Grasim Industries (GRASIM) Q4 24/25 earnings summary

Executive summary

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

• 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, and is on track for ₹8,500 crore by FY27.

• Core businesses (cellulosic fibers, chemicals, cement) delivered stable performance, with cellulosic fiber revenue at ₹15,987 crore (+6% YOY) and financial services AUM over ₹5 lakh crore (+17% YOY).

• Major capacity expansions, new business launches, and significant acquisitions and mergers, including UltraTech's stake in The India Cements Limited and Kesoram merger, supported future growth.

Financial highlights

• FY25 consolidated revenue was ₹1,48,478 crore (up 13% YoY), EBITDA ₹20,023 crore (down 4% YoY), and adjusted PAT ₹3,902 crore (down 37% YoY).

• Standalone revenue for FY25 was ₹31,563 crore (up 22% YoY), EBITDA ₹2,857 crore (down 20% YoY), and adjusted PAT ₹376 crore.

• Q4 FY25 standalone revenue: ₹8,929 crore (+32% YoY); Q4 consolidated revenue: ₹44,267 crore (+17% YoY).

• Net worth increased to ₹97,509 crore as of March 31, 2025, with net debt rising to ₹35,402 crore and net debt/EBITDA at 1.77x.

• Final dividend of ₹10/share recommended, 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 and sixth plant at Kharagpur to be operational in H1 FY26.

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

• Ongoing investments in digital platforms and specialty chemicals to drive future growth.

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