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CREATING AND SCALING GROWTH ENGINES FOR VIKSIT BHARAT GRASIM INDUSTRIES LIMITED February 2026 Earnings Presentation Q3FY26
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Grasim Industries Limited | Q3FY26 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 | Q3FY26 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 | Q3FY26 4 Track record of consistent growth Q3Y26 Highlights Revenue TTM ₹1,68,597 Cr. EBITDA TTM ₹24,409 Cr. PAT^ TTM ₹4,505 Cr. ^Owner’s share of PAT; TTM - Trailing Twelve Months (Jan 25 to Dec 25) Revenue (₹ crore) EBITDA (₹ crore) 1,30,978 1,48,478 1,68,597 25,847 31,563 38,191 FY24 FY25 TTM 20,837 20,023 24,409 3,573 2,857 3,346 FY24 FY25 TTM Consolidated Standalone Standalone % in Consolidated Consolidated Standalone Standalone % in Consolidated 20% 21% 23% 17% 14% 14% MARKET LEADERSHIP INNOVATION SUSTAINABILITY CAPITAL ALLOCATION COST LEADERSHIP STRATEGIC PRIORITIES
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Macro Updates Earnings Presentation | Q3FY26
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Grasim Industries Limited | Q3FY26 6 Macro indicators – Q3FY26 In IIP , Manufacturing sector grew at average of 6.2% in Q3FY26, higher than Q3FY25 growth rate of 4.5% › Textiles sector de-grew by ~1.1% on YoY basis › Chemicals sector grew by ~1.3% on YoY basis India Merchandise Exports in Q3FY26 grew by 2% YoY to $111 bn › Exports of Chemical & Related products grew by ~2% YoY › Exports of Textiles and Allied products are de-grew by ~1% YoY basis Credit offtake improved compared to same period last year with Average Non-food bank credit growth of ~14.4% YoY , compared to: › ~10.8% in Q2FY26; › ~11.2% in Q3FY25 Source: Mospi & RBI Macro Updates Index of Industrial Production - IIP (% YoY) India Merchandise Exports ($ billion) Non-Food Bank Credit Growth (%) 4.1 4.3 5.2 Q3FY25 Q2FY26 Q3FY26 108.7 108.7 111.0 Q3FY25 Q2FY26 Q3FY26 11.2 11.0 9.3 10.8 14.4 Dec-24 Mar-25 Jun-25 Sep-25 Dec-25
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Financial Highlights Earnings Presentation | Q3FY26
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Grasim Industries Limited | Q3FY26 8 Q3FY26 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 31st Jan 2026 EBITDA grew by 48% YoY, led by operating efficiencies and lower key input costs (pulp & caustic) › Revenue grew by 9% YoY to ₹4,298 Cr. driven by higher exports and favorable product mix › CFY volumes stood flat due to subdued downstream demand, also realisation remains impacted due to low-priced imports CELLULOSIC FIBRES Revenue grew by 5% YoY driven by chlorine derivatives and specialty chemicals businesses › EBITDA down by 4% YoY due to softness in ECU realisation and lower profitability in specialty chemicals business › Specialty Chemicals revenue grew by 10% YoY; however, profitability was impacted due to higher input prices, mainly ECH CHEMICALS Grey cement capacity (India + Overseas) reached 194.06 mtpa; target to reach 240.76 mtpa by Mar-28 › Revenue up by 23% YoY; Consolidated sales volume up 15% YoY to 38.87 million tons › UltraTech EBITDA/Mt stood at ₹1,051/Mt up by ₹140 YoY and ₹97 QoQ CEMENT Market share gain continues, outpacing industry growth rate, by revenue growth nearly 3 times on QoQ basis › Wide product portfolio in the industry offering 215+ products and 1,845+ SKUs, catering to a broader range of customer needs and market segments › On track to reach 50,000 first time billed dealers, focus continues to increase throughput per dealers now present across 10,400+ towns PAINTS Revenue crosses milestone of ₹8,500 Cr. of annual revenue run-rate (ARR), set to surpass its FY27 guidance › Faster growth in new categories such