Grasim Q2 FY27: Rev ₹48,716 Cr

Investor Takeaways

Record standalone EBITDA of ₹1,094 crores (107% YoY growth) for Q1 FY27.

Paint segment revenue grew 64% YoY to ₹1,661 crores, driven by Birla Opus.

Birla Opus revenue target raised to ₹10,000 crores by FY28.

Consolidated revenue grew 21% YoY to ₹48,716 crores (Q1 FY27).

Market share expansion in decorative paints noted.

Overall Tone: Positive

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹48,716 Cr	21%
Net Profit	₹2,232.95 Cr	N/A
EBITDA	₹1,094 Cr	107%
EPS	₹15.28	N/A
OPM	13.43%	N/A

What Changed

Grasim Industries reported record standalone EBITDA of ₹1,094 crores in Q1 FY27, reflecting a 107% YoY increase. This growth was primarily fueled by exceptional performance in the paint segment, where revenue surged 64% YoY to ₹1,661 crores, led by Birla Opus. The company also highlighted strong consolidated revenue growth of 21% YoY to ₹48,716 crores. Management emphasized resilience in domestic demand and plans to scale Birla Opus to ₹10,000 crores revenue by FY28 through premiumization, distribution expansion to 55,000 dealers, and 1,450+ retail outlets. Pricing benefits from Q1 double-digit hikes are expected to flow into Q2, supporting margin expansion. The standalone EBITDA growth outpaced revenue growth, indicating improved operational efficiency. Peer comparisons show Grasim’s P/E (21.08) is significantly lower than UltraTech (44.08) and Ambuja (23.34), though higher than Shree Cement (73.57), reflecting market expectations of growth potential in its diversified segments.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Grasim Industries	21.08	4.62%	4.86%	1,99,652.33
UltraTech Cement	44.08	10.84%	12.31%	3,38,497.96
Ambuja Cements	23.34	7.73%	4.61%	1,07,215.34
Shree Cement	73.57	N/A	N/A	90,093.63

Grasim’s P/E ratio is lower than UltraTech and Ambuja, suggesting potential undervaluation relative to peers, though its ROE and ROCE are below industry leaders. The company’s debt-to-equity ratio of 1.88 is higher than UltraTech (0.33) and Ambuja (0), indicating greater financial leverage.

Risks & Concerns

No specific risks identified in the filing; management highlighted resilience in domestic demand despite global headwinds.

Debt-to-equity ratio of 1.88 is elevated compared to peers (UltraTech: 0.33, Ambuja: 0), though not explicitly flagged as a concern in the report.

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q3FY26	44,311.97	2,232.95	13.43%
Q2FY26	39,899.58	1,498.04	12.21%
Q1FY26	40,118.08	2,767.08	15.17%
Q4FY25	44,267.26	2,973.26	13.93%

The company’s revenue and profit trajectory shows consistent growth, with Q1 FY27 revenue at ₹48,716 crores (21% YoY) and profit at ₹2,232.95 crores. OPM remained stable at 13.43% in Q3FY26, though slightly below the Q1 FY26 peak of 15.17%. The standalone EBITDA of ₹1,094 crores (Q1 FY27) is a key driver of the positive momentum, reflecting strong margin expansion in core segments.

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About Grasim Industries Limited (GRASIM)

Textiles · Textiles · Listed on NSE

Market Cap: ₹2,25,840.46 Cr P/E: 39.5 ROE: 10.8% ROCE: 9.6% Div Yield: 0.30%

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🔥 Also filed on 17 August 2026

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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