GRP Limited

BSE:509152 Stock Report

Market Cap: ₹9.1b

GRP Management

Management criteria checks 3/4

GRP's CEO is Harsh Gandhi, appointed in Jan 2024, has a tenure of 2.42 years. total yearly compensation is ₹23.17M, comprised of 78.2% salary and 21.8% bonuses, including company stock and options. directly owns 9.92% of the company’s shares, worth ₹900.41M. The average tenure of the management team and the board of directors is 4.4 years and 3.8 years respectively.

Key information

Harsh Gandhi

Chief executive officer

₹23.2m

Total compensation

CEO salary percentage78.18%
CEO tenure2.4yrs
CEO ownership9.9%
Management average tenure4.4yrs
Board average tenure3.8yrs

Recent management updates

Recent updates

Narrative Update • Jun 04

509152: Dividend Decision At Upcoming Results Will Drive Long Term Upside Potential

The analyst price target for GRP has been reset from ₹2,249 to ₹2,101 as analysts factor in updated assumptions around higher revenue growth, a wider profit margin, a lower future P/E multiple, and a slightly higher discount rate. What's in the News A board meeting was held on 15 May 2026 to consider and approve audited standalone and consolidated financial results for the quarter and financial year ended 31 March 2026, and to recommend a dividend for the financial year 2026-27.
Narrative Update • May 13

509152: Upcoming Results And Dividend Decision Are Expected To Unlock Long Term Upside

Analysts now see GRP's fair value holding steady at ₹2,249, with the slight adjustment in assumptions such as discount rate, revenue growth, profit margin and future P/E simply fine tuning their price target framework rather than signaling a major change in view. What's in the News GRP has scheduled a board meeting for May 15, 2026.
Narrative Update • Apr 27

509152: Upcoming Board Meeting Will Support Long Term Upside Potential

Analysts now keep the fair value estimate for GRP steady at ₹2,249, with only minor adjustments to the discount rate, revenue growth, profit margin and forward P/E assumptions that guide this updated price target view. What's in the News GRP has scheduled a board meeting on February 10, 2026, to consider and approve the unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 (Key Developments).
Narrative Update • Apr 12

509152: Upcoming Board Meeting And Stable Assumptions Will Support Long Term Upside

Analysts have kept their price target on GRP steady at ₹2,249, citing largely unchanged views on the discount rate, revenue growth, profit margin and forward P/E assumptions. What's in the News GRP has scheduled a board meeting on Feb 10, 2026, to consider and approve its unaudited standalone and consolidated financial results for the quarter and nine months ended Dec 31, 2025 (company filing).
Narrative Update • Mar 28

509152: Upcoming Board Meeting And Stable Assumptions Will Support Long Term Upside

Analysts have kept the GRP fair value estimate broadly unchanged at about ₹2,249, with only marginal tweaks to inputs such as the discount rate, revenue growth, profit margin and future P/E assumptions. This reflects a view that the stock’s risk and earnings profile are essentially stable.
Narrative Update • Mar 13

509152: Upcoming Board Review Will Support Long Term Earnings Upside

Analysts have kept their price target for GRP essentially unchanged at around ₹2,249, reflecting only very minor tweaks to assumptions on discount rate, revenue growth, profit margin and future P/E, rather than a shift in their overall view. What's in the News GRP has scheduled a board meeting for Feb 10, 2026 to consider and approve the unaudited standalone and consolidated financial results for the quarter and nine months ended Dec 31, 2025 (Key Developments).
Narrative Update • Feb 27

509152: Upcoming Board Results Review Will Support Long Term Earnings Upside

Analysts have kept their price target on GRP broadly unchanged at around ₹2,249. This reflects steady assumptions on discount rate, revenue growth, profit margin and future P/E, with only marginal model tweaks rather than a shift in view.
Narrative Update • Feb 13

509152: Upcoming Results Review Will Support Long Term Earnings Upside

Analysts have revised their price target on GRP from ₹2,131 to ₹2,249, citing updates to their assumptions on revenue growth, profit margins, the discount rate and future P/E multiples. What's in the News GRP has scheduled a board meeting on Feb 10, 2026 to consider and approve its unaudited standalone and consolidated financial results for the quarter and nine months ended Dec 31, 2025 (company filing).
Narrative Update • Jan 04

509152: Solar Power Investment Will Drive Long Term Earnings Upside

Analysts have modestly raised their price target on GRP to approximately $2,131 per share, reflecting slightly lower perceived risk and stable long term growth and profitability assumptions. What's in the News The company issued earnings guidance for the second half of 2026, projecting revenue in the range of INR 250 million to INR 300 million (company guidance).
Narrative Update • Dec 20

509152: Solar Power Investment Will Drive Long Term Earnings Upside

Analysts have modestly raised their price target for GRP to 2,131 dollars, citing slightly lower discount rate assumptions and marginally improved long term valuation inputs, despite largely unchanged growth and profitability outlooks. What's in the News GRP Limited issued earnings guidance for the second half of 2026, projecting revenue in the range of INR 250 million to INR 300 million for the period (company guidance).
Narrative Update • Dec 06