as Non-Ferrous, Chemicals, Bitumen is driving a healthy mix of revenue across categories › Continue to strengthen Birla Pivot platform by scaling up customer base, expanding credit programs, driving sourcing efficiency, and accelerating digitisation B2B E-COMMERCE Total Lending portfolio (NBFC and HFC) up by 30% YoY to ₹1,90,386 Cr. › Total AUM (AMC, life and health insurance) increased by 19% YoY to ₹5,98,166 Cr. › D2C platform - ABCD, witnessed strong response with more than 9.3 million customer acquisitions^ FINANCIAL SERVICES Highest ever consolidated revenue of ₹44,312 Cr. up 25% YoY led by robust performance across businesses › EBITDA up 33% YoY at ₹6,215 Cr. driven by favorable operating leverage and improved cost efficiencies › ‘Birla Opus’ and ‘Birla Pivot’ are in an investment phase, with a clear roadmap for profitable growth in the coming years CONSOLIDATED PERFORMANCE
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Grasim Industries Limited | Q3FY26 9 Q3FY26 Performance Highlights Consolidated Revenue (₹ crore) EBITDA (₹ crore) Adjusted PAT#* (₹ crore) 35,378 39,900 44,312 Q3FY25 Q2FY26 Q3FY26 4,679 5,217 6,215 Q3FY25 Q2FY26 Q3FY26 820 553 1,168 Q3FY25 Q2FY26 Q3FY26 Standalone Revenue (₹ crore) EBITDA (₹ crore) Adjusted PAT# (₹ crore) 8,120 9,610 10,432 Q3FY25 Q2FY26 Q3FY26 -169 805 -127 Q3FY25 Q2FY26 Q3FY26 Financial Highlights *Owners Share; #excluding exceptional items; ^Restated due to Kesoram acquisition by Cement business (UltraTech) @Dividend Income ^ ^ ^ 460 1,326 372 1,786 585 Q3FY25 Q2FY26 Q3FY26 @
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Grasim Industries Limited | Q3FY26 2,131 1,220 1,573 655 1,189 1,326 2,786 2,409 2,899 9MFY24 9MFY25 9MFY26 10 9MFY26 Performance Highlights Consolidated Revenue (₹ crore) EBITDA (₹ crore) Adjusted PAT#* (₹ crore) 93,251 1,04,211 1,24,330 9MFY24 9MFY25 9MFY26 14,640 13,475 17,861 9MFY24 9MFY25 9MFY26 4,255 2,339 3,161 9MFY24 9MFY25 9MFY26 Standalone Revenue (₹ crore) EBITDA (₹ crore) Adjusted PAT# (₹ crore) 19,080 22,637 29,265 9MFY24 9MFY25 9MFY26 1,386 550 560 9MFY24 9MFY25 9MFY26 Financial Highlights ^ ^ ^ @ @ *Owners Share; #excluding exceptional items; ^Restated due to Kesoram acquisition by Cement business (UltraTech) @Dividend Income @
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Grasim Industries Limited | Q3FY26 11 Consolidated Financial Position Particulars As on 31st Mar 2025 As on 30th Sep 2025 As on 31st Dec 2025 Net Worth (₹ crore) 97,509 99,618 1,02,157 Debt - Equity Ratio 1.16 1.25 1.26 Total Debt to Total Assets 0.37 0.38 0.38 Debt* - Equity Ratio 0.29 0.30 0.29 Net Debt* (₹ crore) 35,402 38,596 38,343 Consolidated Net Debt* to TTM EBITDA stood at 1.57x as on 31st Dec 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 | Q3FY26 12 Improving Sustainability Performance* *Data presented are for standalone businesses; ^includes data for Paints business Increasing % of Renewable Capacity Power Share 11% 11% 24% FY24 FY25^ 9MFY26^ Increasing % of Recycled Water to Freshwater Consumption 50% 45% 50% FY24 FY25^ 9MFY26^ Awards and Achievements Sustainability Highlights Cellulosic Fibres product Birla short-cut fibre received Patent This innovative product enables strong-yet-flushable, eco-friendly nonwovens that disperse quickly to prevent sewer blockages Gold Award 2025 Safety Excellence Grasim Paints, Cheyyar unit won Safety Excellence Award 2025 by Greentech foundation SFS Awards, Jaipur Global Sustainability Award 2025 Grasim’s Textile business won Sustainable Textile Manufacturing Company of the year 2025 by Global Engagement & Empowerment Forum (GEEF) Birla Opus Paints IMS Certified Grasim Birla Opus Paints ISO certified for quality, safety and environment within first two years of operations
