Grasim Industries Ltd(GRASIM)

NSE: GRASIMBSE: 500300

₹ 2,950+1.79%refreshed 26 Oct, 03:56 pm ISTMarket cap: ₹ 2.01 L crWebsite: www.grasim.comUpdated: 24 Oct 2026

About

Grasim Industries is a flagship company of the Aditya Birla Group operating across Building Materials (cement via UltraTech, paints via Birla Opus), Financial Services (Aditya Birla Capital), Cellulosic Fibres, Chemicals, and Renewables. In FY26, consolidated revenue reached ₹1,75,431 Cr - an 18% CAGR over FY21 - FY26 - with standalone revenue growing at a 27% CAGR over the same period to ₹41,039 Cr. Through UltraTech, Grasim is the world's largest cement company outside China; it is also India's largest producer of Cellulosic Staple Fibres, exporting to over 50 countries.^[1]

Business segments

Building Materials (cement and paints) was the largest segment in FY26 with revenue of ₹1,01,201.56 Cr, 57.1% of segment revenue.^[2][3]
Financial Services (Aditya Birla Capital) contributed ₹45,426.61 Cr, 25.6% of segment revenue, in FY26.^[2][3]
Cellulosic Fibres revenue was a highest-ever ₹17,104 Cr in FY26, 9.7% of segment revenue, vs ₹15,897 Cr in FY25.^[2][3][4]
Chemicals revenue grew 11% YoY to ₹9,592 Cr in FY26, 5.4% of segment revenue; Others contributed ₹3,892.35 Cr (2.2%).^[2][3]
Within smaller businesses in FY26, Textiles (Linen) revenue was ₹2,377 Cr, Renewables ₹924 Cr and Insulators ₹513 Cr.^[3]

Products and brands

Birla Opus offers 218 products spanning 1,870+ SKUs across emulsions, waterproofing, textures, enamels, colorants, wallpapers and wood finishes; 42 new products and 11 line extensions were added in FY26.^[3]
Chemicals runs Caustic Soda (1,505K TPA capacity), Chlorine Derivatives (996K TPA) and Specialty Chemicals of epoxy resins and curing agents (246K TPA), as of FY26.^[3]
Cellulosic Fashion Yarn is produced at Veraval and Kalyan with a combined capacity of 51K TPA.^[3]
Aditya Birla Renewables offers solar, wind, hybrid, floating solar and round-the-clock power across 10 states, with ~4.3 GW operational plus under-commissioning portfolio as of FY26.^[3]

Manufacturing capacity and operations

UltraTech operates 34 integrated cement plants, one clinkerisation unit, 36 grinding units, 10 bulk terminals and 465 ready-mix plants across 167 cities, with grey cement capacity of 205.5 MTPA as of Q1 FY27.^[3]
Birla Opus runs six greenfield paint plants with 1,332 MLPA capacity; the sixth and largest at Kharagpur, West Bengal (236 MLPA) was commercialised in October 2025.^[3]
Total CSF capacity is approximately 890K TPA; FY26 CSF sales volumes were 869 KT, up 3% YoY.^[3]
Grasim operates 9 R&D facilities, spent ₹184 Cr on R&D in FY26, and has cumulatively filed 79 patents and been granted 26.^[3]

Key operating numbers

UltraTech consolidated cement sales volume was 41.3 MT in Q1 FY27, up 12% YoY; domestic grey cement realisation was ₹5,218/tonne, up 1% YoY.^[5]
UltraTech cement EBITDA was ₹5,146 Cr in Q1 FY27 (+12% YoY); Q4 FY26 EBITDA/tonne was a record ₹1,253, with efficiency gains of ₹185/tonne over FY25-FY26.^[5]
UltraTech green power mix in cement reached 45.6% in Q1 FY27, up 23% YoY.^[5]
CSF sales volume was 202 KT in Q1 FY27 (−4% YoY); specialty fibre share rose to 27% of volumes from 21% in Q1 FY26.^[5]
Caustic soda sales volume was 284 KT in Q1 FY27 (−6% YoY); ECU realisation was ₹37,955/tonne (+6% YoY); chlorine integration was 65%.^[5]
Specialty chemicals share rose to 30% of Chemicals segment revenue in Q1 FY27, up 200 bps YoY.^[5]
Birla Opus revenue was ₹1,661 Cr in Q1 FY27 (+64% YoY, +17% QoQ); premium/luxury portfolio is ~65% of sales value.^[5]
Aditya Birla Capital lending portfolio grew 32% YoY to ₹2,19,289 Cr in Q1 FY27; housing finance crossed ₹50,000 Cr (+50% YoY).^[5]

