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Revenue
₹37,727 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹20,837 Cr
latest reported figure
Source
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record provenance
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Where this quarter sits.
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What the record says.
Grasim reported its highest-ever consolidated revenue of INR 1,30,978 crore and EBITDA of INR 20,837 crore for FY24, driven by record volumes in cement, cellulosic fiber, and caustic soda. The paints business (Birla Opus) commenced production at three plants and is on track to onboard 50,000 dealers in FY25, targeting high single-digit market share by year-end. The B2B e-commerce platform crossed INR 1,000 crore revenue in its first year. However, the chemicals segment faced headwinds from weak chlorine derivatives demand, and a one-time impairment of INR 497 crore was taken on the AV Terrace Bay joint venture. Management guided for standalone CapEx of ~INR 4,500 crore in FY25, largely for paints. Key risk: aggressive competition in paints could pressure pricing and market share gains.
Colored figures show movement against the previous available record.
Guidance to track
- Birla Opus aims to exit FY25 with high single-digit market share, supported by dealer onboarding and product quality.
- Target to achieve INR 10,000 crore revenue in the third year of full operations, with profitability at that point.
- Birla Pivot aspires to reach $1 billion revenue in the next three years.
- Majority allocated to paints business; part of the INR 10,000 crore paints CapEx plan.
Risks flagged
- Incumbents are actively defending market share with increased dealer visits and promotions, which could slow Birla Opus's market share gains.
- Chlorine derivatives demand remains subdued due to agrochemical weakness, impacting chemical segment profitability.
- Surplus capacity in China and weak global demand keep chemical prices range-bound, limiting margin improvement.
- Aggressive capacity build-out may lead to lower utilization if demand ramp-up is slower than expected, impacting profitability timeline.
Key quotes
- Our market share hypothesis is built not only on pricing, which is just one of the factors. Our market share hypothesis is firstly based on excellent product quality, excellent market working with influencers, which is contractors, which is a very attractive program for them.
- We have a very aggressive plan of placing tinting machines and with a very high dealer penetration, and we are on track.
- The global business conditions still remain little bit impacted by high interest rates, though inflation seems to be coming down, but still interest rates are expected to remain high.
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