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CREATING AND SCALING GROWTH ENGINES FOR VIKSIT BHARAT GRASIM INDUSTRIES LIMITED November 2025 Earnings Presentation Q2FY26
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Grasim Industries Limited | Q2FY26 Index 05 Macro Updates 07 Financial Highlights 13 Cellulosic Fibres 18 Chemicals 23 Building Materials 31 Financial Services 33 Other Businesses 35 Annexure
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Grasim Industries Limited | Q2FY26 3 Grasim’s leadership across key components of growing economy PROXY PLAY ON INDIA’S GROWTH STORY ASPIRATIONAL CONSUMPTION FOCUS ON MANUFACTURING GROWTH GROWING DIGITAL ECONOMY FAST GROWING RENEWABLE ENERGY SECTOR INCREASING FINANCIALISATION Cellulosic Staple Fibre Cellulosic Fashion Yarn Linen Textiles Premium Cotton Fabrics Chlor-Alkali Specialty Chemicals Water Treatment PVC Additives Industrial Applications B2B E-commerce Aditya Birla Capital Digital Solar Wind Hybrid Insulators NBFC Housing Finance Asset Management Life & Health Insurance INFRASTRUCTURE AND HOUSING DEMAND Grey Cement White Cement Ready Mix Concrete Wall Putty Decorative Paints
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Grasim Industries Limited | Q2FY26 4 Track record of consistent growth Q2Y26 Highlights Revenue TTM ₹1,59,663 Cr. EBITDA TTM ₹22,873 Cr. PAT^ TTM ₹4,288 Cr. ^Owner’s share of PAT, TTM - Trailing Twelve Months (October 24 to September 25) Revenue (₹ crore) EBITDA (₹ crore) 1,30,978 1,48,478 1,59,663 25,847 31,563 35,880 FY24 FY25 TTM 20,837 20,023 22,873 3,573 2,857 3,133 FY24 FY25 TTM Consolidated Standalone Standalone % in Consolidated Consolidated Standalone Standalone % in Consolidated 20% 21% 22% 17% 14% 14% MARKET LEADERSHIP INNOVATION SUSTAINABILITY CAPITAL ALLOCATION COST LEADERSHIP STRATEGIC PRIORITIES
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Macro Updates Earnings Presentation | Q2FY26
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Grasim Industries Limited | Q2FY26 6 Macro indicators - Q2FY26 In IIP , Manufacturing sector grew at average of 4.9% in Q2FY26, higher than Q2FY25 growth rate of 3.3% › Textiles and Chemicals sector de-grew by ~1% each on YoY basis India Merchandise Exports in Q2FY26 grew by 9% YoY to $108.7 bn › Exports of Chemical & Related products grew by 6.3% YoY › Exports of Textiles and Allied products de-grew by 0.8% YoY Credit offtake remains lower compared to same period last year with Average Non-food bank credit growth of ~10% YoY , compared to: › ~9% in Q1FY26; › ~14% in Q2FY25 Source: Mospi & RBI Macro Updates Index of Industrial Production - IIP (% YoY) India Merchandise Exports ($ billion) Non-Food Bank Credit Growth (%) 99.7 112.4 108.7 Q2FY25 Q1FY26 Q2FY26 13.7 8.8 10.0 Jul-24 Oct-24 Jan-25 Apr-25 Jul-25 2.6 2.0 4.1 Q2FY25 Q1FY26 Q2FY26
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Financial Highlights Earnings Presentation | Q2FY26
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Grasim Industries Limited | Q2FY26 8 Q2FY26 Key Highlights Financial Highlights CSF: Cellulosic Staple Fibre; CFY: Cellulosic Fashion Yarn; NBFC: Non-Banking Financial Company; HFC: Housing Finance Company; AMC: Asset Management Company; ABCD: Aditya Birla Capital Digital, ^as of 30th Sep 2025 Domestic sales volumes down by 7% YoY due to temporary logistics issue at key plant, now normalized; Specialty Fibres volume mix up at 24% › EBITDA lower by 29% YoY due to higher key input prices which were partially absorbed › CFY volumes grew by 3% YoY led by festive demand, however low-priced imports continue to impact realisations CELLULOSIC FIBRES Revenue up by 17% YoY led by overall performance across Caustic, Chlorine Derivatives and Specialty Chemicals businesses › EBITDA up by 34% YoY led by higher ECU realisation and volume growth in Chlorine Derivatives › Specialty Chemicals sales volume grew by 34% YoY led by stabilisation of newer capacities CHEMICALS Total grey cement capacity reached 192.3 Mn TPA; Expansion plan announced aiming 240.8 mtpa by Mar-28 › Revenue up by 20% YoY; Consolidated sales volume up 6.9% YoY to 33.85 mtpa › Operating EBITDA/ton of UltraTech existing operations grew by 32% YoY at ₹966 led by lower logistics, fuel & power costs CEMENT 2nd largest Decorative Paints industry capacity share of ~24% with commissioning of 6th plant at Kharagpur (Oct-25) › Birla Opus continues