Grasim Industries Ltd. · NSE:GRASIM
Grasim Industries — Q4 FY25 Earnings Presentation
41 slides from Grasim Industries's earnings presentation, May 2025
Slide 1: Grasim Industries Limited Earnings Presentation Q4FY25
A FORCE FOR GOOD GRASIM INDUSTRIES LIMITED Earnings Presentation Q4FY25 May 2025 CREATING AND SCALING GROWTH ENGINES FOR GROWING ECONOMY
Slide 2: Grasim's Leadership Across Key Components of Growing Economy
GRASIM’s LEADERSHIP ACROSS KEY COMPONENTS OF GROWING ECONOMY • Cellulosic Staple Fibre • Grey Cement • Cellulosic Fashion Yarn • White Cement • Linen Textiles Infrastructure • Ready Mix Concrete • Premium Cotton Aspirational & Housing • Wall Putty Fabrics Consumption Demand • Decorative Paints • Chl
Slide 3: Track Record of Consistent Growth
TRACK RECORD OF CONSISTENT GROWTH Revenue (FY25) EBITDA (FY25) PAT^ (FY25) ₹ 1,48,478 Cr. ₹ 20,023 Cr. ₹ 3,902 Cr. Consolidated Revenue (₹ Cr.) Consolidated EBITDA (₹ Cr.) 23% 20% 21% 24% 17% 14% 1,48,478 1,30,978 20,837 20,023 1,17,627 17,723* 26,840 25,847 31,563 4,198 3,573 2,857 FY23 FY24 FY25 F
Slide 4: Macro Updates
bad BIRLA sae *:.! GRASIM MACRO UPDATES
Slide 5: Macro Indicators
MACRO INDICATORS Industrial Production – IIP Growth (% YoY) India Merchandise Exports ($bn) IIP (% growth YoY) Average (FY25) 5.2 120.4 5.0 115.3 3.7 3.7 3.9 108.3 109.3 3.0 2.7 105.9 103.3 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Q3FY24 Q4FY24 Q1FY25 Q2FY25 Q3FY25 Q4FY25 Manufacturing sector witne
Slide 6: Financial Highlights
ADITYA BIRLA OO A [Lae GRASIM FINANCIAL HIGHLIGHTS
Slide 7: Key Highlights - Q4FY25
KEY HIGHLIGHTS - Q4FY25 Highest-ever: Consolidated Revenue ₹44,267 Cr. up 17% YoY; EBITDA at ₹6,548 Cr. up 6% YoY • Revenue growth led by superior performance mainly in Building Materials, Chemicals and Financial Services business • EBITDA growth restricted by investments in new businesses, with a c
Slide 8: Performance Highlights - Consolidated
PERFORMANCE HIGHLIGHTS - CONSOLIDATED Q4FY25 Revenue (₹ Cr.) EBITDA (₹ Cr.) Adjusted PAT* (₹ Cr.) 44,267 37,727 35,378 6,548 6,196 1,908 4,679 1,559 820 @ @ Q4FY24 Q3FY25 Q4FY25 Q4FY24 Q3FY25 Q4FY25 Q4FY24 Q3FY25 @ Q4FY25 FY25 Revenue (₹ Cr.) EBITDA (₹ Cr.) Adjusted PAT* (₹ Cr.) 1,48,478 1,30,978 1,
Slide 9: Strong Balance Sheet
STRONG BALANCE SHEET Consolidated As on As on Particulars 31st Mar 2024 31st Mar2025 Net worth (₹ Cr.) 88,652 97,509 Debt - Equity Ratio 0.97 1.16 Debt* - Equity Ratio 0.19 0.29 Net debt* (₹ Cr.) 15,436 35,402 Total debts to Total assets 0.33 0.37 Consolidated Net debt* to EBITDA stood at 1.77x as o
Slide 10: Improving Sustainability Performance
IMPROVING SUSTAINABILITY PERFORMANCE* 11% 11% 50% 51% 8% Increasing 46% Increasing proportion of 44% Renewable 5% recycled water Power Share to freshwater consumption FY22 FY23 FY24 FY25^ FY22 FY23 FY24 FY25 ^ Awards & Achievements: ➢ Grasim awarded “Sustainable Manufacturing Leadership Award 2024”
Slide 11: Cellulosic Fibres
