Investor presentationSep 2026
Sep 2026 · Corporate Dossier Of Grasim Industries Limited 3 Sep - Grasim released its September 2026 corporate dossier and presentation with FY26 financial highlights, strategy, and business overview.
Source: Bse
Grasim Industries Limited (GRASIM)
Large CapDiversified stocks · Large cap · NSE
Grasim Industries is a diversified Indian conglomerate with leadership positions in Cellulosic Fibres, Chemicals, Building Materials (Cement, Paints, B2B E-commerce), Financial Services, and other businesses. It positions itself as a proxy play on India's growth story, focusing on aspirational consumption, manufacturing, digital economy, renewables, financialization, infrastructure, and housing.
Data qualityFresh enough for analysisQuote updated 19 Oct, 03:31 pm ISTDetails
Quote19 Oct, 03:31 pm IST
Base fundamentals17 Oct 2026 · screener
Latest result12 Aug, 02:31 pm IST
Score20 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Diversified P/E 16.4 (n=25)
Technical timing lens
Trend score and candlestick chart
30BearishSMA20 -8.4% / mo · MACD −
Stock trend: 30
Sector RS: —
Diversified FPI tailwindBuilding
Latest FPI flow is positive, but a second consecutive positive fortnight is still required. View sector evidence
Technical chart
GRASIMD candles · FIT view+5.1%Latest close ₹2879.00 on 2026-10-19
Bar
-1.4%
RSI
35
MACD hist
-3.59
52W pos
41%
2026-10-19O ₹2920.00H ₹2954.80L ₹2866.50C ₹2879.00Vol 3.1L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
GRASIMNifty 500
- GRASIM
- -8.4%
- Nifty 500
- -5.6%
- Vs Nifty 500
- -2.8 pp
Chart stats
19 Oct 2026- From 52W high
- -15.6%
- 52W range position
- 41%
- ATR (14)
- 2.2%
- Volume vs 20D
- 0.61x
- Avg traded value
- ₹148 Cr
- 20D price channel
- ₹2,843.4 - ₹3,217.3
₹3,411.1
₹2,502.5 - ₹3,411.1
₹63.7
Latest completed session
20-session average
22.5% annualized volatility
No exact NSE sector index is mapped for this company. Nifty 500 remains the broad-market comparison.
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED13
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent80
Revenue +21.4% · PAT +38.8% YoY
Technical
Bearish30
Price trend and sector-relative-strength timing.
Valuation
Legacy model-293.1%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence55
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 80/100Rev +21% YoY · PAT +39% YoY · margin expansion · operating leverage
Filed 12 Aug 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹48,716 Cr | +21.4% | -4.7% |
| EBITDA | ₹11,152 Cr | +26.4% | +2.6% |
| Operating margin | 23.0% | +100 bps | +200 bps |
| PAT | ₹3,846 Cr | +38.8% | +4.4% |
| PAT margin | 7.9% | +98 bps | +68 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 34.60
- P/B
- 1.92
- EV/EBITDA
- 9.18
- Market Cap
- 198716.00Cr
Profitability
- ROE
- 4.98%
- ROCE
- 8.01%
- ROA
- 1.98%
- Dividend Y
- 0.34%
Growth (CAGR)
- Revenue 5Y
- 18.00%
- EPS 5Y
- 2.00%
- Revenue 3Y
- 14.00%
- EPS 3Y
- -10.00%
Balance Sheet
- Debt/Equity
- 2.20
- Interest Coverage
- 2.43×
- Altman Z
- 1.12
- Book Value
- 1520.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 6/5
- OCF
- -17810.00 Cr
- EPS TTM
- 82.75
Shareholding
- Promoter Hold
- 45.20%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 46%
Financial History
Updated 20/10/2026
Revenue
₹ CrLatest: 48.7k-4.7% vs prev
Net Profit
₹ CrLatest: 3,846+4.4% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 35. Wait for confirmation.
- Price below SMA200 (long-term downtrend) — short-term bounces likely countertrend.
- SMA20 falling (~9.2% over last month) — short-term momentum negative.
- RSI(14) at 35 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 16% off 52W high · 15% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
64
RS percentile
Stage 1 Base / Transition
1M return
-10.3%
3M return
-8.4%
6M return
+3.7%
1Y return
-1.8%
RS 1D
-1
RS 20D
-6
Sector rank
#16
Industry rank
-
Stage evidence
- Price is within 5.2% of the 30-week proxy.
- The 30-week proxy changed +1.1% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
lagging
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 108.01-0.38%
RS vs Nifty 500108
Valuation & peers
U-Score 13 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 13 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Distress Watch
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth9/25
Quality0/20
Balance Sheet0/15
Cash Flow3/10
Piotroski
4/9 (+1)
Penalties
0
Raw sum
13
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
13/100 · legacy band OVERVALUED
Positive drivers
- Growth contributes 9/25 to the score.