to gain market share across most markets with rapidly expanding distribution network, brand visibility backed by superior product quality › Launched PaintCraft, painting services now offered through dealers and franchisees with industry-first features like EMI and GST compliant tax invoices PAINTS Revenue up by 15% QoQ, despite monsoon-led slowdown; On track to achieve ₹8,500 Cr. ($1bn) revenue target by FY27 › Revenue growth driven by new buyers, healthy repeat orders and increasing contribution from product category additions › Continuously improving proposition across the three core pillars of E-commerce - Price, Assortment & Experience B2B E-COMMERCE Total Lending portfolio (NBFC and HFC) up by 29% YoY to ₹1,77,855 Cr. › Total AUM (AMC, life and health insurance) increased by 10% YoY to ₹5,50,240 Cr. › D2C platform - ABCD, witnessed strong response with more than 7.6 million customer acquisitions^ FINANCIAL SERVICES Consolidated Revenue ₹39,900 Cr. up 17% YoY; EBITDA at ₹5,217 Cr. up 29% YoY led by superior performance across key businesses › EBITDA growth mainly due to higher profitability in Cement and Chemicals businesses partially offset by investments for building a strong consumer-facing Paints business: Birla Opus, in-line with our expectations CONSOLIDATED PERFORMANCE
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Grasim Industries Limited | Q2FY26 9 Q2FY26 Performance Highlights Consolidated Revenue (₹ crore) EBITDA (₹ crore) PAT* (₹ crore) 34,223 40,118 39,900 Q2FY25 Q1FY26 Q2FY26 4,056 6,430 5,217 Q2FY25 Q1FY26 Q2FY26 315 1,419 553 Q2FY25 Q1FY26 Q2FY26 Standalone Revenue (₹ crore) EBITDA (₹ crore) PAT (₹ crore) 7,623 9,223 9,610 Q2FY25 Q1FY26 Q2FY26 721 -118 805 Q2FY25 Q1FY26 Q2FY26 Financial Highlights *Owners Share of PAT: ^Restated due to Kesoram acquisition by Cement business, UltraTech # Dividend Income ^ ^ ^ 430 460 1,189 1,326 1,619 528 1,786 Q2FY25 Q1FY26 Q2FY26 # #
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Grasim Industries Limited | Q2FY26 10 H1FY26 Performance Highlights Consolidated Revenue (₹ crore) EBITDA (₹ crore) PAT* (₹ crore) 61,286 68,832 80,018 H1FY24 H1FY25 H1FY26 9,490 8,797 11,647 H1FY24 H1FY25 H1FY26 2,740 1,390 1,972 H1FY24 H1FY25 H1FY26 Standalone Revenue (₹ crore) EBITDA (₹ crore) PAT (₹ crore) 12,680 14,517 18,833 H1FY24 H1FY25 H1FY26 1,150 669 686 H1FY24 H1FY25 H1FY26 Financial Highlights *Owners Share of PAT: ^Restated due to Kesoram acquisition by Cement business, UltraTech; #Dividend Income ^ ^ ^ 1,488 848 988 655 1,189 1,326 2,143 2,037 2,314 H1FY24 H1FY25 H1FY26 # # #
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Grasim Industries Limited | Q2FY26 11 Consolidated Financial Performance Particulars As on 31st Mar 2025 As on 30th Jun 2025 As on 30th Sep 2025 Net Worth (₹ crore) 97,509 99,117 99,618 Debt - Equity Ratio 1.16 1.18 1.25 Total Debt to Total Assets 0.37 0.37 0.38 Debt* - Equity Ratio 0.29 0.29 0.30 Net Debt* (₹ crore) 35,402 35,138 38,596 Consolidated Net Debt* to TTM EBITDA stood at 1.69x as on 30th Sep 2025 against 1.77x as on 31st Mar 2025 *Excluding borrowing related to financial services business Financial Highlights
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Grasim Industries Limited | Q2FY26 12 Improving Sustainability Performance* *Data presented are for standalone businesses; ^includes data for Paints business. Increasing Renewable Capacity Power Share 11% 11% 24% FY24 FY25^ H1FY26^ Increasing % of Recycled Water to Freshwater Consumption 50% 45% 49% FY24 FY25^ H1FY26^ Awards and Achievements Sustainability Highlights Dark Green Shirt in Canopy's Hot Button Cellulosic Fibre Business received the highest rating of ‘Dark Green Shirt’ in Canopy's Hot Button Report 2025 for the sixth consecutive year Gold Award (Best practices for OH and Safety) from ICC Grasim Chemicals, Rehla unit won Gold Award in Best practices for Operational Health and Safety from Indian Chamber of Commerce (ICC) Excellence in Management of Environment Grasim Chemicals, Vilayat unit received ICC Evonik Award for Excellence in Management of Environment OHSE Silver Award 3-star Rating Grasim Cellulosic Fibres, Harihar unit won The World Safety Organisation ‘OHSE Silver Award 3-star Rating’
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Cellulosic Fibres Earnings Presentation | Q2FY26 Cellulosic Staple Fibre (CSF) Cellulosic Fashion Yarn (CFY)
