GRM Overseas Ltd Fundamental

GRM Overseas Ltd., tracing its origins to 1974 and headquartered in Delhi, is one of India's largest basmati rice processors and a scaling packaged-foods FMCG player. It operates three milling plants and nine sortex units with annual capacity of 440,800 MT, selling across more than 55 countries.

The business has two engines. International operations generated ₹854 crore of FY26 revenue and are roughly 95% private label for global chains such as Walmart, Tesco, ASDA and Carrefour. India operations generated ₹740 crore and are entirely own-brand under 10X, spanning rice, atta, edible oil, besan and ready-to-cook products, alongside a 44% stake in Rage Coffee.

FY26 was a step-change year, with total income rising 31.4% to ₹1,806 crore and PAT growing 24.2% to ₹76 crore. EBITDA margin compressed 70 bps to 7.0% as growth was led by lower-margin export volumes. Q1 FY27 sustained the momentum, with revenue up 30.5% YoY to ₹427 crore and EBITDA margin recovering to 8.4%.

The India business has compounded at a 66% CAGR over FY21–FY26, increasing from ₹58 crore to ₹740 crore and now contributing 46% of revenue versus 8% five years ago. This shift toward the higher-growth India business is a key driver of the earnings model.

Management targets FY28 revenue of ₹3,500 crore, split between ₹2,000 crore from India and ₹1,500 crore from international operations. The model uses a more conservative ₹2,850 crore estimate, implying a 26% CAGR over FY26–FY28E and approximately 19% below management guidance.