ALFA Finder
The call has ended.
Key takeaways
Consolidated revenue rose 26% to a record ₹15,105 Cr, but adjusted PAT fell 10% after a ₹767 Cr NACVI pulp charge. Paints grew 35% on volume, yet market share was not gained.
| Management target | Revenue 50.0% FY27 |
|---|
| Revenue growth | Consolidated +26% YoY to record ₹15,105 Cr; standalone +33%. |
|---|---|
| Margins | VSF about ₹22/kg, range-bound; epoxy margins compressed; caustic pressured. |
| Demand visibility | October volumes strong; industry H1 +16-17%, H2 seen +15-20%. |
| Management confidence | Optimistic but hedged; H2 guidance uses 'hope' and 'expect' language. |
Growth
Paints revenue +35% YoY (about 20% volume, 9-10% price); net realization flat QoQ. Standalone revenue +33%; EBIDA 2.6x, mainly Ultratech dividend.
Outlook
Paints guided +50% YoY in FY27, with double-digit H2 market share. ₹10,000 Cr paints brand by FY28; B2B ₹12,000 Cr FY27 revenue; standalone capex ₹3,157 Cr.
Risks
Paints share not gained; H2 needs 50% growth. Caustic and epoxy margins under pressure; VSF margins only range-bound.
Last quarter's promises, checked
Delivered
- Guided paints >50% YoY FY27 → Q1 paints +64% YoY (= BEAT)
Partly delivered
- Guided paints >50% FY27 → Q2 paints +35% YoY, H2 needs 50% (= PARTIAL)
- Guided FY27 capex ₹3,157 Cr → H1 ₹1,022 Cr (= PARTIAL)
Missed
- Guided market share gains → paints share not gained (= MISS)
- Guided Q1 hikes (8.8%) to flow into Q2 → Q2 realization flat QoQ (= MISS)
Summary by ALFA Finder, written with AI assistance from our own recording of the call, published . Open it on ALFA Filings ›
The results behind this call
Grasim Industries Q2 FY27 Results: Net Profit ₹1,029 Cr, Down 34.7% YoY
Grasim Industries Ltd reported revenue from operations of ₹50,105 Cr (+25.6% YoY) and net profit of ₹1,029 Cr (-34.7% YoY) for Q2 FY27.
- Key figure
- Net profit ₹1,029 Cr · -34.7% YoY
What management said last time
Full summary →From the call summary published .
Outlook they gave
Management guides for Paint EBITDA break-even by exit of FY27 and a 10,000Cr revenue target by FY28.
Growth they described
Growth is largely inorganic and incubation-led; Standalone revenue up 28% while Paints reached a 10,000Cr annualized run rate.
Call details
| Company | Grasim Industries Ltd |
|---|---|
| NSE symbol | GRASIM |
| ISIN | INE047A01021 |
| Call | Q2 FY27 earnings call |
| Date | Friday, 13 November 2026 |
| Time | 4:00 PM IST |
Grasim Industries Ltd: key numbers
- Share price
- ₹3,034.00
- Market cap
- ₹2,06,470 Cr
- Revenue (annual)
- ₹1,75,431 Cr
- Net profit (annual)
- ₹4,966 Cr
- P/E (TTM)
- 42.1×Sector 33.5×
- Promoter holding
- 45.20%+1.46% QoQ
- FII holding
- 14.50%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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