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Grasim Industries Limited | Q2FY26 14 Cellulosic Fibres: Fastest Growing in the Fibre Basket 55 KTPA of Phase 1 Lyocell project (proposed capacity of 110 KTPA) is progressing well and commissioning is targeted by mid-2027 ✓ Long lead items ordered, Basic engineering competed, Other orders and Contracts under process 6% share of Cellulosic Fibres in Textiles fibre basket Cellulosic Gap huge growth opportunity due to cotton constraints Liva Brand driving demand creation for textile value chain Most Sustainable fastest biodegradable and environment friendly Growth Drivers India Cellulosic Fibre growing fastest with CAGR >2x of other fibres Global India Cellulosic Fibres Cotton Synthetic CY15 CY24 CY15 CY24 9.6% (0.4%) 5.4% CAGR 3.9% (0.2%) 3.5% CAGR Cellulosic Fibres
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Grasim Industries Limited | Q2FY26 15 Macro Trends Source: CCF Group China Operating Rate (%) China Inventory (in days) 8 20 15 10 17 Q2FY25 Q1FY26 Q2FY26 H1FY25 H1FY26 Global Prices Trend ($/kg) Price Movement Fibres YoY (%) QoQ (%) Sep Exit Price (Δ over Q2FY26) International CSF (CCF) -8.7% -1.1% 1.52 $/kg ( 0.9% ) Cotton (Cotlook) -3.5% 0.3% 1.72 $/kg ( -0.7% ) International PSF (CCF) -12.0% 0.5% 0.83 $/kg ( -1.2% ) 86 82 89 84 85 Q2FY25 Q1FY26 Q2FY26 H1FY25 H1FY26 Cellulosic Fibres 1.65 1.52 1.51 1.79 1.72 1.73 0.95 0.83 0.84 Q2FY25 Q1FY26 Q2FY26 CSF - CCF Cotton (Cotlook) PSF
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Grasim Industries Limited | Q2FY26 16 Key Operational Metrics CSF Sales (KT) CSF Sales Volume Mix (Q2FY26) CFY Sales (KT) 11.1 10.0 11.4 Q2FY25 Q1FY26 Q2FY26 219 209 209 Q2FY25 Q1FY26 Q2FY26 93% 7% Export Sales Domestic Sales 76% 24% Specialty Fibres Standard Fibres Cellulosic Fibres Specialty sales volumes share stood at 24% compared to 21% in Q2FY25 driven by higher exports CFY volumes grew by 3% YoY led by festive demand Total CSF sales volume (Domestic + Exports) de-grew by 5% YoY due to temporary logistics challenges at Vilayat, which is now normalized 431 418 H1FY25 H1FY26 20.6 21.4 H1FY25 H1FY26
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Grasim Industries Limited | Q2FY26 17 Q2FY26 Financial Performance Revenue (₹ crore) EBITDA (₹ crore) 494 322 350 Q2FY25 Q1FY26 Q2FY26 4,125 4,043 4,149 Q2FY25 Q1FY26 Q2FY26 Revenue grew 1% YoY led by favorable product mix and rupee depreciation Higher input cost of key RM which were absorbed partially has led to reduction in EBITDA by 29% YoY to ₹350 Cr. CFY realisations continues to remain adversely impacted by low-priced imports from China Cellulosic Fibres 7,912 8,193 H1FY25 H1FY26 899 672 H1FY25 H1FY26
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Chemicals Earnings Presentation | Q2FY26 Chlorine Derivatives Specialty ChemicalsChlor-Alkali
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Grasim Industries Limited | Q2FY26 19 Diversified Chemicals Portfolio Chlor-Alkali Existing Capacity (KTPA) 1,505 Projected Capacity (KTPA) 1,530 Expansion Plan (KTPA) 25 › Maintaining Market leadership position in Chlor-Alkali business with capacity of 1.5 Million MTPA. › Market expected to grow at a steady pace with demand from Alumina, Organic & Inorganic Chemicals, Textiles & FMCG industries. › Focus on cost competitiveness with increased share of renewable power. Specialty Chemicals Existing Capacity (KTPA) 246 › Largest producer of Specialty Chemicals (Epoxy Polymers and Curing Agents) in India. › Serving growing end-use markets such as Construction Chemicals & Coatings, Renewables (wind composites) and Electricals & Electronics. Chlorine Derivatives Existing Capacity (KTPA) 1,058 Projected Capacity (KTPA) 1,137 Expansion Plan (KTPA) 79 › Large capacity in Chlorine Derivatives catering to high growth markets such as Pharma, Agrochemicals, Water Treatment, Food & Feed, Plastic Additives, Industrial, etc. › Presence in high value speciality products such as Chloromethanes and Phosphoric Acid. › Lubrizol CPVC Resin Project for Phase I of 50 KTPA (of total 100 KTPA) at Vilayat is progressing as per plans with mechanical completion by Q3FY26. › Epichlorohydrin (ECH) 50 KTPA Plant construction at Vilayat progressing well, mechanical completion by Q3FY26. › Chlorine Integration to reach 70% post commissioning of the ongoing projects. › Further, evaluating multiple downstream chlorine chemistries to increase chlorine integration. Chemicals
