Grasim Industries · Research view

Grasim Industries Ltd

NSE: GRASIMBSE: 500300ISIN INE047A01021Face value ₹2standalone

₹2,972

−4.13% · 2026-10-01 · 52-wk ₹2,531–₹3,381

Financials to FY2026 · 5 years of history · prices to 2026-10-01consolidated standalone

Section 02 · Synthesis

What stands out?

The strongest observations the engine found, ranked. Every line is generated from the filed numbers by a fixed rule — no opinion, no estimate.

StrengthConcernWatchContext

StrengthTalking point

Profit outpacing revenue

Profit grew 32.8% while revenue grew 18.2%, so the company kept more of each rupee of revenue as profit.

Importance 63 / 95 · growth

WatchTalking point

Growing, but light on cash

Revenue grew 18.2% but only -1.73× of reported profit came through as operating cash.

Importance 62 / 95 · cash quality

ConcernTalking point

Weak cash conversion

Operating cash flow was only -1.73× reported profit (FY2026).

Importance 61 / 95 · cash quality

WatchTalking point

Stock has run ahead of the business

Over 4 years the stock returned 15.2% a year while profit shrank 2.1% a year.

Importance 57 / 95 · business vs stock

Section 03 · The company

Who is this company?

Classified by the exchange under Commodities › Construction Materials › Cement & Cement Products › Cement & Cement Products.

Market cap: ₹2.02 L cr
FY2026 revenue: ₹41,039 cr
FY2026 net profit: ₹348 cr
Net worth: ₹55,277 cr
Total debt: ₹11,715 cr
EPS (basic): ₹5.14
Listed: NSE · BSE
Reporting: Ind-ASApr–Mar

Peer set used on this page: 3 cement & cement products.

Section 04 · Business performance

Is the business growing?

Revenue & net profit — FY22 to FY26₹ crore · consolidated

RevenueNet profit

Strength

Profit grew 32.8% while revenue grew 18.2%, so the company kept more of each rupee of revenue as profit.

Rule PROFIT_FASTER_THAN_REVENUE

Revenue growth per year: +18.4%over 4 years
Revenue growth: +30.0%vs last year
Net profit growth: +64.3%vs last year
Change in net profit since FY22: −89%

Revenue compounded at 16.4% a year over 4 years (₹95,701 → ₹1,75,431).

Net profit rose 32.8% to ₹10,300 — but FY2025 was a depressed ₹7,756 (vs a ~₹11,078 historical norm), so this is a recovery. Profit has compounded -2.1% a year over 4 years.

Revenue grew 18.2% year on year (FY2025 → FY2026).

Section 05 · Recent activity

What changed recently?

Quarterly results, the trailing-twelve-months snapshot, and verified corporate actions — kept separate from each other and from the annual story above. Every figure traces to a filed number; nothing here is external news or commentary.

Strength

Q1 FY27 net profit was ₹3,846 cr, up 39.0% from ₹2,767 cr a year earlier.

Rule QTR_PROFIT_GROWTH_YOY

Strength

Q1 FY27 revenue was ₹48,716 cr, up 21.4% from ₹40,118 cr in Q1 FY26 a year earlier.

Rule QTR_REVENUE_GROWTH_YOY

Strength

Q1 FY27 EBIT was ₹6,089 cr, up 31.8% from ₹4,620 cr a year earlier.

Rule QTR_OPERATING_PERFORMANCE_CHANGE_YOY

A. Quarterly results

Latest quarters — Q2 '25 to Q1 '27₹ crore · consolidated

RevenueNet profit

Quarter	Revenue	YoY	Net profit	YoY	Net margin
Q2 FY25	33,563	—	1,100	—	3.3%
Q3 FY25	34,793	+8.8%	1,844	−29.2%	5.3%
Q4 FY25	44,267	+17.3%	2,973	+9.2%	6.7%
Q1 FY26	40,118	+18.5%	2,767	+22.0%	6.9%
Q2 FY26	39,900	+18.9%	1,498	+36.2%	3.8%
Q3 FY26	44,312	+27.4%	2,233	+21.1%	5.0%
Q4 FY26	51,101	+15.4%	3,802	+27.9%	7.4%
Q1 FY27	48,716	+21.4%	3,846	+39.0%	7.9%

