On consolidated basis
Quarter ended December
2025 compared with Quarter ended December 2024.
Net sales (including other operating income) of Grasim Industries has increased
25.25% to Rs 44311.97 crore. Sales of Cellulosic Fibre segment has
gone up 9.25% to Rs 4,297.85 crore (accounting for 9.60% of total
sales). Sales of Chemicals segment has gone up 5.34% to Rs 2,345.23
crore (accounting for 5.24% of total sales). Sales of Others segment
has gone up 23.94% to Rs 1,009.57 crore (accounting for 2.25% of total
sales). Sales of Financial Services segment has gone up 27.16% to Rs
11,947.51 crore (accounting for 26.68% of total sales). Sales of
Building Material segment has gone up 34.01% to Rs 25,172.86 crore (accounting
for 56.22% of total sales). Inter-segment sales rose Rs 361.83 crore
to Rs 461.05 crore.
Profit before interest,
tax and other unallocable items (PBIT) has jumped 33.15% to Rs 6,184.10
crore. PBIT of Cellulosic Fibre segment rose 48.33% to Rs 491.21
crore (accounting for 7.94% of total PBIT). PBIT of Chemicals
segment fell 4.06% to Rs 315.41 crore (accounting for 5.10% of total
PBIT). PBIT of Others segment rose 86.85% to Rs 234.38 crore
(accounting for 3.79% of total PBIT). PBIT of Financial Services
segment rose 33.47% to Rs 1,405.78 crore (accounting for 22.73% of total
PBIT). PBIT of Building Material segment rose 33.20% to Rs 3,737.32
crore (accounting for 60.43% of total PBIT).
PBIT margin of
Cellulosic Fibre segment rose from 8.42% to 11.43%. PBIT margin of
Chemicals segment fell from 14.77% to 13.45%. PBIT margin of Others
segment rose from 15.40% to 23.22%. PBIT margin of Financial
Services segment rose from 11.21% to 11.77%. PBIT margin of Building
Material segment fell from 14.94% to 14.85%. Overall PBIT margin rose
from 13.21% to 13.81%.
Operating profit margin
has jumped from 19.23% to 20.14%, leading to 31.20% rise in operating profit to
Rs 8,926.23 crore. Raw material cost as a % of total sales (net of
stock adjustments) decreased from 18.67% to 18.26%. Purchase of
finished goods cost rose from 4.28% to 6.51%. Employee cost
decreased from 6.90% to 6.47%. Other expenses fell from 51.07% to
48.59%. Power and Oil fuel cost fell from 14.81% to 12.99%.
Freight charges fell from 12.24% to 11.52%. Other
direct service cost rose from 10.26% to 11.19%.
Other income fell 28.70%
to Rs 265.22 crore. PBIDT rose 28.09% to Rs 9191.45
crore. Provision for interest rose 19.54% to Rs 3909.43
crore.
PBDT rose 35.25% to Rs
5282.02 crore. Provision for depreciation rose 22.85% to Rs 1975.04
crore.
Profit before tax grew
43.92% to Rs 3,306.98 crore. Provision for tax was expense of Rs
817.72 crore, compared to Rs 573.97 crore. Effective tax rate was
26.80% compared to 24.87%.
Minority interest
increased 30.89% to Rs 1,196.36 crore. Net profit attributable to
owners of the company increased 26.39% to Rs 1,036.59 crore.
Promoters’ stake was
43.22% as of 31 December 2025 ,compared to 43.11% as of 31 December 2024
.
Year-to-date (YTD) results
analysis.
Net sales (including other operating income) of Grasim Industries has increased
19.31% to Rs 124329.63 crore. Sales of Cellulosic Fibre segment has
gone up 5.44% to Rs 12,490.51 crore (accounting for 9.94% of total
sales). Sales of Chemicals segment has gone up 12.42% to Rs 7,134.42
crore (accounting for 5.68% of total sales). Sales of Others segment
has gone up 20.13% to Rs 2,871.19 crore (accounting for 2.28% of total
sales). Sales of Financial Services segment has gone up 12.48% to Rs
32,004.74 crore (accounting for 25.47% of total sales). Sales of
Building Material segment has gone up 31.37% to Rs 71,159.11 crore (accounting
for 56.63% of total sales). Inter-segment sales rose Rs 988.66 crore
to Rs 1,330.34 crore.