- Cash flow contributes 3/10 to the score.
- Valuation contributes 0/30 to the score.
Main drags
- Altman Z is 1.1, in distress territory.
- Fair-value margin of safety is negative at -293.1%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
Sector valuation model
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Primary lens
Mid-cycle PE/EV/EBITDA using multi-year average margins or earnings.
Secondary checks
Current margin versus 5-year average, balance sheet strength, commodity cycle.
Main risk check
A low trailing PE may mean peak-cycle earnings, not true cheapness.
PE
34.6
PB
1.9
EV/EBITDA
9.2
ROE
5.0%
ROCE
8.0%
FCF Yield
—
Debt/Equity
2.2
MoS
-293.1%
Cyclical/value-trap warning
This sector can look cheap when profits are temporarily high. Check mid-cycle margins/earnings before relying on trailing PE. Debt/equity is 2.2, so downturn resilience matters.
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 20 Oct 2026
v4.3-runtime-valuation
Final score
13
Previous: 13
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-293.1%
Previous: -293.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
20 Oct 2026
v4.3-runtime-valuation
13
13
13
13
13
13
13
13
13
13
13
13
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹1,682.28
-71.1% MoS
Growth-justified P/E
8.8
Growth-justified Value
₹732.34
-293.1% MoS
PEG
17.30
Comparable companies
Peers
Business-comparable peers in Diversified — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
GODREJIND
Large
Godrej Industries Limited
Diversified
match 2
19
28.2
9.3%
-19%
OVERVALUED
DCMSHRIRAM
Large
DCM Shriram Limited
Diversified
match -1
45
11.5
11.5%
+11%
WATCHLIST
DCMSIL
Small
DCM Shriram International Limited
Diversified
match -5
14
278.0
2.8%
-3662%
OVERVALUED
DCM
Small
DCM Limited
Diversified
match -5
16
111.0
5.7%
-331%
OVERVALUED
RPSGVENT
Small
RPSG VENTURES LIMITED
Diversified
match -5
18
—
-5.3%
—
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T15:22:45.127Z
Management commentary snapshot
Grasim reported strong Q4FY26 consolidated performance with revenue up 15% YoY to ₹51,101 Cr. and EBITDA up 22% YoY to ₹8,011 Cr., driven by robust growth across Cement, Paints, B2B E-commerce, and Cellulosic Fibres. FY26 consolidated revenue reached ₹1,75,431 Cr. and EBITDA ₹25,872 Cr.
The company delivered robust Q4FY26 and FY26 consolidated results, driven by strong volume growth and operational efficiencies across key segments like Cement, Paints, and B2B E-commerce. Strategic capacity expansions and market share gains in new businesses support the long-term growth thesis, despite some segment-specific headwinds.
Current business mix
Chemicals Revenue Breakup (Q4FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Chlor-Alkali51.0%
Specialty Chemicals27.0%
Chlorine Derivatives22.0%
Growth engines
Decorative Paints (Birla Opus)
Delivered sequential revenue growth of 19% & volume growth at 17% QoQ, with market share gains estimated at ~90 bps QoQ, nearing #2 position.
B2B E-commerce (Birla Pivot)
Revenue more than doubled YoY led by scale up across product categories, new customers and seasonally strong quarter.
Cement (UltraTech)
Total grey cement capacity crosses milestone of 200 MTPA in Apr-26; consolidated sales volume grew 9% YoY at 44.71 MnT, highest-ever.
Specialty Cellulosic Fibres
Specialty sales volume share improved to 26% in Q4FY26 compared to 21% in Q4FY25, with Lyocell capacity commissioning targeted by mid-2027.
Capacity and execution
Lyocell Capacity
Phase 1 capacity of 55 KTPA (total proposed capacity of 110 KTPA) of Lyocell is progressing well and commissioning is targeted by mid-2027.
Cement Capacity
Total grey cement capacity crosses milestone of 200 MTPA in Apr-26; on course to reach 240+ MTPA by Mar-28.
Chemicals Capacity Expansion
Chlor-Alkali projected capacity to 1,530 KTPA (25 KTPA expansion); Chlorine Derivatives projected capacity to 1,075 KTPA (79 KTPA expansion).
ECH and CPVC Plants
Both ECH and CPVC plants are progressing well and are under pre-commissioning stage.
Tailwinds
Manufacturing Sector Growth
Manufacturing sector grew at an average of 5.1% in Q4FY26, higher than Q4FY25 growth rate of 4.2%.
Credit Offtake Improvement
Average Non-food bank credit growth of ~16.9% YoY in Q4FY26, compared to ~11.0% in Q4FY25.
Indian Decorative Paints Market
Estimated CAGR of >10% over the next decade, driven by housing demand, urbanization, premiumization, and growing aspirations.
