<PAGE>   1

                       SECURITIES AND EXCHANGE COMMISSION

                            Washington, D. C.  20549




                                   FORM 11-K





                    Annual Report Pursuant to Section 15(d)
                     of the Securities Exchange Act of 1934


                   For the fiscal year ended October 31, 1993


                         Commission File Number 1-1520


                          A.   Full title of the plan:

                              GENCORP SAVINGS PLAN

                                    ("Plan")



           B.  Name of issuer of the securities held pursuant to the
               plan and the address of its principal executive office:



                                  GenCorp Inc.
                                 175 Ghent Road
                           Fairlawn, Ohio  44333-3300





11KSAVPN

<PAGE>   2
                          FINANCIAL STATEMENTS OF THE
                              GENCORP SAVINGS PLAN






<TABLE>

<S>                                                                                  <C>
                                                                                      Page
                                                                                      ----

Report of Ernst & Young - Independent Auditors  . . . . . . . . . . . . . . . . . . . F-2
                                                                                                                     
                                                                                                                     
Statement of Net Assets Available for Plan Benefits                                                                  
 - October 31, 1993 and October 31, 1992  . . . . . . . . . . . . . . . . . . . . . . F-3
                                                                                      F-4
                                                                                                                     
                                                                                                                     
Statement of Changes in Net Assets Available for Plan Benefits                                                       
 for the years ended October 31, 1993, and October 31, 1992 . . . . . . . . . . . . . F-5
                                                                                      F-6
                                                                                                                     
                                                                                                                     
Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . F-7
                                                                                                                     
                                                                                                                     
Signature . . . . . .  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F-11
                                                                                                                     
                                                                                                                     
Consent of Independent Auditors . . . . . . . . . . . . . . . . . . . . . . .  Exhibit 23
                                                                                                                     
                                                                                     


</TABLE>



                                      F-1

<PAGE>   3

                         REPORT OF INDEPENDENT AUDITORS


To GenCorp Inc. as Administrator and
Sponsor of the GenCorp Savings Plan


We have audited the accompanying statements of net assets available for plan
benefits of the GenCorp Savings Plan as of October 31, 1993 and 1992, and the
related statements of changes in net assets available for plan benefits for the
years then ended.  These financial statements are the responsibility of the
Plan's management.  Our responsibility is to express an opinion on these
financial statements based on our audits.

We conducted our audits in accordance with generally accepted auditing
standards.  Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement.  An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements.  An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation.  We believe that our audits provide a reasonable basis
for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for plan benefits of the Plan
at October 31, 1993 and 1992, and the changes in its net assets available for
plan benefits for the years then ended, in conformity with generally accepted
accounting principles.




                                                                   Ernst & Young





Akron, Ohio
April 12, 1994






                                      F-2

<PAGE>   4
                              GENCORP SAVINGS PLAN
                       STATEMENT OF NET ASSETS AVAILABLE
                               FOR PLAN BENEFITS




<TABLE>
<CAPTION>
                                                                                  OCTOBER 31, 1993                             
                                                             ------------------------------------------------------------
                                                              GenCorp                          Interest
                                                               Stock         Diversified        Income
                                                               Fund          Equity Fund         Fund          Total    
                                                             -----------    ------------     ------------    ------------
<S>                                                          <C>             <C>             <C>             <C>
Investments in securities of participating
 employer:
    GenCorp Inc. -
     Common stock 5,407,447 shares                           $85,167,290    $          -      $         -    $ 85,167,290
                                                                                                             

Investments in securities of unaffiliated issuers:
 Participation in Master Trust commingled
    funds (Note 3)                                                     -      46,656,370      153,606,758     200,263,128

Other short term investments                                     916,152               -                -         916,152
                                                             -----------     -----------     ------------    ------------

     Total investments                                        86,083,442      46,656,370      153,606,758     286,346,570

Other receivables - net                                        1,176,547               -        1,432,622       2,609,169
                                                             -----------     -----------     ------------    ------------

     Total Assets                                             87,259,989      46,656,370      155,039,380     288,955,739

Benefits payable                                                (865,593)       (539,342)      (1,838,667)     (3,243,602)
                                                             -----------     -----------     ------------    ------------ 

Net assets available for Plan benefits                       $86,394,396     $46,117,028     $153,200,713    $285,712,137
                                                             ===========     ===========     ============    ============
</TABLE>




              The accompanying notes to financial statements are
                     an integral part of these statements.
                                       





                                                                F-3


<PAGE>   5
                              GENCORP SAVINGS PLAN
                       STATEMENT OF NET ASSETS AVAILABLE
                               FOR PLAN BENEFITS


