India · Delayed Price · Currency is INR Grasim Industries Earnings Call Transcripts
Fiscal Year 2026
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FY 2026 saw record revenues and strong growth across paints, B2B e-commerce, cement, and cellulosic fibres, with market share gains and robust expansion. Despite inflationary pressures and volatile input costs, the company remains focused on scaling new businesses and disciplined capital allocation.
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Q3 FY26 saw 25% year-on-year revenue growth, with strong gains in paints, B2B e-commerce, and renewables. Paints segment expanded market share and targets INR 10,000 crore revenue by FY28, while B2B e-commerce expects breakeven by FY27 exit.
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Consolidated revenues rose 8% year-over-year, with strong growth in paints, B2B e-commerce, and cement. Decorative paints achieved double-digit market share and rapid distribution expansion, while B2B e-commerce is on track to surpass its FY 2027 revenue target. Net debt/EBITDA improved to 2.19x.
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Q1 FY 2026 saw 16% YoY consolidated revenue growth and 36% YoY EBITDA growth, led by strong performance in paints, B2B e-commerce, cement, and chemicals. Paint business expanded rapidly, now holding over 10% market share, while B2B e-commerce is on track for $1B revenue by FY 2027.
Fiscal Year 2025
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Record Q4 FY 2025 revenue growth of 32% year-over-year driven by strong performance in new and core businesses. Paints and B2B e-commerce achieved rapid scale, while core segments maintained leadership. Dividend of INR 10 per share marks 62 years of uninterrupted payouts.
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Revenue grew 9% year-over-year in Q3 FY25, with strong gains in paints, B2B e-commerce, and chemicals, though EBITDA declined due to cement and initial paint investments. Paints business is on track for high-single-digit market share, and CapEx remains disciplined.
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Revenue grew 11% YOY to INR 33,563 crore, with EBITDA down 10% due to cement and paint investments. Paints and B2B e-commerce businesses are scaling rapidly, targeting high single-digit market share and $1B revenue, respectively. CapEx and rights issue proceeds support expansion.
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Q1 FY25 saw strong revenue and EBITDA growth, with record performance in cellulosic fibers, specialty chemicals, and B2B e-commerce. Paints business expanded rapidly but reported significant upfront losses due to investments, while UltraTech and Aditya Birla Capital achieved key milestones.