Grasim Industries (GRASIM) Q3 25/26 earnings summary

Executive summary

• Consolidated Q3 FY26 revenue reached ₹44,312 crore, up 25% year-on-year, with EBITDA rising 33% to ₹6,215 crore, driven by strong growth across building materials, financial services, cellulose fibers, chemicals, premium textiles, and insulators.

• Standalone revenue for Q3 FY26 was ₹10,432 crore, up 28% year-on-year, with robust contributions from both core and new businesses.

• Adjusted PAT for Q3 FY26 stood at ₹1,168 crore, up 42% year-on-year; net profit was ₹2,232.95 crore, with 9MFY26 consolidated revenue at ₹1,24,330 crore and net profit at ₹6,498.06 crore.

• Strategic focus on innovation, sustainability, and capital allocation, with significant investments in new growth engines like paints and B2B e-commerce.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended 31 December 2025 were approved by the Board of Directors on 10 February 2026.

Financial highlights

• Consolidated EBITDA grew 33% year-on-year to ₹6,215 crore; standalone EBITDA rose 57% to ₹585 crore.

• Building materials segment revenue grew 30% year-on-year, with all-round performance in cement, paints, and B2B.

• Financial services revenue increased 29% year-on-year, with the lending portfolio up 30% to over ₹1,90,000 crore.

• Net profit for Q3 FY26 was ₹2,232.95 crore, compared to ₹1,734.16 crore in Q3 FY25.

• Net debt as of Dec 31, 2025, was ₹6,882 crore, down from ₹8,277 crore a year earlier; net debt to EBITDA at 2.1x.

Outlook and guidance

• Paints business targets ₹10,000 crore revenue run rate by Q4 FY28, aiming for a profitable number two position within three years of full-scale operation.

• Birla Pivot B2B e-commerce expects to reach breakeven by FY27 exit and is set to surpass FY27 guidance.

• Renewable energy share in chemicals targeted to exceed 40% by end of FY27.

• The company continues to focus on growth in building materials, financial services, and renewable energy, with ongoing investments and restructuring in key subsidiaries.