<TABLE>
<CAPTION>
                                                                                  OCTOBER 31, 1992                         
                                                              ------------------------------------------------------------
                                                               GenCorp                          Interest
                                                                Stock         Diversified        Income
                                                                 Fund         Equity Fund         Fund           Total    
                                                              -----------     -----------     ------------    ------------
<S>                                                          <C>              <C>             <C>             <C>
Investments in securities of participating
  employer:
      GenCorp Inc. -
          Common stock, 5,211,653 shares                      $50,813,617     $         -     $          -    $ 50,813,617

Investments in securities of unaffiliated issuers:
 Participation in Master Trust commingled
    funds (Note 3)                                                      -      36,885,973      173,959,896     210,845,869

Other short term investments                                      726,444               -                -         726,444
                                                              -----------     -----------     ------------    ------------

          Total investments                                    51,540,061      36,885,973      173,959,896     262,385,930

Other receivables - net                                            48,001               -                -          48,001
                                                              -----------     -----------     ------------    ------------

          Total assets                                         51,588,062      36,885,973      173,959,896     262,433,931

Benefits payable                                                 (254,567)       (139,221)        (883,315)     (1,277,103)
                                                              -----------     -----------     ------------    ------------

Net assets available for Plan benefits                        $51,333,495     $36,746,752     $173,076,581    $261,156,828
                                                              ===========     ===========     ============    ============
</TABLE>




               The accompanying notes to financial statements are
                     an integral part of these statements.





                                      F-4

<PAGE>   6
                              GENCORP SAVINGS PLAN
         STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS




<TABLE>
<CAPTION>
                                                                          FOR THE YEAR ENDED OCTOBER 31, 1993             
                                                             ------------------------------------------------------------
                                                               GenCorp                         Interest
                                                                Stock        Diversified        Income
                                                                 Fund        Equity Fund         Fund           Total    
                                                             -----------     -----------     ------------    ------------
<S>                                                          <C>             <C>             <C>             <C>
Net investment income -

 Net increase in value of Plan's interest
    in Master Trust commingled funds (Note 3)                $         -     $ 5,774,482     $ 11,377,343    $ 17,151,825

 GenCorp Inc. common stock dividends                           3,289,384               -                -       3,289,384

 Interest                                                          9,769               -                -           9,769

 Net realized and unrealized appreciation                     32,886,444               -                -      32,886,444
                                                             -----------     -----------     ------------    ------------

 Net investment income                                        36,185,597       5,774,482       11,377,343      53,337,422

Contributions and deposits -
 Members                                                       2,568,263       6,931,612       13,359,495      22,859,370

 Employer                                                     12,784,807               -                -      12,784,807

 Other                                                            34,799          99,652           75,650         210,101
                                                             -----------     -----------     ------------    ------------
                                                              15,387,869       7,031,264       13,435,145      35,854,278

Benefits paid to participants                                (13,477,234)     (7,349,137)     (43,810,020)    (64,636,391)

Interfund transfers                                           (3,035,331)      3,913,667         (878,336)              -
                                                             -----------     -----------     ------------    ------------

Increase (Decrease) in net assets                             35,060,901       9,370,276      (19,875,868)     24,555,309

Net assets available for Plan benefits
 at beginning of year                                         51,333,495      36,746,752      173,076,581     261,156,828
                                                             -----------     -----------     ------------    ------------
Net assets available for Plan benefits
 at end of year                                              $86,394,396     $46,117,028     $153,200,713    $285,712,137
                                                             ===========     ===========     ============    ============
</TABLE>




               The accompanying notes to financial statements are
                     an integral part of these statements.





                                      F-5

<PAGE>   7
                              GENCORP SAVINGS PLAN
         STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS




<TABLE>
<CAPTION>
                                                                          FOR THE YEAR ENDED OCTOBER 31, 1992             
                                                             ------------------------------------------------------------
                                                               GenCorp                         Interest
                                                                Stock        Diversified        Income
                                                                Fund         Equity Fund         Fund           Total    
                                                             -----------     -----------     ------------    ------------
<S>                                                          <C>             <C>             <C>             <C>
Net investment income -

  Net increase in value of Plan's interest
     in Master Trust commingled funds (Note 3)               $         -     $ 3,150,579     $ 13,457,379    $ 16,607,958

    GenCorp Inc. common stock dividends                        2,914,017               -                -       2,914,017

    Interest                                                      20,288               -                -          20,288

