GRP Ltd. is fundamentally a company that turns waste into industrial raw materials - taking end-of-life tyres, plastic packaging and discarded fishing nets and converting them into high-performance rubber, engineering plastics and oils that global manufacturers use to replace virgin materials. It began in 1974 as a single-unit reclaim rubber maker in Gujarat and, over five decades, evolved into a multi-vertical circular-materials enterprise spanning rubber, plastics, composites and energy recovery, all built on the same recurring approach: find a waste stream that industry struggles to dispose of, develop a proprietary process to break it down into its useful components, and sell those components back to manufacturers as a sustainable, lower-cost substitute for virgin raw materials. The company describes its mission as moving from a "recycled material company" to a "Sustainable Raw Material Company," and that ambition explains every business it has built. # Business segments Three engines at different stages - a reclaim rubber cash cow that dominates its home market, a newly commissioned waste-to-energy platform under ramp-up, and a set of smaller polymer businesses that extract value from the by-products of the core - each built on the same sourcing network and processing know-how. ## 1. Reclaim Rubber: where the group's cash and competitive advantage come from **GRP is India's largest producer and exporter of reclaim rubber, supplying eight of the world's top ten tyre makers with a material that emits 95% less greenhouse gas than virgin polymers and costs less too.** - **The largest player in a fragmented market** - it holds roughly a 20% share of the domestic reclaim rubber market and about 35% of India's reclaim rubber exports, with no single customer accounting for more than 10% of company revenue. - **A raw material moat built over decades** - end-of-life tyres are sourced through a network of more than 350 vendors across 150-plus cities, and 90% of procurement spend goes to local suppliers, so the company has deep, established collection channels that competitors cannot easily replicate. - **A next-generation process that changes the cost structure** - by FY26, 38% of reclaim capacity had moved to a new process platform with savings of approximately 5% on power while improving consistency, throughput, labor productivity and customer acceptance in higher-value applications. - **Biofuel and renewables insulate it from energy shocks** - all reclaim rubber plant heating systems were converted to biofuels derived from agricultural waste, and the Company further expanded its renewable energy footprint. - **Customers stay for decades** - over 40% of reclaim rubber customers have been with GRP for more than ten years, and marquee names include Apollo, Bridgestone, Continental, Michelin, MRF, Pirelli and Yokohama, because the product is approved into their formulations and switching would mean re-qualifying an entire supply chain. ## 2. Pyrova Energy: the green-energy bet under construction **A newly commissioned continuous pyrolysis platform that breaks down end-of-life tyres into oil, recovered carbon black and steel - turning the same waste stream into a petrochemical feedstock and creating a second engine from the same sourcing network.** - **India's largest single-line continuous reactor** - Phase 1A, which was completed up to October 2025 and achieved operational stability in Q4 of FY '26, has a capacity of 15,000 tonnes. - **A closed-loop energy design** - the plant uses syngas generated from the pyrolysis process itself for clean heating, so it does not need an external fuel source to run. - **Outputs that feed multiple industries** - Tyre Pyrolysis Oil goes to petrochemical companies and carbon black producers as feedstock, Recovered Carbon Black is used in pigments for paints and coatings, plastics, and virgin carbon black production, and Recovered Steel Wire is sold to steel mills, meaning the business sells into entirely different customer sets from the core reclaim operation. - **Validation from virgin-material players** - even virgin carbon black manufacturers are entering agreements to secure TPO and blend recovered carbon black into their formulations, and a pilot facility has received approval from one carbon black producer for its rCB based on pilot-scale material, while TPO has been used on a pilot basis by a petrochemical company. - **A phased build-out funded by development finance** - Phase 2 will add a dedicated recovered carbon black facility and expand pyrolysis capacity to 45,000 tonnes per annum by February 2027, and Phase 3 will replicate the integrated model in Gujarat through October 2027, with the total crumb-to-rCB capacity planned to rise from about 39,000 to 130,000 tonnes per annum over FY27-FY30, partially funded by a EUR 12 million external commercial borrowing from PROPARCO of France. ## 3. Engineering Plastics: extracting high-value polymers from the tyre and the ocean **A niche compounder that recovers nylon fibre from end-of-life tyres and combines it with ocean plastics and textile waste to make engineering-grade polyamide and PBT compounds for automotive and electrical applications.** - **An in-house raw material advantage** - the business recovers polyamide (nylon) fibre from end-of-life tyres through a proprietary mechanical process, converting it into granules that feed the compounding line, while the separated "Pure Rubber" goes back into the reclaim rubber business, giving it a raw material cost well below peers who must buy virgin polymers. - **Approved by global compounders** - it has secured approvals from a global European compounder, opening a path into automotive original-equipment supply chains where material qualification is the barrier to entry. - **Broadening the feedstock beyond tyres** - the business now also uses ocean plastics, mostly fishnet waste, and textile waste, reducing reliance on in-house tyre-derived nylon, though margins on externally sourced materials remain lower than those from the core tyre-recycling stream. - **A small but certified facility** - the compounding plant at Solapur has a capacity of 6,000 tonnes per annum and holds GRS (Global Recycled Standard) certification for traceability in the recycling value chain. ## 4. Custom Die Forms: a contract manufacturing hedge that absorbs whole tyres **A precision die-cutting operation that takes end-of-life truck and bus bias tyres and turns them into vibration-absorbing pads and blades for American heavy-equipment markets, providing both a dollar revenue stream and a raw-material buffer for the reclaim business.** - **A two-decade contract manufacturing relationship** - the business has operated since 2000 under an arrangement with an American company, with over 90% of production directed to the US market, and it experienced softer demand amid economic headwinds in FY25. - **Products that go into harsh environments** - the range includes link mats for workplace safety, vibration pads for machinery, dock fenders for loading bays, harvestor blades for agricultural machines, and snow-moving blades for ploughing equipment, all made from rubber that would otherwise be waste. - **A hedge for the core business** - because it consumes whole bias tyres that the reclaim operation also needs, it can flex its purchasing to stabilise raw material costs across the group. # Group structure and partners **GRP is a promoter-led listed company with two subsidiaries, a history of exiting non-core ventures, and a development-finance partnership that funds its green-energy expansion.** - The parent company, GRP Ltd., is listed on the BSE and NSE, with a seven-member board comprising three promoter-family directors and four independent directors. - GRP Circular Solutions Limited is a wholly owned subsidiary incorporated in August 2022 that houses the Repurposed Polyolefins business; it commenced commercial production in March 2024 and operates a 6,000-tonne-per-annum plant making recycled polypropylene and polyethylene compounds for packaging and automotive customers including Asian Paints, Castrol and Bisleri. - Gripsurya Recycling LLP is a subsidiary body corporate in which GRP holds a 99.89% profit-sharing ratio, with the remaining stake held by two individual partners. - The company has a track record of exiting businesses that no longer fit: it sold its 50% stake in the Marangoni tyre-retreading joint venture in 2022, divested its wholly owned subsidiary Grip Polymers Limited in 2023, sold its Perundurai facility in Tamil Nadu in 2022, and decided to discontinue the Polymer Composite contract-manufacturing business after US tariffs made it commercially unviable. - To fund the Pyrova Energy build-out, GRP secured external commercial borrowings of up to EUR 12 million from PROPARCO, the French development finance institution, of which EUR 7.5 million had been drawn down by the end of FY26. - In November 2025, the company entered a Power Purchase Agreement with BECIS Solar 5 Private Limited for an 8 MW solar project in Gujarat and subscribed to 26.43% of BECIS's equity to comply with captive-user electricity rules, with the project expected to be commissioned in September 2026.