Grasim Industries Ltd. · NSE:GRASIM
Grasim Industries — Q2 FY2026 Earnings Presentation
43 slides from Grasim Industries's earnings presentation, November 2025
Slide 1: Earnings Presentation Q2FY26
Earnings Presentation Q2FY26 CREATING AND SCALING GROWTH ENGINES GRASIM INDUSTRIES LIMITED FOR VIKSIT BHARAT November 2025
Slide 2: Index
Index Macro Financial Highlights Cellulosic Chemicals Updates Fibres 05 07 13 18 Building Financial Other Annexure Materials Services Businesses 23 31 33 35 Grasim Industries Limited | Q2FY26
Slide 3: Grasim's leadership across key components of growing economy
Grasim’s leadership across key components of growing economy FOCUS ON FAST GROWING ASPIRATIONAL INFRASTRUCTURE AND GROWING INCREASING MANUFACTURING RENEWABLE ENERGY CONSUMPTION HOUSING DEMAND DIGITAL ECONOMY FINANCIALISATION GROWTH SECTOR PROXY PLAY ON INDIA’S GROWTH STORY Cellulosic Staple Fibre Ch
Slide 4: Track record of consistent growth
Track record of consistent growth Q2Y26 Highlights Revenue (₹ crore) EBITDA (₹ crore) Consolidated Consolidated Standalone Standalone Revenue TTM Standalone % in Consolidated Standalone % in Consolidated ₹1,59,663 Cr. 1,59,663 22,873 1,48,478 20,837 20,023 EBITDA TTM 1,30,978 ₹22,873 Cr. 20% 21% 22%
Slide 5: Macro Updates
Earnings Presentation | Q2FY26 Macro Updates
Slide 6: Macro indicators - Q2FY26
Macro Updates Macro indicators - Q2FY26 Index of Industrial Production - IIP (% YoY) India Merchandise Exports ($ billion) Non-Food Bank Credit Growth (%) 112.4 13.7 4.1 108.7 10.0 2.6 8.8 2.0 99.7 Q2FY25 Q1FY26 Q2FY26 Q2FY25 Q1FY26 Q2FY26 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 In IIP, Manufacturing sec
Slide 7: Financial Highlights
Earnings Presentation | Q2FY26 Financial Highlights
Slide 8: Q2FY26 Key Highlights
Financial Highlights Q2FY26 Key Highlights Consolidated Revenue ₹39,900 Cr. up 17% YoY; EBITDA at ₹5,217 Cr. up 29% YoY led by superior performance across key businesses CONSOLIDATED › EBITDA growth mainly due to higher profitability in Cement and Chemicals businesses partially offset by investments
Slide 9: Q2FY26 Performance Highlights
Financial Highlights Q2FY26 Performance Highlights Consolidated Revenue (₹ crore) EBITDA (₹ crore) PAT* (₹ crore) 6,430 40,118 39,900 1,419 5,217 34,223 4,056 553 315 Q2FY25^ Q1FY26 Q2FY26 Q2FY25^ Q1FY26 Q2FY26 Q2FY25^ Q1FY26 Q2FY26 Standalone Revenue (₹ crore) EBITDA (₹ crore) PAT (₹ crore) 1,786 1
Slide 10: H1FY26 Performance Highlights
Financial Highlights H1FY26 Performance Highlights Consolidated Revenue (₹ crore) EBITDA (₹ crore) PAT* (₹ crore) 2,740 80,018 11,647 68,832 9,490 1,972 61,286 8,797 1,390 H1FY24 H1FY25 ^ H1FY26 H1FY24 H1FY25^ H1FY26 H1FY24 H1FY25 ^ H1FY26 Standalone Revenue (₹ crore) EBITDA (₹ crore) PAT (₹ crore)
Slide 11: Consolidated Financial Performance
Financial Highlights Consolidated Financial Performance Particulars As on 31st Mar 2025 As on 30th Jun 2025 As on 30th Sep 2025 Net Worth (₹ crore) 97,509 99,117 99,618 Debt - Equity Ratio 1.16 1.18 1.25 Total Debt to Total Assets 0.37 0.37 0.38 Debt* - Equity Ratio 0.29 0.29 0.30 Net Debt* (₹ crore
