Grasim Results Q1FY27 - Built on Trust. Scale with Purpose

Key Highlights - Q1FY27

• Revenue: Consolidated revenue for the quarter stood at ₹48,716 Cr., up by 21% YoY
• Cellulosic Fibres: Revenue up by 12% YoY led by higher global prices & better product mix
• Chemicals: EBITDA up by 16% YoY led by Specialty Chemicals & Chlorine derivatives
• Cement: Capacity expanded by 8.7 MTPA, total* grey cement capacity at 205.5 MTPA
• Birla Opus: Revenue at ₹1,661 Cr., up by 64% YoY led by market share gains
• Birla Pivot: Revenue at ₹2,548 Cr., up by 75% YoY led by strong customer traction
• Financial Services: Total Lending portfolio (NBFC + HFC) grew 32% YoY to ₹2,19,289 Cr.

Consolidated Financial Results

Grasim Industries Limited (BSE: 500300, NSE: GRASIM) today announced its financial results for the quarter ended 30th June 2026.

Consolidated: Revenue for Q1FY27 stood at ₹48,716 Cr., up by 21% YoY driven by strong all-round performance across its diversified businesses portfolio. EBITDA stood highest-ever at ₹8,077 Cr., up
by 26% YoY, driven by revenue-led growth and cost efficiencies across businesses. Adjusted PAT stood at ₹2,153 Cr. up 49% YoY, driven by stronger operating performance across businesses.

Standalone: Revenue for Q1FY27 reached an all-time high of ₹11,795 Cr., up 28% YoY, led by double engine momentum from both Core and Growth businesses supported by favourable product mix and pricing environment. EBITDA more than doubled to ₹1,094 Cr., up 107% YoY, led by resilient performance of Core businesses, Cellulosic Fibres and Chemicals. Growth engines, Paints and B2B E-commerce businesses continue their rapid acceleration momentum, with strong consumer and brand traction.

Cellulosic Fibres (Cellulosic Staple Fibre: CSF and Cellulosic Fashion Yarn: CFY)

The China CSF market continues to remain strong with operating rates in Q1FY27 at 93%, compared to 82% in Q1FY26. Moreover, inventory levels declined to its lowest of 7 days in Q1FY27, reflecting a healthier demand-supply scenario. This has led to improvement in global CSF prices for the third consecutive quarter, with Q1FY27 average CSF prices at $1.81/kg, up by 19% YoY. Grasim’s CSF sales volumes stood at 202 KT, down 4% YoY, due to lower production on account of planned maintenance and subdued domestic demand. However, strong export momentum provided a meaningful cushion, with export sales volumes more than doubling on a YoY basis. CFY volumes were down by 7% YoY, due to weak downstream demand in the textile value chain. Cellulosic Fibres segment revenue stood at ₹4,530 Cr., up 12% YoY, led by improved global prices, rupee depreciation and favorable product mix. EBITDA was up nearly two times on a YoY basis at ₹632 Cr., supported by low base in Q1FY26 and a higher contribution from Specialty Fibres.

Chemicals (Chlor-Alkali, Chlorine Derivatives and Specialty Chemicals)

Caustic soda international average spot prices (CFR-SEA) recovered for the second consecutive quarter to $483/ton in Q1FY27, up by 3% YoY. Recovery in the international prices, along with rupee depreciation, supported higher domestic caustic soda realisations. However, further deterioration in Chlorine realisations due to lower demand from end-user industries, moderated ECU which stood at ₹37,955/ton, up by 6% YoY.

Grasim’s caustic sales volumes stood at 284 KT, down 6% YoY due to lower production on account of captive power plant maintenance shutdown. Overall Chemicals business revenue stood at ₹2,640 Cr., up 10% YoY. Specialty Chemicals revenue share, in the overall Chemicals segment, improved 200 bps YoY to 30%, resulting from the pass-through of increased key input prices. EBITDA stood at ₹491 Cr., up by 16% YoY led by all-round performance across chemical businesses.

Building Materials (Cement, Paints and B2B E-commerce)

Building Materials revenue stood at ₹28,835 Cr., up 21% YoY, led by all-round performance across Cement, Paints and B2B E-commerce. EBITDA stood at ₹5,002 Cr., up 17% YoY, led by improved profitability in the Cement business and continued reduction of investment phase impact from the Paints and B2B E-commerce businesses.

Cement business, UltraTech’s total grey cement capacity (India + Overseas) stood at 205.5 MTPA. The business is expanding its total grey cement capacity to over 240 MTPA by Mar-28. Total sales volume for Q1FY27 stood at 41.3 million tons, up by 12.2% YoY. The ready-mix concrete sales volumes stood at 4.6 Mn m3, up 18% YoY. UltraTech Building Solutions (UBS) continues to expand its retail presence to 5,802 outlets, up 21% YoY. Operating EBITDA/Mt stood at ₹1,214, led by operating leverage and better cost management. Green power mix for Q1Y27 stood at 45.6% with a target to reach 85% by FY30. Cement business revenue stood at ₹24,648 Cr., up 16% YoY mainly led by volume growth.