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Grasim Industries Limited | Q2FY26 20 Focus on Specialty Chemicals *Epoxy Polymers & Curing Agents; ^Others include Agrochemicals, Pharma, Food & Feed, etc. Chemicals Revenue Breakup (Q2FY26) Chlorine Integration Levels (%) 58% 60% 62% 65% 64% FY22 FY23 FY24 FY25 Q2FY26 Integration includes chlorine consumption for HCL and pipeline sales for dedicated customers Chlor-Alkali, 49% Specialty Chemicals, 30% Water Treatment Industrial PVC Additives Others^ Chlorine Derivatives, 21% Major End-Use Applications Specialty Chemicals* CONSTRUCTION RENEWABLES Chlorine Derivatives WATER TREATMENT PHARMA & HEALTHCARE Chemicals PVC APPLICATIONS
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Grasim Industries Limited | Q2FY26 21 Key Operational Metrics Caustic Soda Sales (KT) Revenue Breakup of Chemicals Business (%) *Source: IHS Report CFR SEA Caustic Soda Prices* ($/ton) Grasim – ECU (₹/ton) 30,642 35,911 32,979 31,585 34,469 Q2FY25 Q1FY26 Q2FY26 H1FY25 H1FY26 471 468 449 470 458 Q2FY25 Q1FY26 Q2FY26 H1FY25 H1FY26 53% 53% 49% 52% 51% 21% 19% 21% 20% 20% 26% 28% 30% 28% 29% Q2FY25 Q1FY26 Q2FY26 H1FY25 H1FY26 Specialty Chemicals Chlorine Derivatives Chlor-Alkali 295 303 294 Q2FY25 Q1FY26 Q2FY26 Chemicals 576 597 H1FY25 H1FY26
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Grasim Industries Limited | Q2FY26 22 Q2FY26 Financial Performance Revenue (₹ crore) EBITDA (₹ crore) 273 422 365 Q2FY25 Q1FY26 Q2FY26 2,054 2,391 2,399 Q2FY25 Q1FY26 Q2FY26 Chemicals segment revenue up by 17% YoY at ₹2,399 Cr. led by broad-based strength across Caustic, Chlorine Derivatives, and Specialty Chemicals Specialty Chemicals revenue share stood at 30% however higher input prices impacted the profitability EBITDA up by 34% YoY , driven by higher volumes in Chlorine Derivatives and better ECU realizations Chemicals 4,120 4,789 H1FY25 H1FY26 583 787 H1FY25 H1FY26
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Building Materials Earnings Presentation | Q2FY26 Paints B2B E-commerceCement
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Grasim Industries Limited | Q2FY26 24 India’s Cement Industry Global Cement Production Per Capita Cement Consumption (kg/annum) India is the second largest cement producer in the world, but remains a highly underpenetrated market 51.1% 11.0%2.7% 1.6% 1.2% 1.6% 30.8% China India United States Russia Egypt Brazil ROW Source: Industry estimates, research reports Building Materials 1,340-1,350 1,090-1,100 1000-1010 955-965 790-800 420-470 430-440 360-380 369 310-330 ~303 250-270 230-240 World average: 470-520 kg
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Grasim Industries Limited | Q2FY26 25 Q2FY26 Performance Update – Cement (UltraT ech) Consolidated volumes grew by 6.9% YoY at 33.85 million tons Domestic grey cement realisation grew by 4.5% YoY to ₹5,088/Mt UltraTech existing operations EBITDA/mt grew by 32% YoY at ₹966/mt Ready Mix Concrete (RMC) volume grew by 26% YoY to 3.79 Mn m3, 408 plants spread across 161 cities Premium product mix stood at 37.4%, up 14% in YoY Green Power Mix has increased to 41.6% vs. 30.2% in Q2FY25 UltraTech Building Solutions (UBS) outlets increased to 5,084, contributing 20.5% of total domestic grey sales volume Building Materials
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Grasim Industries Limited | Q2FY26 26 Growing India Decorative Paints Market *In terms of installed capacity Current Scenario Industry Size (FY26e) ₹72,000 Cr. Unorganised Market ~25% Per Capita Consumption ~3.5 kg (Global average of 10 kg/annum) 2nd Largest Player* in Indian Decorative Paints Industry MANUFACTURING PROWESS PAN INDIA DISTRIBUTION AND REACH WIDE AND SUPERIOR PRODUCT RANGE MARKET DIFFERENTIATORS CUSTOMER DELIGHT Estimated CAGR of >10% over the next decade HOUSING DEMAND URBANISATION PREMIUMISATION GROWING ASPIRATIONS Building Materials
