Unaudited Financial Results (Standalone & Consolidated) for the quarter and half year ended 30th September 2025
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Grasim Industries posted standalone Q2 FY26 revenue from operations of ₹9,610 crore, up about 26% year-on-year from ₹7,623 crore, with net profit rising roughly 12% to ₹805 crore. For H1 FY26, standalone revenue grew nearly 30% to ₹18,833 crore, but net profit rose only about 2.6% to ₹686 crore as operating margin slipped to 4.23% from 4.78% a year ago. The company's Kharagpur paint plant began commercial production on 15 October 2025, completing all six greenfield plants and taking Birla Opus decorative paint capacity to 1.332 million litres per annum. Consolidated H1 FY26 revenue stood at ₹80,018 crore versus ₹68,832 crore (restated) a year ago, and operating cash flow for H1 FY26 jumped to ₹1,074 crore from ₹256 crore. The auditors flagged the CCI penalty matter of ₹1,804 crore on subsidiary UltraTech and the restatement of prior periods arising from the Kesoram Industries-UltraTech merger.
Top-line growth is strong and the paints business is now at full installed capacity, which is a positive long-term sign. However, falling standalone operating margin and the heavy CCI penalty exposure on UltraTech are points investors should watch closely.