    Net realized and unrealized (depreciation)               (10,206,573)              -                -     (10,206,573)
                                                             -----------     -----------     ------------    ------------

     Net investment income (loss)                             (7,272,268)      3,150,579       13,457,379       9,335,690

Contributions and deposits -
    Members                                                    2,748,954       6,450,197       15,937,190      25,136,341

    Employer                                                  13,505,565               -                -      13,505,565
                                                             -----------     -----------     ------------    ------------
                                                              16,254,519       6,450,197       15,937,190      38,641,906

Benefits paid to participants                                 (6,289,584)     (3,989,833)     (26,908,618)    (37,188,035)

Interfund transfers                                           (3,643,046)      2,554,990        1,088,056               -
                                                             -----------     -----------     ------------    ------------

Increase (Decrease) in net assets                               (950,379)      8,165,933        3,574,007      10,789,561

Net assets available for Plan benefits
    at beginning of year                                      52,283,874      28,580,819      169,502,574     250,367,267
                                                             -----------     -----------     ------------    ------------
Net assets available for Plan benefits
    at end of year                                           $51,333,495     $36,746,752     $173,076,581    $261,156,828
                                                             ===========     ===========     ============    ============
</TABLE>



               The accompanying notes to financial statements are
                     an integral part of these statements.





                                      F-6

<PAGE>   8
                              GENCORP SAVINGS PLAN
                         NOTES TO FINANCIAL STATEMENTS


NOTE 1 - ACCOUNTING POLICIES
- - ----------------------------

Basis of Accounting

    The accompanying financial statements have been prepared on the accrual
basis.

Plan Share Value Calculation

    Plan share values are calculated in accordance with the Plan document
excluding certain immaterial accruals.  Plan share values as of October 31,
1993 and 1992 are as follows:


<TABLE>
<CAPTION>
                                                               GenCorp         Diversified     Interest
                                                               Stock Fund      Equity Fund     Income Fund
                                                               ----------      -----------     -----------
    <S>                                                        <C>             <C>             <C>                       
    As of October 31, 1993:

      Fair market value of assets                              $ 86,394,396    $46,117,028     $153,200,713
                                                               ============    ===========     ============

      Plan shares                                               100,458,600     31,804,847      104,931,995
                                                               ============    ===========     ============

      Plan share values at year end                            $        .86    $      1.45     $       1.46
                                                               ============    ===========     ============


    As of October 31, 1992:

      Fair market value of assets                              $ 51,333,495    $36,746,752     $173,076,581
                                                               ============    ===========     ============

      Plan shares                                               100,653,912     29,397,402      127,262,192
                                                               ============    ===========     ============

      Plan share values at year end                            $        .51    $      1.25     $       1.36
                                                               ============    ===========     ============
</TABLE>



Valuation of Investments

    Investments in GenCorp stock are valued at the closing price of GenCorp
common stock on the last day of the Plan's fiscal year.  Investments in money
market funds and diversified stock funds are valued at market based upon the
stated value per share of such fund as determined on the last business day of
the Plan's fiscal year by the trustee or manager of the fund.  Investments in
insurance contracts are valued at cost plus accrued interest as calculated by
the respective investment manager and verified by the Trustee.  Marketable debt
securities are valued at market on the last business day of the Plan's fiscal
year.

Expenses of the Plan

    Fees and expenses charged by the Trustee and investment managers are paid
by GenCorp Inc. (the Company).  Expenses incurred in connection with the
purchase or sale of securities and expenses incurred in the preservation of the
Trust Fund are paid from trust assets.  All other administrative costs of the
Plan are paid by the Company.



                                      F-7

<PAGE>   9
        GENCORP SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS (Continued)

Note 2 - Plan Description and Investment Programs
- - -------------------------------------------------
   The Plan was adopted effective July 1, 1989, and is available to salaried
and certain non-union hourly employees of GenCorp Inc. and participating
subsidiaries.  Members first began actively contributing to the Plan effective
September 1, 1989.  Effective December 1, 1989, the Aerojet General Corporation
Savings Plan was merged into the Plan.

   Members may elect to contribute from 1% to 16% of annual compensation to the
Plan.  The Plan provides that the Company will contribute $1.00 for each $1.00
of a Member's Basic Contributions up to the first 3% of a Member's Compensation
contributed to the Plan during the Plan Year, and $.50 for each $1.00 of a
Member's Basic Contributions on the next 3% of a Member's Compensation
contributed to the Plan during the Plan Year.