509152: Solar Power Investment Will Drive Future Upside Potential

Analysts have modestly raised their price target on GRP, citing a slightly lower discount rate and marginally improved long term valuation assumptions that together support a higher fair value in the low $2,100s. What's in the News GRP Limited issued earnings guidance for the second half of 2026, targeting revenue in the range of INR 250 million to INR 300 million (company guidance).
Narrative Update • Nov 22

509152: Revenue Outlook And Solar Investment Will Drive Future Upside Potential

Narrative Update on GRP: Analyst Price Target Revision Analysts have significantly reduced their price target for GRP from $3,481 to $2,131. They cite lowered revenue growth projections and a higher discount rate as key factors in their updated outlook.
Narrative Update • Sep 05

Sustainable Materials And Renewable Energy Will Empower Future Success

With both the discount rate and future P/E ratio showing only marginal increases, there has been no meaningful change in key valuation metrics, leaving the Analyst Price Target for GRP effectively unchanged at ₹3481. What's in the News Board meeting scheduled to consider and approve unaudited financial results for the quarter ended June 30, 2025, and other business matters.
User avatar
New Narrative • Jan 20

Investments In Sustainable Materials Will Meet Rising Global Demand

Strategic expansion into sustainable materials and renewable energy aims to boost revenue growth and net margins through increased market reach and cost savings.

CEO Compensation Analysis

How has Harsh Gandhi's remuneration changed compared to GRP's earnings?
DateTotal CompensationSalaryCompany Earnings
Mar 31 2026n/an/a

₹32m

Dec 31 2025n/an/a

₹240m

Sep 30 2025n/an/a

₹275m

Jun 30 2025n/an/a

₹281m

Mar 31 2025₹23m₹18m

₹307m

Dec 31 2024n/an/a

₹229m

Sep 30 2024n/an/a

₹229m

Jun 30 2024n/an/a

₹250m

Mar 31 2024n/an/a

₹226m

Dec 31 2023n/an/a

₹137m

Sep 30 2023n/an/a

₹134m

Jun 30 2023n/an/a

₹148m

Mar 31 2023₹17m₹16m

₹139m

Dec 31 2022n/an/a

₹135m

Sep 30 2022n/an/a

₹104m

Jun 30 2022n/an/a

₹76m

Mar 31 2022₹16m₹14m

₹58m

Dec 31 2021n/an/a

₹81m

Sep 30 2021n/an/a

₹90m

Jun 30 2021n/an/a

₹65m

Mar 31 2021₹12m₹11m

₹17m

Dec 31 2020n/an/a

-₹44m

Sep 30 2020n/an/a

-₹63m

Jun 30 2020n/an/a

-₹67m

Mar 31 2020₹18m₹16m

₹30m

Compensation vs Market: Harsh's total compensation ($USD243.34K) is above average for companies of similar size in the Indian market ($USD41.80K).

Compensation vs Earnings: Harsh's compensation has been consistent with company performance over the past year.

CEO

Harsh Gandhi (49 yo)

2.4yrs
Tenure
₹23,170,600
Compensation

Mr. Harsh Rajendra Gandhi has been Non-Executive Independent Director at Ultramarine & Pigments Limited since August 1, 2019. He serves as Managing Director at GRP Limited since 2024. He served as Joint Ma...

Leadership Team

NamePositionTenureCompensationOwnership
Harsh Gandhi
MD & Executive Director2.4yrs₹23.17m9.92%
₹ 900.4m
Shilpa Mehta
VP & CFO7.8yrs₹7.30mno data
Hemal Gandhi
Executive Director4.4yrs₹3.99m1.18%
₹ 107.1m
Kushaba Giramkar
President of Operationsno datano datano data
Kiran Shetty
General Manager of Salesno datano datano data
Sanjeeb Lahiri
Chief Human Resources Officerno datano datano data
4.4yrs
Average Tenure
49yo
Average Age

Experienced Management: 509152's management team is considered experienced (4.4 years average tenure).

Board Members

NamePositionTenureCompensationOwnership
Harsh Gandhi
MD & Executive Director17yrs₹23.17m9.92%
₹ 900.4m
Hemal Gandhi
Executive Director3.8yrs₹3.99m1.18%
₹ 107.1m
Kandathil Philip
Chairman Emeritus12.7yrs₹15.00kno data
Saurabh Shah
Non-Executive Independent Director8.8yrs₹1.07mno data
Anshul Mittal
Independent Director3.8yrs₹584.00kno data
Vivek Asrani
Independent Director3.8yrs₹997.00kno data
Belur Krishna Sethuraman
Independent Director1.1yrsno datano data
3.8yrs
Average Tenure
61yo
Average Age

Experienced Board: 509152's board of directors are considered experienced (3.8 years average tenure).

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/10 04:51
End of Day Share Price 2026/06/10 00:00
Earnings2026/03/31
Annual Earnings2026/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

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Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

GRP Limited is covered by 3 analysts. 1 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Sailesh Raja360 ONE Capital Market Private Limited
Dheeraj Ram360 ONE Capital Market Private Limited
Anil BurraFirstCall Research