Decorative Paints business, Birla Opus, further strengthened its 3rd largest position in India’s organised decorative paints industry, with revenue market share expanding by ~30 bps QoQ in Q1FY27. Including Birla White Putty, the combined revenue market share is nearing early teens. Paints revenue stood at ₹1,661 Cr., up 64% YoY and 17% QoQ. This growth momentum was further supported by strong dealer onboarding, with first-time billed dealers increasing sequentially by over 10%, reflecting growing brand pull and wider acceptance of Birla Opus across markets. As industry-wide input costs rose sharply, the business responded with calibrated price revisions. The overall impact of price hikes stood at 8.8% in Q1FY27. Birla Opus is also redefining paint retailing through an industry-leading network of over 1,450 exclusive branded franchise retail outlets. Its differentiated retail ecosystem, comprising Paint Studios, Paint Galleries and Paint Hubs, is strengthening consumer engagement and enhancing the end-to-end buying experience. During the quarter, Birla Opus launched 10 new products and 95 SKUs, expanding its product portfolio to 228 products and 1,945+ SKUs. Brand equity continued to strengthen, with Birla Opus emerging as the second most recalled brand and maintaining a premium product mix, reflecting strong consumer acceptance. Birla Opus remains focused on sustaining market share gains and delivering on its guided revenue trajectory.

B2B E-Commerce business, Birla Pivot, continues to witness strong B2B digital adoption, with revenue at ₹2,548 Cr., up 75% YoY, underscoring the power of its one-stop shop platform offering one of the largest assortments of building materials products. On a QoQ basis, revenue moderated amidst elevated market volatility and inventory optimisation approach pursued by value-conscious customers. For Q1FY27, annualised revenue run-rate continues to trend above ₹10,000 Cr., supported by improving number of transactions, sustained customer additions and healthy repeat orders. The revenue mix is steadily strengthening, led by the addition of highpotential SKUs within three broad categories of Building Materials, Non-Ferrous and Chemicals. The business remains on track to achieve EBITDA break-even by exit of FY27, driven by scale, operating leverage and disciplined execution.

Financial Services

Aditya Birla Capital delivered another quarter of strong, broad-based performance, with its diversified financial services franchise maintaining growth momentum across lending, insurance and asset anagement businesses. Consolidated revenue, in accordance with Ind AS, grew by 28% YoY to ₹12,155 Cr. The total lending portfolio (NBFC + HFC) stood at ₹2,19,289 Cr., up 32% YoY, while customer assets across its asset management and insurance businesses stood at ₹7,52,745 Cr., reflecting the strength of its integrated financial services franchise. The business D2C platform, ABCD, now serves over 12 million customers, continued to deepen customer engagement and expand distribution reach, supporting higher cross-sell opportunities. The comprehensive B2B platform for the MSME ecosystem, Udyog Plus, offering seamless, paperless digital journey for business loans, supply chain financing and a host of other value-added services., continued to scale up well with ~2.4 million registrations.

Other Businesses (Textiles, Renewables, and Insulators)

Revenue from other businesses stood at ₹1,126 Cr., up by 30% YoY and EBITDA nearly doubled to ₹302 Cr. driven by robust performance of the Renewables and Textiles businesses. Textiles business revenue stood at ₹690 Cr. up by 26% YoY. EBITDA of Textiles business stood at ₹45 Cr. compared to ₹9 Cr. in Q1FY26 led by higher realisation. Renewables business revenue stood at ₹307 Cr. up by 59% YoY, largely due to higher capacities and EBITDA grew by 71% YoY at ₹250 Cr. The cumulative installed capacity stood at 1.96 GWp, up by 68 MWp on YoY basis, with capacity share of 43% with Group companies.

Capital Expenditure

The budgeted capex for FY27 stands at ₹3,157 Cr. across all Grasim Standalone businesses, with nearly 45% earmarked for growth projects. The Phase I capacity of 55K TPA is progressing well with detailed engineering work nearing completion and civil work progressing as per plans. Environmental clearance is under progress for Phase II capacity of 110K TPA. The total capex spent for the Company stood at ₹375 Cr. in Q1FY27.

Sustainability

The Company continues to strengthen its environmental stewardship by scaling up the integration of clean energy sources and enhancing circular water management across its manufacturing footprint. On a standalone basis, the renewable capacity power share to total power requirement increased to 24% (vs. 23% in Q1FY26). The proportion of recycled water to freshwater consumption stood at 50%.

Outlook

The Government’s ambitious Viksit Bharat initiative is acting as a catalyst, spurring demand across core industries and creating a robust environment for growth. With its resilient balance sheet and strategic investments, Grasim Industries is poised to play a pivotal role in shaping and participating in India’s unfolding growth story, contributing meaningfully to the nation’s progress and prosperity.

About Grasim Industries Limited

Grasim Industries Limited, a flagship company of the Aditya Birla Group, ranks amongst the top publicly listed companies in India. Incorporated in 1947, it started as a textiles manufacturer in India. Today, it has evolved into a leading diversified player with leadership presence across many sectors. It is a leading global producer of Cellulosic Fibres, Diversified Chemicals, Fashion Yarn and Fabrics producer in India. Implementing next phase of transformational growth journey, the company has entered paints business under the brand name ‘Birla Opus’. All six state-of-the-art greenfield plants have commenced commercial production, and our total installed capacity is 1,332 million litres per annum (MLPA). Leveraging the Group synergies, Grasim has launched ‘Birla Pivot’, the B2B online marketplace for building materials. Through its subsidiaries, UltraTech Cement, Aditya Birla Capital and Aditya Birla Renewables, it is also India’s prominent cement producer, leading diversified financial services player and clean energy solutions player. At Grasim, there is an endeavour to create sustainable value for 45,000+ employees, 2,52,000+ shareholders, society, and customers.