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Cellulosic Fibres Earnings Presentation | Q3FY26 Cellulosic Staple Fibre (CSF) Cellulosic Fashion Yarn (CFY)
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Grasim Industries Limited | Q3FY26 CY15 CY25e Synthetic Cotton Cellulosic Fibres CY15 CY25e Synthetic Cotton Cellulosic Fibres 14 Cellulosic Fibres: Fastest Growing in the Fibre Basket Phase 1 capacity of 55 KTPA (proposed capacity of 110 KTPA) of Lyocell is progressing well and commissioning is targeted by mid-2027 ✓ Detailed-engineering progressing as per plan. Major proprietary items orders and balance orders are in negotiation stage 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 9.0% (0.1%) 5.4% CAGR 3.8% 0.0% 4.1% CAGR Cellulosic Fibres
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Grasim Industries Limited | Q3FY26 15 Macro Trends Source: CCF Group China Operating Rate (%) China Inventory (in days) 8 15 12 9 16 Q3FY25 Q2FY26 Q3FY26 9MFY25 9MFY26 Global Prices Trend ($/kg) Price Movement Fibres YoY (%) QoQ (%) Dec Exit Price (Δ over Q3FY26) International CSF (CCF) -7.5% 1.0% 1.52 $/kg ( 0.2% ) Cotton (Cotlook) -8.1% -4.3% 1.63 $/kg ( -1.4% ) International PSF (CCF) -10.5% -2.1% 0.83 $/kg ( 0.9% ) 89 89 94 85 88 Q3FY25 Q2FY26 Q3FY26 9MFY25 9MFY26 Cellulosic Fibres 1.65 1.51 1.52 1.80 1.73 1.65 0.92 0.84 0.82 Q3FY25 Q2FY26 Q3FY26 CSF - CCF Cotton (Cotlook) PSF
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Grasim Industries Limited | Q3FY26 16 Key Operational Metrics CSF Sales (KT) CSF Sales Volume Mix (Q3FY26) CFY Sales (KT) 11.3 11.4 11.3 Q3FY25 Q2FY26 Q3FY26 205 209 219 Q3FY25 Q2FY26 Q3FY26 89% 11% Export Sales Domestic Sales 74% 26% Specialty Fibres Standard Fibres Cellulosic Fibres Specialty sales volume share improved to 26% compared to 21% in Q3FY25 led by higher exports CFY volumes stood flat due to subdued downstream demand CSF sales volume grew by 7% YoY , driven by higher exports and recovery of volumes lost due to temporary logistics challenges in the previous quarter 636 637 9MFY25 9MFY26 31.9 32.7 9MFY25 9MFY26
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Grasim Industries Limited | Q3FY26 17 Q3FY26 Financial Performance Revenue (₹ crore) EBITDA (₹ crore) 331 350 491 Q3FY25 Q2FY26 Q3FY26 3,934 4,149 4,298 Q3FY25 Q2FY26 Q3FY26 Revenue grew 9% YoY led by higher sales volume in CSF and favorable product mix EBITDA grew by 48% YoY led by operating efficiencies and lower key input costs (pulp & caustic) CFY business performance stood flat, constrained by subdued downstream demand and persistent pricing pressure from low-cost imports from China Cellulosic Fibres 11,847 12,491 9MFY25 9MFY26 1,230 1,164 9MFY25 9MFY26
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Chemicals Earnings Presentation | Q3FY26 Chlorine Derivatives Specialty ChemicalsChlor-Alkali
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Grasim Industries Limited | Q3FY26 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. › CPVC project of 50 KTPA at Vilayat is progressing well as per plans and with commissioning by Q4FY26. › Epichlorohydrin (ECH) 50 KTPA Plant construction at Vilayat progressing well, mechanical completion by Q4FY26. › Chlorine Integration to reach ~70% post commissioning and ramp-up of the ongoing projects. › Further, evaluating multiple downstream chlorine chemistries to increase chlorine integration. Chemicals
