Grasim Industries logo

Grasim Industries

GRASIM NSE

Key Fundamentals

LargecapCementConstruction
Market Cap
2.2L Cr
Volatility
Moderate
P/E Ratio
39.66
EBITDA
₹37,476 Cr
Return on Equity
6.06%
Debt to Equity
2.2
Book Value
₹1,530.51
EPS
₹85.43
52W High
₹3,411.1
52W Low
₹2,502.5

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Weaknesses

2
  • Company has a low return on equity of 5.21% over last 3 years.
  • Dividend payout has been low at 14.6% of profits over last 3 years

Growth Rate

Revenue Growth
17.79% higher than 3Y
Net Income Growth
32.8% higher than 3Y
Cash Flow Change
-3.73% higher than 3Y
ROE
23.42% higher than 3Y
ROCE
10.77% higher than 3Y
EBITDA Margin (Avg.)
7.06% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

Grasim Industries, with a market cap of ₹2,23,321 Cr and a PE of 20.1x, is a large-cap conglomerate in the construction/building materials space. The company has delivered strong TTM sales growth of 20% and TTM profit growth of 40%, but its 3-year ROE remains modest at 5%, reflecting capital-intensive operations and ongoing investment cycles.

Bull Case 7
  • Strong TTM revenue growth of 20% indicates robust demand momentum across business segments
  • TTM profit growth of 40% signals significant operating leverage kicking in after a period of heavy investment
  • 10-year compounded sales CAGR of 18% demonstrates a long and consistent track record of top-line expansion
  • Stock price CAGR of 21% over 3 years reflects sustained market confidence and value creation
  • 10-year stock CAGR of 16% shows the company has compounded wealth meaningfully over a full market cycle
  • Price-to-book ratio of 2.17x is reasonable for a diversified conglomerate with significant tangible assets in cement and chemicals
  • 5-year compounded sales CAGR of 18% confirms the revenue growth trend is not merely a one-year phenomenon
Bear Case 8
  • 3-year ROE of just 5% is well below the cost of equity, indicating poor capital efficiency over a meaningful period
  • 3-year compounded profit CAGR of -10% means earnings actually shrank over the past three years despite revenue growth
  • 5-year compounded profit CAGR of only 2% shows profits have barely grown even as sales compounded at 18%, pointing to margin pressure
  • Dividend payout ratio of just 14.6% over the last 3 years offers minimal cash return to shareholders
  • Dividend yield of 0.3% provides negligible income, making the stock almost entirely dependent on capital appreciation
  • Last year ROE of 5% shows no improvement from the 3-year average, suggesting capital efficiency issues persist
  • Wide gap between 10-year sales CAGR of 18% and 10-year profit CAGR of 8% indicates a structural pattern of revenue growth not translating proportionally into earnings
  • PE of 20.1x applied to a business generating only 5% ROE implies the market is pricing in significant future improvement that has yet to materialize

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 1
  • Customs search at Nagda unit Sep 12

    Customs officials searched Grasim's fiber unit in Nagda. Company says no major operational or financial impact, but regulatory scrutiny is worth monitoring.

Positives 7
  • FY26 revenue up 18%, PAT +33% Sep 3

    Grasim reported record consolidated revenue of ₹1,75,431 crore and adjusted PAT of ₹5,208 crore for FY26. Cement volumes rose 9% and cellulosic fibre sales grew 3%.

  • Targeting ₹2L cr FY27 revenue Aug 23

    Grasim is on track to cross ₹2 lakh crore revenue in FY27, driven by UltraTech's 13.1% volume growth in Q1 FY27, Birla Opus doubling revenue with 10% paint market share, and Birla Pivot exceeding ₹8,500 crore guidance a year early.

  • UltraTech hits 200 MTPA capacity Aug 23

    UltraTech achieved 200 MTPA grey cement capacity with ₹1,103 EBITDA per ton vs industry average of ~₹800, targeting 242.5 MTPA by FY28.

  • Birla Opus fastest paint ramp-up Aug 23

    Birla Opus commercialized 5 of 6 plants, added 1,096 million liters capacity, expanded to 11,500 towns and 50,000 dealers, and targets ₹10,000 crore revenue with 50%+ growth in FY27.

  • ESG score rises to 66 Aug 26

    Grasim's independent ESG rating improved to 66 (Strong) for FY26 from 59 in FY25, awarded by ESG Risk Assessments & Insights Limited.

  • Renewables gets BlackRock backing Aug 23

    Aditya Birla Renewables secured ₹2,000 crore investment from Global Infrastructure Partners (BlackRock) at ~₹14,600 crore enterprise value, with 10 GW visibility and 20 GW ambition.

  • Market cap crosses ₹2 trillion Aug 21

    Grasim crossed ₹2 trillion market capitalization with record EBITDA of ₹25,872 crore for FY26, highlighted at its 79th AGM on August 21.