CELLULOSIC FIBRES (CELLULOSIC STAPLE FIBRE & CELLULOSIC FASHION YARN)
Slide 12: Cellulosic Fibres: Fastest Growing in the Fibre Basket
CELLULOSIC FIBRES: FASTEST GROWING IN THE FIBRE BASKET GLOBAL INDIA INDIA CELLULOSIC FIBRE GROWING 3.9% CAGR 9.6% CAGR FASTEST WITH CAGR >2x (0.2%) CAGR (0.4%) CAGR OF OTHER FIBRES 3.5% CAGR 5.4% CAGR CY15 CY24 CY15 CY24 Synthetic Cotton Cellulosic Fibres Synthetic Cotton Cellulosic Fibres 6% CELLUL
Slide 13: Macro Trends - Cellulosic Fibres
MACRO TRENDS - CELLULOSIC FIBRES China Operating Rate (in Percentage) China Inventory (in Days) 14 89 87 13 85 85 86 12 11 8 Q4FY24 Q3FY25 Q4FY25 FY24 FY25 Q4FY24 Q3FY25 Q4FY25 FY24 FY25 Global Prices Trend ($/Kg) Price Movement 3.62 YoY QoQ Mar Exit Price Fibres (%) (%) ( over Q4FY25) 2.14 Interna
Slide 14: Key Operational Metrics - Cellulosic Fibres
KEY OPERATIONAL METRICS - CELLULOSIC FIBRES CSF Sales (KT) Sales Volume Mix (CSF) Export Sales Standard Fibre 810 844 5% 79% 208 205 207 Q4FY25 Q4FY25 95% 21% Q4FY24 Q3FY25 Q4FY25 FY24 FY25 Domestic Sales Speciality Fibre CFY Sales (KT) Domestic volumes for Q4FY25 grew by 4% YoY though overall CSF s
Slide 15: Financial Performance Q4FY25 - Cellulosic Fibres
FINANCIAL PERFORMANCE Q4FY25 - CELLULOSIC FIBRES Revenue (₹ Cr.) EBITDA (₹ Cr.) 14,949 15,897 1,722 1,524 3,934 4,051 462 3,762 331 293 Q4FY24 Q3FY25 Q4FY25 FY24 FY25 Q4FY24 Q3FY25 Q4FY25 FY24 FY25 Revenue grew 8% YoY led by improved realisation globally and favorable product mix EBITDA de-grew by 3
Slide 16: Chemicals
CHEMICALS (CHLOR-ALKALI, CHLORINE DERIVATIVES & SPECIALITY CHEMICALS)
Slide 17: Diversified Chemicals Portfolio
DIVERSIFIED CHEMICALS PORTFOLIO CHLOR-ALKALI 1,530 FY26 1,155 Q1FY27 25 126 ➢ Largest Chlor-Alkali producer in India. Market growing at a steady pace with 2% 12% demand from Alumina, Organic & Inorganic Chemicals, Textiles & FMCG industries. 246 1,505 ➢ Maintaining Market leadership position in Chlo
Slide 18: Focus on Speciality Chemicals
FOCUS ON SPECIALITY CHEMICALS MAJOR END-USE APPLICATIONS CHLORINE INTEGRATION LEVELS (%) Integration includes chlorine SPECIALITY CHEMICALS* consumption for HCL and pipeline 65% CONSTRUCTION sales for dedicated customers 62% 60% 58% RENEWABLES FY22 FY23 FY24 FY25 CHEMICALS REVENUE BREAK-UP (FY25) WA
Slide 19: Key Operational Metrics - Chemicals
KEY OPERATIONAL METRICS - CHEMICALS CFR SEA Caustic Soda Prices ($/Ton)# Grasim – ECU (₹/Ton) 516 525 495 34,041 35,137 451 32,109 33,092 432 30,427 Q4FY24 Q3FY25 Q4FY25 FY24 FY25 Q4FY24 Q3FY25 Q4FY25 FY24 FY25 Caustic Soda Sales (KT) Revenue Break-up of Chemicals Business (%) 20% 20% 18% 20% 20% 1,
Slide 20: Financial Performance Q4FY25 - Chemicals
FINANCIAL PERFORMANCE Q4FY25 - CHEMICALS Revenue (₹ Cr.) EBITDA (₹ Cr.) 2,226 2,302 8,213 8,648 2,083 329 1,208 296 1,054 195 Q4FY24 Q3FY25 Q4FY25 FY24 FY25 Q4FY24 Q3FY25 Q4FY25 FY24 FY25 International average Caustic soda prices (CFR-SEA) improved by 16% YoY to $525/MT which led improvement in dome
