Grasim Industries Ltd. · NSE:GRASIM
Grasim Industries — Q3 FY26 Earnings Presentation
43 slides from Grasim Industries's earnings presentation, February 2026
Slide 1: Earnings Presentation Q3FY26
Earnings Presentation Q3FY26 CREATING AND SCALING GROWTH ENGINES GRASIM INDUSTRIES LIMITED FOR VIKSIT BHARAT February 2026
Slide 2: Index
Index Macro Financial Cellulosic Chemicals Updates Highlights Fibres 05 07 13 18 Building Financial Other Annexure Materials Services Businesses 23 31 33 35 Grasim Industries Limited | Q3FY26
Slide 3: India's Growth Story
Grasim’s leadership across key components of growing economy FOCUS ON INFRASTRUCTURE FAST GROWING ASPIRATIONAL GROWING INCREASING MANUFACTURING AND HOUSING RENEWABLE CONSUMPTION DIGITAL ECONOMY FINANCIALISATION GROWTH DEMAND ENERGY SECTOR PROXY PLAY ON INDIA’S GROWTH STORY Cellulosic Staple Fibre Ch
Slide 4: Track record of consistent growth
Track record of consistent growth Q3Y26 Highlights Revenue (₹ crore) EBITDA (₹ crore) Consolidated Consolidated Standalone Standalone Revenue TTM Standalone % in Consolidated Standalone % in Consolidated ₹1,68,597 Cr. 1,68,597 1,48,478 24,409 EBITDA TTM 1,30,978 20,837 20,023 ₹24,409 Cr. 20% 21% 23%
Slide 5: Macro Updates
Earnings Presentation | Q3FY26 Macro Updates
Slide 6: Macro indicators – Q3FY26
Macro Updates Macro indicators – Q3FY26 Index of Industrial Production - IIP (% YoY) India Merchandise Exports ($ billion) Non-Food Bank Credit Growth (%) 14.4 5.2 111.0 11.2 11.0 10.8 4.1 4.3 9.3 108.7 108.7 Q3FY25 Q2FY26 Q3FY26 Q3FY25 Q2FY26 Q3FY26 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25 In IIP, Manufa
Slide 7: Financial Highlights
Earnings Presentation | Q3FY26 Financial Highlights
Slide 8: Q3FY26 Key Highlights
Financial Highlights Q3FY26 Key Highlights Highest ever consolidated revenue of ₹44,312 Cr. up 25% YoY led by robust performance across businesses CONSOLIDATED › EBITDA up 33% YoY at ₹6,215 Cr. driven by favorable operating leverage and improved cost efficiencies PERFORMANCE › ‘Birla Opus’ and ‘Birl
Slide 9: Q3FY26 Performance Highlights
Financial Highlights Q3FY26 Performance Highlights Consolidated Revenue (₹ crore) EBITDA (₹ crore) Adjusted PAT#* (₹ crore) 6,215 44,312 1,168 39,900 5,217 4,679 35,378 820 553 Q3FY25 ^ Q2FY26 Q3FY26 Q3FY25 ^ Q2FY26 Q3FY26 Q3FY25 ^ Q2FY26 Q3FY26 Standalone Revenue (₹ crore) EBITDA (₹ crore) Adjusted
Slide 10: 9MFY26 Performance Highlights
Financial Highlights 9MFY26 Performance Highlights Consolidated Revenue (₹ crore) EBITDA (₹ crore) Adjusted PAT#* (₹ crore) 4,255 1,24,330 17,861 1,04,211 14,640 3,161 93,251 13,475 2,339 9MFY24 9MFY25 ^ 9MFY26 9MFY24 9MFY25 ^ 9MFY26 9MFY24 9MFY25^ 9MFY26 Standalone Revenue (₹ crore) EBITDA (₹ crore
Slide 11: Consolidated Financial Position
Financial Highlights Consolidated Financial Position Particulars As on 31st Mar 2025 As on 30th Sep 2025 As on 31st Dec 2025 Net Worth (₹ crore) 97,509 99,618 1,02,157 Debt - Equity Ratio 1.16 1.25 1.26 Total Debt to Total Assets 0.37 0.38 0.38 Debt* - Equity Ratio 0.29 0.30 0.29 Net Debt* (₹ crore)
Slide 12: Improving Sustainability Performance
Sustainability Highlights Improving Sustainability Performance* Increasing % of Renewable Capacity Power Share Increasing % of Recycled Water to Freshwater Consumption 50% 50% 45% 24% 11% 11% FY24 FY25^ 9MFY26^ FY24 FY25^ 9MFY26^ Awards and Achievements Cellulosic Fibres product Gold Award Global Bi
Slide 13: Cellulosic Fibres