   Members may invest their contributions in several investment funds.  All
Employer Matching Contributions are invested solely in the GenCorp Stock Fund.
The GenCorp Stock Fund is invested primarily in Common Stock of the Company.
The Diversified Equity Fund is invested primarily in common stocks and other
equity securities of companies included in the Standard & Poor's 500 Stock
Index and/or one or more funds designed to emulate the performance of the
Standard & Poor's 500 Stock Index.  The Interest Income Fund currently is
invested primarily in guaranteed investment contracts of insurance carriers
and/or banks as well as marketable debt securities.  At October 31, 1993, 5,553
employees were Members of the Plan who were actively contributing to one or
more of the Funds under the Plan.  Employee participation (including Members
who were not active) in each of the Funds at October 31, 1993, was as follows:

                    GenCorp Stock Fund         6,204 members
                    Diversified Equity Fund    3,948 members
                    Interest Income Fund       5,277 members

    Distribution of the value of Plan Shares to a Member who terminates or
elects a voluntary withdrawal is made in accordance with the terms of the Plan.
A Member's interests in his Rollover Contributions, if any, and Employee
Contributions that he has made or the Company has made for him pursuant to a
Salary Reduction Agreement are at all times vested and not subject to
forfeiture.  A Member's interest in the Matching Contributions made for his
benefit is at all times vested and not subject to forfeiture, except such
forfeitures as may be required or permitted in order to meet the
non-discrimination provisions of the Internal Revenue Code ("Code") or other
applicable provisions of law.  A Member may not, however, elect a withdrawal of
any Plan Shares attributable to Matching Contributions until such Matching
Contributions have remained in the Plan for at least two full Plan Years.

    The foregoing description of the Plan provides only general information.
Participants should refer to the summary plan description and the Prospectus
for the Plan for a more complete description of the Plan's provisions.  If
there is any discrepancy between the provisions described herein or in the
Prospectus or summary plan description, the terms of the Plan as set forth in
the Plan document shall be controlling.  Copies of the summary plan description
and the Prospectus for the Plan are available from the Plan administrator.

Note 3 - Investments in Master Trust
- - ------------------------------------
    The Master Trust is an investment trust formed for the investment of the
assets of the defined contribution plans sponsored by the Company and its
subsidiaries.  The Master Trust consists of all assets of the plans and
includes two investment funds, as well as two separate GenCorp Stock Funds, one
each for the GenCorp Savings Plan and the Profit Sharing Retirement and Savings
Plan for Salaried Employees of GenCorp Inc. and Certain Subsidiary Companies.

    The assets of the Plan's Diversified Equity Fund and the Interest Income
Fund are commingled in the Master Trust with assets of the other defined
contribution plans to create two corresponding master investment funds, the
Diversified Equity Fund and the Interest Income Fund of the Master Trust (the
Master Trust Funds).

    The Diversified Equity Fund and the Interest Income Fund of the Plan have
undivided interests in the commingled total assets of the Master Trust Funds
and ownership is represented by units of participation.  Participation by the
Plan in the Master Trust Funds is increased or decreased by the purchase or
redemption of units of participation at the value established on the last
business day of each calendar month.  

                                     F-8

<PAGE>   10
                              GENCORP SAVINGS PLAN
                   NOTES TO FINANCIAL STATEMENTS (Continued)

Note 3 Continued
- - ----------------

Financial information for the Master Trust Funds is as follows:


<TABLE>
<CAPTION>
                                                             October 31, 1993             October 31, 1992
                                                             ----------------            -----------------

                                                                         Interest                     Interest
                                                       Diversified        Income      Diversified      Income
Statement of Assets                                    Equity Fund         Fund       Equity Fund       Fund    
- - -------------------                                    -----------     ------------   -----------   ------------
<S>                                                    <C>             <C>            <C>           <C>
Investments, at market
 Cash                                                  $         -     $    154,799   $         -   $     12,011
 Money market funds                                              -       10,315,597       139,755      3,289,472
 US Government securities                                        -       23,010,622             -     39,809,000
 Corporate debt securities                                       -       11,264,147             -     17,503,955
 Stock index fund investments                           82,276,021                -    71,683,710              -
 Guaranteed investment contracts                                 -      141,118,096             -    141,620,537
 Other                                                           -        1,128,025             -      1,129,710
Accrued interest receivable                                      -          707,472            76      1,422,386
                                                       -----------     ------------   -----------   ------------

      Total assets, at market                          $82,276,021     $187,698,758   $71,823,541   $204,787,071
                                                       ===========     ============   ===========   ============
</TABLE>



