Grasim Industries Ltd. · NSE:GRASIM
Grasim Industries — Investor Presentation (November 2025)
57 slides from Grasim Industries's investor presentation, November 2025
Slide 1: Grasim: A Play on India Growth Story
Investor Presentation November 2025 GRASIM : A PLAY ON INDIA GROWTH STORY Grasim Industries Limited Investor Presentation 1
Slide 2: Driven by Our Purpose. Led by Our Values
DRIVEN BY OUR PURPOSE. LED BY OUR VALUES Passion Seamlessness Integrity Commitment Speed OUR TO ENRICH LIVES BY PURPOSE BUILDING DYNAMIC AND RESPONSIBLE BUSINESSES AND INSTITUTIONS, THAT INSPIRE TRUST.
Slide 3: Aditya Birla Group Is…
ADITYA BIRLA GROUP IS… A US$ 67 billion* conglomerate Consolidated market cap of US$ 114# billion OUR KEY GROUP COMPANIES Across 6 continents and 41 countries 42% of revenues from outside India operations 340+ state-of-the-art manufacturing units globally 227,500+ employees of over 100 nationalities
Slide 4: Grasim's Leadership Across Key Components of Growing Economy
GRASIM’s LEADERSHIP ACROSS KEY COMPONENTS OF GROWING ECONOMY INDIA’s AMRIT KAAL KEY FACTORS Infrastructure & Housing RMC player Cement Producer Producer of White Demand Cement based Putty Strongest and fastest growing Increasing Diversified Financial Services among major economies Financialisation A
Slide 5: Stronglomerate: Key Strengths
STRONGLOMORATE : KEY STRENGTHS 1 2 3 4 A Legacy of Track record of Diversified Sustainable Values and Trust creating large Businesses with Manufacturing growing Stable cashflow Businesses and generation Increasing share of Brands Renewable power Operating history Revenue growth Positive Free of 77+
Slide 6: Stronglomerate: Key Strengths
STRONGLOMORATE : KEY STRENGTHS 5 6 7 History of Strong Balance Value Creation continuous Sheet with Dividend “AAA/Stable” Distribution rating ~1.7x/~1.5x For outperformance# Consolidated in stock returns vs. >62 years Debt*/Equity benchmark^ over 0.30x 5Yr/10Yr period * Excluding Borrowing related t
Slide 7: Value Creation Strategy
VALUE CREATION STRATEGY Grasim Industries Limited Investor Presentation 7
Slide 8: Pillars of Our Strategy
PILLARS OF OUR STRATEGY BUSINESS COST SUSTAINABILITY LEADERSHIP LEADERSHIP INNOVATION Eco-friendly products CAPITAL Attain leadership & responsible ALLOCATION Continuous cost position in all our Focus on innovation manufacturing optimisation businesses in products and Investments in core processes a
Slide 9: Leadership Across Businesses
LEADERSHIP ACROSS BUSINESSES Building Materials Businesses Other Businesses Cellulosic B2B Financial Chemicals Cement Paints Textiles Renewables Insulators Fibres E-Commerce Services Leading Leading UltraTech: 2nd largest Digital Aditya Birla Premium Aditya Birla Leading producer of producer of Indi
Slide 10: Track Record of Creating Large Businesses & Brands
TRACK RECORD OF CREATING LARGE BUSINESSES & BRANDS Cellulosic Fibres Chemicals Building Materials Financial Services* 15,897 81,394 8,648 40,651 Revenue ( ₹ Cr.) 4,974^ 24,340 1,701 9,083 FY15 FY25 FY15 FY25 FY15 FY25 FY18 FY25 OUR LEADING BRANDS * Financials Services Business acquired on merger of
Slide 11: R&D and Innovation
R&D AND INNOVATION WORLD CLASS R&D FACILITIES COMMERCIALISED A VARIETY OF HIGH-VALUE PRODUCTS 1 5 2 1 Cellulosic Fibres Chemicals Corporate R&D R&D Centres R&D Centres R&D Centre Centre (Cellulosic (Chemicals) (Paints) Fibres) Primary building blocks for Traceability of Pulp source from formulated p
