NSE: GRASIM · BSE: 500300
GRASIM INDUSTRIES LTD
Operates a diversified platform spanning cement, paints, cellulosic fibres, chemicals and financial services. Building Materials — comprising cement (via listed subsidiary UltraTech) and paints (Birla Opus and Birla White putty) — accounted for 57.1% of FY26 segment revenue at ₹1,01,201.56 crore with a 16.2% EBIT margin; UltraTech crossed 200 MTPA of grey cement capacity in April 2026, with management describing it as the world's largest cement company outside China and targeting 240+ MTPA by March 2028. Paints subsidiary Birla Opus doubled FY26 revenue versus FY25 and crossed 10% revenue market share in March 2026, with combined Birla Opus and Birla White putty nearing the #2 position in Indian decorative paints at installed capacity of 1,332 million litres per annum (24% of industry). Financial Services, primarily Aditya Birla Capital, contributed 25.6% of segment revenue at ₹45,426.61 crore; ABCL's FY26 revenue stood at ₹45,509 crore with PAT of ₹3,764 crore spanning lending, insurance, asset management and broking. Cellulosic Fibres (9.7% of segment revenue) and Chemicals (5.4%) round out the platform, with a Lyocell expansion of 110,000 TPA underway at Harihar by FY28. The largest cost line is "other operating expenses" at 54.9% of revenue, followed by raw materials at 18.2%. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Building Materials (57%), Financial Services (26%), Cellulosic Fibres (10%), Chemicals (5%), Others (2%). Diversified commodities, manufacturing and financial services platform; cyclical exposure through cement, paints and chemicals.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 95,701 | 1,17,627 | 1,30,978 | 1,48,478 | 1,75,431 |
| EBITDA (ex other income) | 16,882 | 16,778 | 19,003 | 18,325 | 24,369 |
| margin % | 17.6 | 14.3 | 14.5 | 12.3 | 13.9 |
| Owners' profit | 7,550 | 6,827 | 5,624 | 3,706 | 4,966 |
| EPS, as reported (₹) | 114.98 | 103.98 | 85.29 | 55.57 | 73.21 |
| ROE % · ROCE % | 9.6 · 5.8 | 9.0 · 5.9 | 7.1 · 4.8 | 4.9 · 3.4 | 6.1 · 4.0 |
| Debt / equity (x) | 0.63 | 0.82 | 0.97 | 1.16 | 1.32 |
| Cash from operations | 7,038 | (12,685) | (10,719) | (17,170) | (17,810) |
| Capex | (8,588) | (12,036) | (19,485) | (17,181) | (15,626) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 33,563 | 34,793 | 44,267 | 40,118 | 39,900 | 44,312 | 51,101 | 48,716 |
| Profit before tax | 1,882 | 2,438 | 3,828 | 3,765 | 2,449 | 3,107 | 4,962 | 5,157 |
| Net profit | 1,100 | 1,844 | 2,973 | 2,767 | 1,498 | 2,233 | 3,802 | 3,846 |
| EPS (₹) | 5.86 | 13.47 | 22.22 | 20.91 | 8.16 | 15.28 | 28.87 | 31.64 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Cellulosic Fibres | 17,104 | 9.7 |
| Chemicals # | 2,458 | 1.4 |
| Building Material $ | 30,042 | 17.0 |
| Financial Services | 45,427 | 25.6 |
| Others * | 1,021 | 0.6 |
| Chemicals | 7,134 | 4.0 |
| Building Material | 71,159 | 40.2 |
| Others | 2,871 | 1.6 |
| Total, before eliminations | 1,77,217 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ULTRATECH CEMENT LIMITED | 3,29,452 | 38.5 | 4.08 | 20.1 | 10.1 | 10.2 | 14.6 | 20.8 |
| GRASIM INDUSTRIES LTD ◆ | 1,97,360 | 34.5 | 1.16 | 16.4 | 6.1 | 3.2 | 18.1 | 16.6 |
| AMBUJA CEMENTS LTD | 87,273 | 19.8 | 1.21 | 12.2 | 7.8 | 4.3 | — | 18.3 |
| SHREE CEMENT LIMITED | 83,056 | 51.0 | 3.56 | 15.9 | 7.5 | 9.4 | 9.2 | 23.8 |
| JK CEMENT LIMITED | 38,558 | 40.8 | 5.44 | 17.7 | 13.9 | 10.3 | 15.7 | 17.0 |
| DALMIA BHARAT LIMITED | 28,101 | 29.7 | 1.55 | 10.6 | 6.4 | 5.2 | 7.1 | 19.6 |
| ACC LIMITED | 21,387 | 11.2 | 1.04 | 6.2 | 10.4 | 9.9 | — | 8.4 |
| THE RAMCO CEMENTS LIMITED | 17,308 | 26.9 | 2.14 | 10.3 | 8.6 | 7.1 | 11.3 | 14.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 34.5 | 27.7 | 18 of 29 | 39% |
| P/B | 1.2 | 1.3 | 14 of 34 | 58% |
| ROCE | 3.2 | 3.7 | 20 of 37 | 47% |
| ROE | 6.1 | 7.2 | 20 of 34 | 42% |
| Debt / Equity | 1.3 | 0.4 | 29 of 33 | 13% |
| EBITDA margin | 16.6 | 13.1 | 12 of 37 | 69% |
| Revenue growth | 21.4 | 7.8 | 6 of 37 | 86% |
| Profit growth | 39.0 | (24.7) | 8 of 37 | 81% |
| Market cap | 197360 | 1735 | 2 of 38 | 97% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Grasim Industries repays ₹750 crore of commercial paper at maturity | credit debt | low | — | — |
| 25 Oct 2026 · Bombay High Court quashes Grasim case over Rs 329 crore alleged income | regulatory legal | high | — | — |
| 23 Oct 2026 · Grasim Industries asked to clarify reported Rs 329 crore tax claim | compliance | minimal | — | — |
| 23 Oct 2026 · Grasim advertises special window for physical share transfer re-lodgement | compliance | minimal | — | — |
| 21 Oct 2026 · Grasim starts 50,000 TPA epichlorohydrin plant in Gujarat | capex operations | high | — | — |
| 16 Oct 2026 · Grasim Industries gets ESG rating of 65 for FY2026, up from 64 | business updates | medium | — | — |
| 14 Oct 2026 · Grasim Industries compliance certificate on share dematerialization for Q2 FY27 | compliance | minimal | — | — |
| 29 Sept 2026 · Promoter group buys extra 2.01 percent stake in Grasim | ownership changes | high | — | — |
| 28 Sept 2026 · Birla promoter group buys 2.01 percent stake in Grasim via open market | ownership changes | high | — | — |
| 24 Sept 2026 · Loss of Share Certificates - Public Notice to Shareholders | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.