Grasim Margin Trend — Quarter by Quarter

Grasim's EBITDA margin moved from 21.0% in Q4 FY24 to 19.0% in Q2 FY26 across 6 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

Quarter	EBITDA Margin (%)	YoY Change
Q2 FY26	19.0%	—
Q4 FY25	20.0%	—
Q3 FY25	19.0%	—
Q2 FY25	18.0%	—
Q1 FY25	19.0%	—
Q4 FY24	21.0%	—

What management said about ebitda margin

Q3 FY26 · Birla Opus profitability target within three years

Targeting to become a profitable number two player within three years of full-scale operation.

Q2 FY26 · Paints: #2 revenue market share and profitability within 3 years of full-scale operations

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.

Q4 FY25 · Birla Opus breakeven at INR 10,000 crore revenue

The paint business is expected to break even at an EBITDA level when it reaches INR 10,000 crore in revenue within three years of full-scale operations.

Q4 FY25 · Birla Pivot to break even at $1 billion (INR 8,500 crore) scale

The B2B e-commerce platform expects to achieve EBITDA breakeven at an annual run rate of INR 8,500 crore.

Q3 FY25 · Paints breakeven within three years of full-scale operations

Birla Opus targets breakeven within three years after all plants are fully operational, with first year being the heaviest investment period.

Q3 FY25 · Net debt-to-EBITDA not to exceed 3-3.5x

Management reiterated a net debt-to-EBITDA ceiling of 3-3.5x, which will guide future capex decisions.

Q2 FY25 · Net debt to EBITDA at 3.5x

Management guided net debt to EBITDA of about 3.5x, with balance rights issue of ₹2,000 crore expected in Q4.

Q4 FY24 · Paints: INR 10,000 crore revenue by FY28

Target to achieve INR 10,000 crore revenue in the third year of full operations, with profitability at that point.

Q3 FY24 · Net debt-to-EBITDA to reach 3-3.5x post paints capex

Management guided net debt-to-EBITDA of 3-3.5x after completing paints capex and rights issue proceeds.

Q2 FY24 · Debt-to-EBITDA not to exceed ~3.5x

Even with full paints CapEx next fiscal, debt-to-EBITDA is not expected to cross about 3.5x.