The company posted a net profit of Rs 553.48 crore for the quarter ended September 2025, compared to Rs 314.63 crore in the corresponding quarter of the previous fiscal year. The profit is attributable to the owners of the company.
The sharp rise in profitability was accompanied by strong top-line performance. Revenue from operations for Q2FY26 stood at Rs 39,899.58 crore, registering a 16.6% increase YoY over Rs 34,222.54 crore reported in Q2FY25.
Consolidated EBITDA rose 29% YoY to Rs 5,217 crore in Q2FY26, led primarily by improved profitability in the company’s cement and chemicals segments. The company also reported that capital expenditure for the quarter stood at Rs 461 crore, while the total capex for H1 FY26 was Rs 941 crore. Grasim’s total cumulative capital expenditure in its paints business reached Rs 9,727 crore.
Domestic brokerage firm Nuvama, after the company’s Q2FY26 results, has maintained a ‘Hold’ rating on Grasim Industries with a target price of Rs 3,198. According to the brokerage, standalone EBITDA for Q2FY26 came in at Rs 370 crore, up 13% YoY but down 5% sequentially.
The firm noted improvements in the chemicals segment, while the CSF (caustic soda) division remained weak and new segments, including B2B paints, weighed on profitability.Birla Opus, Grasim’s decorative paints brand, outpaced industry growth in Q2FY26, including strong performance in the putty category. However, due to a miss in Q2 earnings, Nuvama trimmed its FY26E EBITDA forecast by approximately 3%.Despite the revision, Nuvama highlighted Grasim as a value play given the attractive valuation amidst the global VSF (viscose staple fibre) cycle being near bottom and long-term potential in the paint segment. The brokerage has rolled forward its valuation to Q2FY28E at 8x EV/EBITDA.
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