Slide 12: Improving Sustainability Performance
Sustainability Highlights Improving Sustainability Performance* Increasing Renewable Capacity Power Share Increasing % of Recycled Water to Freshwater Consumption 50% 49% 45% 24% 11% 11% FY24 FY25^ H1FY26^ FY24 FY25^ H1FY26^ Awards and Achievements Gold Award Dark Green Shirt in Excellence in OHSE S
Slide 13: Cellulosic Fibres
Earnings Presentation | Q2FY26 Cellulosic Fibres Cellulosic Staple Fibre (CSF) Cellulosic Fashion Yarn (CFY)
Slide 14: Cellulosic Fibres: Fastest Growing in the Fibre Basket
Cellulosic Fibres Cellulosic Fibres: Fastest Growing in the Fibre Basket Global India India Cellulosic Fibre CAGR CAGR growing fastest with CAGR 3.9% 9.6% >2x (0.2%) (0.4%) 3.5% 5.4% of other fibres CY15 CY24 CY15 CY24 Cellulosic Fibres Cotton Synthetic Growth 6% share Cellulosic Gap Liva Brand Most
Slide 15: Macro Trends
Cellulosic Fibres Macro Trends China Operating Rate (%) China Inventory (in days) 89 20 86 82 84 85 17 15 10 8 Q2FY25 Q1FY26 Q2FY26 H1FY25 H1FY26 Q2FY25 Q1FY26 Q2FY26 H1FY25 H1FY26 Global Prices Trend ($/kg) Price Movement YoY QoQ Sep Exit Price 1.79 Fibres 1.72 1.73 (%) (%) (Δ over Q2FY26) 1.65 Int
Slide 16: Key Operational Metrics
Cellulosic Fibres Key Operational Metrics CSF Sales (KT) CSF Sales Volume Mix (Q2FY26) Export Sales Specialty Fibres 219 431 209 209 418 7% 24% 76% 93% Q2FY25 Q1FY26 Q2FY26 H1FY25 H1FY26 Domestic Sales Standard Fibres CFY Sales (KT) Total CSF sales volume (Domestic + Exports) de-grew by 5% YoY due t
Slide 17: Q2FY26 Financial Performance
Cellulosic Fibres Q2FY26 Financial Performance Revenue (₹ crore) EBITDA (₹ crore) 7,912 8,193 899 4,125 4,043 4,149 494 672 350 322 Q2FY25 Q1FY26 Q2FY26 H1FY25 H1FY26 Q2FY25 Q1FY26 Q2FY26 H1FY25 H1FY26 Revenue grew 1% YoY led by Higher input cost of key RM CFY realisations continues to remain favora
Slide 18: Chemicals
Earnings Presentation | Q2FY26 Chemicals Chlor-Alkali Chlorine Derivatives Specialty Chemicals
Slide 19: Diversified Chemicals Portfolio
Chemicals Diversified Chemicals Portfolio Chlor-Alkali Chlorine Derivatives Existing Capacity Expansion Plan Projected Capacity Existing Capacity Expansion Plan Projected Capacity (KTPA) (KTPA) (KTPA) (KTPA) (KTPA) (KTPA) 1,505 25 1,530 1,058 79 1,137 › Maintaining Market leadership position in Chlo
Slide 20: Focus on Specialty Chemicals
Chemicals Focus on Specialty Chemicals Major End-Use Applications Chlorine Integration Levels (%) Integration includes chlorine consumption for HCL and pipeline sales for dedicated customers Specialty Chemicals* 65% 64% CONSTRUCTION 62% 60% 58% RENEWABLES FY22 FY23 FY24 FY25 Q2FY26 Chlorine Derivati
Slide 21: Key Operational Metrics
Chemicals Key Operational Metrics CFR SEA Caustic Soda Prices* ($/ton) Grasim – ECU (₹/ton) 35,911 34,469 32,979 31,585 30,642 471 468 470 449 458 Q2FY25 Q1FY26 Q2FY26 H1FY25 H1FY26 Q2FY25 Q1FY26 Q2FY26 H1FY25 H1FY26 Caustic Soda Sales (KT) Revenue Breakup of Chemicals Business (%) Specialty Chemica
Slide 22: Q2FY26 Financial Performance
