Grasim Industries Q2 Results: Standalone net profit zooms 187% YoY to Rs 2,306 crore, revenue jumps 33%

Grasim Industries on Friday reported a standalone net profit of Rs 2,306 crore for the second quarter of FY27, marking a nearly 187% year-on-year surge from the Rs 805 crore reported in the same period last year.

The company’s revenue from operations, meanwhile, jumped nearly 33% year-on-year to Rs 12,746 crore for the July-September quarter of FY27, from Rs 9,610 crore reported in the corresponding quarter of FY26. The company's shares fell around 2% to trade at Rs 3,053 apiece on the NSE after the earnings announcement.

Also Read: NSE shares cross Rs 2,000 mark for first time, jump 22% from record low in less than a month


Grasim’s earnings before interest, taxes, depreciation and amortisation (EBITDA) jumped 158% YoY to Rs 4,615 crore, while cash profit surged 151% YoY to Rs 3,968 crore during the quarter under review. The company said this was led by dividend income from UltraTech of Rs 3,968 crore and favourable product mix, partially offset by higher input prices.

How did Birla Opus perform in Q2?

Grasim’s decorative paints business, Birla Opus, is shifting focus from rapid market entry towards building a stronger, sustainable and profitable market share, the company said. Its revenue rose 35% YoY to Rs 1,337 crore, while revenue in the first half of FY27 jumped 50% YoY to Rs 2,999 crore.

The second quarter typically remains a weak quarter due to monsoon-related slowdown in the decorative paints business and higher competitive intensity. Despite challenging market conditions, the combined market share, including Birla White Putty, remained in the early teens. Birla Opus’ Q2 volume grew by 20% YoY, while H1 FY27 volume grew by 33% YoY.

Birla Opus aims to achieve double-digit revenue market share in the Indian Organised Decorative Paints market during the second half, the company said, reiterating revenue guidance of Rs 10,000 crore by the end of FY28

UltraTech’s concrete volumes

Grasim’s cement business, UltraTech, saw consolidated sales volumes rise nearly 13% YoY, while ready-mix concrete sales volumes grew by 23% YoY to 4.7 Mn m3. During the quarter, UltraTech added 4.6 mtpa of grey cement capacity, taking total capacity to 210.1 mtpa.

The business has a target to reach a total grey cement capacity of 242.9 mtpa by the end of FY28. Green power mix for Q2 FY27 stood at 46.4%, with a target to reach 85% by FY30. Cement business revenue overall rose 19% YoY to Rs 23,295 crore during the second quarter, led by volume growth.

How did Grasim's other businesses perform?

Grasim’s B2B E-Commerce business, Birla Pivot, reported a 66% YoY revenue growth to Rs 2,785 crore, with annualised revenue run-rate (ARR) now above Rs 11,000 crore. The company said this makes it one of the fastest-growing companies in India’s B2B e-commerce landscape. The product portfolio continues to diversify. Gross margins continue to improve gradually, but Q2 EBITDA was affected by one-time employee expenses. The business aims to cross Rs 120 billion in revenue for FY27 and remains on track to achieve EBITDA profitability in the second half of FY27, focusing on category economics and cost control.

Aditya Birla Capital meanwhile delivered a consolidated revenue of Rs 13,990 crore, registering a growth of 32% YoY. “The performance reflects sustained growth momentum across its diversified financial services businesses, supported by disciplined execution, improving profitability and a focus on quality growth,” the company said in a press release. Its total lending portfolio (NBFC + HFC) stood at Rs 2,33,930 crore, up 32% YoY, while customer assets across its asset management and insurance businesses stood at Rs 12,33,906 crore.

Other businesses’ revenue grew 16% YoY to Rs 1,158 crore, while EBITDA rose 14% YoY to Rs 284 crore. Textiles revenue grew by 24% YoY to Rs 729 crore, and its EBITDA more than doubled YoY to Rs 55 crore from Rs 24 crore in Q2 FY26 due to improved performance of the linen business. Renewables revenue stood at Rs 250 crore, with a YoY comparison not applicable due to a higher base driven by a one-time revenue of Rs 54 crore on account of a rate differential.

Grasim capex

Grasim has already allocated nearly 45% of its allocated Rs 3,157 crore FY27 capex budget for growth projects across its businesses. Its total capex spent in the first half of FY27 stood at Rs 1,022 crore.

“As India advances towards its vision of Viksit Bharat, sustained investments in infrastructure, manufacturing, housing and the energy transition are expected to create significant growth opportunities across Grasim's businesses. With its strong foundation in Cellulosic Fibres and Chemicals, alongside the scaling up of its growth engines in Paints, B2B E-commerce and Renewables, Grasim is well positioned to participate in India's expanding consumption and infrastructure opportunity. The Company's disciplined capital allocation, ongoing investments in capacity expansion, focus on operational efficiencies and commitment to sustainability provide a strong foundation for its next phase of growth,” it said in a press release.

Grasim share price

Grasim shares dropped around 6% in a week but gained 5% in a month and 7% so far in 2026. The shares of the Aditya Birla Group’s flagship company have gained around 10% in one year.

In the longer term, the stock has delivered positive returns of 58% in three years and 64% in five years. The company has a market capitalisation of more than Rs 2.06 lakh crore.


Disclaimer: This article has been written by Debaroti Adhikary, who is not a SEBI-registered Research Analyst or an Investment Adviser. Debaroti Adhikary and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.