Earnings Presentation | Q3FY26 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 3.8% 9.0% 0.0% (0.1%) >2x 4.1% 5.4% of other fibres CY15 CY25e CY15 CY25e Synthetic Cotton Cellulosic Fibres Synthetic Cotton Cellulosic Fibres Cellulosic
Slide 15: Macro Trends
Cellulosic Fibres Macro Trends China Operating Rate (%) China Inventory (in days) 94 89 89 85 88 16 15 12 9 8 Q3FY25 Q2FY26 Q3FY26 9MFY25 9MFY26 Q3FY25 Q2FY26 Q3FY26 9MFY25 9MFY26 Global Prices Trend ($/kg) Price Movement YoY QoQ Dec Exit Price 1.80 Fibres 1.73 (%) (%) (Δ over Q3FY26) 1.65 1.65 Inte
Slide 16: Key Operational Metrics
Cellulosic Fibres Key Operational Metrics CSF Sales (KT) CSF Sales Volume Mix (Q3FY26) Export Sales Specialty Fibres 219 636 637 205 209 11% 26% 74% 89% Q3FY25 Q2FY26 Q3FY26 9MFY25 9MFY26 Domestic Sales Standard Fibres CFY Sales (KT) CSF sales volume grew by 7% YoY, driven by higher exports and reco
Slide 17: Q3FY26 Financial Performance
Cellulosic Fibres Q3FY26 Financial Performance Revenue (₹ crore) EBITDA (₹ crore) 1,230 11,847 12,491 1,164 4,149 4,298 3,934 491 331 350 Q3FY25 Q2FY26 Q3FY26 9MFY25 9MFY26 Q3FY25 Q2FY26 Q3FY26 9MFY25 9MFY26 Revenue grew 9% YoY led by EBITDA grew by 48% YoY led by CFY business performance higher sal
Slide 18: Chemicals
Earnings Presentation | Q3FY26 Chemicals Chlor-Alkali Chlorine Derivatives Specialty Chemicals
Slide 19: Diversified Chemicals Portfolio
Chemicals Diversified Chemicals Portfolio Chlor-Alkali Chlorine Derivatives Existing Capacity Expansion Projected Capacity Existing Capacity Expansion Plan Projected Capacity (KTPA) Plan (KTPA) (KTPA) (KTPA) (KTPA) (KTPA) 1,505 25 1,530 1,058 79 1,137 › Maintaining Market leadership position in Chlo
Slide 20: Focus on Specialty Chemicals
Chemicals Focus on Specialty Chemicals Major End-Use Applications Chlorine Integration Levels (%) Integration includes chlorine consumption for HCL and pipeline sales for dedicated customers Specialty Chemicals* 65% CONSTRUCTION 63% 62% 60% 58% RENEWABLES FY22 FY23 FY24 FY25 9MFY26 Chlorine Derivati
Slide 21: Key Operational Metrics
Chemicals Key Operational Metrics CFR SEA Caustic Soda Prices* ($/ton) Grasim – ECU (₹/ton) 516 34,041 32,979 33,646 32,079 32,419 485 449 443 453 Q3FY25 Q2FY26 Q3FY26 9MFY25 9MFY26 Q3FY25 Q2FY26 Q3FY26 9MFY25 9MFY26 Caustic Soda Sales (KT) Revenue Breakup of Chemicals Business (%) Specialty Chemica
Slide 22: Q3FY26 Financial Performance
Chemicals Q3FY26 Financial Performance Revenue (₹ crore) EBITDA (₹ crore) 7,134 2,399 2,345 6,346 365 1,102 2,226 329 315 912 Q3FY25 Q2FY26 Q3FY26 9MFY25 9MFY26 Q3FY25 Q2FY26 Q3FY26 9MFY25 9MFY26 Chemicals segment revenue EBITDA de-grew by 4% YoY, due to Specialty Chemicals revenue grew by 5% YoY le
Slide 23: Building Materials
Earnings Presentation | Q3FY26 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: Q3FY26 Performance Update – Cement (UltraTech)
Building Materials Q3FY26 Performance Update – Cement (UltraTech) Total capacity Consolidated Domestic grey EBITDA grew by 29% reached 194.06 mtpa, volumes grew by 15% cement realisation YoY to ₹4,051 Cr. driven target to reach 240.8 mtpa by by operational efficiencies and Mar-28 YoY at 38.87 millio
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 ₹76,000 Cr. 2nd Largest Player* Unorganised Market HOUSING DEMAND in Indian Decorative Paints Industry ~25% MANUFACTURING PROWESS URBANISATION Per Capita Consu
Slide 27: Q3FY26 Performance Update – Paints (Birla Opus)
Building Materials Q3FY26 Performance Update – Paints (Birla Opus) Outpaces revenue growth by Capacity utilisation ramping On track to reach 50,000 first nearly 3x the industry growth up as per plans time billed dealers › Combined (Birla Opus and Birla Putty) revenue › Capacity share at ~24%, 2nd la
