Standalone Financial Performance

Q2 FY2027 Highlights:

  • Revenue: ₹12,747 Cr (up 33% YoY from ₹9,610 Cr in Q2 FY2026)
  • EBITDA: ₹4,615 Cr (up 158% YoY from ₹1,786 Cr)
  • Adjusted PAT (before exceptional items): ₹3,132 Cr (up 289% YoY from ₹805 Cr)
  • Reported PAT: ₹2,306 Cr (up 187% YoY from ₹805 Cr)
  • Cash Profit: ₹3,968 Cr (up 151% YoY from ₹1,583 Cr)
  • Exceptional charge: ₹825 Cr towards impairment/estimated exposure in pulp JV, AV Group NB Inc., Canada

H1 FY2027 Performance:

  • Revenue: ₹24,541 Cr (up 30% YoY from ₹18,833 Cr)
  • EBITDA: ₹5,708 Cr (up 147% YoY from ₹2,314 Cr)
  • Adjusted PAT: ₹3,378 Cr (up 392% YoY from ₹686 Cr)
  • Reported PAT: ₹2,553 Cr (up 272% YoY from ₹686 Cr)
  • Cash Profit: ₹4,760 Cr (up 150% YoY from ₹1,905 Cr)

Cash Profit = EBITDA - Interest - Current Tax expenses

Consolidated Financial Performance

Q2 FY2027 Highlights:

  • Revenue: ₹50,105 Cr (up 26% YoY from ₹39,900 Cr)
  • EBITDA: ₹6,513 Cr (up 25% YoY from ₹5,217 Cr)
  • Adjusted PAT (before exceptional items): ₹536 Cr (down 10% YoY from ₹595 Cr restated)
  • Reported PAT (owner's share): Loss of ₹234 Cr (vs profit of ₹595 Cr in Q2 FY2026)
  • Exceptional charge: ₹767 Cr towards impairment/estimated exposure in pulp JV, AV Group NB Inc., Canada

H1 FY2027 Performance:

  • Revenue: ₹98,821 Cr (up 23% YoY from ₹80,018 Cr)
  • EBITDA: ₹14,591 Cr (up 25% YoY from ₹11,647 Cr)
  • Adjusted PAT: ₹2,690 Cr (up 32% YoY from ₹2,037 Cr restated)
  • Reported PAT: ₹1,912 Cr (down 5% YoY from ₹2,015 Cr restated)

Trailing Twelve Months (TTM) Performance:

  • Revenue: ₹1,94,234 Cr (up 11% vs FY2026)
  • EBITDA: ₹28,816 Cr (up 11% vs FY2026)
  • PAT (before exceptional items): ₹5,861 Cr (up 13% vs FY2026)
  • Standalone business contributes 24% to Consolidated Revenue and EBITDA

Segment-wise Performance Analysis

Cellulosic Fibres (CSF and CFY)

  • Revenue: ₹5,344 Cr (up 29% YoY)
  • EBITDA: ₹522 Cr (up 49% YoY)
  • CSF sales volumes: 224 KT (up 7% YoY)
  • CFY volumes: 11.6 KT (up 2% YoY)
  • Global CSF prices: $1.85/kg (up 23% YoY)
  • China operating rates: 93% in Q2 FY2027 vs 89% in Q2 FY2026
  • Inventories: 6 days at quarter end

Chemicals

  • Revenue: ₹2,759 Cr (up 15% YoY)
  • EBITDA: ₹326 Cr (down 11% YoY)
  • Caustic soda sales volumes: 317 KT (up 8% YoY)
  • ECU: ₹33,587/ton (up 2% YoY)
  • Specialty Chemicals revenue share: 28% of segment
  • International caustic soda spot prices (CFR-SEA): $390/ton (5-year low, down 13% YoY)

Building Materials

  • Revenue: ₹27,378 Cr (up 23% YoY)
  • EBITDA: ₹3,510 Cr (up 19% YoY)

Cement Business (UltraTech):