B2B E-commerce Market Opportunity
Total Addressable Market (TAM) for raw materials in construction, chemicals & metals is >$200 bn by 2030.
Headwinds
Muted Downstream Demand (CFY)
CFY sales volumes and realisation remained stagnant, weighed down by muted downstream demand and continued influx of low-priced imports.
Higher Input Prices (Specialty Chemicals)
Specialty Chemicals profitability was impacted due to higher input prices, mainly ECH.
Merchandise Exports Decline
India Merchandise Exports in Q4FY26 down by 2.8% YoY to $112 bn, with Chemicals and Textiles exports also declining.
Risk radar
Input Cost Volatility
Strategic pricing actions undertaken in CY26 for Paints to offset raised input costs due to volatile geopolitical environment and rupee depreciation.
Import Competition
CFY business performance remains flat due to weak demand from textile value chain and lower realisations pressured by the influx of low-priced imports.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
Q4FY26 results are compared YoY to account for seasonality in businesses like Building Materials and Textiles. QoQ comparisons are also relevant for assessing sequential momentum in new growth engines like Paints and B2B E-commerce, and for tracking operational efficiencies.
Sector KPIs management disclosed
CSF Sales Volume
CSF total sales volumes stood highest-ever at 232 KT in Q4FY26, up 12% YoY, driven by stable domestic demand and higher exports. FY26 sales were 869 KT.
Specialty Fibres Sales Share
Specialty sales volume share improved to 26% in Q4FY26 compared to 21% in Q4FY25, led by higher exports.
Caustic Soda Sales Volume
Caustic sales volumes up 11% YoY in Q4FY26, stood highest-ever at 321 KT, driven by stable domestic demand. FY26 sales were 1,232 KT.
Chlorine Integration Levels
Chlorine Integration Levels (incl. Pipeline sales) stood at 64% in Q4FY26 and 67% for FY26.
Management forward view
New Businesses Investment Phase
'Birla Opus' and 'Birla Pivot' are in an investment phase, with a clear roadmap for profitable growth in the coming years.
Cement Capacity Target
Total grey cement capacity is on course to reach 240+ MTPA by Mar-28.
Chemicals Expansion & Integration
Evaluating additional capacities in-line with growing demand and further evaluating multiple downstream chlorine chemistries to increase chlorine integration.
Paints Market Share Resolve
The company maintains its resolve to sustain market share gains and deliver guided revenues despite price hikes.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Paints Revenue Market Share | Estimated >10% in March 2026, expanded ~90 bps QoQ. | Continued expansion of revenue market share and progress towards aligning with capacity share. |
| Cement Capacity Expansion | Crossed 200 MTPA in April 2026. | Progress towards the target of 240+ MTPA by March 2028. |
| Lyocell Capacity Commissioning | Phase 1 (55 KTPA) progressing well. | Successful commissioning by mid-2027. |
| Chlorine Integration Level | 67% for FY26 (incl. pipeline sales). | Reaching ~70% post commissioning and ramp-up of ongoing projects. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
55Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 16th percentile of the scored universe and 28th percentile within Diversified. Main check: balance sheet trust is weak at 22/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 20 Oct 2026
management-trust-v1
149 docs text-extracted · 46 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
16th percentile
overall median 67 · Diversified: 28th pctile, median 61 · Large: 9th pctile, median 73
Evidence depth
Financial-only
149 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Needs extra due diligence; demand valuation comfort and recent improvement.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
82
strong · holding, pledge, alignment
Cash flow
52
watch · profit to cash conversion
Balance sheet
22
weak · leverage and solvency
Discipline
40
weak · capital discipline
Results
90
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸Promoter holding increased 2%.
- ▸6 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸Operating cash flow is negative at ₹-17810 Cr.
- ▸Debt/equity is 2.20.
- ▸Altman Z is 1.12.
- ▸ROE is low at 5%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Grasim Industries Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 24 Sep - Newspaper Advertisement - Public Notice regarding loss of Share Certificates
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 9 Sep
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Appointment of Statutory Auditor/s 22 Aug - Shareholders approved Deloitte Haskins & Sells LLP as Joint Statutory Auditors for five years from 79th AGM.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 13 Aug - Intimation under Regulations 33 and 47 of SEBI (LODR) Regulations, 2015
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 16 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 15 Jul - Newspaper Advertisement regarding 79th Annual General Meeting of the Company
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 9 Jul - Newspaper Advertisement regarding second 100 Days'' Campaign "Saksham Niveshak"
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Acquisition 23 Jun - Grasim acquires 8.09 crore ABCL shares for Rs 2,880 crore; stake rises to 52.30%.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 22 Jun - Newspaper Advertisement regarding Special Window - Re - Lodgement for Transfer and Dematerialisation of Physical Securities
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.