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Grasim Industries Limited | Q2FY26 27 Q2FY26 Performance Update – Paints (Birla Opus) ^as per internal estimates of Q2FY26 Organised market share in India; * As per third-party Brand track survey in Urban India Market share^ gains continues despite monsoon related slowdown › Revenue Market share expansion continues in the Decorative Paints market^ with double digit market share including Birla Opus and Birla White Putty revenues › Institutional sales of paints continue to ramp up, supported by robust project pipeline and expanding contractor network Surpassed guidance by expanding reach to 10,000+ towns across India › 140+ depots are operational across India, supporting quick serviceability to dealers and contractors › Expansion of number of exclusive branded franchise retail outlets progressing well Capacity share reached ~24% of Organized Decorative Paints industry › Commenced commercial production of Water Based Paints & Solvent Based Paints at Kharagpur in Oct-25 › Expanded portfolio to 190+ products and 1,750+ SKUs, catering to a broader range of customer needs and market segments Birla Opus, #2 Decorative Paints Brand in top-of-mind brand recall* › New commercial campaign featuring Birla Opus Assurance has received an overwhelming customer response with increasing enquiries and steady growth in site registrations › With 6,00,000+ contractors and painters working with Birla Opus, now becoming their preferred choice of paints Industry-first Opus Assurance and PaintCraft, now offered through dealers & franchisees launched in Aug-25 › Birla Opus Assurance, an industry-first offering launched in Aug-2025 is garnering encouraging feedback, reflecting growing customer trust and confidence in the brand › Launched industry-first features like EMI and GST compliant tax invoices offered by PaintCraft, Birla Opus painting service through dealers and franchisees Total capex spent stood at ₹9,727 Cr. as on 30th Sep 2025 › Project executed without any project overrun and rapid scale-up Building Materials
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Grasim Industries Limited | Q2FY26 28 Comprehensive B2B E-commerce Platform E-commerce platform for Building Materials with end-to-end solutions (Demand prediction, Product assortment, Sourcing, Logistics and Financing) VALUE PROPOSITION PRODUCT CATEGORIES MARKET OPPORTUNITY DEMAND DRIVERS >$200 bn TAM^ for raw materials in construction, chemicals & metal by 2030 <2% Digital Penetration 10% 3-year CAGR MSME enabling efficient procurement & wide reach COMPETITIVE PRICING ASSURED QUALITY GUARANTEED DELIVERY FINANCIAL SOLUTIONS SEAMLESS EXPERIENCE STEEL & ALLIED CEMENT & ALLIED TILES & SURFACES BRICKS & BLOCKS BITUMEN SANITARY WARE PIPES & FITTINGS PLY & LAMINATES METALS CHEMICALS, POLYMERS 40,000+ SKUs 300+ Brands Building Materials ^Total Addressable Market
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Grasim Industries Limited | Q2FY26 29 Q2FY26 Performance Update – B2B E-commerce (Birla Pivot) Revenue grew by 15% QoQ with steady uptick in Annualized Revenue Run- rate (ARR), despite monsoon-led slowdown › On track to achieve revenue of ₹8,500 crores ($1 billion) by FY27, one of the fastest growing B2B E-commerce ventures in India Driving seamless digital adoption across our user ecosystem through intuitive, self-serve platforms designed for frictionless convenience and user delight Product innovation highlights: › Pivot Vault enabled with proactive risk insights and real- time decisioning › Pivot Edge interprets unstructured purchase enquiries, accelerating lead qualification and response velocity Product Portfolio expansion with new categories › Revenue mix continues to improve with increasing contribution from product categories such as Non-ferrous, Bitumen, Chemicals, and Tiles & Ply › Curated range of 40,000+ SKUs across categories with assured quality and savings on overall procurement costs per project. Ongoing enhancement of logistics platform to replicate B2C fulfillment excellence › Powered by real-time tracking and smart delivery modules Expanded into newer geographies & territories › Continue to expand private label portfolio across Tiles, Ply and Bathware categories › Orders delivered to more than 375 cities, 4000+ pin codes so far Working capital and credit platforms scaling as per plans › Proprietary credit system offering tailored lending solutions in collaboration with Banks and NBFCs Building Materials
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Grasim Industries Limited | Q2FY26 30 Q2FY26 Financial Performance Revenue (₹ crore) EBITDA (₹ crore) 1,900 4,291 2,950 Q2FY25 Q1FY26 Q2FY26 17,342 23,733 22,253 Q2FY25 Q1FY26 Q2FY26 Revenue grew by 28% YoY to ₹22,253 Cr. led by all-round performance across Cement, Paints and B2B businesses Cement revenue grew by 20% YoY to ₹19,607 Cr. with incremental revenue from Paints and B2B Ecommerce businesses EBIDTA grew by 55% YoY to ₹2,950 Cr. led by Cement business Building Materials 36,793 45,986 H1FY25 H1FY26 4,790 7,240 H1FY25 H1FY26^ ^ ^ ^ ^Restated due to Kesoram acquisition by Cement business, UltraTech