Profit before interest,
tax and other unallocable items (PBIT) has jumped 31.91% to Rs 17,693.42
crore. PBIT of Cellulosic Fibre segment fell 5.41% to Rs 1,163.59
crore (accounting for 6.58% of total PBIT). PBIT of Chemicals
segment rose 20.83% to Rs 1,102.18 crore (accounting for 6.23% of total
PBIT). PBIT of Others segment rose 128.19% to Rs 637.69 crore
(accounting for 3.60% of total PBIT). PBIT of Financial Services
segment rose 12.43% to Rs 3,812.35 crore (accounting for 21.55% of total
PBIT). PBIT of Building Material segment rose 44.43% to Rs 10,977.61
crore (accounting for 62.04% of total PBIT).
PBIT margin of
Cellulosic Fibre segment fell from 10.38% to 9.32%. PBIT margin of
Chemicals segment rose from 14.37% to 15.45%. PBIT margin of Others
segment rose from 11.69% to 22.21%. PBIT margin of Financial
Services segment fell from 11.92% to 11.91%. PBIT margin of Building
Material segment rose from 14.03% to 15.43%. Overall PBIT margin
rose from 13.00% to 14.08%.
Operating profit margin
has jumped from 18.72% to 20.45%, leading to 30.28% rise in operating profit to
Rs 25,419.86 crore. Raw material cost as a % of total sales (net of
stock adjustments) increased from 18.38% to 18.68%. Purchase of
finished goods cost rose from 3.62% to 5.97%. Employee cost
decreased from 6.69% to 6.61%. Other expenses fell from 52.77% to
48.34%. Power and Oil fuel cost fell from 15.33% to 13.55%.
Freight charges fell from 12.56% to 11.67%. Other
direct service cost fell from 11.03% to 9.93%.
Other income fell 11.44%
to Rs 952.58 crore. PBIDT rose 28.10% to Rs 26372.44
crore. Provision for interest rose 22.39% to Rs 11128.85
crore.
PBDT rose 32.62% to Rs
15243.59 crore. Provision for depreciation rose 22.97% to Rs 5684.22
crore.
Profit before tax grew
39.10% to Rs 9,559.37 crore. Share of profit/loss was 42.94% lower
at Rs 73.25 crore. Extraordinary items were decreased to Rs -238.31
crore. Provision for tax was expense of Rs 2896.25 crore, compared
to Rs 2045.98 crore. Effective tax rate was 30.83% compared to
29.96%.
Minority interest
increased 35.60% to Rs 3,489.32 crore. Net profit attributable to
owners of the company increased 36.16% to Rs 3,008.74 crore.
Promoters’ stake was
43.22% as of 31 December 2025 ,compared to 43.11% as of 31 December 2024
.
Full year results analysis.
Net sales (including other operating income) of Grasim Industries has increased
13.36% to Rs 148477.89 crore. Sales of Fibre & Pulp segment has
gone up 6.35% to Rs 15,897.46 crore (accounting for 10.61% of total
sales). Sales of Chemicals segment has gone up 5.29% to Rs 8,647.82
crore (accounting for 5.77% of total sales). Sales of Others segment
has gone up 6.52% to Rs 3,288.02 crore (accounting for 2.19% of total
sales). Sales of Financial Services segment has gone up 19.53% to Rs
40,650.96 crore (accounting for 27.12% of total sales). Sales of
Building Material segment has gone up 13.12% to Rs 81,394.13 crore (accounting
for 54.31% of total sales). Inter-segment sales rose Rs 1,231.38
crore to Rs 1,400.50 crore.
