GRASIM · Construction - Raw Materials · INE047A01021
Analyst mean 1.44 · 9 analysts · 56% bullishWhat the numbers mean when read together — computed from the filings, not a score.
Operating cash flow is just -173% of trailing profit — the classic pattern where reported earnings are not backed by cash. This is the single most important thing to understand on this page.
Operating cash flow ₹-17,810 cr against trailing net profit ₹10,300 cr. When profit rises but cash does not follow, the questions are: are receivables ballooning, is revenue being recognised ahead of collection, or are costs being capitalised?
Both revenue and profit grew over the last year (18.2% and 32.8%) — growth is translating to the bottom line.
Trailing revenue ₹175,431 cr, trailing profit ₹10,300 cr. Profit growing at least as fast as revenue indicates operating leverage or pricing power.
Free cash flow is negative — the business consumes more than it generates once capex is paid. Fine if it is deliberate growth investment; a problem if it is structural.
Latest free cash flow ₹-33,130 cr, negative in 7 of 12 years. Check whether the burn funds expansion (dark stores, plants, ports) or merely sustains operations.
Borrowings rose 66% over two years while the company also carries ₹154,982 cr in investments. Why borrow at interest while parking money elsewhere is a fair question.
Borrowings moved to ₹227,853 cr from ₹137,155 cr. Simultaneous large investments can be legitimate treasury management, or a sign that reported cash is not freely available.
Markers show corporate actions (splits, bonus, dividends). Prices are split-adjusted so the series is continuous.
| Metric | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 34,610 | 34,223 | 35,378 | 44,267 | 40,118 | 39,900 | 44,312 | 51,101 |
| Expenses | 27,927 | 28,197 | 28,575 | 35,517 | 31,296 | 32,228 | 35,442 | 40,225 |
| Other Income | 247 | 403 | 382 | 485 | 372 | 406 | 65 | 259 |
| Depreciation | 1,443 | 1,572 | 1,608 | 1,831 | 1,810 | 1,899 | 1,975 | 2,042 |
| Profit before tax | 2,691 | 1,830 | 2,308 | 3,996 | 3,834 | 2,510 | 3,051 | 5,078 |
| Net Profit | 2,066 | 983 | 1,734 | 2,973 | 2,767 | 1,498 | 2,233 | 3,802 |
| EPS | 16.33 | 4.78 | 12.45 | 21.98 | 20.85 | 8.13 | 15.23 | 28.77 |
| Item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 132 | 132 | 132 | 133 | 136 | 136 |
| Reserves | 65,362 | 75,567 | 78,610 | 88,520 | 97,373 | 103,334 |
| Borrowings | 79,078 | 74,744 | 103,039 | 137,155 | 186,326 | 227,853 |
| Fixed Assets | 85,023 | 88,996 | 94,896 | 100,494 | 141,148 | 149,452 |
| CWIP | 5,769 | 6,615 | 7,778 | 18,358 | 14,765 | 16,465 |
| Investments | 88,017 | 96,766 | 105,355 | 129,306 | 140,496 | 154,982 |
| Total Assets | 267,349 | 289,149 | 336,823 | 412,116 | 500,040 | 569,134 |