Slide 12: Sustainable Business Practices and Initiatives
SUSTAINABLE BUSINESS PRACTICES AND INITIATIVES Environment Sustainability Ratings# ▪ 96% of waste is recycled, reused and recovered 13 ZLD Sites ▪ Committed to achieving net-zero emissions by (incl. 1 under commissioning) 2050 ▪ Sourcing Pulp from sustainably managed forests ▪ Zero liquid discharge
Slide 13: Capital Allocation Focus on Growth
CAPITAL ALLOCATION FOCUS ON GROWTH Consolidated Capex# (₹ Cr.) ₹13,832 Cr. 20,199 22% 16,929 ₹62,246* 12,147 Cr. 9,017 78% 3,954 ₹48,415 Cr. Growth Capex Maintenance Capex FY21 FY22 FY23 FY24 FY25 #Calculation based on the movement in Gross block, CWIP and Capital advances. * Capex over FY21 to FY25
Slide 14: Cost Leadership
COST LEADERSHIP CELLULOSIC FIBRES CHEMICALS PAINTS Strong Backward Integration Power Cost Efficient Manufacturing Caustic, pulp, power and Diversified sources (captive + Right size plants with high steam grid) of power with improving level automation and lean renewable energy mix systems Cost effici
Slide 15: Financial Highlights
FINANCIAL HIGHLIGHTS Grasim Industries Limited Investor Presentation 15
Slide 16: Track Record of Consistent Growth
TRACK RECORD OF CONSISTENT GROWTH REVENUE (₹ Cr.) EBITDA (₹ Cr.) 1,59,663 1,48,478 22,873 1,30,978 20,837 20,023 1,17,627 17,723* FY23 FY24 FY25 TTM FY23 FY24 FY25 TTM Revenue growth led by robust performance of EBITDA growth led by superior performance of Building Materials and Chemicals businesses
Slide 17: Consistent Growth Leading to Strong Financials
CONSISTENT GROWTH LEADING TO STRONG FINANCIALS CONSOLIDATED As on As on As on Particulars 31st Mar 2024 31st Mar 2025 30th Sep 2025 Net worth (₹ Cr.) 88,652 97,509 99,618 Debt - Equity Ratio 0.97x 1.16x 1.25x Debt* - Equity Ratio 0.19x 0.29x 0.30x Net debt* (₹ Cr.) 15,436 35,402 38,596 Total debts t
Slide 18: Cellulosic Fibres Business
CELLULOSIC FIBRES BUSINESS Grasim Industries Limited Investor Presentation 18
Slide 19: Cellulosic Fibres: Fastest Growing Fibre
CELLULOSIC FIBRES : FASTEST GROWING FIBRE GLOBAL INDIA 9.6% CAGR 3.9% CAGR (0.2%) CAGR INDIA CELLULOSIC (0.4%) CAGR FIBRE GROWING FASTEST WITH CAGR 3.5% CAGR 5.4% CAGR >2x CY15 CY24 CY15 CY24 OF OTHER FIBRES Synthetic Cotton Cellulosic Fibres Synthetic Cotton Cellulosic Fibres ~6% CELLULOSIC LIVA MO
Slide 20: Cellulosic Fibres: Innovation
CELLULOSIC FIBRES : INNOVATION Scan here Circular Fashion Traceability: Forest to Fashion to know more CANOPY HOT BUTTON - HIGHEST RATING 6 YEAR IN A ROW 2020 2021 2022 2023 2024 2025 Grasim Industries Limited Investor Presentation 20
Slide 21: Cellulosic Fibres: Key Macro Trends
CELLULOSIC FIBRES : KEY MACRO TRENDS CHINA OPERATING RATE AND INVENTORY DAYS GLOBAL PRICES TREND ($/KG) 86 89 1.79 1.72 1.73 82 1.65 1.52 1.51 20 0.95 15 0.83 0.84 8 Q2FY25 Q1FY26 Q2FY26 Q2FY25 Q1FY26 Q2FY26 China Operating Rates China Plant Inventory CSF - CCF Cotton (Cotlook) PSF Domestic CSF pric
Slide 22: Cellulosic Fibres: Key Operational Metrics
CELLULOSIC FIBRES : KEY OPERATIONAL METRICS CELLULOSIC STAPLE FIBRE (CSF) SALES (KT) CELLULOSIC FASHION YARN (CFY) SALES (KT) 219 209 209 11.1 11.4 10.0 Q2FY25 Q1FY26 Q2FY26 Q2FY25 Q1FY26 Q2FY26 CSF sales volume Specialty CSF sales de-grew by 5% YoY volumes were up CFY volume was up due to temporary