Profit before interest,
tax and other unallocable items (PBIT) has slumped 3.35% to Rs 19,811.83
crore. PBIT of Fibre & Pulp segment fell 11.52% to Rs 1,523.59
crore (accounting for 7.69% of total PBIT). PBIT of Chemicals
segment rose 14.58% to Rs 1,207.65 crore (accounting for 6.10% of total
PBIT). PBIT of Others segment fell 5.81% to Rs 418.88 crore
(accounting for 2.11% of total PBIT). PBIT of Financial Services
segment rose 13.01% to Rs 4,649.98 crore (accounting for 23.47% of total
PBIT). PBIT of Building Material segment fell 8.75% to Rs 12,011.73
crore (accounting for 60.63% of total PBIT).
PBIT margin of Fibre
& Pulp segment fell from 11.52% to 9.58%. PBIT margin of
Chemicals segment rose from 12.83% to 13.96%. PBIT margin of Others
segment fell from 14.41% to 12.74%. PBIT margin of Financial
Services segment fell from 12.10% to 11.44%. PBIT margin of Building
Material segment fell from 18.29% to 14.76%. Overall PBIT margin
fell from 15.50% to 13.22%.
Operating profit margin
has declined from 20.76% to 19.03%, leading to 3.92% rise in operating profit
to Rs 28,262.19 crore. Raw material cost as a % of total sales (net
of stock adjustments) increased from 17.10% to 17.97%. Purchase of
finished goods cost rose from 2.41% to 3.92%. Employee cost
increased from 6.07% to 6.51%. Other expenses fell from 53.68% to
52.67%. Power and Oil fuel cost fell from 16.93% to 14.98%.
Freight charges fell from 12.83% to 12.53%. Other
direct service cost rose from 11.18% to 11.68%.
Other income rose 15.42%
to Rs 1459.04 crore. PBIDT rose 4.43% to Rs 29721.23
crore. Provision for interest rose 34.74% to Rs 12500.38
crore. Loan funds rose to Rs 186,325.56 crore as of 31 March 2025
from Rs 137,155.05 crore as of 31 March 2024. Inventories rose to Rs
15,614.42 crore as of 31 March 2025 from Rs 13,544.78 crore as of 31 March
2024. Sundry debtors were higher at Rs 9,158.63 crore as of 31 March
2025 compared to Rs 6,979.40 crore as of 31 March 2024. Cash and
bank balance rose to Rs 7,905.42 crore as of 31 March 2025 from Rs 4,648.76
crore as of 31 March 2024. Investments rose to Rs 102,733.84 crore
as of 31 March 2025 from Rs 93,300.31 crore as of 31 March 2024 .
PBDT fell 10.22% to Rs
17220.85 crore. Provision for depreciation rose 29.04% to Rs 6453.73
crore. Fixed assets increased to Rs 134,544.09 crore as of 31 March
2025 from Rs 98,697.93 crore as of 31 March 2024. Intangible assets
increased from Rs 20,153.78 crore to Rs 21,368.69 crore.
Profit before tax down
24.07% to Rs 10,767.12 crore. Share of profit/loss was 234.68%
higher at Rs 296.79 crore. Extraordinary items were increased to Rs
-238.85 crore. Provision for tax was expense of Rs 3068.73 crore,
compared to Rs 3774.16 crore. Effective tax rate was 28.35% compared
to 27.55%.
Minority interest decreased
5.82% to Rs 4,050.65 crore. Net profit attributable to owners of the
company decreased 34.12% to Rs 3,705.68 crore.
Equity capital increased
from Rs 132.80 crore as of 31 March 2024 to Rs 136.11 crore as of 31 March
2025. Per share face Value remained same at Rs 2.00.
Promoters’ stake was
43.11% as of 31 March 2025 ,compared to 43.06% as of 31 March 2024
.
Cash flow from operating
activities decreased to negative Rs -17,169.65 crore for year ended March 2025
from negative Rs -10,719.33 crore for year ended March 2024. Cash
flow used in acquiring fixed assets during the year ended March 2025 stood at
Rs 17,181.34 crore, compared to Rs 19,485.03 crore during the year ended March
2024.
