Grasim Industries Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2023 • Viscose: 56.4% • Chemicals: 32.7% • Others: 11.0%
AI Sector View
AI GENERATEDConstruction Materials
Construction materials remain supported by healthy building activity. Core industries cement growth accelerated to 13.1% YoY (2026-07), while finished steel consumption was 8.0% YoY (2026-06); steel output itself was softer at 2.9% YoY (2026-07). FPI positioning is still mildly negative at INR -497 crore over 3 months to 2026-08-31, but the fundamental demand backdrop remains constructive.
PROS
- Latest quarter profit grew 308.7% YoY, showing strong momentum
- Company has delivered good sales growth of 27.1% CAGR over last 5 years
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.94x)
- Stock looks reasonably valued - P/E of 315.6 is below its historical median
- Company has a consistent dividend-paying track record
- Company maintains a comfortable, low leverage position
CONS
- A large part of profit comes from other income (402.3% of PBT)
- Recent results are weak - TTM profit is down 70.9% versus prior year
- Company has a low return on capital employed of 2.2%
- Company has a low return on equity of 1.0% over last 3 years
- Interest coverage is weak at 1.5x - earnings barely cover interest
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| GRASIM | 3307.20 | 39.53 | 225081.61 | 0.30 | 3846.28 | 39.00 | 48716.20 | 21.43 | 9.72 | 22.94 |
| 3MINDIA | 33038.80 | 60.88 | 37218.44 | 1.53 | 157.15 | 21.62 | 1046.57 | -0.29 | 51.87 | 19.63 |
| DCMSHRIRAM | 997.10 | 10.85 | 15549.01 | 1.12 | 693.44 | 509.24 | 3784.67 | 9.96 | 11.72 | 8.93 |
| HNDFDS | 612.95 | 47.71 | 7426.67 | 0.00 | 42.76 | 34.76 | 1201.08 | 20.75 | 14.15 | 8.35 |
| BALMLAWRIE | 175.50 | 10.75 | 3001.12 | 4.84 | 70.93 | 5.32 | 748.73 | 10.00 | 15.33 | 15.26 |
| TTKHLTCARE | 1179.65 | 22.54 | 1666.88 | 0.85 | 21.28 | 63.68 | 257.56 | 13.75 | 7.72 | 5.72 |
| KOTIC | 137.35 | 0.00 | 1483.68 | 0.00 | -28.90 | — | 52.44 | 98.47 | -16.89 | -42.58 |
| EMPIND | 1076.80 | 164.59 | 646.08 | 2.32 | 14.18 | 47.35 | 183.60 | 10.07 | 18.16 | 10.77 |
| GILLANDERS | 103.05 | 12.61 | 219.93 | 0.00 | 2.52 | 146.16 | 91.34 | 3.34 | 6.08 | 7.01 |
| ASPINWALL | 251.25 | 12.49 | 196.43 | 2.59 | -0.70 | 78.59 | 113.18 | 25.76 | 8.42 | 0.96 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 6,238 | 6,442 | 6,400 | 6,768 | 6,894 | 7,623 | 8,120 | 8,926 | 9,223 | 9,610 | 10,432 | 11,774 | 11,795 | |
| 5,564 | 5,848 | 5,878 | 6,241 | 6,569 | 7,298 | 7,850 | 8,705 | 8,839 | 9,244 | 9,953 | 11,234 | 11,641 | |
| Operating Profit | 673 | 594 | 522 | 527 | 325 | 325 | 271 | 221 | 385 | 366 | 479 | 540 | 154 |
| OPM % | 10.80% | 9.21% | 8.16% | 7.78% | 4.72% | 4.27% | 3.33% | 2.47% | 4.17% | 3.81% | 4.59% | 4.59% | 1.30% |
| 116 | 760 | 120 | -455 | 93 | 1,244 | 102 | 113 | 144 | 1,419 | 58 | 37 | 144 | |
| Interest | 106 | 107 | 107 | 121 | 140 | 161 | 181 | 201 | 206 | 203 | 239 | 246 | 269 |
| Depreciation | 288 | 292 | 296 | 339 | 349 | 406 | 421 | 501 | 478 | 502 | 539 | 571 | 527 |
| Profit before Tax | 396 | 955 | 239 | -388 | -70 | 1,002 | -230 | -368 | -156 | 1,081 | -241 | -240 | 298 |
| Tax % | 10.24% | 16.80% | 1.15% | -13.50% | 25.78% | 28.03% | 26.80% | 21.79% | 24.41% | 25.56% | 27.48% | 31.72% | 17.10% |
| Net Profit | 355 | 795 | 236 | -441 | -52 | 721 | -169 | -288 | -118 | 805 | -174 | -164 | 247 |
| 5.39 | 12.06 | 3.59 | -6.66 | -0.79 | 10.84 | -2.53 | -4.28 | -1.74 | 11.86 | -2.57 | -2.41 | 3.64 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 10,346 | 15,786 | 20,550 | 16,082 | 12,386 | 20,857 | 26,840 | 25,847 | 31,563 | 41,039 | 43,611 | |
| 8,191 | 12,708 | 16,481 | 13,946 | 10,822 | 17,651 | 23,660 | 23,531 | 30,422 | 39,269 | 42,072 | |
| Operating Profit | 2,155 | 3,078 | 4,070 | 2,135 | 1,564 | 3,206 | 3,180 | 2,316 | 1,141 | 1,771 | 1,539 |