Slide 21: Building Materials
BUILDING MATERIALS (CEMENT, PAINTS & B2B E-COMMERCE)
Slide 22: India Cement Industry
INDIA CEMENT INDUSTRY India is the second largest cement producer in the world, but remains a highly underpenetrated market Global Cement Production Per capita Consumption (kg/annum) 1,410-1,420 1,110-1,130 32.2% 950-970 750-770 51.1% World average: 500-550 420-470 420-430 1.6% 300-330 ~295 1.2% 280
Slide 23: Performance Update Q4FY25 - Cement (UltraTech)
PERFORMANCE UPDATE Q4FY25 - CEMENT (ULTRATECH) During the year, UltraTech added 42.6 mtpa (Including 26.3 mtpa of Kesoram and India Cements) of grey cement capacity taking total capacity (India + Overseas) at 188.8 mtpa and further increased to 190.16 in May-25 Domestic grey cement sales volume (inc
Slide 24: Growing India Decorative Paints Market
GROWING INDIA DECORATIVE PAINTS MARKET INDUSTRY SIZE – FY25e Estimated CAGR of UN-ORGANISED MARKET PER-CAPITA CONSUMPTION ₹72,000 Cr. ~25% ~3.5 kg (Global average of 10 kg/annum) >10% over the next decade Housing Urbanisation Demand 2nd Largest Player* in Indian Decorative Paints Industry MANUFACTUR
Slide 25: Performance Update Q4FY25 - Paints (Birla Opus)
PERFORMANCE UPDATE Q4FY25 - PAINTS (BIRLA OPUS) Business Performance: Revenue Market Share crosses 10% in Decorative Paints market^, including Birla Opus and Birla White Putty revenues • Witnessed strong QoQ revenue growth, reaching high single digit market share in Decorative Paints market^ in Q4FY
Slide 26: Comprehensive B2B Ecommerce Platform
COMPREHENSIVE B2B ECOMMERCE 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 CEMENT & ALLIED SANITARYWARE ASSURED QUALITY STEEL & ALLIED PI
Slide 27: Performance Update Q4FY25 - B2B Ecommerce (Birla Pivot)
PERFORMANCE UPDATE Q4FY25 - B2B ECOMMERCE (BIRLA PIVOT) Annualized revenue run-rate (ARR) crossed milestone of ₹5,000 Cr., one of the fastest growing B2B E-commerce ventures in India • On track to achieve revenue of ₹8,500 Cr. ($1 billion) by FY27 Driving digital adoption across our user base throug
Slide 28: Financial Performance Q4FY25 - Building Materials
FINANCIAL PERFORMANCE Q4FY25 - BUILDING MATERIALS Revenue (₹ Cr.) EBITDA (₹ Cr.) 81,394 13,164 25,232 71,953 4,406 12,012 4,150 20,919 19,369 2,816 Q4FY24 Q3FY25 Q4FY25 FY24 FY25 Q4FY24 Q3FY25 Q4FY25 FY24 FY25 Revenue grew by 30% QoQ to ₹25,232 Cr. with major share from Cement business Cement revenu
Slide 29: Financial Services
ADITYA BIRLA OO A [Lae GRASIM FINANCIAL SERVICES
Slide 30: Financial Performance Q4FY25 - Financial Services (Aditya Birla Capital)
FINANCIAL PERFORMANCE Q4FY25 - FINANCIAL SERVICES (ADITYA BIRLA CAPITAL) Revenue# (₹ Cr.) Total Lending Book (₹ Cr.)* 40,651 1,57,404 1,46,151 12,197 34,008 1,24,059 10,484 9,396 Q4FY24 Q3FY25 Q4FY25 Q4FY24 Q3FY25 Q4FY25 FY24 FY25 Consolidated Revenue stood at ₹12,197 Cr. up 16% YoY • All segments r
Slide 31: Others
