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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹40,118 Cr
verified against source
Revenue YoY
16%
reported change
EBITDA
₹6,430 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Grasim delivered a strong Q1 FY26 with consolidated revenue of INR 40,118 crore (+16% YoY) and EBITDA of INR 6,430 crore (+36% YoY), driven by robust cement and chemicals performance. Standalone revenue hit a record INR 9,223 crore (+34% YoY), aided by new businesses. The paint division (Birla Opus) maintained 65% premium/luxury product mix and expanded to 8,000 towns, while B2B e-commerce (Birla Pivot) is on track for $1B revenue by FY27. Cement volumes grew 10% YoY with EBITDA per ton of INR 1,248 (+37% YoY). Risks include margin pressure in epoxy from raw material costs and duty-free imports, and potential slowdown in decorative paint demand if industry discounting persists.
Colored figures show movement against the previous available record.
Guidance to track
- Trial production at Kharagpur plant has begun; commercial launch expected by end of Q2 FY26, raising total capacity to 1,332 million liters per annum.
- Birla Pivot's annualized revenue run rate is on track to achieve INR 8,500 crore ($1 billion) by FY27.
- The ECH and CPVC plants with Lubrizol will achieve mechanical completion in Q3 FY26.
- The Lyocell project in the Cellulosic Fiber business remains on track for completion by late 2027.
Risks flagged
- Hardening feedstock prices (BPA, ECH) and duty-free imports from Korea via FTA are squeezing epoxy margins; management is balancing market share and margins.
- Excluding Birla Opus, the organized decorative paint industry was flat to slightly negative YoY in Q1, with increased discounting in the economy segment.
- Analyst raised concerns about dealer attrition; management denied significant attrition but acknowledged competitive intensity in the economy segment.
- Some chlorine derivative projects have been deferred due to uncertain market conditions, potentially impacting future chemical segment growth.
Key quotes
- Our trailing 12-month consolidated revenue has crossed a record high of nearly INR 150,000 crore.
- If you take Q1 of FY 2025 and if I remove Birla Opus from both left-hand and right-hand side, the market growth is marginally negative.
- We have filed information with CCI regarding the practices found in the market with respect to the abuse of dominance by the dominant player.
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