Operational
Highlights:
Cellulosic Fibre
CSF sales volume grew by 7% YoY at 219KT led by higher exports and
recovery of volumes lost due to temporary logistics challenges in the previous
quarter. Specialty sales volumes were up by 31% YoY led by higher exports
during the quarter. CFY business performance stood flat on YoY basis,
constrained by subdued downstream demand and persistent pricing pressure from low-cost imports from China. Cellulosic Fibres segment revenue stood at Rs
4,298 Cr., up 9% YoY mainly led by volume growth and favorable product
mix. EBITDA stood at Rs 491 Cr., up by 48% YoY led by operating efficiencies
and lower key input costs (pulp & caustic).
Chemical Business:
Domestic caustic realizations stood stable due to rupee depreciation. Higher
negative Chlorine realizations due to lower demand from end-user industries impacted
ECU which stood at ?32,079/ton, down by 6% YoY.
Caustic sales volumes stood highest-ever at 313 KT, up 4% YoY led by
stable domestic demand. Overall Chemicals business revenue stood at Rs 2,345
Cr., up 5% YoY. Specialty Chemicals revenue grew by 10% YoY; however,
profitability was down due to higher input prices, mainly ECH. EBITDA was lower
by 4% YoY at Rs 315 Cr. due to lower ECU and lower profitability in Specialty
Chemicals business.
Building materials:
Building Materials segment reported revenue of Rs 25,173
Cr., up 30% YoY, led by all-round performance across Cement, Paints and B2B
Ecommerce. EBITDA stood at Rs 3,737 Cr., up 33% YoY, led by improved
profitability in the Cement business.
Financial Services
Subsidiary:
Revenue of the financial Services business, as consolidated
in accordance with Ind AS, grew by 27% YoY to Rs 11,948 Cr. The overall lending
portfolio (NBFC and HFC) increased by 30% YoY to Rs 1,90,386 Cr. The total AUM
(AMC, life insurance and health insurance) grew by 19% YoY to Rs 5,98,166 Cr.
The business continues to provide customers complete flexibility to choose
their channel of interaction across branches, digital platforms and channel
partners.
Other Businesses:
Revenue from other businesses stood at Rs 1,010 Cr., up 24%
YoY and EBITDA stood at Rs 234 Cr. up 84% YoY, driven by robust performance in
the Renewables and Textiles businesses. Textiles business revenue grew by 11%
YoY at Rs 620 Cr. led by stable demand for premium textiles. EBITDA of Textiles
business stood at Rs 37 Cr. compared to Rs 6 Cr. in Q3FY25 led by normalization
of input prices mainly in the linen segment. Renewables business revenue stood
at ?221 Cr. up by 82% YoY, largely due to higher capacities. The cumulative
installed capacity stood at 1.95 GWp with capacity share of 43% with Group
companies. | Grasim Industries : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
|---|
