Grasim Industries (GRASIM) Q1 26/27 earnings summary

Executive summary

• Consolidated revenue reached INR 48,716 crore, up 21% year-over-year, with record standalone revenue of INR 11,795 crore, up 28%, driven by strong performance across diversified businesses.

• Consolidated EBITDA hit a record INR 8,077 crore, up 26% year-over-year, with standalone EBITDA more than doubling to INR 1,094 crore.

• Adjusted PAT (excluding exceptional items) rose 49% year-over-year to INR 2,153 crore.

• Core businesses (cement, cellulose, fiber, chemicals, financial services) continue to compound, while new engines (paints, B2B e-commerce) are scaling rapidly.

• Unaudited standalone and consolidated financial results for the quarter ended 30 June 2026 were approved by the Board and reviewed by auditors, with no material misstatements identified.

Financial highlights

• Building Materials segment (including Cement, Paints, B2B E-Commerce) contributed INR 28,835 crore in revenue; cement revenue up 16% to INR 24,648 crore; EBITDA up 17% to INR 5,002 crore.

• Cellulosic fiber revenue grew 12% year-over-year to INR 4,530 crore, with EBITDA roughly doubling to INR 632 crore.

• Chemical segment revenue rose 10% year-over-year to INR 2,640 crore, with EBITDA up 16% to INR 491 crore.

• Birla Opus Paints revenue up 64% year-over-year to INR 1,661 crore; market share gains and strong institutional sales.

• B2B e-commerce revenue up 75% year-over-year to INR 2,548 crore, annualized run rate above INR 10,000 crore.

Outlook and guidance

• Paints business maintains guidance to reach INR 10,000 crore revenue by FY 2028 and expects over 50% revenue growth in FY 2027.

• B2B e-commerce and Paints businesses are on track to achieve EBITDA break-even by the end of FY27.

• Standalone CapEx for FY 2027 planned at INR 3,157 crore, with 45% for growth initiatives.

• Net debt to EBITDA to be maintained below 2x for the year.

• Adoption of Ind AS 117 by Aditya Birla Health Insurance impacted reported results; comparative periods restated.