Chemicals Q2FY26 Financial Performance Revenue (₹ crore) EBITDA (₹ crore) 2,391 2,399 4,789 422 787 2,054 4,120 365 273 583 Q2FY25 Q1FY26 Q2FY26 H1FY25 H1FY26 Q2FY25 Q1FY26 Q2FY26 H1FY25 H1FY26 Chemicals segment revenue up Specialty Chemicals revenue EBITDA up by 34% YoY, driven by higher volumes in
Slide 23: Building Materials
Earnings Presentation | Q2FY26 Building Materials Cement Paints B2B E-commerce
Slide 24: India's Cement Industry
Building Materials India’s Cement Industry India is the second largest cement producer in the world, but remains a highly underpenetrated market Global Cement Production Per Capita Cement Consumption (kg/annum) 1,340-1,350 1,090-1,100 1000-1010 955-965 30.8% 790-800 World average: 470-520 kg 420-470
Slide 25: Q2FY26 Performance Update – Cement (UltraTech)
Building Materials Q2FY26 Performance Update – Cement (UltraTech) UltraTech existing operations Consolidated Domestic grey Ready Mix Concrete volumes grew by cement realisation EBITDA/mt grew by (RMC) volume grew 6.9% YoY at 33.85 million tons grew by 4.5% YoY to 32% YoY at ₹966/mt by 26% YoY to 3.7
Slide 26: Growing India Decorative Paints Market
Building Materials Growing India Decorative Paints Market Current Scenario Estimated CAGR of >10% Industry Size (FY26e) over the next decade ₹72,000 Cr. 2nd Largest Player* Unorganised Market HOUSING DEMAND in Indian Decorative Paints Industry ~25% MANUFACTURING PROWESS URBANISATION Per Capita Consu
Slide 27: Q2FY26 Performance Update – Paints (Birla Opus)
Building Materials Q2FY26 Performance Update – Paints (Birla Opus) Market share^ gains continues despite Capacity share reached ~24% Industry-first Opus Assurance monsoon related slowdown of Organized Decorative Paints industry and PaintCraft, now offered through › Revenue Market share expansion con
Slide 28: Comprehensive B2B E-commerce Platform
Building Materials Comprehensive B2B E-commerce Platform E-commerce platform for Building Materials with end-to-end solutions (Demand prediction, Product assortment, Sourcing, Logistics and Financing) VALUE PROPOSITION PRODUCT CATEGORIES COMPETITIVE PRICING STEEL & ALLIED SANITARY WARE ASSURED QUALI
Slide 29: Q2FY26 Performance Update – B2B E-commerce (Birla Pivot)
Building Materials Q2FY26 Performance Update – B2B E-commerce (Birla Pivot) Revenue grew by 15% QoQ Product Portfolio expansion Expanded into newer geographies & with new categories territories with steady uptick in Annualized Revenue Run- › Revenue mix continues to improve with increasing › Continu
Slide 30: Q2FY26 Financial Performance
Building Materials Q2FY26 Financial Performance Revenue (₹ crore) EBITDA (₹ crore) 23,733 45,986 22,253 7,240 4,291 17,342 36,793 2,950 4,790 1,900 Q2FY25^ Q1FY26 Q2FY26 H1FY25^ H1FY26 Q2FY25^ Q1FY26 Q2FY26 H1FY25^ H1FY26 Revenue grew by 28% YoY to Cement revenue grew by 20% EBIDTA grew by 55% YoY t
Slide 31: Financial Services
Earnings Presentation | Q2FY26 Financial Services Aditya Birla Capital Limited NBFC Housing Finance Investing and Insurance
Slide 32: Q2FY26 Financial Performance - Aditya Birla Capital
