Grasim Industries Limited reported consolidated net profit of ₹2,145.91 crore for the first quarter of FY27, a 51% increase from ₹1,420.54 crore in the corresponding period of FY26. Total income from operations rose 21% to ₹48,716.20 crore, marking the company’s 24th consecutive quarter of year-on-year revenue growth. Managing Director Himanshu Kapania highlighted that quarterly revenues have grown from a run rate of ₹32,000–₹33,000 crore two years ago to nearly ₹50,000 crore today.
The company’s earnings per share (EPS) stood at ₹31.64 (basic), compared to ₹20.93 in Q1FY26. Pre-tax profits before exceptional items reached ₹5,196.37 crore. The Board of Directors approved the unaudited financial results on August 12, 2026.
Consolidated Financial Highlights
| Metric: |
Q1FY27 |
Q1FY26 |
Change |
| Total Income: |
₹48,716.20 crore |
₹40,118.08 crore |
+21.4% |
| Net Profit (After Tax): |
₹2,145.91 crore |
₹1,420.54 crore |
+51.1% |
| EPS (Basic): |
₹31.64 |
₹20.93 |
+51.2% |
Standalone Performance
On a standalone basis, Grasim generated revenue of ₹11,794.71 crore, a 28% increase from ₹9,223.13 crore in Q1FY26. Standalone EBITDA more than doubled to ₹1,093.63 crore from ₹528.29 crore in the prior year period. The parent entity returned to profitability with a net profit of ₹246.65 crore, reversing a loss of ₹118.18 crore recorded in Q1FY26.
New Business Verticals: Birla Opus and Birla Pivot
Birla Opus, the company’s decorative paints venture, delivered revenue of ₹1,661 crore, up 64% year-on-year and 17% sequentially. The brand has emerged as India’s third largest decorative paints brand by revenue, gaining 30 basis points of market share sequentially. Revenue growth was supported by phased price increases totaling 8.8% to offset raw material cost shocks, which increased by 20–25% on a COGS basis. Birla Opus expanded its distribution to 12,100 towns with over 55,000 dealers billed at least once. Institutional sales grew 85% year-on-year, with nearly 11,000 project sites billed during the quarter.
Birla Pivot, the B2B e-commerce platform, saw revenue grow 75% year-on-year to ₹2,548 crore, maintaining an annualized run rate above ₹10,000 crore. Management attributed sequential revenue fluctuations to demand timing effects amid commodity volatility rather than demand loss. Private label sales more than doubled year-on-year. Birla Pivot remains on track to achieve EBITDA break-even by the exit of FY27.
Core Businesses: Cement, Chemicals, and Fibres
In the cement segment, consolidated sales volume grew 12% year-on-year to 41.31 million tons. The company added 8.7 million tons of gray cement capacity in the quarter, taking total capacity to 205.5 million tons. Consolidated EBITDA for the building materials segment was up 12% to ₹5,146 crore, driven by volume growth and lower logistics and power costs. Green power mix in cement production rose to 45.6%, up 23% year-on-year.
Cellulosic fibres sales volumes declined 4% year-on-year due to planned maintenance and subdued downstream demand. However, revenue grew 12% to ₹4,530 crore, driven by strong global prices, rupee depreciation, and a favorable product mix where specialty fiber share rose from 21% to 27%. EBITDA roughly doubled.
Chemicals segment revenue grew 10% to ₹2,640 crore, driven by improved realization in caustic soda, which exited the quarter at USD483 per ton. Specialty chemical share in revenue rose to 30%, aided by price increases passed through due to higher input costs. EBITDA grew 16% to ₹491 crore.
Balance Sheet and Capital Allocation
Grasim maintained a stable leverage profile, with the consolidated debt-equity ratio improving marginally to 1.31 times from 1.32 times in the preceding quarter. Consolidated net debt to trailing twelve-month EBITDA declined to 1.45 times as on June 30, 2026, compared to 1.62 times in the same period last year. Standalone net debt increased to ₹9,899 crore, largely due to timing differences between recent investments in Aditya Birla Capital and dividends expected from UltraTech Cement.
The company invested ₹2,880 crore in Aditya Birla Capital at ₹356 per share, maintaining its stake on a fully diluted basis. Aditya Birla Capital’s lending portfolio grew 32% to nearly ₹2,20,000 crore, while housing finance crossed the ₹50,000 crore milestone. Grasim’s standalone capital expenditure plan for FY27 is ₹3,157 crore, with nearly 45% dedicated to growth capex. Spending in Q1 stood at ₹375 crore.
Starting June 1, 2026, Grasim will pay a royalty of 0.25% of standalone revenue to Birla Holdings, with an upper cap of ₹225 crore. Based on estimated revenues, the annual impact is approximately ₹100 crore. Subsidiaries including UltraTech Cement and AB Renewables will pay royalties separately under their respective lines of business.
What the Numbers Show
The divergence between consolidated and standalone results highlights the significant contribution of Grasim’s subsidiaries, particularly UltraTech Cement, to the group’s bottom line. While the standalone entity contributed ₹246.65 crore to net profit, the consolidated figure of ₹2,145.91 crore indicates that subsidiaries accounted for approximately 88% of the group’s net earnings. This concentration underscores the operational leverage within the downstream businesses, even as new ventures like Birla Opus and Birla Pivot begin contributing meaningfully to top-line growth.
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