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Revenue
₹35,378 Cr
verified against source
Revenue YoY
9%
reported change
EBITDA
₹4,668 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Grasim's Q3 FY25 consolidated revenue grew 9% YoY to INR 34,793 crore, marking the 17th consecutive quarter of YoY growth. However, consolidated EBITDA fell 9% YoY to INR 4,668 crore, dragged by lower cement profitability and initial investments in the paints business (Birla Opus). The paints segment is gaining market share, exiting the year at high-single-digit share, with four plants commercialized and a sixth expected in Q1 FY26. The chemicals business saw EBITDA up 25% YoY on higher caustic soda realizations, though chlorine remained negative. VSF volumes were flat due to production loss, but lyocell expansion of 110 KTPA was approved. The B2B e-commerce platform Birla Pivot continues to scale. Net debt-to-EBITDA is guided to stay within 3-3.5x. Key risk: sustained input cost inflation in VSF and chemicals may pressure margins if price pass-through remains incomplete.
Colored figures show movement against the previous available record.
Guidance to track
- Birla Opus targets breakeven within three years after all plants are fully operational, with first year being the heaviest investment period.
- Management reiterated a net debt-to-EBITDA ceiling of 3-3.5x, which will guide future capex decisions.
- UltraTech remains on track to achieve domestic grey cement capacity of over 200 million tonnes per annum by FY27.
- Board approved 110 KTPA lyocell capacity at Harihar; first phase of 55 KTPA to be executed by mid-2027 at INR 1,350 crore investment.
Risks flagged
- Key inputs like pulp, caustic soda, and sulfur have risen over 10%, and price pass-through has been incomplete, pressuring margins.
- Chlorine realization remained negative at INR 7,000-7,500/ton in Q3, and Q4 is expected to be worse, offsetting caustic gains.
- The decorative paints market was flat to marginally negative in Q3, and a sustained slowdown could delay Birla Opus's breakeven timeline.
- BPA and ECH prices rose ~13% QoQ, and not all cost increases could be passed on, impacting epoxy margins.
Key quotes
- We will be embracing a U3 world, which is uncertain, unpredictable, and unorthodox world in 2025.
- Our sellouts are excellent... literally 65%-70% of what we have sold in has sold out.
- We do not believe that we have any reason to be concerned about the caustic capacity coming up.
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