Grasim Industries Limited, a flagship company of the Aditya Birla Group, reported a record consolidated revenue of ₹1,48,478 crore for the financial year ended March 31, 2025 (FY25), reflecting a 13% year-on-year (YoY) growth. This remarkable performance was supported by robust contributions from its Cement, Chemicals, Paints, and Financial Services segments.

However, despite the revenue growth, EBITDA declined 4% YoY to ₹20,023 crore, and profit after tax (PAT) fell 37% YoY to ₹3,902 crore due to increased interest and depreciation expenses from investments in growth-oriented segments.

Q4FY25 Highlights

In the final quarter of FY25, Grasim posted its highest-ever quarterly revenue of ₹44,267 crore, a 17% increase YoY, and a record EBITDA of ₹6,548 crore, up 6% YoY. However, PAT for the quarter dropped 18% YoY to ₹1,559 crore, again impacted by higher financing and depreciation costs.

Standalone Performance & Growth Engines

On a standalone basis, Grasim posted a 32% YoY increase in revenue, driven by its core businesses and new ventures. The strategic pivot towards Paints, B2B e-commerce, and renewables reflects its ambition to play a significant role in India’s ‘Viksit Bharat’ vision.

Cellulosic Fibres Business

The Cellulosic Fibres business (which includes CSF and CFY) achieved revenue of ₹4,051 crore, an 8% YoY growth. Domestic CSF sales rose 4% YoY, but total volumes were flat due to market pressures. The segment's EBITDA dropped 36% YoY to ₹293 crore, primarily due to input cost absorption and intense Chinese competition affecting realisations.

The company has begun work on its Lyocell fibre project at Harihar, Karnataka, targeting a 55K TPA capacity in phase one, with full capacity reaching 110K TPA by mid-2027.

Chemicals Business

Grasim’s Chemicals segment delivered ₹2,302 crore in revenue (up 10% YoY) with EBITDA surging 52% YoY to ₹296 crore. The performance was led by stronger Caustic Soda realisations and improved Chlorine Derivatives profitability.

Despite production hurdles at Karwar and Vilayat plants, international caustic soda prices hit a two-year high of $525/ton, helping offset the impact of continued oversupply of chlorine.

Building Materials: Cement, Paints, B2B Ecommerce

Cement:
The Cement business (UltraTech) achieved 41.02 million tons (Mt) in total volume in Q4, up 17% YoY, with ready-mix concrete volumes up 19% YoY. Grasim added 42.6 Mt in capacity during FY25 and is on track to reach 215 Mt by FY27. The domestic EBITDA per ton improved to ₹1,270, while green energy share rose to 35.7%.

Paints – Birla Opus:
Grasim’s Paints business, Birla Opus, crossed a 10% revenue market share (internal estimate) in the Organised Decorative Paints market within just six months of pan-India operations. It became the third-largest decorative paints brand in India. With 5 out of 6 plants operational, the sixth in Kharagpur is set to go live in H1FY26.

The company launched a wide portfolio of 176 products and 1,250 SKUs, including emulsions, enamels, waterproofing, and wood finishes. Product availability now spans 6,600+ towns via 137 depots, supported by strong brand visibility and retail presence.

B2B E-Commerce – Birla Pivot:
Grasim’s Birla Pivot crossed an annualized revenue run-rate of ₹5,000 crore and is on course for ₹8,500 crore (US$1 billion) by FY27. It continues to digitise the construction supply chain, expand private labels, and improve logistics with real-time tracking and B2C-like fulfilment.

Financial Services – Aditya Birla Capital

The Financial Services business contributed ₹12,197 crore in revenue in FY25 (up 16% YoY), while the lending portfolio rose 27% YoY to ₹1,57,404 crore. Total assets under management (AUM), across asset management, life, and health insurance, stood at ₹5,11,260 crore, marking a 17% YoY increase.

The ABCD (Aditya Birla Capital Digital) platform saw 5.5 million customer acquisitions, and Udyog Plus, targeting MSMEs, crossed ₹3,500 crore in AUM. The company also expanded its reach with 1,623 branches, up from 1,474 last year.

Other Businesses: Textiles, Renewables, and Insulators

Revenue from other segments was ₹898 crore, up 14% YoY, with EBITDA rising 33% to ₹139 crore, primarily due to a strong showing from renewables. Installed capacity in renewables rose to ~1.5 GWp, up 64% from March 2024.

The textiles division generated ₹547 crore, though its EBITDA was impacted by high input costs, particularly in the linen category.

Dividend and Capital Expenditure

Grasim’s Board has recommended a dividend of ₹10 per share, resulting in a total payout of ₹681 crore.

On a standalone basis, capital expenditure stood at ₹3,513 crore, of which ₹2,300 crore (~65%) was directed towards new growth businesses like Paints and B2B e-commerce.

Sustainability Initiatives

Grasim continues to strengthen its sustainability agenda:

• Paints plants meet IFC climate finance norms.

• Renewable energy mix improved from 25.7% in Q4FY24 to 35.7% in Q4FY25.

• Water recycling ratio reached 51% of total consumption.

Conclusion

Grasim Industries has successfully transitioned into a multi-engine growth company, while strategically investing in consumer-facing businesses like Paints and B2B e-commerce. Despite short-term impacts on profitability, the long-term fundamentals remain strong. The company’s FY25 performance lays a robust foundation for sustained growth, market expansion, and leadership in key sectors like Cement, Paints, Chemicals, and Financial Services as it aligns with India’s vision of ‘Viksit Bharat’.

The Upcoming IPOs in this week and coming weeks are Scoda Tubes,Neptune Petrochemicals, Aegis Vopak Terminals, Schloss Bangalore, Astonea Labs, Nikita Papers, Prostarm Info Systems, Victory Electric Vehicles International, Blue Water Logistics, Wagons Learning.

The Current active IPO are Unified Data - Tech Solutions, Dar Credit and Capital, Belrise Industries.

The Closed IPOs are Borana Weaves.