| OPM % | 20.83% | 19.50% | 19.80% | 13.28% | 12.63% | 15.37% | 11.85% | 8.96% | 3.62% | 4.31% | 3.53% |
| 474 | 191 | -1,799 | 208 | 433 | 837 | 930 | 541 | 1,551 | 1,658 | 1,659 | |
| Interest | 58 | 128 | 199 | 238 | 236 | 247 | 368 | 440 | 684 | 895 | 958 |
| Depreciation | 446 | 628 | 760 | 814 | 828 | 914 | 1,097 | 1,215 | 1,676 | 2,090 | 2,138 |
| Profit before Tax | 2,125 | 2,513 | 1,312 | 1,292 | 933 | 2,881 | 2,645 | 1,202 | 333 | 444 | 898 |
| Tax % | 26.59% | 29.62% | 60.71% | 5.14% | 13.12% | 6.45% | 19.72% | 21.32% | 36.25% | 21.61% | 20.60% |
| Net Profit | 1,560 | 1,769 | 515 | 1,225 | 810 | 2,695 | 2,124 | 945 | 212 | 348 | 713 |
| EPS | 33.38 | 29.17 | 7.84 | 19.61 | 13.77 | 46.40 | 32.19 | 14.24 | 3.12 | 5.12 | — |
| Dividend Payout % | 16.46% | 23.04% | 89.33% | 21.47% | 73.08% | 24.42% | 31.00% | 70.23% | 320.84% | 195.33% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 16%
- 5 Years:
- 27%
- 3 Years:
- 15%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- -10%
- 5 Years:
- -16%
- 3 Years:
- -45%
STOCK PRICE CAGR
- 10 Years:
- 14%
- 5 Years:
- 16%
- 3 Years:
- 21%
- 1 Year:
- 19%
RETURN ON EQUITY
- 10 Years:
- 4%
- 5 Years:
- 3%
- 3 Years:
- 1%
- Last Year:
- 1%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 93 | 131 | 132 | 132 | 132 | 132 | 132 | 133 | 136 | 136 |
| 16,117 | 44,636 | 41,798 | 37,507 | 42,760 | 48,413 | 46,726 | 51,862 | 54,099 | 54,941 | |
| 723 | 3,013 | 3,007 | 5,186 | 4,217 | 3,434 | 4,635 | 9,683 | 11,876 | 12,516 | |
| Trade Payables | 1,114 | 2,253 | 2,376 | 2,690 | 2,652 | 4,651 | 4,711 | 5,483 | 4,831 | 6,024 |
| 1,804 | 3,684 | 4,482 | 4,064 | 4,940 | 6,006 | 5,974 | 6,977 | 7,039 | 7,415 | |
| Total Liabilities | 19,851 | 53,718 | 51,794 | 49,579 | 54,700 | 62,636 | 62,177 | 74,138 | 77,981 | 81,032 |
| 6,887 | 10,817 | 11,232 | 12,234 | 10,966 | 14,858 | 16,220 | 17,105 | 23,730 | 24,702 | |
| Capital Work in Progress | 373 | 718 | 1,457 | 2,636 | 3,741 | 1,610 | 2,721 | 6,506 | 2,617 | 1,716 |
| 8,996 | 35,547 | 31,128 | 27,542 | 33,640 | 38,691 | 33,897 | 39,212 | 39,635 | 42,114 | |
| 1,733 | 2,592 | 2,932 | 2,657 | 2,179 | 3,941 | 4,493 | 5,215 | 6,051 | 5,732 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,974 | 2,554 | 3,212 | |
| Cash & Bank | 53 | 42 | 42 | 79 | 133 | 225 | 474 | 310 | 194 | 132 |
| 1,809 | 4,003 | 5,003 | 4,431 | 4,041 | 3,312 | 4,373 | 3,815 | 3,199 | 3,423 | |
| Total Assets | 19,851 | 53,718 | 51,794 | 49,579 | 54,700 | 62,636 | 62,177 | 74,138 | 77,981 | 81,032 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2,480 | 2,876 | 3,068 | 3,533 | 2,581 | 3,306 | 2,726 | 1,778 | -25 | 2,681 | |
| Cash from Investing | -844 | -1,922 | -2,263 | -4,494 | -2,216 | -3,486 | -2,190 | -5,586 | -2,883 | -1,524 |
| Cash from Financing | -1,404 | -451 | -299 | 993 | -1,509 | -777 | -165 | 3,840 | 2,896 | -1,179 |
| 12 | -20 | -7 | 31 | -1,323 | -1,606 | -36 | 32 | -13 | -22 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-09 - Intimation of schedule of Analysts / Institutional Investor Meet
2026-09-03 - Corporate Dossier of Grasim Industries Limited
2026-08-29 - Disclosure Under Regulation 30 Of The SEBI (LODR) Regulations, 2015
2026-08-28 - Grasim Industries Limited has informed the Exchange about Schedule of meet
2026-08-26 - Disclosure Under Regulation 30 Of The SEBI (LODR) Regulations, 2015
2026-08-24 - Newspaper Advertisement regarding Special Window - Re- Lodgement for Transfer and Dematerialisation of Physical Securities
2026-08-22 - Appointment of Joint Statutory Auditor for a term of 5 consecutive years
2026-08-22 - Scrutinizer's Report and Voting Results of the 79th Annual General Meeting of the Company
2026-08-21 - Incorporation of UHG Holdings IFSC Private Limited
News
Recent coverage and analyst commentary for GRASIM
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