Neutral 3
  • ₹1,300 cr CPs repaid on schedule Sep 11

    Grasim repaid ₹800 crore in commercial papers on Sep 11 and ₹500 crore on Aug 18, both on maturity, clearing outstanding amounts fully.

  • Investor meetings at Jefferies, others Sep 9

    Grasim scheduled institutional investor meetings at the Jefferies India Forum on Sep 16 in Gurugram, and with Goldman Sachs, HDFC MF, and Aditya Birla MF from Aug 31 to Sep 2.

  • IFSC JV with UltraTech, Hindalco Aug 21

    Grasim, UltraTech, and Hindalco incorporated UHG Holdings in GIFT City to strengthen the group's operational network.

TL;DR: Grasim delivered a strong FY26 with 18% revenue growth and 33% PAT growth, anchored by UltraTech's industry-leading cement scale and rapid scaling of Birla Opus paints and Birla Pivot e-commerce. The balance sheet is healthy at 1.45x net debt-to-EBITDA with a ₹2 trillion market cap. The customs search at Nagda is a minor watch item with no reported operational impact. The trend is clearly improving, with the ₹2 lakh crore FY27 revenue target looking achievable as multiple growth engines fire simultaneously.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
31,065
30,221
31,965
37,727
34,610
34,223
35,378
44,267
40,118
39,900
44,312
51,101
48,716
Expenses
24,708
24,173
25,073
29,835
27,927
28,197
28,575
35,517
31,296
32,228
35,442
40,227
37,565
Operating Profit
6,357
6,048
6,893
7,892
6,682
6,026
6,804
8,750
8,822
7,671
8,870
10,874
11,152
OPM %
20%
20%
22%
21%
19%
18%
19%
20%
22%
19%
20%
21%
23%
Other Income
296
285
256
-48
247
403
382
485
376
406
65
143
318
Interest
2,032
2,226
2,433
2,586
2,795
3,027
3,270
3,407
3,551
3,669
3,909
4,015
4,298
Depreciation
1,183
1,245
1,244
1,329
1,443
1,572
1,608
1,831
1,810
1,899
1,975
2,042
1,988
PBT
3,438
2,862
3,472
3,928
2,691
1,830
2,308
3,996
3,837
2,510
3,051
4,960
5,183
Tax %
25%
29%
25%
31%
23%
46%
25%
26%
28%
40%
27%
26%
26%
Net Profit
2,576
2,024
2,603
2,722
2,066
983
1,734
2,973
2,771
1,498
2,233
3,684
3,846
EPS in Rs
23.17
17.1
22.25
20.8
16.33
4.78
12.45
21.98
20.87
8.13
15.23
27.86
31.53
Figures in ₹ Crores

Profit & Loss

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
31,734
34,487
36,068
55,894
77,200
68,252
76,404
95,701
1,17,627
1,30,978
1,48,478
1,75,431
1,84,029
Expenses
26,590
28,576
28,682
44,281
60,560
57,880
57,769
75,270
96,038
1,03,783
1,20,216
1,39,135
1,45,462
Operating Profit
5,144
5,911
7,387
11,612
16,640
10,373
18,635
20,431
21,589
27,195
28,262
36,296
38,567
OPM %
16%
17%
20%
21%
22%
15%
24%
21%
18%
21%
19%
21%
21%
Other Income
530
1,320
1,076
410
-1,846
7,076
1,130
1,648
3,733
783
1,517
1,047
932
Interest
667
718
702
3,663
6,060
6,890
5,723
4,776
6,044
9,277
12,500
15,144
15,891
Depreciation
1,563
1,834
1,808
2,724
3,571
4,004
4,033
4,161
4,552
5,001
6,454
7,726
7,904
PBT
3,443
4,679
5,952
5,635
5,163
6,554
10,009
13,143
14,727
13,700
10,825
14,473
15,704
Tax %
30%
26%
29%
35%
47%
-1%
30%
15%
25%
28%
28%
29%
—
Net Profit
2,582
3,455
4,246
3,688
2,745
6,639
6,987
11,206
11,078
9,926
7,756
10,300
11,261
EPS in Rs
36.75
51.15
65.64
39.43
24.91
64.9
63.3
111
100
85.42
54.46
72.98
82.75
Div. Payout %
9%
9%
8%
15%
27%
6%
14%
9%
10%
12%
18%
14%
—
Figures in ₹ Crores

