🍚 GRM Overseas Ltd – From Basmati to Bhai, Can This Rice Stock Still Cook?
Date of Publishing -
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At a Glance
GRM Overseas Ltd, known for exporting basmati rice and more recently for its FMCG foray with the 10X brand (backed by none other than Salman Khan), is trying to spice up your pantry and your portfolio. With sales of ₹1,348 Cr in FY25, a ROE of 16.2%, and a market cap of ₹2,234 Cr, it’s straddling the line between agri-exporter and kitchen FMCG disruptor. But margins are tight (OPM just 6%) and promoter holding just dipped. So, the big question—can GRM be the next LT Foods, or is it just a flashy packet with little masala inside?
1. 🕵️♂️ WTF Do They Even Do?
Core Business: Basmati rice processing, branding, and exports.
Subsidiaries:
🌍 GRM International Holding Ltd. (UK)
🇺🇸 GRM Fine Foods Inc. (USA)
🇮🇳 GRM Foodkraft Pvt. Ltd. (India)
New Focus:
Domestic FMCG under 10X Brand (atta, spices, ready-to-eat, etc.)
Think Tata Sampann meets MDH but with Bhai as brand ambassador 🥲
2. 💸 Financials – Where’s the Pulao?
Metric
FY21
FY22
FY23
FY24
FY25
Revenue (₹ Cr)
770
1,134
1,379
1,312
1,348
Net Profit (₹ Cr)
45
85
63
61
61
OPM %
9%
8%
7%
6%
6%
ROE %
7.6%
13.9%
10.4%
9.9%
10.2%
EPS (₹)
7.65
13.97
10.45
9.96
10.21
Margins? Choked tighter than airport zippers. OPM has fallen from 9% to 6% even as revenue stabilizes.
Net Profit? Flat for 3 years. Steady but uninspiring.
