Grasim Industries (GRASIM) Q1 25/26 earnings summary

Executive summary

• Q1 FY 2026 consolidated revenue grew 16% YoY to ₹40,118 crore, with EBITDA up 36% YoY to ₹6,430 crore, led by cement and chemicals, partially offset by investments in paints.

• PAT (owner's share) for Q1 FY 2026 was ₹1,419 crore, up 32% YoY; consolidated PAT stood at ₹2,767 crore, up 34% YoY.

• Achieved 20 consecutive quarters of YoY revenue growth, with a 15% CAGR since FY 2021 and TTM consolidated revenue at nearly ₹150,000 crore.

• Strategic focus on scaling growth engines in manufacturing, infrastructure, and digital financial services.

• Unaudited standalone and consolidated financial results for the quarter ended 30 June 2025 were approved by the Board and reviewed by auditors, with no material misstatements identified.

Financial highlights

• Standalone revenue for Q1 FY 2026 was ₹9,223 crore, up 34% YoY; standalone EBITDA grew 26% to ₹528 crore.

• Building Materials segment (cement, paints, B2B e-commerce) contributed ₹23,732.93 crore in revenue; Financial Services segment reported ₹9,487.92 crore.

• Paint business (Birla Opus) posted double-digit QoQ revenue growth; premium and luxury products contributed 65% of revenue.

• B2B e-commerce (Birla Pivot) annualized revenue run rate on track for ₹8,500 crore by FY 2027, with high single-digit sequential growth.

• Cement business revenue grew 13% YoY; volume growth at 10% YoY, outpacing industry growth of 4-5%.

Outlook and guidance

• Paint business expects continued growth, leveraging expanded dealer network and premium product focus; Kharagpur plant to launch in Q2 FY 2026.

• B2B e-commerce targets ₹8,500 crore revenue and breakeven by FY 2027.

• Lyocell project phase 1 (55 KTPA) commissioning targeted by mid-2027.

• Festive season expected to boost demand, though monsoon may temper short-term growth.