  • Sales volumes: 38.2 MT (up 12.9% YoY)
  • Ready-mix concrete volumes: 4.7 Mn m³ (up 23% YoY)
  • Revenue: ₹23,295 Cr (up 19% YoY)
  • Capacity added: 4.6 mtpa grey cement
  • Total capacity: 210.1 mtpa (India + Overseas)
  • Target capacity: 242.9 mtpa by exit FY2028
  • UltraTech Building Solutions outlets: 6,289 (up 1,205 YoY)
  • Green power mix: 46.4% (target 85% by FY2030)

Decorative Paints (Birla Opus):

  • Revenue: ₹1,337 Cr (up 35% YoY)
  • H1 FY2027 revenue: ₹2,999 Cr (up 50% YoY)
  • Q2 volume growth: 20% YoY
  • H1 volume growth: 33% YoY
  • Distribution: 61,000+ first-time billed dealers across 12,600+ towns
  • Franchise stores: 1,760+
  • Depots: ~150
  • Institutional project sites: nearly 10,000 billed during Q2
  • Product portfolio: 239 products
  • Brand awareness: 92%
  • Target: Cross double-digit revenue market share in H2 FY2027
  • Revenue guidance: ₹10,000 Cr by exit FY2028

B2B E-commerce (Birla Pivot):

  • Revenue: ₹2,785 Cr (up 66% YoY)
  • Annualized Revenue Run-rate (ARR): Above ₹11,000 Cr
  • Project business: 90% of revenue
  • Retail business: 10% of revenue
  • Key drivers: Building Materials, Non-Ferrous Metals, Chemicals
  • Target: Cross ₹120 billion revenue for FY2027
  • EBITDA profitability expected in H2 FY2027

Financial Services (Aditya Birla Capital)

  • Revenue: ₹13,990 Cr (up 32% YoY)
  • Total lending portfolio (NBFC + HFC): ₹2,33,930 Cr (up 32% YoY)
  • Customer assets (asset management + insurance): ₹12,33,906 Cr

Other Businesses

  • Revenue: ₹1,158 Cr (up 16% YoY)
  • EBITDA: ₹284 Cr (up 14% YoY)

Textiles:

  • Revenue: ₹729 Cr (up 24% YoY)
  • EBITDA: ₹55 Cr (up 129% YoY from ₹24 Cr)

Renewables:

  • Revenue: ₹250 Cr
  • EBITDA: ₹205 Cr
  • One-time revenue: ₹54 Cr on account of rate differential
  • Cumulative installed peak capacity: 2.2 GW (up 269 MWp YoY)
  • Group serving capacity: 49%

Insulators:

  • Revenue: ₹158 Cr (up 17% YoY)
  • EBITDA: ₹20 Cr (up 35% YoY)

Capital Expenditure

  • FY2027 capex budget: ₹3,157 Cr across all standalone businesses
  • Growth project allocation: 45%
  • H1 FY2027 capex spent: ₹1,022 Cr
  • Lyocell Phase I (55K TPA): Cumulative capex spent ₹420 Cr, procurement delivery nearing completion
  • Lyocell Phase II (110K TPA): Environmental Clearance application at advanced stage of submission

Sustainability Metrics

  • Renewable capacity power share: 26% in H1 FY2027 (vs 24% in FY2026)
  • Recycled and reused water to freshwater withdrawal: 51% in H1 FY2027

Outlook Commentary

Management expects sustained investments in infrastructure, manufacturing, housing and energy transition to create significant growth opportunities across Grasim's businesses. The company is positioned to participate in India's expanding consumption and infrastructure opportunity through its strong foundation in Cellulosic Fibres and Chemicals, alongside scaling up of growth engines in Paints, B2B E-commerce and Renewables. Disciplined capital allocation, ongoing investments in capacity expansion, focus on operational efficiencies and commitment to sustainability provide a strong foundation for next phase of growth.

Exceptional Items

The company recorded exceptional charges totaling ₹825 Cr (standalone) and ₹767 Cr (consolidated) towards impairment/estimated exposure in pulp joint venture, AV Group NB Inc., Canada.