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Financial Services Aditya Birla Capital Limited Earnings Presentation | Q2FY26 Housing FinanceNBFC Investing and Insurance
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Grasim Industries Limited | Q2FY26 32 Q2FY26 Financial Performance - Aditya Birla Capital Revenue# (₹ crore) Total Lending Book* (₹ crore) 1,37,946 1,65,832 1,77,855 Q2FY25 Q1FY26 Q2FY26 10,252 9,488 10,569 Q2FY25 Q1FY26 Q2FY26 #Revenue as per Ind AS accounting; *Includes NBFC and Housing Finance; @ABCD: Aditya Birla Capital Digital; **as of 30th Sep 2025; ^Aditya Birla Capital PAT adjusted in accordance with Ind-AS 103 for Grasim Consolidation Revenue# grew by 3% YoY at ₹10,569 Cr. › Growth from key segments: • NBFC up by 15% YoY; • Housing Finance grew by 53% YoY; • Health Insurance grew 29% YoY PAT^ grew by 8% YoY at ₹823 Cr. Total Lending Portfolio* up by 29% YoY to ₹1,77,855 Cr. › NBFC business loans to Retail, SME and HNI customers constitute 66% of the total portfolio › Net Interest Income in Housing Finance business grew by 54% YoY to ₹420 Cr. 7.6 million+ App customers** ABCD@, Omnichannel D2C platform is gaining traction with Udyog Plus, B2B platform for MSMEs continues to scale with ~2.4 million registrations and total portfolio of ~₹4,397 Cr. Financial Services 19,058 20,057 H1FY25 H1FY26
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Other Businesses Earnings Presentation | Q2FY26 Renewables InsulatorsTextiles
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Grasim Industries Limited | Q2FY26 34 Q2FY26 Financial Performance Revenue (₹ crore) EBITDA (₹ crore) 45 154 249 Q2FY25 Q1FY26 Q2FY26 778 865 996 Q2FY25 Q1FY26 Q2FY26 Revenue grew by 28% YoY to ₹996 Cr., while EBITDA stood at ₹249 Cr. largely led by Renewable business Renewables business revenue stood at ₹259 Cr. led by higher capacities and one-time revenue of ₹54 Cr. on account of rate differential › The cumulative installed capacity increased to 1.93 GWp, of which 43% is with Group companies › EBITDA stood at ₹208 Cr. (including treasury income of ₹14 Cr.) Textiles business revenue grew by 6% YoY to ₹586 Cr. led by festive demand in premium textiles › EBITDA stood at ₹24 Cr. compared to EBIDTA loss of ₹17 Cr. in Q2FY25 led by normalisation of input prices in linen segment Other Businesses 1,576 1,862 H1FY25 H1FY26 154 403 H1FY25 H1FY26
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Earnings Presentation | Q2FY26 Annexure
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Grasim Industries Limited | Q2FY26 36 Consolidated Income Statement Particulars (₹ crore) Q2FY26 Q2FY25 % Change Q1FY26 % Change Revenue from Operations 39,900 34,223 17 40,118 -1 Other Income 345 401 -14 342 1 EBITDA* 5,217 4,056 29 6,430 -19 EBITDA Margin (%) 13% 12% 16% Finance Cost 869 657 32 816 6 Depreciation 1,899 1,572 21 1,810 5 Share in Profits of JVs & Associates 61 86 -29 69 -11 PBT 2,510 1,914 31 3,872 -35 Add/(Less): Tax Expense (1,012) (847) 19 (1,066) -5 Add/(Less): Exceptional Items - (83) (38) - Consolidated PAT 1,498 983 52 2,767 -46 PAT (Owner’s Share) 553 315 76 1,419 -61 *Net of Finance Cost relating to NBFC/HFC’s businesses Annexure
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Grasim Industries Limited | Q2FY26 37 Standalone Income Statement Particulars (₹ crore) Q2FY26 Q2FY25 % Change Q1FY26 % Change Revenue from Operations 9,610 7,623 26 9,223 4 Other Income 1,419 1,294 10 144 - EBITDA 1,786 1,619 10 528 238 EBITDA Margin (%) 16% 18% 6% Finance Cost 203 161 26 206 -1 Depreciation 502 406 24 478 5 PBT 1,081 1,052 3 (156) - Add/(Less): Tax Expense (276) (281) 2 38 - Add/(Less): Exceptional Items - (50) - Reported PAT 805 721 12 (118) - Annexure