Balance Sheet

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
92
93
93
131
132
132
132
132
132
133
136
136
Reserves
23,048
27,336
31,294
57,230
57,888
56,501
65,362
75,567
78,610
88,520
97,373
1,03,334
Borrowings
11,930
12,505
9,213
67,070
84,487
84,777
79,078
74,744
1,03,039
1,37,155
1,86,326
2,27,853
Other Liabilities
18,963
19,642
22,147
83,467
98,620
1,02,772
1,22,777
1,38,706
1,55,042
1,86,309
2,16,206
2,37,811
Total Liabilities
54,033
59,576
62,747
2,07,899
2,41,127
2,44,181
2,67,349
2,89,149
3,36,823
4,12,116
5,00,040
5,69,134
Fixed Assets
31,828
34,271
34,786
69,257
87,129
87,736
85,023
88,996
94,896
1,00,494
1,41,148
1,49,452
CWIP
2,755
1,788
1,297
2,290
2,766
3,904
5,769
6,615
7,778
18,358
14,765
16,465
Investments
7,255
10,601
14,200
65,995
62,747
66,337
88,017
96,766
1,05,355
1,29,306
1,40,496
1,54,982
Other Assets
12,194
12,916
12,464
70,356
88,484
86,204
88,540
96,771
1,28,793
1,63,959
2,03,632
2,48,236
Total Assets
54,033
59,576
62,747
2,07,899
2,41,127
2,44,181
2,67,349
2,89,149
3,36,823
4,12,116
5,00,040
5,69,134
Figures in ₹ Crores

Cash Flow

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
4,594
5,868
7,288
-4,140
-1,659
16,620
15,075
7,038
-12,685
-10,719
-17,170
-17,810
Investing
-2,359
-4,515
-3,509
1,546
-2,212
-11,364
-7,146
-1,053
-13,712
-23,114
-23,313
-17,798
Financing
-2,278
-1,365
-3,799
3,449
4,158
-3,418
-8,003
-6,733
26,469
33,908
42,978
33,523
Net Cash Flow
-42
-11
-20
856
287
1,838
-75
-748
72
75
2,495
-2,085
Free Cash Flow
1,315
3,120
5,495
-7,186
-5,667
11,638
11,525
-1,467
-24,610
-30,042
-33,688
-33,130
CFO/OP
95
119
112
-21
1
177
91
49
-49
-30
-52
-42
Figures in ₹ Crores

Ratios

Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
30
32
30
34
32
31
21
21
18
19
23
23
Inventory Days
207
168
163
170
154
179
179
200
180
194
179
130
Days Payable
102
97
117
146
133
172
229
239
216
221
177
152
Cash Conversion Cycle
136
103
76
58
53
38
-29
-18
-17
-7
25
1
Working Capital Days
-44
-56
-19
-95
-47
-84
-103
-88
-75
-91
-105
-81
ROCE %
9%
11%
13%
10%
8%
8%
9%
9%
10%
9%
8%
8%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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Shareholding Pattern

FIIs17.17%Promot.43.74%Public10.45%Others12.51%DIIs16.13%As ofJun 2026

Documents

Frequently Asked Questions about Grasim Industries

What does Grasim Industries Ltd do?
Grasim Industries Limited is the flagship company of the Aditya Birla group, it ranks amongst India's largest private sector companies. On standalone basis, GIL’s core businesses comprise of viscose Staple fibre (VSF), caustic soda, speciality chemicals, rayon-grade wood pulp (RGWP) with plants a...
Where is Grasim Industries Ltd (GRASIM) listed?
Grasim Industries Ltd trades as GRASIM on the NSE and under code 500300 on the BSE.
Which sector does Grasim Industries Ltd belong to?
Grasim Industries Ltd is classified under the Construction sector, in the Cement industry.
What is the market capitalisation of Grasim Industries Ltd?
Grasim Industries Ltd has a market capitalisation of ₹2,23,321 Cr, which places it in the Large Cap band.
What is the PE ratio of Grasim Industries Ltd?
Grasim Industries Ltd trades at a PE ratio of 39.66, on earnings per share of ₹85.43, against a book value of ₹1,530.51 per share.
What is the 52-week high and low of Grasim Industries Ltd?
Over the last 52 weeks Grasim Industries Ltd has traded between ₹2,502.5 and ₹3,411.1.
Does Grasim Industries Ltd pay dividends?
Grasim Industries Ltd has a dividend yield of 0.30%.
What is the Return on Equity (ROE) of Grasim Industries Ltd?
Grasim Industries Ltd reported a return on equity of 6.06%. Its debt-to-equity ratio is 2.20.

Company Information

Grasim Industries Limited is the flagship company of the Aditya Birla group, it ranks amongst India's largest private sector companies. On standalone basis, GIL’s core businesses comprise of viscose Staple fibre (VSF), caustic soda, speciality chemicals, rayon-grade wood pulp (RGWP) with plants at multiple locations. It also has certain other businesses such as fertiliser, textile, etc. [1]

Website grasim.com
CEO Mr. Himanshu Kapania
Employees 27,327
Listed 1995-05-10
Face Value ₹ 2
Issued Size 68,05,21,734

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