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Grasim Industries Limited | Q3FY26 20 Focus on Specialty Chemicals *Epoxy Polymers & Curing Agents; ^Others include Agrochemicals, Pharma, Food & Feed, etc. Chemicals Revenue Breakup (Q3FY26) Chlorine Integration Levels (%) 58% 60% 62% 65% 63% FY22 FY23 FY24 FY25 9MFY26 Integration includes chlorine consumption for HCL and pipeline sales for dedicated customers Chlor-Alkali, 53% Specialty Chemicals, 26% 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 | Q3FY26 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) 34,041 32,979 32,079 32,419 33,646 Q3FY25 Q2FY26 Q3FY26 9MFY25 9MFY26 516 449 443 485 453 Q3FY25 Q2FY26 Q3FY26 9MFY25 9MFY26 55% 49% 53% 53% 52% 20% 21% 21% 20% 20% 25% 30% 26% 27% 28% Q3FY25 Q2FY26 Q3FY26 9MFY25 9MFY26 Specialty Chemicals Chlorine Derivatives Chlor-Alkali 303 294 313 Q3FY25 Q2FY26 Q3FY26 Chemicals 879 911 9MFY25 9MFY26
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Grasim Industries Limited | Q3FY26 22 Q3FY26 Financial Performance Revenue (₹ crore) EBITDA (₹ crore) 329 365 315 Q3FY25 Q2FY26 Q3FY26 2,226 2,399 2,345 Q3FY25 Q2FY26 Q3FY26 Chemicals segment revenue grew by 5% YoY led by Chlorine Derivatives and Specialty Chemicals business Specialty Chemicals revenue grew by 10% YoY however, higher input prices, mainly ECH, impacted the profitability EBITDA de-grew by 4% YoY , due to lower ECU and lower profitability in Specialty Chemicals business Chemicals 6,346 7,134 9MFY25 9MFY26 912 1,102 9MFY25 9MFY26
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Building Materials Earnings Presentation | Q3FY26 Paints B2B E-commerceCement
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Grasim Industries Limited | Q3FY26 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.… 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 | Q3FY26 25 Q3FY26 Performance Update – Cement (UltraT ech) Total capacity reached 194.06 mtpa, target to reach 240.8 mtpa by Mar-28 Consolidated volumes grew by 15% YoY at 38.87 million tons Domestic grey cement realisation stood at ₹4,920/Mt lower by 0.4% YoY EBITDA grew by 29% YoY to ₹4,051 Cr. driven by operational efficiencies and lower logistics, fuel and power costs Ready Mix Concrete (RMC) volume grew by 25% YoY to 3.96 Mn m3. The number of plants stood at 425 spread across 163 cities Green Power Mix has increased to 42.1% vs. 31.4% in Q3FY25; Total renewable power capacity reached 1.28 GW UltraTech Building Solutions (UBS) outlets increased to 5,290, contributing 20.4% of total domestic grey sales volume Building Materials
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Grasim Industries Limited | Q3FY26 26 Growing India Decorative Paints Market *In terms of installed capacity Current Scenario Industry Size (FY26e) ₹76,000 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 | Q3FY26 27 Q3FY26 Performance Update – Paints (Birla Opus) ^as per internal estimates of Q3FY26 Decorative Paints Organised market share in India; * As per third-party Brand track survey in Urban India Outpaces revenue growth by nearly 3x the industry growth › Combined (Birla Opus and Birla Putty) revenue market share^ expanded by more than 300 bps YoY, strengthening its #3 position in the industry on back of a) rising brand acceptability, b) rapid expansion of its distribution network, c) strong secondary sales growth & d) differentiation through superior product quality › Institutional sales momentum remains strong, fueled by a solid project pipeline, specification approvals and continued expansion of the contractor ecosystem Exclusive branded franchise retail outlets on track to reach 1,000 nos. across India › These outlets meet diverse needs of customers for high-quality paints, innovative solutions, and a seamless personalised experience › With 145 depots operating across India, Birla Opus ensures strong pan-India reach and faster serviceability for dealers and contractors Capacity utilisation ramping up as per plans › Capacity share at ~24%, 2nd largest in the Organised