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Grasim Industries Limited | Q2FY26 38 Standalone Capex Plan Particulars (₹ crore) Capex Spent H1FY26 Planned Capex FY26 Cellulosic Fibres 192 839 Capacity Expansion (including debottlenecking) 56 447 Modernisation and Maintenance Capex 136 392 Chemicals (A + B + C) 359 668 (A) Capacity Expansion: Chlor-Alkali & Chlorine Derivatives 98 169 Caustic Soda: (1,505 KTPA >> 1,530 KTPA) 3 10 Chlorine Derivatives: (1,058 KTPA >> 1,137 KTPA) 95 158 (B) Capacity Expansion: Specialty Chemicals Epoxy Polymers & Curing Agents 3 18 (C) Modernisation and Maintenance Capex 259 481 New High Growth Businesses 379 653 Birla Opus (Decorative Paints)^ 375 643 Birla Pivot (B2B E-Commerce) 4 10 Other Businesses Textiles, Insulators & Others 12 103 Total 941 2,263 ^Cumulative Capex for Paints business stood at ₹9,727 crores till 30th Sep 2025 Annexure
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Grasim Industries Limited | Q2FY26 39 Balance Sheet EQUITY AND LIABILITIES Standalone (₹ crore) Consolidated (₹ crore) 30th Sep 2025 30th Jun 2025 30th Sep 2025 30th Jun 2025 Net Worth 55,015 54,340 99,618 97,117 Non-Controlling Interest - - 62,584 61,830 Borrowings related to Financial Services - - 1,53,665 1,43,365 Other Borrowings 12,163 11,413 49,128 46,567 Lease Liability 783 730 2,610 2,599 Deferred Tax Liability (Net) 2,672 2,296 12,974 12,606 Policy Holders Liabilities - - 1,02,385 1,01,835 Other Liabilities & Provisions 9,618 9,438 47,138 48,314 SOURCES OF FUNDS 80,251 78,216 5,30,102 5,16,233 Annexure
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Grasim Industries Limited | Q2FY26 40 Balance Sheet ASSETS Standalone (₹ crore) Consolidated (₹ crore) 30th Sep 2025 30th Jun 2025 30th Sep 2025 30th Jun 2025 Net Fixed Assets 22,134 22,198 1,20,326 1,18,805 Capital WIP & Advances 3,314 3,281 19,095 18,308 Right of Use – Lease (including Leasehold Land) 1,374 1,330 3,079 3,096 Goodwill 3 3 21,482 21,374 Investments: 42,215 40,161 1,10,319 1,09,371 UltraTech Cement (Subsidiary) 2,636 2,636 - - AB Capital (Subsidiary) 18,847 18,847 - - Solar Subsidiaries 1,253 923 - - ABSLAMC, ABHI & ABW - - 8,847 9,049 Other Equity Accounted Investees 613 613 1,163 1,126 Liquid Investments 5,302 4,260 10,532 11,429 Vodafone Idea 2,697 2,465 2,697 2,465 Other Investments 10,866 10,417 21,392 20,584 Investment of Insurance Business - - 65,688 64,718 Assets held to cover Linked Liabilities - - 39,595 39,928 Loans & Advances of Financing Activities - - 1,69,130 1,59,256 Assets held for Sale - - 154 150 Other Assets, Loans & Advances 11,212 11,243 46,922 45,945 APPLICATION OF FUNDS 80,251 78,216 530,102 5,16,233 Net Debt / (Surplus) 6,861 7,153 38,596 35,138 Annexure
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Grasim Industries Limited | Q2FY26 41 Grasim Group Structure Above is not intended to show the complete organizational structure and entities therein. It is intended to describe the key businesses of Grasim *Equity Ownership; **Subsidiary companies; ^^consolidated on equity basis as Joint Venture GRASIM INDUSTRIES LIMITED CELLULOSIC FIBRES CHEMICALS BUILDING MATERIALS OTHER BUSINESSES OVERSEAS PULP & CSF JVs SUBSIDIARIES CSF Chemicals Paints Textiles UltraTech Cement (56.11%)** Vilayat Kharach Nagda Harihar Vilayat Nagda Rehla Renukoot Ganjam Karwar Veraval Balabhadrapuram Panipat Kharagpur Cheyyar Chamarajanagar Mahad Ludhiana Rishra Malanpur Kolhapur AV Group NB Inc. (Canada) (45%)* AGAB (Domsjo) (Sweden) (33.3%)* AV Terrace Bay (Canada) (40%)* CSF JV – Birla Jingwei (China) (26.6%)* Grey Cement India Operations Overseas Operations (UAE, Bahrain & Sri Lanka) White Cement & Putty RMC Plants CFY Kalyan Veraval Pulp Harihar Specialty Chemicals Vilayat B2B E-Commerce Insulators Halol Rishra INDIAN JVs Bhubaneshwari Coal Mining Ltd. (26%)* Birla Advances Knits Pvt. Ltd. (50%)* Aditya Birla Capital (52.43%)** NBFC, Housing Finance Life & Health Insurance Broking, AMC & Wellness Aditya Birla Renewables (100%)** Aditya Birla Power Composites (51%)^^ Annexure
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Grasim Industries Limited | Q2FY26 42 Safe Harbor By attending this presentation or reading these materials, you agree to be bound by the following limitations and restrictions. This presentation is issued by Grasim Industries Limited (the “Company”) for general information purposes only, without regard to any specific objectives, suitability, financial situations, or needs of any particular person. This presentation does not constitute any recommendation or form part of any offer or invitation, directly or indirectly, in any manner or inducement to sell or issue, or any solicitation of any offer to purchase or subscribe for any securities of the Company in any jurisdiction, nor shall it or any