| Particulars | 202512 | 202412 | Var.(%) | 202512 | 202412 | Var.(%) | 202503 | 202403 | Var.(%) |
|---|
| Net Sales (including other operating income) | 44,311.97 | 35,378.34 | 25.25 | 124,329.63 | 104,210.63 | 19.31 | 148,477.89 | 130,978.48 | 13.36 | | OPM (%) | 20.14 | 19.23 | 91 bps | 20.45 | 18.72 | 172 bps | 19.03 | 20.76 | -173 bps | | OP | 8,926.23 | 6,803.78 | 31.20 | 25,419.86 | 19,512.09 | 30.28 | 28,262.19 | 27,195.14 | 3.92 | | Other Inc. | 265.22 | 372.00 | -28.70 | 952.58 | 1,075.63 | -11.44 | 1,459.04 | 1,264.10 | 15.42 | | PBIDT | 9,191.45 | 7,175.78 | 28.09 | 26,372.44 | 20,587.72 | 28.10 | 29,721.23 | 28,459.24 | 4.43 | | Interest | 3,909.43 | 3,270.41 | 19.54 | 11,128.85 | 9,093.13 | 22.39 | 12,500.38 | 9,277.43 | 34.74 | | PBDT | 5,282.02 | 3,905.37 | 35.25 | 15,243.59 | 11,494.59 | 32.62 | 17,220.85 | 19,181.81 | -10.22 | | Depreciation | 1975.04 | 1607.64 | 22.85 | 5684.22 | 4622.38 | 22.97 | 6453.73 | 5001.32 | 29.04 | | PBT | 3,306.98 | 2,297.73 | 43.92 | 9559.37 | 6872.21 | 39.10 | 10767.12 | 14180.49 | -24.07 | | Share of Profit/(Loss) from Associates | -56.38 | 10.4 | PL | 73.25 | 128.37 | -42.94 | 296.79 | 88.68 | 234.68 | | PBT before EO | 3250.6 | 2308.13 | 40.83 | 9632.62 | 7000.58 | 37.60 | 11063.91 | 14269.17 | -22.46 | | EO Income | -199.93 | 0 | - | -238.31 | -171.53 | -38.93 | -238.85 | -569.36 | 58.05 | | PBT after EO | 3050.67 | 2308.13 | 32.17 | 9394.31 | 6829.05 | 37.56 | 10825.06 | 13699.81 | -20.98 | | Taxation | 817.72 | 573.97 | 42.47 | 2896.25 | 2045.98 | 41.56 | 3068.73 | 3774.16 | -18.69 | | PAT | 2232.95 | 1734.16 | 28.76 | 6498.06 | 4783.07 | 35.86 | 7756.33 | 9925.65 | -21.86 | | Minority Interest (MI) | 1196.36 | 914.04 | 30.89 | 3489.32 | 2573.29 | 35.60 | 4050.65 | 4301.16 | -5.82 | | Net profit | 1036.59 | 820.12 | 26.39 | 3008.74 | 2209.78 | 36.16 | 3705.68 | 5624.49 | -34.12 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 1036.59 | 820.12 | 26.39 | 3008.74 | 2209.78 | 36.16 | 3705.68 | 5624.49 | -34.12 | | EPS (Rs)* | 16.27 | 12.05 | 34.97 | 45.32 | 33.25 | 36.27 | 55.59 | 86.05 | -35.40 | | | * EPS is on current equity of Rs 136.10 crore, Face value of Rs 2, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
|
| Grasim Industries : Consolidated Segment Results | | | Quarter ended | Year to Date | Year ended |
|---|
| % of (Total) | 202512 | 202412 | Var.(%) | % of (Total) | 202512 | 202412 | Var.(%) | % of (Total) | 202503 | 202403 | Var.(%) |
|---|
