Grasim Industries (GRASIM) Q2 25/26 earnings summary

Executive summary

• Trailing 12-month consolidated revenues reached INR 1,59,663 crore, up 8% year-over-year, with Q2FY26 consolidated revenue at ₹39,900 crore, up 17% YoY, and standalone revenue at a record INR 9,610 crore, up 26% YoY.

• PAT (owner's share) for Q2FY26 was ₹553 crore, up 76% YoY; consolidated net profit for Q2FY26 was ₹1,498.04 crore, up from ₹982.94 crore in Q2FY25.

• Multi-segment growth driven by strong performance in paints, B2B e-commerce, cement, chemicals, and financial services.

• Decorative paints business (Birla Opus) achieved double-digit market share and became the second-largest by capacity in India.

• Strategic focus areas include sustainability, capital allocation, and cost leadership, with significant progress in renewables and digital initiatives.

Financial highlights

• Standalone revenue for Q2FY26 was ₹9,610 crore, up 26% YoY; standalone net profit was ₹804.55 crore.

• Q2FY26 consolidated revenue: ₹39,900 crore (+17% YoY); EBITDA: ₹5,217 crore (+29% YoY); PAT: ₹553 crore (+76% YoY).

• Cellulosic fiber segment revenue up 1% YoY to INR 4,149 crore; EBITDA down 29% due to high input costs.

• Cement sales volume up 6.9% YoY to 33.85 million MT; operating EBITDA/MT up 32% to INR 966.

• Financial services lending portfolio at INR 1,78,000 crore, up 29% YoY; AUM at INR 5,50,000 crore, up 10%.

Outlook and guidance

• Decorative paints business targets number two revenue market share and profitability within three years of full-scale operations.

• B2B e-commerce expected to reach INR 8,500 crore revenue by FY 2027, with potential to achieve this milestone sooner.

• Cement business targets over 240 million MT capacity by March 2028.

• All six greenfield paint plants have commenced commercial production, with installed capacity for decorative paints reaching 1,332 MLPA as of October 2025.