01 — At a Glance
The Fancy Rice Company That Trades Like a Biotech Startup
- 52-Week High / Low₹186 / ₹84
- FY25 Revenue (Full Year)₹1,348 Cr
- FY25 PAT (Full Year)₹61.2 Cr
- Full-Year EPS (FY25)₹3.37
- Q3 FY26 EPS₹1.04
- Book Value₹25.8
- Price to Book6.02x
- Dividend Yield0.00%
- Debt / Equity0.44x
- 1-Year Stock Return+63.4%
Quick Roast: GRM Overseas is selling rice in a market obsessed with profitability multiples designed for software companies. ₹1,348 Cr revenue. ₹3,211 Cr market cap. That’s a Price-to-Sales of 2.19x for a commodity business. In the same quarter, they issued a 2:1 bonus (diluting every shareholder to oblivion) and allotted convertible warrants worth ₹136 crores. If you bought this stock for “undervaluation,” congratulations — you’ve been redefining what undervaluation means while the promoters redefined shareholding.
02 — Introduction
The Journey from Panipat to “House of Brands” (In One Quarter)
GRM Overseas is a company founded by your friendly neighborhood rice merchant Hukam Chand Garg back in 1974 as “Garg Rice & General Mills.” They milled rice. They still mill rice. And they have absolutely no qualms reminding you that they’ve been doing it for 50 years.
But here’s the plot twist: in the last 12 months, they’ve decided they’re not just a rice company anymore. They’re now a “food FMCG platform.” They’ve launched 10X (rice, atta, oil, spices — yes, the works). They’ve acquired Rage Coffee (44% stake, backed by Virat Kohli and Twitter handles that get more engagement than their quarterly earnings). They’ve created something called “10X Ventures” to buy digital-first D2C brands. And they’ve dropped a Salman Khan endorsement for 10X Zarda King because apparently, nothing says “premium basmati” like a Bollywood legend.
The domestic business is now 41% of revenue (up from 13% in FY25). International is still 59%, but they’re aggressively chasing a vision of ₹2,000 Cr (India) + ₹1,500 Cr (International) by FY28. To put this in perspective, they did ₹1,348 Cr last year. So they want to 3x in three years. Bold. Audacious. Let’s see how audacious the numbers are.
CEO Memo (Implied): “We sell rice. But we want to be Unilever. Or Nestlé. Or at least Jio Mart’s secret best friend. P/E 43.8x? We’ll figure that out when the business actually compounds at that multiple. For now, let’s just do a 2:1 bonus and call it ‘wealth creation’.”
03 — Business Model: WTF Do They Even Do?
Export Rice, Rebrand It, Then Become Everything Else
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