In a quarter when global trade was fragmenting faster than a WhatsApp family group during election season, Grasim posted a 16% YoY jump in consolidated revenue to ₹40,118 crore, with EBITDA up 36% thanks to cement and chemicals. The paint arm Birla Opus is already India’s No. 3 decorative brand, clocking double-digit QoQ growth, and gearing up for its 6th plant launch to reach 24% of industry capacity. Birla Pivot, its B2B e-comm bet, is tracking towards a $1bn run-rate by FY27. Cement major UltraTech keeps outrunning the industry, while chemicals, fibres, and financial services hold their ground.
Why it matters? Because Grasim is playing a three-board game — infra, consumer, and digital — and somehow keeping all the pieces moving forward without spilling paint on the balance sheet.
Stick around—things get spicier two scrolls down.
AT A GLANCE• Consolidated revenue +16% YoY – ₹40,118 cr, 20th straight growth quarter• EBITDA +36% YoY – cement & chemicals doing heavy lifting• Birla Opus now No. 3 decorative brand – 8,000 towns in under 12 months• Birla Pivot run-rate → $1bn FY27 – high-single-digit QoQ growth despite monsoon
MANAGEMENT’S KEY COMMENTARY
Himanshu Kapania (MD):“20 consecutive YoY growth quarters, ₹1.5 lakh cr TTM revenue.”Translation:If this was cricket, we’d call it a ‘not out’ streak.
“India’s GDP at 6.8% is leading the world.”Translation:Our home market is still the cheat code.
Rakshit Hargave (CEO, Birla Opus):“We’re growing and consolidating — dealer attrition? Barely a blip.”Translation:Rumours of
a slowdown are… competitor dreams.
“Luxury & premium at 65% of portfolio.”Translation:We’re selling more lattes than roadside chai.
Sandeep Komaravelly (CEO, Birla Pivot):“Break-even at $1bn scale by FY27.”Translation:Profit will arrive… fashionably late.
Jayant Dhobley (Head, Chemicals):“Epoxy margins squeezed by raw material costs and imports.”Translation:Tariffs up, FTAs leaking — can’t win them all.
NUMBERS DECODED
| Metric | The Hero | The Sidekick | The Drama Queen |
|---|---|---|---|
| Consolidated revenue | ₹40,118 cr | +16% YoY | 20 quarters unbroken |
| EBITDA | ₹6,430 cr | +36% YoY | Cement ₹1,248/MT margin magic |
| Standalone revenue | ₹9,223 cr | +34% YoY | Paints & B2B e-comm push |
Paints: 8,000 towns, 50k dealers, 6th plant soon. Cement: 10% vol growth vs industry’s 4–5%. Chemicals: +16% revenue, +36% EBITDA.
ANALYST QUESTIONS
Q: “Opus growth phase or consolidation?”A: Both — dealer base expanding and selling more SKUs.Translation:We’re greedy.
Q: “Competitive intensity in paints?”A: Discount war in economy segment; we’re holding premium fort.
Q: “B2B e-comm profitability?”
