Key Decisions and Approvals

The Board of Directors, at its meeting held on 13th November 2026 (12:30 p.m. to 02:10 p.m. IST), approved the following:

1. The Unaudited Financial Results (Standalone and Consolidated) of the Company for the quarter and half year ended 30th September 2026, along with the Limited Review Reports of the Statutory Auditors (Deloitte Haskins & Sells LLP and KKC & Associates LLP).

2. A proposal to make an investment of up to C$ 91.8 million (approximately ₹625 Crore) in one or more tranches, in the proposed Rights Issue of AV Group NB Inc, Canada (AVNB), a Joint Venture of the Company. This investment is proportionate to the Company's 45% shareholding in AVNB.

Standalone Financial Results (₹ in crore)

For the Quarter Ended (QoQ & YoY):

  • Revenue from Operations: ₹12,746.50 (Q2 FY27) vs ₹9,610.34 (Q1 FY27) vs ₹11,794.71 (Q2 FY26)
  • Total Income: ₹16,867.24 (Q2 FY27) vs ₹11,029.74 (Q1 FY27) vs ₹11,938.68 (Q2 FY26)
  • Profit Before Exceptional Items and Tax: ₹3,765.44 (Q2 FY27) vs ₹1,080.85 (Q1 FY27) vs ₹297.51 (Q2 FY26)
  • Exceptional Items: (₹825.43) (Q2 FY27) - Relating to AVNB (detailed below)
  • Profit Before Tax: ₹2,940.01 (Q2 FY27) vs ₹1,080.85 (Q1 FY27) vs ₹297.51 (Q2 FY26)
  • Net Profit for the Period: ₹2,306.16 (Q2 FY27) vs ₹804.55 (Q1 FY27) vs ₹246.65 (Q2 FY26)
  • Earnings Per Share (Basic): ₹34.00 (Q2 FY27) vs ₹11.86 (Q1 FY27) vs ₹3.64 (Q2 FY26)

For the Half Year Ended (H1 FY27 vs H1 FY26):

  • Revenue from Operations: ₹24,541.21 vs ₹18,833.47
  • Total Income: ₹28,805.92 vs ₹20,396.57
  • Profit Before Exceptional Items and Tax: ₹4,062.95 vs ₹924.51
  • Exceptional Items: (₹825.43) vs Nil
  • Profit Before Tax: ₹3,237.52 vs ₹924.51
  • Net Profit for the Period: ₹2,552.81 vs ₹686.37
  • Earnings Per Share (Basic): ₹37.64 vs ₹10.11

Exceptional Items - Standalone (Note 2)

  • AV Group NB Inc (AVNB): An impairment charge of ₹187.42 crore against the carrying value of its investment in equity and preference shares of AVNB, and a provision of ₹638.01 crore towards its estimated exposure. Total charge of ₹825.43 crore recognized in Q2 FY27 due to the temporary idling of AVNB's dissolving grade pulp mill in Canada.
  • Prior Period Items (FY26): Charges recognized in the year ended 31st March 2026 included:
  • ₹47.86 crore for impairment of plant and equipment at the Chemical Vilayat facility.
  • ₹34.17 crore for the impact of new Labour Codes on Gratuity and Compensated absences (past service cost).
  • ₹34.00 crore and ₹13.50 crore for estimated exposure in joint ventures AV Terrace Bay Inc. and Birla Advanced Knits Private Limited, respectively.

Consolidated Financial Results (₹ in crore)

For the Quarter Ended (QoQ & YoY):

