GRASIM · Construction Materials
Grasim Industries Ltd. reported revenue of ₹39,900 cr for July to September 2025, +16.6% on the year and −0.5% on the quarter. Over the last four quarters revenue comes to ₹1.60 lakh cr, +15.3% on the four before.
Operating profit (EBITDA) was ₹7,671 cr, a margin of 19.2%, +162 bps on the year and −276 bps on the quarter. Over the last 8 quarters the margin has ranged from 17.6% to 22.0%, averaging 20.0%. Operating costs grew +14.3% against revenue growth of +16.6%, so more of each rupee of sales reached operating profit.
Net profit was ₹1,498 cr, +52.4% on the year and −45.9% on the quarter, with earnings per share of ₹8.13. Profit before other income, one-offs and tax grew 47.4%, so 5 points of the headline growth came from outside the core business. The tax rate was 40% against an average of 29% over the previous 8 quarters, which weighed on profit this quarter. Profit over the last four quarters totals ₹8,976 cr, +7.2% on the four before.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹63.43 over the last four quarters, the stock at ₹2,919.00 trades at 46.0 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹30,221 cr | ₹31,965 cr | ₹37,727 cr | ₹34,610 cr | ₹34,223 cr | ₹35,378 cr | ₹44,267 cr | ₹40,118 cr | ₹39,900 cr | ₹44,312 cr | ₹51,101 cr | ₹48,716 cr |
| YoY | — | — | — | +11% | +13% | +11% | +17% | +16% | +17% | +25% | +15% | +21% |
| EBITDA margin | 20.0% | 21.6% | 20.9% | 19.3% | 17.6% | 19.2% | 19.8% | 22.0% | 19.2% | 20.0% | 21.3% | 22.9% |
| Other income, % of PBT | 10% | 7% | −1% | 9% | 22% | 17% | 12% | 10% | 16% | 2% | 3% | 6% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 29% | 25% | 31% | 23% | 46% | 25% | 26% | 28% | 40% | 27% | 26% | 26% |
| Net profit | ₹2,024 cr | ₹2,603 cr | ₹2,722 cr | ₹2,066 cr | ₹983 cr | ₹1,734 cr | ₹2,973 cr | ₹2,771 cr | ₹1,498 cr | ₹2,233 cr | ₹3,684 cr | ₹3,846 cr |
| YoY | — | — | — | −20% | −51% | −33% | +9% | +34% | +52% | +29% | +24% | +39% |
| Core profit YoY | — | — | — | −22% | −45% | −40% | −12% | +42% | +47% | +55% | +37% | +41% |
| EPS | ₹17.10 | ₹22.25 | ₹20.80 | ₹16.33 | ₹4.78 | ₹12.45 | ₹21.98 | ₹20.87 | ₹8.13 | ₹15.23 | ₹27.86 | ₹31.53 |
| Flags | · | · | · | ✓ | ✓ | ✓ | 1 | ✓ | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Grasim Industries Ltd. reported revenue of ₹39,900 cr (+16.6% on the year) and net profit of ₹1,498 cr (+52.4% on the year) for July to September 2025.
Profit before other income, exceptional items and tax moved +47.4% on the year, against +52.4% for reported profit.
None of the 7 checks that could run raised a question.
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