Grasim Industries has delivered a blockbuster third quarter, posting its highest-ever consolidated revenue of Rs. 44,312 crore for Q3FY26 — a sharp 25% year-on-year surge powered by strong momentum across businesses.
Consolidated EBITDA climbed 33% to Rs. 6,215 crore, while adjusted profit after tax soared 42% to Rs. 1,168 crore, underscoring improved operating leverage and tighter cost efficiencies.
For the trailing twelve months, consolidated revenue stood at Rs. 1,68,597 crore, up 14% over FY25.
In a historic first, standalone quarterly revenue crossed the Rs. 10,000 crore mark, reaching Rs. 10,432 crore — up 28% year-on-year. The surge was driven by robust growth in Paints and B2B e-commerce, alongside steady performance in core businesses Cellulosic Fibres and Chemicals.
Standalone EBITDA jumped 57% to Rs. 585 crore, boosted by strong gains in Cellulosic Fibres and Textiles. Early-stage investments in new growth engines ‘Birla Opus’ and ‘Birla Pivot’ weighed partially on margins but remain on track for profitable scale-up.
Segment Snapshot:
The global CSF market tightened during the quarter, with China operating rates peaking at 94% and inventories falling to a nine-month low of 12 days.
Grasim’s CSF sales volume rose 7% to 219 KT, aided by export growth and recovery from prior logistics disruptions. Specialty sales volumes jumped 31%, lifting specialty share to 26%.
Segment revenue increased 9% to Rs. 4,298 crore, while EBITDA surged 48% to Rs. 491 crore, supported by operational efficiencies and lower pulp and caustic input costs.
Chemicals: Caustic sales volumes hit an all-time high of 313 KT, up 4% year-on-year. However, international caustic prices touched a two-year low of $443 per ton, while weaker chlorine realizations pressured ECU realizations.
Chemicals revenue rose 5% to Rs. 2,345 crore. EBITDA declined 4% to Rs. 315 crore due to lower ECU and softer margins in Specialty Chemicals.
Building Materials: The Building Materials segment posted revenue of Rs. 25,173 crore, up 30%, with EBITDA rising 33% to Rs. 3,737 crore.
Cement in particular: UltraTech’s total capacity now stands at 194.06 mtpa, with plans to expand to 240.8 mtpa by March 2028. Q3 sales volumes rose 15% to 38.87 MT, with the UltraTech brand outperforming the market at 22.3% growth. Overall, cement revenue grew 23% to Rs. 21,830 crore.
Paint: Birla Opus continued its aggressive ramp-up, clocking quarter-on-quarter revenue growth nearly three times the industry rate. Combined revenue market share for Birla Opus and Birla Putty expanded by over 300 basis points year-on-year, reinforcing its No. 3 industry position.
Within just 12–15 months, Birla Opus has climbed to a clear No. 2 position in “Top of the Mind” brand recall among Indian paint brands.
Birla Pivot: The B2B e-commerce platform crossed an annualised revenue run-rate of Rs. 8,500 crore, well ahead of its FY27 guidance trajectory. Growth was fueled by expansion into Non-Ferrous, Chemicals and Bitumen categories, along with strong customer additions and repeat transactions.
Financial Services: Aditya Birla Capital posted 27% revenue growth to Rs. 11,948 crore. The combined NBFC and HFC lending portfolio rose 30% to Rs. 1,90,386 crore, while total AUM across AMC and insurance businesses increased 19% to Rs. 5,98,166 crore.
The ABCD digital platform now serves 9.3 million customers, offering 26+ products and services. Branch count expanded to 1,742 nationwide.
Others: Other businesses reported revenue of Rs. 1,010 crore, up 24%, with EBITDA soaring 84% to Rs. 234 crore. Renewables revenue jumped 82% to Rs. 221 crore, with cumulative installed capacity at 1.95 GWp. Textiles EBITDA rebounded sharply to Rs. 37 crore from ₹6 crore last year.
Capex
Q3 capex stood at Rs. 369 crore, taking 9M capex to Rs. 1,310 crore. In Cellulosic Fibres, Phase-1 of the 110 KTPA expansion is on track for commissioning by mid-2027.
Future outlook:
Grasim said it is well-positioned to benefit from India’s accelerating economic momentum, driven by public capex, infrastructure expansion and manufacturing-led growth. With a strong balance sheet and investments across cement, paints, financial services and renewables, the company aims to play a significant role in the next phase of India’s growth journey.
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