Grasim Industries (GRASIM) Q4 24/25 earnings summary

Executive summary

• Achieved record consolidated revenue of ₹1,48,478 crore in FY25, up 13% year-over-year, with Q4 FY25 standalone revenue at ₹8,929 crore (+32% YOY), driven by new businesses and core segment strength.

• EBITDA for FY25 was ₹20,023 crore; Q4FY25 EBITDA at ₹6,548 crore, up 6% YoY, though annual EBITDA declined 4% due to investments in new businesses.

• Adjusted PAT for FY25 was ₹3,902 crore, down 37% YoY; consolidated net profit for FY25 was ₹7,756.33 crore, down from ₹9,925.65 crore in FY24.

• Paints business (Birla Opus) became India's #3 decorative paint brand within six months, reaching over 10% revenue market share (including putty) and high single-digit share standalone.

• B2B e-commerce (Birla Pivot) crossed ₹5,000 crore annual run rate, growing 3.3x over FY24.

Financial highlights

• Consolidated revenue grew 13% YoY in FY25; Q4FY25 revenue up 17% YoY.

• Standalone revenue for FY25 at ₹31,563 crore, up 22% YoY; standalone EBITDA at ₹2,857 crore.

• Cellulosic fiber annual revenue: ₹15,987 crore (+6% YOY), but profitability down 12% YOY due to higher raw material costs.

• EBITDA margin for FY25 at 13% (down from 16% in FY24); Q4FY25 margin at 15%.

• Final dividend of ₹10/share, marking 62 consecutive years of dividend payments.

Outlook and guidance

• Paints business aspires to double-digit standalone market share in FY26, with capacity to scale further as needed.

• B2B e-commerce targets ₹8,500 crore run rate for EBITDA break-even, with continued investment in technology and logistics.

• UltraTech Cement targets capacity above 215 MTPA by FY27; Paints business to commercialize 6th plant in H1FY26.

• Lyocell project (55K TPA phase) to be commissioned by mid-2027; Chemicals business to expand capacity and integration.

• Management expects medium-term growth to remain strong despite short-term macro or seasonal slowdowns.