1. At a Glance
Welcome to the most fragrant balance sheet in India —GRM Overseas Ltd (BSE: 531449, NSE: GRMOVER), the ₹2,986 crore basmati exporter that’s making investors hungrier than a Diwali dinner. As of21st November 2025, the stock trades at ₹487, marking a sizzling146% gain over the past year— proof that even rice can become high-growth tech if you package it right.
InQ2FY26, the company cooked up₹372.1 crore in revenue, a14.9% YoY rise, withPAT ₹14.8 crore, shooting60.6% higher YoY. OPM stood at a decent6.2%, and the company flaunts aDebt-to-Equity ratio of just 0.44, giving it enough headroom to season its growth without financial indigestion.
With astock P/E of 44x, GRM trades like a glamour stock, not a food processor — but then again, this is no ordinary rice trader. BetweenUK subsidiaries,US arms, andSalman Khan as brand ambassador, this Panipat-based grain grinder has transformed into a global FMCG aspirant with “10X” ambitions.
And the latest garnish? A2:1 bonus issueandauthorized capital jump to ₹45 crore, because nothing says “confidence” like a corporate fireworks display right before Christmas.
2. Introduction
Once upon a time, rice exporters lived quietly in Haryana, measuring success in tonnes, not tweets. Then cameGRM Overseas Ltd, which decided to mill, brand, and sell basmati like Apple sells iPhones. Today, GRM is India’sthird-largest rice exporter, shipping to42 countrieswhile rebranding itself from a commodity business to a full-blownconsumer goods empire.
From the smell of basmati to the buzz of celebrity marketing, GRM is living proof thatrice can also trend on Instagram. The company’sflagship brand “10X”now covers everything frombasmati rice, atta, and edible oiltoready-to-cook biryani kitsandspices. Basically, if it belongs in an Indian kitchen, GRM wants its logo on it.
Domestically, the brand rides throughGRM Foodkraft Pvt Ltd, while its international innings are played throughGRM Fine Foods Inc. (USA)andGRM International Holdings (UK). The company’s transformation from a bulk exporter to an FMCG contender has been steady, spicy, and surprisingly sustainable — at least so far.
And while you were still deciding between Hyderabadi or Lucknowi biryani, GRM was signingdistribution tie-ups with Walmart, Carrefour, Tesco, Flipkart, and BigBasket, making it equally comfortable in both aisles —kirana and global retail.
So, is GRM really a rice company anymore? Or is it slowly becoming India’s next FMCG disruptor? Time to dig into the numbers — one grain at a time.
3. Business Model – WTF Do They Even Do?
Think of GRM Overseas as the love child of a rice mill and a marketing agency. Itmilles, processes, packages, and marketsbasmati and non-basmati rice under multiple brands across price points — fromHimalaya River(premium exports) to10X(mass market domestic).
But the business is no longer just about rice. GRM has cooked up an entire FMCG buffet:
- 10X Rice:Everything from Classic Sella to Biryani King — because every region in India believes its biryani is superior.
- 10X Spices:Masalas that make you sneeze your way to culinary glory.
- Tanoush:Organic, emperor-grade rice for the health-conscious NRI.
- Ready-to-Cook Kits:From Hyderabadi to Mughlai biryani — for those who want home-cooked aroma without home-cooked effort.
- 10X Shakti Mustard Oil:Launched in FY25, under GRM Foodkraft — because no Indian FMCG portfolio is complete without mustard oil.
And then there’s thedistribution empire— 200+ global distributors,1,800+ overseas stores,1,03,000+ kirana outlets, ande-commerce tie-upswith every app that delivers food or groceries faster than you can boil rice.
Withprocessing plants in Panipat, Naultha, and Gandhidham, a1.75 lakh sq. ft warehouse, and1,400 MT/day sortex capacity, GRM runs an industrial kitchen that never sleeps.
So yeah, they started with rice — but they’re slowly building amini-ITC, without cigarettes and with a better conscience.
4. Financials Overview
Quarterly Comparison Table (Consolidated ₹ Cr)
| Metric | Q2FY26 | Q2FY25 | Q1FY26 | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 372.1 | 323.9 | 327.0 | 14.9% | 13.8% |
| EBITDA | 24.5 | 15.2 | 24.0 | 61.2% | 2.1% |
| PAT | 14.8 | 9.2 | 19.0 | 60.6% | -22.1% |
| EPS (₹) | 2.41 | 1.53 | 3.11 | 57.5% | -22.5% |
Annualised EPS (latest)= 2.41 × 4 = ₹9.64P/E based on CMP ₹487 = 50.5x(P/E not meaningful if you’re expecting ITC-level margins).
Commentary:Rice may not be gold, but these
margins are shining. Despite seasonality and fluctuating export prices, GRM pulled off asolid 14.9% YoY top-line growthand a60% jump in profit, thanks to lower input costs and better realizations. The QoQ drop in PAT reflects temporary pricing normalization — not a loss of appetite.
5. Valuation Discussion – Fair Value Range (Educational Only)
Let’s stir some valuation curry using three recipes:
A. P/E Method:
- EPS (Annualised): ₹9.64
- Industry P/E: 20.6x
- GRM trades at 44x
Fair Value Range = ₹200 – ₹250(if re-rated to industry average)Interpretation: The market prices GRM like an FMCG, not a commodity exporter.
B. EV/EBITDA Method:
- EV = ₹3,176 Cr
- EBITDA (TTM) = ₹117 Cr
- EV/EBITDA = 27.1xPeers (LT Foods, KRBL): average 13–15xFair EV/EBITDA Range:15–20x →Implied Fair Value Range: ₹310 – ₹415
C. Simplified DCF (Educational Hypothesis):Assuming 10% growth, 13% ROE, 11% cost of equity → Intrinsic range around₹350–₹420.
🧾Disclaimer:This fair value range is for educational purposes only and not investment advice. Please consult your pillow before making financial decisions.
6. What’s Cooking – News, Triggers, Drama
November 2025 has been a buffet of announcements:
- 2:1 Bonus Issue Approved:The board went full Diwali mode, announcing atwo-for-one bonusand an increase inauthorized capital to ₹45 crore. Because why not double the plates before the next feast?
- EGM Scheduled (Dec 9, 2025):Shareholders to approve the bonus and new independent director. Expect fireworks in the attendance sheet.
- New Subsidiary in UAE:In August 2025, GRM set up awholly-owned subsidiary in the UAEfor better control over Middle Eastern distribution. Translation: fewer middlemen, more margin.
- Salman Khan as Brand Ambassador (Dec 2024):The 10X brand went Bollywood, and honestly, rice sales have never looked this “Being Human.”
- MoU with Harvesting India Pvt Ltd:GRM tied up with agri-platformHFNto source paddy, wheat, and mustard directly from farmers — up to 20,000 MT of paddy already procured.
- Tanoush Brand Tie-Up with Diplomat Georgia:A classy export deal to place GRM’s premium basmati in the European retail network.
Between new products, flashy endorsements, and aggressive distribution, GRM’s management is making sure the only thing bland about the business is…