Slide 23: Cellulosic Fibres: Financial Performance
CELLULOSIC FIBRES : FINANCIAL PERFORMANCE REVENUE (₹ Cr.) EBITDA (₹ Cr.) 4,125 4,043 4,149 494 350 322 Q2FY25 Q1FY26 Q2FY26 Q2FY25 Q1FY26 Q2FY26 Higher input cost of Revenue grew by 1% CFY realisations key raw material YoY led by favorable continues to remain which were absorbed product mix and adve
Slide 24: Chemicals Business
CHEMICALS BUSINESS Grasim Industries Limited Investor Presentation 24
Slide 25: Diversified Chemicals Portfolio
DIVERSIFIED CHEMICALS PORTFOLIO CHEMICALS’ CAPACITIES (KTPA) CHLOR- ALKALI 1,530 1,137 25 79 1,058 246 1,505 CHEMICALS CHLORINE DERIVATIVES PORTFOLIO Chlor-Alkali Chlorine Derivatives Specialty Chemicals Existing Capacity (KTPA) Capacity Expansion (KTPA) REVENUE BREAK-UP (%) SPECIALTY CHEMICALS 26%
Slide 26: Chemicals: Focus Areas
CHEMICALS : FOCUS AREAS CHLORINE INTEGRATION* LEVELS (%) 65% 64% 62% 60% Largest producer of Specialty Chemicals SPECIALTY 58% (Epoxy Resins and Curing Agents) in India. CHEMICALS FY22 FY23 FY24 FY25 Q2FY26 Leverage existing Epichlorohydrin (ECH) 50 KTPA Plant capacities of CHLORINE construction at
Slide 27: Specialty Chemicals: Epoxy Resins and Curing Agents
SPECIALTY CHEMICALS : EPOXY RESINS AND CURING AGENTS EPOXY GROWTH DRIVERS PROTECTIVE COATING CONSTRUCTION RENEWABLES AUTOMOTIVE OTHERS India Industry 26% 22% 19% 18% 9% 6% Demand Mix (%) Market Share of Grasim's epoxy resin used in Total Patents filed >50% 2 out of 3 cars 8 GRASIM In India manufactu
Slide 28: Chlor-Alkali: Key Operational Metrics
CHLOR-ALKALI : KEY OPERATIONAL METRICS CAUSTIC SODA SALES (KT) GRASIM – ECU (₹/TON) 35,911 295 303 294 32,979 30,642 Q2FY25 Q1FY26 Q2FY26 Q2FY25 Q1FY26 Q2FY26 ECU realisation Caustic sales volumes Caustic soda grew by 8% YoY led by stood flattish YoY due to international average higher domestic caus
Slide 29: Chemicals: Financial Performance
CHEMICALS : FINANCIAL PERFORMANCE REVENUE (₹ Cr.) EBITDA (₹ Cr.) 422 2,391 2,399 365 2,054 273 Q2FY25 Q1FY26 Q2FY26 Q2FY25 Q1FY26 Q2FY26 Chemicals segment revenue up by 17% Specialty Chemicals EBITDA up by 34% YoY, YoY led by broad- revenue share stood driven by higher based strength across at 30% h
Slide 30: Building Materials Business
BUILDING MATERIALS BUSINESS Grasim Industries Limited Investor Presentation 30
Slide 31: Cement Business
CEMENT BUSINESS Grasim Industries Limited Investor Presentation 31
Slide 32: India Cement Industry Growth Drivers
INDIA CEMENT INDUSTRY GROWTH DRIVERS India is the second largest cement producer ….but remains a highly underpenetrated market in the world, Global Cement Production Per capita Consumption (kg/annum) 1,340-1,350 1,090-1,100 30.8% 1000-1010 955-965 790-800 51.1% World average: 470-520 kg 1.6% 420-470
Slide 33: UltraTech: India's Largest Selling Cement Brand
ULTRATECH : INDIA’S LARGEST SELLING CEMENT BRAND OUR STRENGTHS Leading Player of White One-stop building solution Scientifically engineered India’s Largest Largest manufacturer of Cement and Cement- 250 RMC plants in for the retail customer products to cater to Grey Cement Capacity RMC^ in India 116
Slide 34: Cement: Q2FY26 Performance Update
