Grasim Industries reported a strong Q3FY26, achieving its highest-ever consolidated revenue of ₹44,312 Cr., marking a 25% YoY growth. Consolidated EBITDA surged by 33% YoY to ₹6,215 Cr. Key businesses like Cement and Paints demonstrated robust performance. The company is progressing well on strategic growth engines, including the scaling of Birla Opus and the planned Lyocell capacity expansion.
Grasim Industries Q3FY26 Performance Snapshot
Grasim Industries announced robust financial results for the third quarter of FY26, showcasing growth across key segments. The consolidated revenue reached an all-time high of ₹44,312 Cr., reflecting a significant 25% increase YoY. Consolidated EBITDA also saw substantial improvement, growing 33% YoY to ₹6,215 Cr.
The Trailing Twelve Months (TTM) figures highlight consistent growth: Revenue TTM stands at ₹1,68,597 Cr., EBITDA TTM at ₹24,409 Cr., and PAT (Owner’s Share) TTM at ₹4,505 Cr. The consolidated Net Debt* to TTM EBITDA ratio improved to 1.57x as of December 31, 2025, down from 1.77x in March 2025.
Segment Highlights
Cellulosic Fibres
This segment delivered strong results, with EBITDA growing by 48% YoY, driven by operating efficiencies and favorable input costs (pulp & caustic). Revenue grew 9% YoY to ₹4,298 Cr. CSF sales volume grew 7% YoY, supported by higher exports.
Chemicals
Segment revenue grew by 5% YoY, led by Chlorine Derivatives and Specialty Chemicals. Specialty Chemicals revenue grew 10% YoY, though overall EBITDA de-grew 4% YoY due to softer ECU realization and input price impacts (mainly ECH). The company is advancing its Chlorine Integration levels to 63% in 9MFY26.
Building Materials (Cement & Paints)
The Building Materials segment reported strong financial performance for Q3FY26, with revenue growing 30% YoY to ₹25,173 Cr. and EBITDA growing 33% YoY to ₹3,737 Cr.
- Cement (UltraTech): Capacity reached 194.06 mtpa, targeting 240.76 mtpa by March 2028. Consolidated volumes grew 15% YoY to 38.87 million tons. EBITDA/Mt stood at ₹1,051/Mt.
- Paints (Birla Opus): Outpacing industry growth, Birla Opus is on track to reach 50,000 first time billed dealers, with presence in over 10,400+ towns. Capex spent reached ₹9,792 Cr. as of December 31, 2025.
- B2B E-commerce (Birla Pivot): Revenue crossed the milestone of ₹8,500 Cr. annual revenue run-rate (ARR), positioning it among India’s fastest-growing B2B ventures.
Financial Services (Aditya Birla Capital)
Aditya Birla Capital saw its revenue grow 27% YoY, with PAT growing 35% YoY to ₹912 Cr. The Total Lending Portfolio increased 30% YoY to ₹1,90,386 Cr. The D2C platform (ABCD) surpassed 9.3 million customer acquisitions.
Other Businesses
Revenue grew by 24% YoY to ₹1,010 Cr., with EBITDA growing 87% YoY to ₹234 Cr. The Renewables business revenue grew 82% to ₹221 Cr., driven by higher capacities, reaching a cumulative installed capacity of 1.95 GWp.
Operational & Growth Initiatives
Grasim is playing a proxy role in India’s growth story, linking its diverse businesses to key macro themes. The company continues to invest in scaling growth engines:
- Cellulosic Fibres: Phase 1 capacity of 55 KTPA of Lyocell is progressing, targeting mid-2027 commissioning.
- Sustainability: Renewable capacity power share increased to 24% in 9MFY26, and recycled water usage reached 50%.
Source: BSE