Customers and distribution

UltraTech services approximately 1,50,000 channel partners across India as of FY26.^[3]
Birla Opus reached 12,100 towns with 55,000+ dealers billed and 1,450+ exclusive franchise outlets across 800 towns as of Q1 FY27.^[5]
Birla Opus has nearly 4.5 lakh active contractors and painters and 3,000+ active architect and interior designer firms across 60 cities as of FY26.^[3]
The Cellulosic Staple Fibre business exports to over 50 countries.^[3]
Birla Pivot B2B e-commerce reached an annualised run rate above ₹10,000 Cr in Q1 FY27, covering 5,000+ pin codes across 400+ cities with 5,000+ retail touchpoints.^[5]

Expansion and capex

UltraTech is expanding grey cement capacity to over 240 MTPA by March 2028 from 205.5 MTPA as of Q1 FY27.^[1][3]
Lyocell Phase I (55 KTPA) at Harihar, Karnataka is targeted for commissioning by mid-2027, with detailed engineering nearing completion as of Q1 FY27.^[5][3]
An additional 110K TPA Lyocell expansion at Harihar was approved with investment of more than ₹3,000 Cr, taking total Lyocell to 210K TPA by 2030; environmental clearance was under progress in Q1 FY27.^[3][5]
Birla Opus paints project spend totalled ₹9,902 Cr cumulatively up to FY26 for 1,332 MLPA across 6 plants.^[3]
Chlor-alkali capacity is planned to expand from 1,505 KTPA to 1,530 KTPA; further expansions are under evaluation.^[1]
Consolidated capex was ₹15,396 Cr in FY26, 72% of it growth capex; standalone capex plan for FY27 is ₹3,157 Cr, with ₹375 Cr deployed in Q1 FY27.^[3][5]

Recent developments

Commercial production began at the 50 KTPA Epichlorohydrin (ECH) plant at Vilayat, Gujarat on 21 October 2026; the 50K TPA CPVC plant there was commissioned in August 2026.^[6][5]
GIP committed up to ₹3,000 Cr for a minority stake in Aditya Birla Renewables at an enterprise value of ~₹14,600 Cr; the first ₹1,000 Cr tranche was received on 15 April 2026.^[3]
Aditya Birla Housing Finance raised ₹2,750 Cr from Advent's Indriya Ltd for a 14.3% stake on 17 April 2026; ABCL's stake is now 85.505%.^[3]
Aditya Birla Capital raised ₹4,000 Cr of preferential equity including from IFC in Q1 FY27; Grasim approved ₹2,880 Cr to maintain its 52.3% fully diluted stake.^[5][3]
Birla Opus crossed 10% standalone decorative revenue market share in March 2026, strengthening its #3 position.^[1]
UltraTech crossed 200 MTPA grey cement capacity in April 2026, becoming the world's largest cement company outside China.^[1]
Birla Pivot revenue grew 75% YoY to ₹2,548 Cr in Q1 FY27; it targets EBITDA breakeven by end FY27.^[5][3]
Chemicals, fibre and textile units became Obligated Entities under the Carbon Credit Trading Scheme with GHG intensity targets for FY26-27.^[3]

Market Cap

₹2,00,771 Cr

High / Low

₹3,412 / 2,504

Stock P/E

34.6

Price / Book

1.9

Book Value

₹1,520

EPS

₹73.0

No. of Shares

68.06 Cr

ROCE

4.4%

ROE

4.9%

OPM

10.3%

Debt / Equity

2.17

Sales

₹1,75,431 Cr

Net Profit

₹10,300 Cr

Promoter holding

45.2%

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Grasim Industries Ltd(GRASIM)

About

Business segments

Products and brands

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Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

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