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Revenue
₹34,223 Cr
verified against source
Revenue YoY
11%
reported change
EBITDA
₹4,042 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Grasim's Q2 FY25 consolidated revenue grew 11% YoY to ₹33,563 crore, marking the 16th consecutive quarter of growth. However, consolidated EBITDA fell 10% YoY to ₹4,042 crore, dragged by lower profitability in cement and initial investments in the paints business (Birla Opus). The VSF division achieved its highest-ever quarterly sales volume of 219,000 tons, while chemicals EBITDA rose 16% YoY. Paints business is on track to exit FY25 with high single-digit market share, with three plants commissioned and two more starting trial runs. Management maintained guidance for Birla Opus and Birla Pivot (targeting $1B revenue in three years). Key risk: sustained competitive intensity in paints could pressure margins and delay profitability.
Colored figures show movement against the previous available record.
Guidance to track
- Birla Opus is on track to achieve high single-digit market share in decorative paints by end of FY25, with three plants commissioned and two more starting trial runs.
- B2B e-commerce platform targeting $1 billion revenue within three years from FY24, with current ramp-up ahead of expectations.
- UltraTech on track to achieve gray cement capacity of over 200 million tons per annum by FY27, including acquisitions.
- Management guided net debt to EBITDA of about 3.5x, with balance rights issue of ₹2,000 crore expected in Q4.
Risks flagged
- Increased trade discounts and promotional spending by incumbents could pressure Birla Opus's margins and delay profitability.
- Cement business faced demand slowdown due to elections, heat, and extended monsoons, leading to lower realizations and impacting consolidated EBITDA.
- Oversupply of chlorine led to higher negative realization, impacting chemicals ECU despite improvement in caustic prices.
- Management declined to share specific revenue or EBITDA numbers for the paints business, citing competitive sensitivity, which limits visibility for investors.
Key quotes
- We are on track to exit this year with a high single-digit market share in the Indian decorative paints market.
- Our sellout is very high. At any given time, none of our dealers is holding more than a certain couple of weeks or three weeks of stock.
- We have kind of broken that comfortable ecosystem, and I think it's for the benefit of the consumer because there is better product, there is more choice.
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