CEMENT: Q2FY26 PERFORMANCE UPDATE Consolidated volume grew Green Power Mix Total grey cement capacity by 6.9% YoY to 33.85 million Operating EBITDA/ton of increased to 41.6% vs. reached 192.3 Mn TPA; tons UltraTech existing 30.2% in Q2FY25. Expansion plan announced operations grew by 32% YoY aiming
Slide 35: Decorative Paints Business
DECORATIVE PAINTS BUSINESS Grasim Industries Limited Investor Presentation 35
Slide 36: Decorative Paints: Growth Drivers
DECORATIVE PAINTS : GROWTH DRIVERS DECORATIVE PAINTS MARKET OPPORTUINITY Decorative Paints market is estimated to INDUSTRY SIZE UN-ORGANISED MARKET PER-CAPITA CONSUMPTION grow at CAGR of >10% over the next decade ₹ ~72,000 Cr. ~25% ~3.5 kg (Global average of 10 (FY26e) kg/annum) Urbanisation Housing
Slide 37: Birla Opus: Set to Become 2nd Largest Paints Brand
BIRLA OPUS : SET TO BECOME 2nd LARGEST PAINTS BRAND Biggest Launch in the Indian Decorative Paints Market MANUFACTURING 6 1,332 MLPA 85 500 MLPA Fully backward integrated plants with Greater than combined current scientists at state-of-the-art R&D center Option of adding at lower capital cost PROWES
Slide 38: Q2FY26 Performance Update
Market share^ gains continues despite monsoon related slowdown. The revenue Market share stood at double digit market including Birla Opus and Birla White Putty revenues Total capex spent stood at Capacity share reached ₹9,727 Cr. as on 30th Sep 2025. ~24% of Organized Project executed within Decora
Slide 39: B2B E-Commerce Business
B2B E-COMMERCE BUSINESS Grasim Industries Limited Investor Presentation 39
Slide 40: Comprehensive B2B E-Commerce Platform
COMPREHENSIVE B2B E-COMMERCE PLATFORM Market >$200 bn <2% 10% MSME Demand TAM^ for raw materials in Digital 3-YR CAGR enabling efficient Opportunity construction, chemicals & Penetration procurement and Drivers metal by 2030 wide reach VALUE PROPOSITION PRODUCT CATEGORIES COMPETITIVE PRICING STEEL &
Slide 41: Birla Pivot: Q2FY26 Performance Update
BIRLA PIVOT : Q2FY26 PERFORMANCE UPDATE Revenue mix continues Driving seamless digital Revenue grew by 15% to improve with adoption across our Proprietary credit QoQ; On track to increasing contribution user ecosystem through system offering tailored achieve annual revenue of from product categories
Slide 42: Building Materials: Financial Performance
BUILDING MATERIALS : FINANCIAL PERFORMANCE REVENUE (₹ Cr.) EBITDA (₹ Cr.) 23,733 22,253 4,291 17,342 2,950 1,900 Q2FY25 Q1FY26 Q2FY26 Q2FY25 Q1FY26 Q2FY26 Cement revenue grew Revenue grew by 28% by 20% YoY to YoY led by all-round EBIDTA grew by 55% YoY ₹19,607 Cr. with to ₹2,950 Cr. performance acro
Slide 43: Financial Services Business
FINANCIAL SERVICES BUSINESS Grasim Industries Limited Investor Presentation 43
Slide 44: Financial Services: Our Strengths
FINANCIAL SERVICES : OUR STRENGTHS ADITYA BIRLA CAPITAL : DIVERSIFIED FINANCIAL SERVICES PLATFORM NBFC Housing Asset Management Life Health Insurance Insurance ₹ 1,77,855 Cr. ₹ 5,50,240 Cr. ₹ 11,780Cr. Total Lending Portfolio1 Total AUM2 Gross Premium3 ₹ 91,450 Cr. ₹ 4,25,171 Cr. 4.9%/6.4% Retail SM
Slide 45: Aditya Birla Capital: Omni Channel Architecture
ADITYA BIRLA CAPITAL : OMNI CHANNEL ARCHITECTURE ABCD*-D2C platform for customers Robust & agile Udyog Plus-B2B digital platforms platform for MSMEs B2D platform for channel partners One ABC Dedicated customer service 1028 co-located branches locations across 260 locations managers for cross sell On