part of it, or the fact of its distribution, form the basis of or be relied on in connection with any contract or commitment. This presentation does not solicit any action based on the material contained herein, and no offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. Nothing in this presentation is intended by the Company to be construed as legal, accounting, or tax advice, and it does not take into account an investor’s individual investment objectives, including the merits and risks involved in an investment in the Company or its securities, or an investor’s financial situation, tax position, or particular needs. Slight variations in data and percentages within the graphs and tables may occur due to rounding. No person is authorized to give any information or to make any representation not contained in or inconsistent with this presentation, and if given or made, such information or representation must not be relied upon as having been authorized by the Company. This presentation is not a prospectus, disclosure document, a statement in lieu of a prospectus, an offering circular, an advertisement, or an offer document under the Companies Act, 2013 and the rules made thereunder, as amended, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, or any other applicable law in India. This presentation has not been approved and may not be reviewed or approved by any statutory or regulatory authority in India or by any stock exchange in India. This presentation may include statements which may constitute forward-looking statements. All statements that address expectations or projections about the future, including, but not limited to, statements about the strategy for growth, business development, market position, expenditures, and financial results, are forward-looking statements. Forward-looking statements are based on certain assumptions and expectations of future events and on judgments derived from the information available to the Company at this time. Forward-looking statements can be identified by terminology such as “potential,” "opportunity," “expected,” “will,” “planned,” "estimated", “targeted”, "continue", "on-going" or similar terms. This presentation should not be relied upon as a recommendation or forecast by the Company. Please note that the past performance of the Company is not, and should not be considered, indicative of future results. The Company cannot guarantee that these assumptions and expectations are accurate or will be realised. Actual results, performance, or achievements could differ materially from those projected in any such forward-looking statements. The Company does not undertake to revise any forward-looking statement that may be made from time to time by or on behalf of the Company. Given these risks, uncertainties, and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements. This presentation may not be copied or disseminated, in whole or in part, in any manner or for any purpose. Failure to comply with this restriction may constitute a violation of applicable laws. The information contained in these materials is only current as of the dates specified herein and has not been independently verified. None of the Company, its directors or affiliates, nor any of its or their respective employees, advisers, or representatives, accepts any responsibility or liability whatsoever, whether arising in tort, contract, or otherwise, for any errors, omissions, or inaccuracies in such information or opinions, or for any loss, cost, or damage suffered or incurred, directly or indirectly, from any use of this document or its contents, or otherwise in connection with this document. The Company makes no representation or warranty, express or implied, for the contents of this document, including its accuracy, fairness, completeness, or verification, or for any other statement made or purported to be made by any of them, or on behalf of them, and nothing in this presentation shall be relied upon as a promise or representation in this respect, whether as to the past or the future. The Company undertakes no obligation to update or revise any information, or the opinions expressed in this presentation as a result of new information, future events, or otherwise. Any opinions or information expressed in this presentation are subject to change without notice.
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