Grasim Industries Limited (GRASIM) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Grasim Industries Limited Q2 Results Date and Time

The board of Grasim Industries will meet on 13 Nov 2026 to approve the unaudited standalone and consolidated financial results for the quarter and half-year ended 30 Sep 2026. The trading window was closed from 1 Oct to 15 Nov 2026.

Key Things To Watch

Guidance scorecard to probe: Key FY27 commitments management will be asked to update:

• Consolidated revenue Rs. 2 lakh crore — FY27 (Chairman's AGM guidance, 21 Aug 2026)
• Birla Opus >50% YoY revenue growth — FY27; Rs. 10,000 Cr revenue — FY27 per Q1FY27 call vs FY28 per Q3FY26 call (clarification needed)
• Birla Pivot EBITDA break-even — exit FY27; management "fairly confident that we will exit this financial year with EBITDA break-even"
• Standalone capex Rs. 3,157 Cr — FY27 (Q1 run-rate was Rs. 375 Cr, ~12% of budget)
• Renewables investment not more than Rs. 1,000 Cr — FY27; Solenergi completion "around December"
• Chlorine integration ~68% — exit FY27; renewable power share 45% — exit FY27
• Net debt/EBITDA below 2x — open-ended; consolidated leverage at 1.45x
• Birla Opus 15,000 towns — "by year-end"; 50,000 first-time billed dealers — open-ended
• UltraTech 240+ MTPA — March 2028; Lyocell commissioning — mid-2027

Q2 margin pressure quantification: Management pre-flagged the quarter's margin story:

• Whether consolidated EBITDA margin holds ~16% (last three quarters' level) vs 13% in Q2FY26
• Sulphur at ~$1,050–1,100/t landed and coal e-auction premium at 94% in Sep are the key input shocks; Q1 showed a Rs. 629.2 Cr inventory drawdown

Chemicals: ECU, caustic and ECH ramp: Sequential pricing direction is the key debate:

• ECU vs Q1's Rs. 37,955/ton and CFR SEA caustic $483/ton, against domestic caustic prices -2% MoM in August
• Caustic volume recovery from 284 KT (-6% YoY, hit by captive power-plant maintenance shutdowns)
• ECH 50K TPA plant at Vilayat began commercial production 21 Oct 2026; chlorine integration progress toward ~68% exit-FY27

Birla Opus trajectory: Paints scaling under CEO Sachin Sahay (joined 16 Feb 2026):

• Town expansion toward 15,000 from 12,100+; market-share gap with the No. 2 player ~300bps at Q3FY26
• Premium/luxury mix at 65% of sales value; throughput-per-dealer strategy
• Clarification on whether the Rs. 10,000 Cr revenue target is FY27 (Q1 call) or FY28 (Q3FY26 call)

Balance sheet and one-offs: Leverage and JV items to track:

• Standalone net debt of Rs. 9,899 Cr at Q1FY27 attributed to timing (ABCL investment in Jun-26 vs UltraTech dividend received Aug-26) — watch normalisation
• Nackawic mill (~190K TPA, ~57% of AV Group NB capacity) idling from end-Oct 2026; JV share of profits already -64% YoY in Q1
• Customs (Section 105) search at Nagda unit on 11–12 Sep 2026 — no SCN or order issued, per the company

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Frequently Asked Questions

How did Birla Opus paints perform in the last quarter?

Birla Opus revenue was Rs. 1,661 Cr in Q1FY27, up 64% YoY and 17% QoQ, making it the 3rd largest decorative paints brand by revenue. Distribution spans 12,100+ towns, with premium and luxury products at 65% of sales value.

When will Birla Pivot break even?

Management has guided to EBITDA break-even by exit FY27, saying "FY27 exit, we should be exiting the year at breakeven". Birla Pivot's ARR already crossed Rs. 8,500 Cr in Q3FY26 — ahead of the FY27 guidance — and trended above Rs. 10,000 Cr in Q1FY27.

What is the status of Grasim's Solenergi acquisition?

The ABReN board approved the SPA on 13 Jul 2026 to acquire 100% of Solenergi Power from Shell Overseas Investment B.V. at an enterprise value of ~Rs. 17,200 crore. CCI approved the deal on 30 Oct 2026, and management expects consummation "around December", with Grasim investing not more than Rs. 1,000 crores in FY27.

Is Grasim's revenue growing?

Q1FY27 consolidated revenue of Rs. 48,716 Cr was up 21% YoY, marking the 24th consecutive quarter of revenue growth, with quarterly revenues up 1.5x over two years (25% two-year CAGR). Growth was led by cement (+16% YoY), Birla Opus (+64%) and Birla Pivot (+75%).