Slide 46: ABCD D2C Platform: 7.6 Mn+ Customers
ABCD D2C PLATFORM : 7.6 Mn+ Customers ABCD APP & WEBSITE PROVIDES COMPLETE OMNICHANNEL EXPERIENCE TO CUSTOMERS Everything Finance As Simple As ABCD Key Launches 7.6Mn+ 26+ Product categories 3.0 Mn • Spend Track Nudges: AI-powered insights to turn data into smarter money moves Customers* VPAs Create
Slide 47: Aditya Birla Capital: Financial Performance
ADITYA BIRLA CAPITAL : FINANCIAL PERFORMANCE TOTAL LENDING BOOK* (₹ Cr.) ASSET QUALITY TREND# (₹ Cr.) 1,77,855 1,65,832 114,204 1,27,948 1,34,409 1,37,946 1.68% 2.50% 2.27% 1.35% 1.43% 1.74% 96.30% 96.97% 95.76% Q2FY25 Q1FY26 Q2FY26 Q2FY25 Q1FY26 Q2FY26 Gross Stage 1 Gross Stage 2 Gross Stage 3 TOTA
Slide 48: Aditya Birla Capital: Financial Performance
ADITYA BIRLA CAPITAL : FINANCIAL PERFORMANCE REVENUE# (₹ Cr.) PAT*^ (₹ Cr.) 10,569 803 823 10,252 759 9,488 Q2FY25 Q1FY26 Q2FY26 Q2FY25 Q1FY26 Q2FY26 Revenue grew by 3% YoY led by growth from key business segments: PAT^ grew by 8% YoY with focus on credit NBFC up by 15% YoY, quality of NBFC business
Slide 49: Others
OTHERS Grasim Industries Limited Investor Presentation 49
Slide 50: Other Businesses: Financial Performance
OTHER BUSINESSES* : FINANCIAL PERFORMANCE REVENUE* (₹ Cr.) EBITDA* (₹ Cr.) 996 249 865 778 154 45 Q2FY25 Q1FY26 Q2FY26 Q2FY25 Q1FY26 Q2FY26 Renewable business Textiles business EBITDA grew by ~2x YoY Insulator business revenue grew by 6% YoY Revenue grew by 28% to ₹208 Cr. (incl. treasury revenue gr
Slide 51: Appendix
APPENDIX
Slide 52: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT Particulars (₹ Cr.) Q2FY26 Q2FY25 % Change Q1 FY26 % Change Revenue from Operations 39,900 34,223 17 40,1 1 8 -1 Other Income 345 401 -1 4 342 1 E BIT DA* 5,21 7 4,056 29 6,430 -1 9 E BITDA Margin (% ) 1 3% 1 2% 1 6% Finance Cost 869 657 32 81 6 6 Depreciation 1 ,899 1
Slide 53: Standalone Income Statement
STANDALONE INCOME STATEMENT Particulars (₹ Cr.) Q2FY26 Q2FY25 % Change Q1 FY26 % Change Revenue from Operations 9,61 0 7,623 26 9,223 4 Other Income 1 ,41 9 1 ,294 10 1 44 - E BIT DA 1 ,786 1 ,61 9 10 528 238 E BITDA Margin (% ) 1 6% 1 8% 6% Finance Cost 203 1 61 26 206 -1 Depreciation 502 406 24 47
Slide 54: Standalone Capex Plan
STANDALONE CAPEX PLAN Capex Spent Planned Capex Particulars (₹ Cr.) H1 FY26 FY26 Cellulosic F ibres Business 1 92 839 Capacity E xpansion (including debottlenecking) 56 447 Modernisation and Maintenance Capex 1 36 392 Chemicals Business (A+B+C) 359 668 (A) Capacity E xpansion - Chlor-Alkali & Chlori
Slide 55: Balance Sheet
Standalone (₹ Cr.) BALANCE SHEET Consolidated (₹ Cr.) 30th Sep'25 31 st Mar'25 E QUITY & L IAB IL ITIE S 30th Sep'25 31 st Mar'25 55,01 5 54,398 Net Worth 99,61 8 97,509 - - Non Controlling Interest 62,584 60,304 - - Borrowings related to F inancial Services 1 ,53,665 1 ,37,648 1 2,1 63 1 1 ,1 21 Ot
Slide 56: Grasim Group Structure
GRASIM GROUP STRUCTURE Grasim Industries Limited Cellulosic Fibres Chemicals New Businesses Textiles Overseas Pulp & Fibre Subsidiaries JVs Staple Fibre Vilayat Paints Rishra UltraTech Cement (56.11%)** AV Group NB Inc. Grey Cement Vilayat Nagda Panipat Malanpur (Canada) (45.0%)* o India Operations
Slide 57: Thank You
THANK YOU Investor Relations Team grasim.ir@adityabirla.com +91 22 2499 5657
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