Financial Services Q2FY26 Financial Performance - Aditya Birla Capital Revenue# (₹ crore) Total Lending Book* (₹ crore) 20,057 10,569 19,058 1,77,855 10,252 1,65,832 9,488 1,37,946 Q2FY25 Q1FY26 Q2FY26 H1FY25 H1FY26 Q2FY25 Q1FY26 Q2FY26 Revenue# grew by 3% YoY PAT^ grew by 8% YoY Total Lending Portf
Slide 33: Other Businesses
Earnings Presentation | Q2FY26 Other Businesses Textiles Renewables Insulators
Slide 34: Q2FY26 Financial Performance
Other Businesses Q2FY26 Financial Performance Revenue (₹ crore) EBITDA (₹ crore) 1,862 403 996 249 1,576 865 778 154 154 45 Q2FY25 Q1FY26 Q2FY26 H1FY25 H1FY26 Q2FY25 Q1FY26 Q2FY26 H1FY25 H1FY26 Revenue grew by 28% YoY to ₹996 Cr., Renewables business revenue Textiles business revenue grew while EBIT
Slide 35: Annexure
Earnings Presentation | Q2FY26 Annexure
Slide 36: Consolidated Income Statement
Annexure Consolidated Income Statement Particulars (₹ crore) Q2FY26 Q2FY25 % Change Q1FY26 % Change Revenue from Operations 39,900 34,223 17 40,118 -1 Other Income 345 401 -14 342 1 EBITDA* 5,217 4,056 29 6,430 -19 EBITDA Margin (%) 13% 12% 16% Finance Cost 869 657 32 816 6 Depreciation 1,899 1,572
Slide 37: Standalone Income Statement
Annexure Standalone Income Statement Particulars (₹ crore) Q2FY26 Q2FY25 % Change Q1FY26 % Change Revenue from Operations 9,610 7,623 26 9,223 4 Other Income 1,419 1,294 10 144 - EBITDA 1,786 1,619 10 528 238 EBITDA Margin (%) 16% 18% 6% Finance Cost 203 161 26 206 -1 Depreciation 502 406 24 478 5 P
Slide 38: Standalone Capex Plan
Annexure Standalone Capex Plan Capex Spent Planned Capex Particulars (₹ crore) H1FY26 FY26 Cellulosic Fibres 192 839 Capacity Expansion (including debottlenecking) 56 447 Modernisation and Maintenance Capex 136 392 Chemicals (A + B + C) 359 668 (A) Capacity Expansion: Chlor-Alkali & Chlorine Derivat
Slide 39: Balance Sheet
Annexure Balance Sheet EQUITY AND LIABILITIES Standalone (₹ crore) Consolidated (₹ crore) 30th Sep 2025 30th Jun 2025 30th Sep 2025 30th Jun 2025 Net Worth 55,015 54,340 99,618 97,117 Non-Controlling Interest - - 62,584 61,830 Borrowings related to Financial Services - - 1,53,665 1,43,365 Other Borr
Slide 40: Balance Sheet
Annexure Balance Sheet ASSETS Standalone (₹ crore) Consolidated (₹ crore) 30th Sep 2025 30th Jun 2025 30th Sep 2025 30th Jun 2025 Net Fixed Assets 22,134 22,198 1,20,326 1,18,805 Capital WIP & Advances 3,314 3,281 19,095 18,308 Right of Use – Lease (including Leasehold Land) 1,374 1,330 3,079 3,096
Slide 41: Grasim Group Structure
Annexure Grasim Group Structure GRASIM INDUSTRIES LIMITED CELLULOSIC FIBRES CHEMICALS BUILDING MATERIALS OTHER BUSINESSES OVERSEAS PULP & CSF JVs SUBSIDIARIES CSF Chemicals Paints Textiles AV Group NB Inc. UltraTech Cement (56.11%)** (Canada) (45%)* Vilayat Vilayat Panipat Rishra AGAB (Domsjo) Grey
Slide 42: Safe Harbor
Safe Harbor By attending this presentation or reading these materials, you agree to be bound by the following limitations and restrictions. This presentation is issued by Grasim Industries Limited (the “Company”) for general information purposes only, without regard to any specific objectives, suita
Slide 43: Thank You
Thank You Investor Relations grasim.ir@adityabirla.com +91 22 2499 5657