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1/n GRP Ltd, established in 1974, is among the most recognised manufacturer of reclaimed rubber from used tyres, upscaled polyamide from nylon waste and engineered products die-cut from end-of- life tyres.
2/n The company operates 4 business verticals (Reclaim Rubber, Industrial Polymers, Custom Die Forms, Retreading) with 7 manufacturing units across India with an installed capacity to handle 75,000 MT per annum.

Let's look at Consolidated Data from FY 19-20 AR:
3/n Key points from FY19-20 AR:
GRP’s efforts at reducing dependence on Reclaim Rubber (RR) business are gaining traction.
Segment wise revenue –Revenue of Rs.32,886 lakhs was generated from Reclaim Rubber segment and revenue of Rs.1,635 lakhs was generated
from Others segment.
4/n Key points from FY19-20 AR:
Your company’s investment in the RR business continues towards automating processes, upgrading product properties, on cleaner production processes. Additional lines were converted to automated processes to reduce dependency on temporary workforce.
5/n Key points from FY19-20 AR:
Your company has added capacity to the tune of 3600 tons per annum in the Engineering Plastic business to capitalize the growth in this segment.
Reclaimed Rubber contributes 95.48% to total turnover of the company as on date.
6/n Key points from FY19-20 AR:
A new line of equipment was also added in the Rubber composite business, however the same was loaned from the company’s technology partner from
North America. Both the businesses capacity stands increased by 100% respectively.
7/n Key points from FY19-29 AR:
Number of permanent employees on the rolls of the company as on 31.03.2020 : 1297
Average % increase of employees salaries: 3.13%
Average % increase of managerial remuneration: 16.68%
Inventories at 46.76 cr vs 34.81 cr +34.33%
Trade Receivables at 65.20 cr vs 65.73 cr ~Flat
Borrowings(NC Liabilities) at 11.48 cr vs 2.89 cr +297%
Borrowings(C Liabilities) at 69.51 cr vs 59.29 cr +17.23%
Other Current Liabilities at 9.47 cr vs 6.91 cr +37%
Provisions at 0.65 cr vs 0.54 cr +20.89%

Revenue from Ops at 349.33 cr vs 357.86 cr (-2%)
Gross Profit at 175.05 cr vs 186.68 cr (-6.23%)
Operating Income at 5.29 cr vs 12.13 cr (-56%)
PBT at (-2.25) cr vs 7.29 cr (-131%)
PAT at 2.96 cr vs 5.32 cr (-79%)
Rupee loan from HDFC Bank Ltd of ₹ 12.85 cr (Net of processing charges) (31-Mar-2019: ₹ Nil) for Capex

Repayable in 54 equal monthly installments beginning from 08-Jun-2020 along with interest @ 9.70% p.a.
Rupee loan from Citi Bank N.A. of ₹ 2.79 cr (31-Mar-2019: ₹ 4.75 cr) for Capex

Repayable in 16 equal quarterly instalments beginning from 11-Jul-2017 along with interest @ 10.20% p.a.
12/n Insights:
Company has 2 subsidiaries & 1 JV company.
JV company contributes 11-15% to consolidated profit & loss.

EPS stands at 22.26 vs 40 (-45%)
Stock is at 630.75 which translates into a PE of 28.
I believe key insights provided by above can be used to connect dots and avoid GRP Ltd even though it is available at a market cap of 84 cr with a book value of rs. 954/share.
Company will take atleast FY21 to regroup and can be looked at in 400-300 range if comes.
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