### **Overview** GRM Overseas Ltd. (NSE: GRMOVER, BSE: 531449) is a leading Indian FMCG company with over 50 years of heritage, established in 1974 as *Garg Rice & General Mills* and incorporated as a public entity in 1995. The company has transformed from a rice processing and trading firm into a diversified global consumer staples organization, operating across domestic and international markets. GRM is ranked among **India’s top 3 rice exporters** and is the **third-largest basmati rice exporter globally**, with significant presence in the **MENA region**, Europe, and the Americas. The GRM Group operates through a well-integrated structure comprising three key subsidiaries: - **GRM International Holdings Ltd.** (UK): Manages international branded and private-label exports. - **GRM Fine Foods Inc.** (USA): Supports North American market operations. - **GRM Foodkraft Pvt. Ltd.** (India): Drives domestic FMCG growth under the “10X” brand. The group consolidates financials, operations, and management, reflecting a unified global strategy. --- ### **Global Business & Export Strength** - **Export Contribution**: International business generated **₹783 crores** in standalone revenue in FY25, accounting for **59% of total revenues**. - **Private Label Dominance**: 95% of export revenues come from private-label sales, primarily to the **MENA region**, which accounts for ~78% of India’s basmati exports. - **Global Reach**: Exports to **over 50 countries**, with operations in more than **58 countries** through offices in the **UK, USA, and Middle East**. - **Own Brands in International Markets**: - *Himalaya River* and *Tanoush* (launched in 2018) contribute **5% of export revenue** and are retailed through major chains like **ASDA, Walmart, Tesco, Sainsbury’s, Carrefour, and Metro**. - *Tanoush* is specifically tailored for **Gulf consumer preferences**. - **Strategic Orders & Partnerships (Nov 2025)**: - Secured export orders from a **government agency in Oman** and **Al-Naqeeb Group in Yemen**. - Expanded into **Chile and Morocco** via partnerships with **Solariz Invest** and **Supermercados Central Ltda**. - Expanded *Tanoush* into **Georgia, Chile, and Morocco** via new distributor agreements. - Entered **Saudi Arabia** through a partnership with **Seven Star Company Limited** to distribute the *10X* brand. --- ### **Domestic Growth & Brand Strategy** GRM is aggressively transitioning from an export-focused model to a **multi-brand FMCG powerhouse in India**, leveraging strong supply chain infrastructure and strategic branding. #### **Flagship Brand: 10X** - **Launched**: November 2020 (domestic), formally relaunched in 2022 with rebranding and CGI-led campaigns. - **Product Portfolio**: Includes premium staples — *10X Zarda King Golden Sella Basmati Rice*, *10X Classic Chakki Fresh Atta*, edible oil, besan, dalia, maida, sooji, poha, spices, and ready-to-cook (RTC)/ready-to-eat (RTE) products. - **FY25 Revenue (via GRM Foodkraft)**: **₹539 crores**, up from ₹58 crore in FY21 (**75.12% CAGR**). - **Brand Ambassadors**: Bollywood superstar **Salman Khan** (national), and regional influencer **Ibrahim** (UP). - **Marketing**: High-impact CGI campaigns for *Zarda King*, sustained below-the-line (BTL) efforts, and digital-first content. #### **Distribution & Retail Presence** - **General Trade**: 125+ distributors, **103,000+ kirana store touchpoints** across India. - **Modern Trade**: Partnerships with **Jio Mart, Walmart India, CityMall, Udaan, DealShare, Spencer’s, Reliance, and ElasticRun**. - **E-commerce**: Presence on **Amazon, Flipkart, and Udaan** (B2B). - **Agri-Tech Tie-ups**: Collaboration with **Harvesting India (HFN)** to access rural markets and strengthen procurement. #### **New Brand Launches** - **Faashta**: A new brand targeting modern Indian consumers with **ready-to-cook mixes** (dosa, idli, poha, sambhar, biryani kits). - **10X Ready-to-Cook/RTE**: Biryani kits in regional variants (Hyderabadi, Lucknowi, Moradabadi), with plans to expand into noodles, pulao, and curries. - **Rage Coffee**: Digital-first, health-infused coffee brand acquired via *10X Ventures* (44% stake in Swmabhan Commerce Pvt. Ltd.). --- ### **Strategic Initiatives & Innovation** #### **10X Ventures (Launched Aug 2024)** - Strategic investment arm aimed at building a **"house of brands"** by investing in **digital-first, D2C, lifestyle, and health-focused FMCG brands**. - Raised **₹136 crores**; plans to invest **₹200 crores** via cash and equity swaps in deals of ₹20–40 crores each. - First Acquisition: **Rage Coffee** (plant-based, vitamin-infused), aligning with youth and wellness trends. - Leverages GRM’s **marketing, distribution, and supply chain** to scale acquired brands globally. #### **Manufacturing & Infrastructure Expansion** - **Three Rice Processing Units** in: - Panipat (Haryana) – 800 MTPD - Naultha (Haryana) – 500 MTPD - Gandhidham (Gujarat) – 2,000 MTPD - **Total Capacity**: **440,800 metric tons/year**. - **Warehousing**: 1.75 lakh sq. ft. facility in Gandhidham for fast exports via **Kandla and Mundra ports**. - **New Facility**: Acquired manufacturing unit in **Gandhidham** to support export and private-label production. #### **New Corporate Office (Sept 2025)** - Opened in **Gurugram** to centralize functions in **Product Development, Sales, Marketing, MARCOM, and Client Engagement**. - Aims to accelerate innovation and brand-building for next-gen packaged foods. --- ### **Financial Performance (FY25)** | Metric | Amount | |-------|--------| | **Consolidated Revenue** | **₹1,348 crores** | | **Standalone Revenue (Exports)** | ₹783 crores (59% of total) | | **GRM Foodkraft Revenue (Domestic)** | ₹539 crores | | **10X Brand Projected Revenue (FY25)** | - *Zarda King Rice*: ₹150 crores - *Atta & Oil*: ₹340 crores combined | --- ### **Management & Governance** - **Leadership**: Led by **Mr. Atul Garg** (Chairman & Managing Director), backed by over **45 years of family expertise** in agri-food. - **Senior Team**: Includes experienced leaders like **Sanjeev Dar** (CEO, FMCG veteran), **Dinesh Chhatra** (COO, ex-Adani Wilmar, Reliance), and **Barun Prabhakar** (Group CMO, appointed Feb 2025). - **Board Strength**: Independent directors include **Tarun Singh** (HR/strategy) and **Dr. Anurag Tewari** (plant sciences, agri-research). --- ### **Key Differentiators** 1. **Dual Revenue Engine**: Strong cash flows from **private-label exports** fueling **branded FMCG expansion**. 2. **Integrated Supply Chain**: Robust sourcing from 240+ suppliers, farmer linkages via HFN, and scalable production. 3. **Brand-Marketing Power**: Premium branding, celebrity endorsement, and digital-first campaigns. 4. **Agility & Innovation**: 10X Ventures enables rapid entry into high-growth lifestyle and wellness segments. 5. **Distribution Depth**: Combined reach across **kirana, modern trade, e-commerce, and D2C** channels. ---