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Revenue
₹39,900 Cr
verified against source
Revenue YoY
26%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Grasim's Q2 FY26 standalone revenue hit a record INR 9,610 crore, up 26% YoY, driven by strong performance in paints and B2B e-commerce. The paints business (Birla Opus) achieved double-digit market share and top-of-mind brand recall as #2, despite a weak monsoon impacting QoQ sales. The B2B platform Birla Pivot grew 15% sequentially and is on track to reach its INR 8,500 crore FY27 target. Core businesses faced headwinds: cellulosic fiber EBITDA fell 29% YoY due to high input costs, and chemicals profitability remains range-bound. Management reaffirmed guidance for paints to become #2 and profitable within three years. Key risk: sustained pressure from global caustic price volatility and cheap Chinese imports.
Colored figures show movement against the previous available record.
Guidance to track
- Management reaffirmed commitment to achieve number two revenue market share and profitability within three years of full-scale operations, with no change in strategy post CEO resignation.
- Management guided for continued double-digit sequential growth in Q3, citing strong September and October sales momentum.
- CEO indicated a likely chance of reaching the billion-dollar (INR 8,500 crore) milestone earlier than the stated FY27 target, though no formal revision yet.
- Mechanical completion expected by Q3 FY26, with meaningful contribution from first quarter of next financial year.
Risks flagged
- Chemicals profitability remains heavily dependent on caustic soda prices and chlorine demand, which are difficult to predict and subject to global trade dynamics.
- Cellulosic fashion yarn realizations continue to be impacted by cheaper imports from China, pressuring margins.
- Analyst noted sequential market share gains have moderated from 100-150bps to ~20bps QoQ; management disputed this but acknowledged the need to accelerate volume share to match capacity share.
- The sudden resignation of Birla Opus CEO Rakshit Hargave raises questions about leadership continuity; management downplayed impact but successor not yet announced.
Key quotes
- We do not need to predict the future with 100% precision. What we need to do is stay prepared for multiple futures.
- Birla Opus has become the number two brand in top-of-mind recall across India at the end of quarter two of FY 2026. Such brand recall within 18 months of our launch and 12 months of pan-India operation is quite unheard of in the marketing world.
- We have committed to be number two as well as profitable within three years of full-scale operation. We will stay course on that.
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