<TABLE>

                                                        For the Year Ended              For the Year Ended      
                                                         October 31, 1993                October 31, 1992
                                                         ----------------                -----------------
<CAPTION>
                                                                         Interest                      Interest
                                                       Diversified        Income     Diversified        Income
Statement of Changes in Assets                         Equity Fund         Fund      Equity Fund         Fund     
- - ------------------------------                         -----------    ------------   -----------    --------------
<S>                                                  <C>               <C>           <C>            <C>
Additions (Deductions):
 Contributions from participating
    plans for the purchase of units                   $  8,109,709    $ 15,867,153   $ 9,858,041    $ 21,542,663
 Interest income                                               387      13,982,180           617      15,615,760
 Net realized and unrealized
    appreciation (depreciation)                         10,681,240        (439,533)    6,533,484         154,873
 Redemption of units                                    (8,338,856)    (46,498,113)   (8,509,931)    (32,284,042)
                                                      ------------    ------------   -----------    ------------ 
 Net increase (decrease) in value
    of assets during the year                           10,452,480     (17,088,313)    7,882,211       5,029,254

 Market value of assets -
    beginning of year                                   71,823,541     204,787,071    63,941,330     199,757,817
                                                      ------------    ------------    ----------    ------------

 Market value of assets -
    end of year                                        $82,276,021    $187,698,758   $71,823,541    $204,787,071
                                                       ===========    ============   ===========    ============

At October 31, 1993, the Plan's participating proportionate share of the Diversified Equity Fund and the Interest Income Fund was
approximately 57 percent and 82 percent, respectively.  At October 31, 1992, the Plan's proportionate share of the Diversified
Equity Fund and Interest Income Fund was approximately 51 percent and 85 percent, respectively. 

</TABLE>




                                      F-9

<PAGE>   11
                              GENCORP SAVINGS PLAN
                   NOTES TO FINANCIAL STATEMENTS (Continued)

Note 4 - Federal Income Taxes
- - -----------------------------

   On February 3, 1994, the Plan received a favorable determination letter from
the Internal Revenue Service which stated that the Plan is qualified under
Sections 401(a) and 401(k) of the Internal Revenue Code ("Code").  Under these
sections, the Company is permitted to deduct for federal income tax purposes
its contribution to the Plan, and the Trust Fund established under the Plan is
exempt from taxation under Section 501(a) of the Code.  The Company intends
that the Plan will continue to qualify under Sections 401(a) and 401(k) of the
Code.  It is anticipated that any changes required to maintain the Plan's
qualified status will be made.  The Company believes the Plan currently is in
compliance with Sections 401(a) and 401(k) of the Code.  The Company may, upon
the advice of counsel, request future determinations from the IRS that the Plan
continues to qualify under Sections 401(a) and 401(k) of the Code.

   A Member's 401(a) contributions are included in the Member's gross income
for federal income tax purposes.  Correspondingly, the Member does not realize
taxable income when such contributions are distributed to him.  A Member will
realize taxable income from the Plan to the extent that the distribution is not
considered to be a distribution of his contributions.

   A Member's 401(k) contributions and Matching Contributions are excluded from
the Member's gross income for purposes of computing federal income tax
liability.  Correspondingly, the Member will realize taxable income when such
contributions (and any earnings thereon) are distributed to him.  State tax
laws vary with respect to the taxability of amounts contributed to a 401(k)
savings plan, and therefore, the effect of distribution of 401(k) contributions
under any particular state law must be determined on a case-by-case basis.





                                      F-10

<PAGE>   12
                                   SIGNATURE



Pursuant to the requirements of the Securities Exchange Act of 1934, GenCorp
Inc., as Plan Administrator, has duly caused this annual report to be signed on
its behalf by the undersigned thereunto duly authorized.


                                                            GENCORP SAVINGS PLAN




                                                By   /s/ D. M. Steuert        
                                                ----------------------
                                                D. M. Steuert
                                                Member, GenCorp Inc.
                                                Benefits Management Committee



Date:  April 22, 1994





                                     F-11





<PAGE>   1

                                                                      Exhibit 23




                       CONSENT OF INDEPENDENT AUDITORS

We consent to the incorporation by reference, in the Prospectuses constituting
part of GenCorp Inc.'s Registration Statements No. 33-28056 and 2-98730 on Form
S-8 pertaining to the GenCorp Savings Plan of our report dated April 12, 1994,
with respect to the financial statements of the GenCorp Savings Plan included
in this Annual Report on Form 11-K for the year ended October 31, 1993.




                                                                   Ernst & Young

Akron, Ohio
April 26, 1994