B. TTM snapshot

Trailing twelve months to 30 Jun 2026 · sum of the last 4 contiguous quarters

Revenue: ₹1,84,029 crTTM
EBITDA: ₹27,520 crTTM
EBIT: ₹19,616 crTTM
PBT: ₹15,675 crTTM
Net profit: ₹11,380 crTTM

C. Corporate actions

7 Aug 2026DividendDividend - Rs. - 10.0000 — ₹10.00/share

12 Aug 2025DividendDividend - Rs. - 10.0000 — ₹10.00/share

6 Aug 2024DividendFinal Dividend - Rs. - 10.0000 — ₹10.00/share

10 Jan 2024Rights issueRight Issue of Equity Shares

11 Aug 2023DividendFinal Dividend - Rs. - 10.0000 — ₹10.00/share

11 Aug 2022DividendDividend - Rs. - 5.0000 — ₹5.00/share

11 Aug 2022DividendSpecial Dividend - Rs. - 5.0000 — ₹5.00/share

12 Aug 2021DividendFinal Dividend - Rs. - 5.0000 — ₹5.00/share

12 Aug 2021DividendSpecial Dividend - Rs. - 4.0000 — ₹4.00/share

26 Aug 2020DividendFinal Dividend - Rs. - 4.0000 — ₹4.00/share

8 Aug 2019DividendFinal Dividend - Rs. - 7.0000 — ₹7.00/share

31 Aug 2018DividendDividend - Rs. - 6.2000 — ₹6.20/share

8 Sept 2017DividendDividend - Rs. - 5.5000 — ₹5.50/share

19 Jul 2017DemergerSpin Off

6 Oct 2016Stock splitStock Split From Rs.10/- to Rs.2/- — 10:2

7 Sept 2016DividendDividend - Rs. - 22.5000 — ₹22.50/share

3 Sept 2015DividendDividend - Rs. - 18.0000 — ₹18.00/share

20 Aug 2014DividendDividend - Rs. - 21.0000 — ₹21.00/share

31 Jul 2013DividendDividend - Rs. - 22.5000 — ₹22.50/share

27 Aug 2012DividendDividend - Rs. - 22.5000 — ₹22.50/share

6 Sept 2011DividendDividend - Rs. - 20.0000 — ₹20.00/share

10 Aug 2010DividendDividend - Rs. - 30.0000 — ₹30.00/share

26 May 2010Scheme of arrangementScheme of Arrangement

24 Jul 2009DividendDividend - Rs. - 30.0000 — ₹30.00/share

22 Jul 2008DividendDividend - Rs. - 30.0000 — ₹30.00/share

Section 06 · Business performance

Is it becoming more profitable?

Margins — FY22 to FY26% of revenue · consolidated

EBITDA marginNet margin

Context

EBITDA margin has ranged from 13.5% to 18.6% over 4 years and sits at 14.7% now.

Rule MARGIN_RANGE_MULTIYEAR

EBITDA margin now: 8.7%
5-year range: 8.7–19.7%
ROE FY2026: 0.6%
ROCE FY2026: 2.2%

Section 07 · Financial health

Is financial health improving?

Net worth — FY22 to FY26₹ crore · consolidated

Net worth (shareholders' funds)

Watch

Revenue grew 18.2% but only -1.73× of reported profit came through as operating cash.

Rule GROWTH_WITH_WEAK_CASH

Operating cash flow vs net profit₹ crore · FY22–FY26

Operating cash flowNet profit

Total debt: ₹11,715 cr
Operating cash flow ÷ net profit: 7.69×FY2026
Free cash flow: ₹605 cr
Current ratio: 1.26×

Operating cash flow was only -1.73× reported profit (FY2026).

Cash conversion (CFO ÷ profit) has averaged -1.67× over the last 3 profit-making years versus -0.26× before that.

Debt-to-equity of 1.32× is the highest in 4 years (prior range 0.63× to 1.16×).

Net debt is 7.77× EBITDA.

Debt-to-equity rose from 1.16× to 1.32× year on year.

Section 08 · Relative position

How does it compare with peers?

Ranked against 3 cement & cement products (FY2026, consolidated). No peer-relative rule fired for this company.

Revenue growth

GRASIM · 1st of 3 · set median 16.5%

EBITDA margin

GRASIM · 3rd of 3 · set median 18.1%

Return on equity

GRASIM · 3rd of 3 · set median 8.3%

P/E ratio

GRASIM · 2nd of 3 · set median 17.8×

P / E: 17.8×TTM to Jun 26
P / B: 1.2×latest book
P / S: 1.1×TTM sales
Earnings yield: 5.6%TTM to Jun 26

On the trailing twelve months. Last full year: P/E 19.6× · P/S 1.1× · ROE 6.3%.

