiaries
Total income: ₹167.67 crore, up 27.0% YoY and 7.0% QoQ
Net profit: ₹5.82 crore, up 71.7% YoY and 19.5% QoQ
EPS: Basic ₹10.92 for the quarter, against ₹6.36 a year earlier
Finance costs: ₹4.07 crore, up 21.5% YoY
Summary
Consolidated ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
172.71
133.13
+29.7%
157.29
+9.8%
Revenue from operations
172.34
132.35
+30.2%
156.83
+9.9%
Other income
0.37
0.78
-52.6%
0.46
-19.6%
6.38
1.96
+225.5%
4.20
+51.9%
Finance costs
4.16
3.54
+17.5%
3.96
+5.1%
Depreciation
5.20
4.54
+14.5%
4.99
+4.2%
Tax expense
2.48
1.36
+82.4%
4.21
-41.1%
Net profit margin
3.69%
1.47%
+2.22 pp
2.67%
+1.02 pp
Tax as share of profit before tax
28.0%
41.0%
-12.97 pp
50.1%
-22.07 pp
EPS, basic (₹)
7.87
3.67
+114.4%
7.87
0.0%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Net profit grew much faster than total income. Consolidated net profit of ₹6.38 crore rose 225.5% from ₹1.96 crore a year earlier, while total income rose 29.7%.
Tax took a smaller share of profit before tax this quarter. Tax of ₹2.48 crore is 28.0% of profit before tax of ₹8.86 crore, against 41.0% a year earlier and 50.1% in the previous quarter. Other income of ₹0.37 crore is 4.2% of profit before tax.
Finance costs of ₹4.16 crore are 2.4% of total income, and depreciation of ₹5.20 crore rose 14.5% YoY. The consolidated figures include GRP Circular Solutions Limited, a subsidiary, and Gripsurya Recycling LLP, a limited liability partnership with majority stake.
The consolidated basic EPS of ₹7.87 and diluted EPS of ₹11.95 differ by a wide margin, and the filing does not explain the gap. The notes say the Rubber Recycling segment is now the reportable segment, with smaller businesses grouped under Others and prior periods regrouped.
Standalone ₹ crore
Particulars
Q2 FY27
Q2 FY26
YoY
Q1 FY27
QoQ
167.67
131.99
+27.0%
156.75
+7.0%
Revenue from operations
166.99
130.60
+27.9%
155.65
+7.3%
Other income
0.68
1.39
-51.1%
1.10
-38.2%
5.82
3.39
+71.7%
4.87
+19.5%
Finance costs
4.07
3.35
+21.5%
3.85
+5.7%
Depreciation
4.90
4.26
+15.0%
4.75
+3.2%
Tax expense
2.56
1.39
+84.5%
4.01
-36.2%
Net profit margin
3.47%
2.57%
+0.90 pp
3.11%
+0.36 pp
Tax as share of profit before tax
30.5%
29.3%
+1.24 pp
45.4%
-14.90 pp
EPS, basic (₹)
10.92
6.36
+71.7%
9.04
+20.8%
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit of ₹5.82 crore rose 71.7% from ₹3.39 crore a year earlier, slower than the 77.0% rise in profit before tax to ₹8.39 crore. Tax rose 84.5% to ₹2.56 crore, and its share of profit before tax was 30.5%, against 29.3% a year earlier. The filing gives these figures but does not say why the tax share changed.
Other income fell 51.1% to ₹0.68 crore, and at 8.1% of profit before tax it is a larger part of the standalone result than of the consolidated one. Standalone revenue from operations rose 27.9% to ₹166.99 crore.
Consolidated net profit of ₹6.38 crore is ₹0.56 crore higher than standalone net profit of ₹5.82 crore. The filing does not give a reconciliation between the two.
The filing's statement shows an exceptional item of ₹1.40 crore, but the placement across columns is unclear, and the filing does not say which quarter it relates to. The company paid a dividend of ₹3.50 per share, ₹1.87 crore in total, during the quarter, for FY 2025-26, approved at the AGM held on 23 Jul 2026.
Inference
The board noted SOP fines of ₹10,000 each levied by BSE and NSE for delayed compliance with Regulation 42 of the SEBI Listing Regulations, 2015, and said appropriate measures shall be implemented to prevent recurrence. The filing does not say the total amount of the fines or their effect on results.
The filing notes a dividend of ₹3.50 per share paid in the quarter. The record date and payout ratio are not stated. The statutory auditors Rajendra & Co. issued unmodified limited review conclusions on both sets of results.
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