OTHERS (TEXTILES, INSULATORS & RENEWABLES)
Slide 32: Financial Performance Q4FY25 - Other Businesses
FINANCIAL PERFORMANCE Q4FY25 - OTHER BUSINESSES (Renewables, Textiles and Insulators) Revenue (₹ Cr.) EBITDA (₹ Cr.) 3,087 3,288 445 139 898 125 419 790 815 105 Q4FY24 Q3FY25 Q4FY25 FY24 FY25 Q4FY24 Q3FY25 Q4FY25 FY24 FY25 Revenue from other businesses was up 14% YoY, EBITDA up by 33% YoY led by cap
Slide 33: Appendix
bad BIRLA sae *:.! GRASIM APPENDIX
Slide 34: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT Particulars (₹ Cr.) Q4FY25 Q4FY24 % Change FY25 FY24 % Change Revenue from Operations 44,267 37,727 17 1,48,478 1,30,978 13 Other Income 383 427 -10 1,459 1,264 15 EBITDA* 6,548 6,196 6 20,023 20,837 -4 EBITDA Margin (%) 15% 16% 13% 16% Finance Cost 821 463 77 2,802 1,6
Slide 35: Standalone Income Statement
STANDALONE INCOME STATEMENT Particulars (₹ Cr.) Q4FY25 Q4FY24 % Change FY25 FY24 % Change Revenue from Operations 8,926 6,768 32 31,563 25,847 22 Other Income 227 260 -13 1,715 1,257 36 EBITDA 447 787 -43 2,857 3,573 -20 EBITDA Margin (%) 5% 11% 9% 13% Finance Cost 201 121 66 684 440 55 Depreciation
Slide 36: Capex Plan - Standalone
CAPEX PLAN - STANDALONE Planned Capex Particulars (₹ Cr.) Capex Spent FY25 FY25 Cellulosic Fibres Business 828 453 Capacity Expansion (including debottlenecking) 218 87 Modernisation and Maintenance Capex 610 366 Chemicals Business (A+B+C) 800 700 (A) Capacity Expansion - Chlor-Alkali & Chlorine Der
Slide 37: Performance Highlights - Standalone
PERFORMANCE HIGHLIGHTS - STANDALONE Q4FY25 Revenue (₹ Cr.) EBITDA (₹ Cr.) Adjusted PAT^ (₹ Cr.) 8,926 275 8,120 787 6,768 - 447 372 - (169) (174) Q4FY24 Q3FY25 Q4FY25 Q4FY24 Q3FY25 Q4FY25 Q4FY24 Q3FY25 Q4FY25 FY25 Revenue (₹ Cr.) EBITDA (₹ Cr.) Adjusted PAT^ (₹ Cr.) 31,563 26,840 4,198 25,847 3,573
Slide 38: Balance Sheet
BALANCE SHEET Standalone (₹ Cr.) Consolidated (₹ Cr.) 31st Mar'25 31st Mar'24 EQUITY & LIABILITIES 31st Mar'25 31st Mar'24 (Audited) (Audited) (Audited) (Audited) 54,398 52,115 Net Worth 97,509 88,652 - - Non Controlling Interest 60,304 50,286 - - Borrowings related to Financial Services 1,37,648 1,
Slide 39: Grasim Group Structure
GRASIM GROUP STRUCTURE Grasim Industries Limited Cellulosic Fibres Chemicals New Businesses Textiles Overseas Pulp & CSF JVs Subsidiaries AV Group NB Inc. (Canada) CSF Vilayat Paints Rishra UltraTech Cement (56.11%)** (45.0%)* Domsjo (Sweden) Grey Cement Vilayat Nagda Panipat Malanpur (33.3%)* o Ind
Slide 40: Forward Looking and Cautionary Statement
FORWARD LOOKING AND CAUTIONARY STATEMENT This presentation is issued by Grasim Industries Limited (the “Company”) for general information purposes only, without regard to any specific objectives, suitability, financial situations and needs of any particular person. This presentation does not constit
Slide 41: Thank You
THANK YOU Investor Relations Team grasim.ir@adityabirla.com +91 22 2499 5657