Section 09 · The stock

How has the stock performed?

Adjusted close — 2020-01 to 2026-10₹ per share · split / bonus adjusted

Watch

Over 4 years the stock returned 15.2% a year while profit shrank 2.1% a year.

Rule STOCK_RAN_AHEAD

Business vs stock — 5-year compound annual rate

1-year return: +6.5%
3-year return: +53.0%
5-year return: +77.2%
From 52-wk high: −12.1%

Section 10 · Technical data

What does the technical data say?

Price-action indicators as of 2026-10-01. Secondary to the fundamentals above — included for timing context, not as a signal.

vs 50-day avg: Below₹3,227
vs 200-day avg: Above₹2,969
RSI (14): 28.3oversold
MACD histogram: -25.4
From 52-wk high: −12.1%
From 52-wk low: +17.4%
30-day volatility: 22.5%ann.
6-month return: +16.6%

RSI (14) · 0–10028.3 — oversold

Section 11 · Open questions

What should I investigate further?

Observations the engine tagged watch or deteriorating — prompts for your own research, not conclusions.

Watch
Growing, but light on cash
Revenue grew 18.2% but only -1.73× of reported profit came through as operating cash.
GROWTH_WITH_WEAK_CASH · conviction 62
Concern
Weak cash conversion
Operating cash flow was only -1.73× reported profit (FY2026).
WEAK_CASH_CONVERSION · conviction 61
Watch
Stock has run ahead of the business
Over 4 years the stock returned 15.2% a year while profit shrank 2.1% a year.
STOCK_RAN_AHEAD · conviction 57
Watch
Cash conversion trending down
Cash conversion (CFO ÷ profit) has averaged -1.67× over the last 3 profit-making years versus -0.26× before that.
CASH_CONVERSION_DETERIORATING · conviction 55
Concern
Leverage at a multi-year high
Debt-to-equity of 1.32× is the highest in 4 years (prior range 0.63× to 1.16×).
LEVERAGE_AT_MULTI_YEAR_HIGH · conviction 55
Concern
Meaningful debt load
Net debt is 7.77× EBITDA.
HIGH_LEVERAGE · conviction 52
Concern
Leverage rising
Debt-to-equity rose from 1.16× to 1.32× year on year.
LEVERAGE_INCREASED_YOY · conviction 41

The price-adjusted series does not correct for a rights issue (ex-date 2024-01-10) — BSE's corporate-actions feed does not carry the subscription price or ratio a rights adjustment needs, unlike splits and bonuses, which are corrected. Returns spanning that date may be modestly overstated or understated.

Section 12 · Reference

The numbers

The full statements, kept deliberately secondary. Every figure traces to a BSE Integrated Filing (inline XBRL); ratios are recomputed from the normalised facts.

Income & balance sheet — ₹ crore, consolidated
Metric	FY22	FY23	FY24	FY25	FY26
Revenue	20,857	26,840	25,847	31,563	41,039
Total income	21,752	27,858	27,104	33,278	42,827
EBITDA	4,111	4,198	3,573	2,857	3,558
Profit before tax	2,881	2,645	1,202	333	444
Net profit	3,051	2,124	945	212	348
EPS (₹)	46.5	32.3	14.3	3.2	5.1
Net worth	48,616	46,955	52,115	54,398	55,277
Total debt	4,121	5,254	9,453	11,121	11,715
Operating cash flow	2,656	2,319	1,778	−25	2,681
Free cash flow	125	−1,693	−3,721	−3,852	605

Key ratios — consolidated
Ratio	FY22	FY23	FY24	FY25	FY26
Growth
Revenue growth YoY	—	28.7	-3.7	22.1	30.0
Profit growth YoY	—	-30.4	-55.5	-77.6	64.3
Profitability
EBITDA margin %	19.7	15.6	13.8	9.1	8.7
Net margin %	14.0	7.6	3.5	0.6	0.8
Return on equity %	6.3	4.4	1.9	0.4	0.6
Return on capital %	6.1	5.9	4.1	1.9	2.2
Leverage & cash
Debt to equity	0.08	0.11	0.18	0.20	0.21
Cash flow ÷ profit	0.87	1.09	1.88	-0.12	7.69
Current ratio	1.28	1.16	1.05	1.25	1.26