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: Q3FY26 Performance Update – B2B E-commerce (Birla Pivot)
Building Materials Q3FY26 Performance Update – B2B E-commerce (Birla Pivot) Revenue crosses milestone of Continued expansion of the Built on Quality, Delivered at ₹8,500 Cr. of annual revenue run-rate (ARR) product portfolio Scale › Set to surpass ₹8,500 crore ($1 billion) in annualised › Faster gro
Slide 30: Q3FY26 Financial Performance
Building Materials Q3FY26 Financial Performance Revenue (₹ crore) EBITDA (₹ crore) 3,737 10,978 71,159 25,173 22,253 2,816 2,950 56,162 19,369 7,606 Q3FY25 ^ Q2FY26 Q3FY26 9MFY25 ^ 9MFY26 Q3FY25^ Q2FY26 Q3FY26 9MFY25 ^ 9MFY26 Revenue grew by 30% YoY to Cement revenue grew by 23% EBIDTA grew by 33% Y
Slide 31: Financial Services
Earnings Presentation | Q3FY26 Financial Services Aditya Birla Capital Limited NBFC Housing Finance Investing and Insurance
Slide 32: Q3FY26 Financial Performance - Aditya Birla Capital
Financial Services Q3FY26 Financial Performance - Aditya Birla Capital Revenue# (₹ crore) Total Lending Book* (₹ crore) 32,005 1,90,386 11,948 1,77,855 28,454 10,569 1,46,151 9,396 Q3FY25 Q2FY26 Q3FY26 9MFY25 9MFY26 Q3FY25 Q2FY26 Q3FY26 Revenue# grew by 27% PAT^ grew by 35% YoY Total Lending* Portfo
Slide 33: Other Businesses
Earnings Presentation | Q3FY26 Other Businesses Textiles Renewables Insulators
Slide 34: Q3FY26 Financial Performance
Other Businesses Q3FY26 Financial Performance Revenue (₹ crore) EBITDA (₹ crore) 638 996 1,010 2,871 249 234 815 2,390 125 279 Q3FY25 Q2FY26 Q3FY26 9MFY25 9MFY26 Q3FY25 Q2FY26 Q3FY26 9MFY25 9MFY26 Revenue grew by 24% YoY to Renewables business revenue Textiles business revenue grew ₹1,010 Cr. EBITDA
Slide 35: Annexure
Earnings Presentation | Q3FY26 Annexure
Slide 36: Consolidated Income Statement
Annexure Consolidated Income Statement Particulars (₹ crore) Q3FY26 Q3FY25 % Change Q2FY26 % Change Revenue from Operations 44,312 35,378 25 39,900 11 Other Income 265 372 -29 345 -23 EBITDA* 6,215 4,679 33 5,217 19 EBITDA Margin (%) 14% 13% 13% Finance Cost 933 773 21 869 7 Depreciation 1,975 1,608
Slide 37: Standalone Income Statement
Annexure Standalone Income Statement Particulars (₹ crore) Q3FY26 Q3FY25 % Change Q2FY26 % Change Revenue from Operations 10,432 8,120 28 9,610 9 Other Income 106 102 4 1,419 -93 EBITDA 585 372 57 1,786 -67 EBITDA Margin (%) 6% 5% 16% Finance Cost 239 181 32 203 18 Depreciation 539 421 28 502 7 PBT
Slide 38: Standalone Capex Plan
Annexure Standalone Capex Plan Capex Spent Planned Capex Particulars (₹ crore) 9MFY26 FY26 Cellulosic Fibres 370 839 Capacity Expansion (including debottlenecking) 152 424 Modernisation and Maintenance Capex 218 415 Chemicals (A + B + C) 471 668 (A) Capacity Expansion: Chlor-Alkali & Chlorine Deriva
Slide 39: Balance Sheet
Annexure Balance Sheet EQUITY AND LIABILITIES Standalone (₹ crore) Consolidated (₹ crore) 31st Dec 2025 30th Sep 2025 31st Dec 2025 30th Sep 2025 Net Worth 56,346 55,015 1,02,157 99,618 Non-Controlling Interest - - 64,309 62,584 Borrowings related to Financial Services - - 1,60,941 1,53,665 Other Bo
Slide 40: Balance Sheet
Annexure Balance Sheet ASSETS Standalone (₹ crore) Consolidated (₹ crore) 31st Dec 2025 30th Sep 2025 31st Dec 2025 30th Sep 2025 Net Fixed Assets 23,456 22,134 1,22,624 1,20,326 Capital WIP & Advances 1,877 3,314 18,843 19,095 Right of Use – Lease (including Leasehold Land) 1,363 1,374 3,218 3,079
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