  • Revenue from Operations: ₹50,105.18 (Q2 FY27) vs ₹48,716.20 (Q1 FY27) vs ₹39,899.58 (Q2 FY26 - Restated)
  • Profit Before Exceptional Items and Tax (after share of profit from associates/JVs): ₹3,468.94 (Q2 FY27) vs ₹5,196.37 (Q1 FY27) vs ₹2,588.34 (Q2 FY26)
  • Exceptional Items: (₹773.02) (Q2 FY27)
  • Profit Before Tax: ₹2,695.92 (Q2 FY27) vs ₹5,183.12 (Q1 FY27) vs ₹2,588.34 (Q2 FY26)
  • Net Profit for the Period: ₹1,029.42 (Q2 FY27) vs ₹3,846.28 (Q1 FY27) vs ₹1,576.32 (Q2 FY26)
  • Attributable to Owners of the Company: (₹234.08) (Q2 FY27) vs ₹2,145.91 (Q1 FY27) vs ₹594.52 (Q2 FY26)
  • Earnings Per Share (Basic): (₹3.45) (Q2 FY27) vs ₹31.64 (Q1 FY27) vs ₹8.76 (Q2 FY26)

For the Half Year Ended (H1 FY27 vs H1 FY26):

  • Revenue from Operations: ₹98,821.38 vs ₹80,017.66
  • Profit Before Exceptional Items and Tax: ₹8,665.31 vs ₹6,463.85
  • Exceptional Items: (₹786.27) vs (₹38.38)
  • Profit Before Tax: ₹7,879.04 vs ₹6,425.47
  • Net Profit for the Period: ₹4,875.70 vs ₹4,346.95
  • Attributable to Owners of the Company: ₹1,911.83 vs ₹2,015.06
  • Earnings Per Share (Basic): ₹28.19 vs ₹29.70

Exceptional Items - Consolidated (Note 2)

Primarily relates to the Group's share of the AVNB charge, amounting to ₹766.73 crore (Impairment: ₹128.72 crore, Provision: ₹638.01 crore). Also includes other items from subsidiaries like provisions for disputed liabilities at UltraTech Cement.

Segment-Wise Performance (Consolidated - Q2 FY27)

  • Building Materials: Revenue ₹27,377.81 cr; Result ₹3,510.47 cr
  • Financial Services: Revenue ₹13,990.35 cr; Result ₹1,842.45 cr
  • Cellulosic Fibres: Revenue ₹5,343.50 cr; Result ₹521.51 cr
  • Chemicals: Revenue ₹2,758.95 cr; Result ₹325.54 cr
  • Others: Revenue ₹1,157.83 cr; Result ₹283.92 cr

Assets and Liabilities (Standalone - as of 30-09-2026)

  • Total Assets: ₹87,828.37 cr (vs ₹81,032.10 cr on 31-03-2026)
  • Total Equity: ₹58,687.81 cr (vs ₹55,277.18 cr on 31-03-2026)
  • Total Debt (Borrowings): ₹13,232.64 cr (Non-current ₹8,529.01 cr + Current ₹4,703.63 cr)

Cash Flows (Standalone - H1 FY27)

  • Net Cash from Operating Activities: ₹956.00 cr
  • Net Cash used in Investing Activities: (₹888.77) cr
  • Net Cash from Financing Activities: ₹187.29 cr
  • Net Increase in Cash: ₹254.52 cr

Other Material Disclosures

  • AVNB Investment: The investment of ~₹625 Cr in AVNB's rights issue is pending completion and is subject to standard closing conditions.
  • CCI Matter: UltraTech Cement Ltd (subsidiary) has ongoing appeals in the Supreme Court against CCI penalty orders (₹1,804.31 cr + ₹68.30 cr). A stay is granted, and a deposit of ₹180.43 cr (10%) has been made. No provision is recognized based on legal opinions.
  • Acquisition by ABRen: Aditya Birla Renewables Ltd (subsidiary) entered an SPA in July 2026 to acquire Solenergi Power Pvt Ltd for an EV of ₹17,200 cr. CCI approval was received on 30th Oct 2026. The acquisition was not completed by 30th Sep 2026, so its impact is not included in these results.
  • ESOP Allotment: During the quarter, 2,27,121 equity shares were transferred to option grantees from the Grasim Employee Welfare Trust under ESOP Schemes 2018 and 2022.
  • Auditors: The results were reviewed by the joint auditors, Deloitte Haskins & Sells LLP and KKC & Associates LLP, who issued an unmodified conclusion.