| Sales | | Cellulosic Fibre | 9.60 | 4,297.85 | 3,934.09 | 9.25 | 9.94 | 12,490.51 | 11,846.53 | 5.44 | 10.61 | 15,897.46 | 14,948.82 | 6.35 | | Cement | 0.00 | 0.00 | 0.00 | - | | Chemicals | 5.24 | 2,345.23 | 2,226.27 | 5.34 | 5.68 | 7,134.42 | 6,346.31 | 12.42 | 5.77 | 8,647.82 | 8,213.30 | 5.29 | | Others | 2.25 | 1,009.57 | 814.58 | 23.94 | 2.28 | 2,871.19 | 2,390.16 | 20.13 | 2.19 | 3,288.02 | 3,086.82 | 6.52 | | Financial Services | 26.68 | 11,947.51 | 9,395.74 | 27.16 | 25.47 | 32,004.74 | 28,454.17 | 12.48 | 27.12 | 40,650.96 | 34,008.15 | 19.53 | | Viscose - Pulp,Viscose Staple Fibre and Filament Yarn | 0.00 | 0.00 | 0.00 | - | | Building Material | 56.22 | 25,172.86 | 18,784.00 | 34.01 | 56.63 | 71,159.11 | 54,167.94 | 31.37 | 54.31 | 81,394.13 | 71,952.77 | 13.12 | | Total Reported Sales | 100.00 | 44,773.02 | 35,154.68 | 27.36 | 100.00 | 125,659.97 | 103,205.11 | 21.76 | 100.00 | 149,878.39 | 132,209.86 | 13.36 | | Less: Inter segment revenues | | 461.05 | 361.83 | 27.42 | | 1,330.34 | 988.66 | 34.56 | | 1,400.50 | 1,231.38 | 13.73 | | Net Sales | 100.00 | 44,311.97 | 34,792.85 | 27.36 | 100.00 | 124,329.63 | 102,216.45 | 21.63 | 100.00 | 148,477.89 | 130,978.48 | 13.36 | | PBIT | | Cellulosic Fibre | 7.94 | 491.21 | 331.15 | 48.33 | 6.58 | 1,163.59 | 1,230.19 | -5.41 | 7.69 | 1,523.59 | 1,722.04 | -11.52 | | Cement | 0.00 | 0.00 | 0.00 | - | | Chemicals | 5.10 | 315.41 | 328.75 | -4.06 | 6.23 | 1,102.18 | 912.15 | 20.83 | 6.10 | 1,207.65 | 1,054.02 | 14.58 | | Others | 3.79 | 234.38 | 125.44 | 86.85 | 3.60 | 637.69 | 279.45 | 128.19 | 2.11 | 418.88 | 444.70 | -5.81 | | Financial Services | 22.73 | 1,405.78 | 1,053.29 | 33.47 | 21.55 | 3,812.35 | 3,390.95 | 12.43 | 23.47 | 4,649.98 | 4,114.49 | 13.01 | | Viscose - Pulp,Viscose Staple Fibre and Filament Yarn | 0.00 | 0.00 | 0.00 | - | | Building Material | 60.43 | 3,737.32 | 2,805.75 | 33.20 | 62.04 | 10,977.61 | 7,600.45 | 44.43 | 60.63 | 12,011.73 | 13,163.61 | -8.75 | | Total PBIT | 100.00 | 6,184.10 | 4,644.38 | 33.15 | 100.00 | 17,693.42 | 13,413.19 | 31.91 | 100.00 | 19,811.83 | 20,498.86 | -3.35 | | Less : Interest | | 932.56 | 698.54 | 33.50 | | 2,617.81 | 1,759.92 | 48.75 | | 2,802.28 | 1,654.72 | 69.35 | | Add: Other un-allcoable | | -2,200.87 | -1,497.40 | -46.98 | | -5,681.31 | -4,261.03 | -33.33 | | -6,184.49 | -5,144.33 | -20.22 | | PBIT Margin(%) | | Cellulosic Fibre | | 11.43 | 8.42 | 301.18 | | 9.32 | 10.38 | -106.86 | | 9.58 | 11.52 | -193.57 | | Cement | | 0.00 | 0.00 | 0.00 | | Chemicals | | 13.45 | 14.77 | -131.79 | | 15.45 | 14.37 | 107.58 | | 13.96 | 12.83 | 113.17 | | Others | | 23.22 | 15.40 | 781.65 | | 22.21 | 11.69 | 1,051.83 | | 12.74 | 14.41 | -166.68 | | Financial Services | | 11.77 | 11.21 | 55.60 | | 11.91 | 11.92 | -0.54 | | 11.44 | 12.10 | -65.97 | | Viscose - Pulp,Viscose Staple Fibre and Filament Yarn | | 0.00 | 0.00 | 0.00 | | Building Material | | 14.85 | 14.94 | -9.03 | | 15.43 | 14.03 | 139.56 | | 14.76 | 18.29 | -353.73 | | PBT | 100.00 | 3,050.67 | 2,448.44 | 24.60 | 100.00 | 9,394.30 | 7,392.24 | 27.08 | 100.00 | 10,825.06 | 13,699.81 | -20.98 |
|
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