1. Opening Hook
If you thought 2025’s drama was limited to Fed cuts, Trump tariffs, and China’s “blink-and-you-miss-it” GDP slowdown—Grasim decided to casually drop a ₹9,610 crore standalone quarter, crank up Opus Paints to 1,332 MLPAs, and push B2B Pivot into beast mode. Meanwhile, the paint CEO resigned mid–hockey-stick growth curve, because who doesn’t like a little corporate masala right before Diwali?
But hold your popcorn—this call has everything: monsoon-wrecked Q2, dealers multiplying like Marvel multiverses, specialty fibers gasping under raw material inflation, chlorine margins dancing between optimism and pain, and a 1.8 billion dollar revenue engine still accelerating.
Read on. Trust me—the plot twists only get more fun from here.
2. At a Glance
- Standalone Revenue – ₹9,610 Cr– CFO claims it’s pure execution, not spreadsheet magic.
- Consolidated Revenue – ₹1,59,663 Cr TTM– The boiler room of Indian industry keeps humming.
- Paints Capacity – 1,332 MLPA– Second largest in India; competitors checking LinkedIn nervously.
- EBITDA – Paints undisclosed; Chemicals under pressure– Because caustic markets refuse to behave.
- Net Debt – ₹6,861 Cr– Down ₹292 Cr; CFO whispered a small victory prayer.
- B2B Pivot revenue run-rate – ₹6,000+ Cr– Traders heard “₹1B ahead of plan,” stopped reading footnotes.
3. Management’s Key Commentary (Quotes + Sarcastic Translations)
“Winners will not be those who bet on direction. Winners will be those who stay flexible on timings.”(Translation: We have no clue where the world is going, so we’re hedging everything. 😏)
“Birla Opus is now the second largest decorative paint capacity in India with 24% share.”(Translation: We built a paint empire so fast even startup bros are stunned.)
“Despite extended monsoon, September was our highest-ever monthly sales.”(Translation: Buckets sold faster than umbrellas.)
“PaintCraft offers EMIs on painting—first time in India.”(Translation: Because why not turn even walls into fintech.)
“Our B2B platform buyers purchased twice as much this year as last year.”(Translation: Procurement officers are addicted to discounts and dashboards.)
“Specialty fiber EBITDA down 29% due to high input costs.”(Translation: Raw materials slapped us harder than tariffs.)
“Caustic margins depend on global prices; predicting them is tricky.”(Translation: We consult astrologers now.)
“CPVC & ECH plants will meaningfully contribute from Q1 FY27.”(Translation: Please wait, good things need long commissioning rituals.)
4. Numbers Decoded
Business Segment Q2 FY26 YoY Change Notes
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Standalone Revenue ₹9,610 Cr +26% Paints + Pivot = 🔥
Consolidated Revenue (TTM) ₹1,59,663 Cr +8% 21st consecutive YoY rise
Cellulosic Fibers Revenue ₹4,149 Cr +1% Logistics issues hit volumes
Cellulosic Fibers EBITDA ₹350 Cr -29% Raw materials won the fight
Chemicals Revenue 2-year high - ECU up, chlorine pain
Chemicals Specialty Mix 30% 26% last year Capacity stabilisation helped
UltraTech Volumes 33.85 MMT +6.9% Infra boom = cement boom
UltraTech EBITDA/ton ₹966 +32% Fuel & logistics cooling
Aditya Birla Capital AUM ₹5.5 lakh Cr +10% Cross-selling party
Net Debt ₹6,861 Cr -₹292 Cr QoQ Quiet but efficient
Paints Capacity 1,332 MLPA 24% of industry Kharagpur commissioned- Paints = rocket engine
- Chemicals = cycling uphill
- Fibers = stuck in monsoon traffic
- Cement = national infrastructure’s favorite child
5. Analyst Questions – Brutally Honest Summary
Q:Paint CEO quit. Should we panic?Mgmt:No. Team is strong; strategy unchanged.(Translation: Please stop linking exits to stock price.)
Q:Why did paints dip QoQ when industry crashed double digits?Mgmt:Because monsoon killed exteriors. We still declined least.(Translation: Nature trolled everyone; we got trolled less.)
Q:Will B2B Pivot hit ₹8,500 Cr early?Mgmt:Very likely, but we’re not updating guidance.(Translation: We’ll surprise you later.)
Q:Market