Decorative Paints market › One of the widest product portfolio in the industry offering 215+ products and 1,845+ SKUs, catering to a broader range of customer needs and market segments Birla Opus strengthens its No.2 position in consumer as a “Top-of-Mind”* brand › New commercial advertisement introduced, featuring “Opus Boy” showing how colours bring ‘feeling of togetherness’ back into our homes On track to reach 50,000 first time billed dealers › Presence across 10,400+ towns › 7,50,000+ contractors and painters associated with Birla Opus, now becoming their preferred choice of paints Total capex spent stood at ₹9,792 Cr. as on 31st Dec 2025 › Project executed without any project overrun and rapid scale-up Building Materials
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Grasim Industries Limited | Q3FY26 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 & metals 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 | Q3FY26 29 Q3FY26 Performance Update – B2B E-commerce (Birla Pivot) Revenue crosses milestone of ₹8,500 Cr. of annual revenue run-rate (ARR) › Set to surpass ₹8,500 crore ($1 billion) in annualised revenue, well ahead of its FY27 guidance, positioning itself among India’s fastest-growing B2B e-commerce ventures. › Continue to strengthen Birla Pivot platform by scaling up our customer base, expanding credit programs, driving sourcing efficiency, and accelerating digitisation. Continued progress in buyer and seller digitisation through digital-first ecosystem (Pivot Grid, Pivot Edge, Pivot XP and Pivot Vault) › Streamlined ordering, invoicing, delivery tracking, and post-delivery workflows, resulting in a more frictionless and scalable procurement experience. Continued expansion of the product portfolio › Faster growth in new categories such as Non- Ferrous, Chemicals, Bitumen is driving a healthy mix of revenue across categories. › Collaborated with RAK Ceramics strengthening the Tiles and Bathware portfolio through expanded assortment and luxury premium offerings. Improving platform stickiness with › Pro active, intelligent & data-driven sales engagement using insights from buyer tenders › Strong repeat rates and consistent growth in transaction volumes. Built on Quality, Delivered at Scale › Offering a wide range portfolio of 40,000+ curated SKUs across 300+ Indian and International brands. › Continue to expand its geographical reach with delivery to 5,000+ pin codes in 400+ cities across 33 states and Union Territories. Integrated Financing Solutions offering tailored lending solutions in collaboration with Banks and NBFCs. › Pivot Vault provides a unified, intelligent buyer monitoring system that combines internal and external data to deliver real-time credit risk and revenue insights. › It enables timely interventions, better credit decisioning and sustained revenue growth. Building Materials
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Grasim Industries Limited | Q3FY26 30 Q3FY26 Financial Performance Revenue (₹ crore) EBITDA (₹ crore) 2,816 2,950 3,737 Q3FY25 Q2FY26 Q3FY26 19,369 22,253 25,173 Q3FY25 Q2FY26 Q3FY26 Revenue grew by 30% YoY to ₹25,173 Cr. led by all-round performance across Cement, Paints and B2B businesses Cement revenue grew by 23% YoY to ₹21,830 Cr. with incremental revenue from Paints and B2B E-commerce businesses EBIDTA grew by 33% YoY to ₹3,737 Cr. led by higher profitability in Cement business and improved performance of Paints and B2B E-commerce businesses Building Materials 56,162 71,159 9MFY25 9MFY26 7,606 10,978 9MFY25 9MFY26^ ^ ^ ^ ^Restated due to Kesoram acquisition by Cement business (UltraTech)
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Financial Services Aditya Birla Capital Limited Earnings Presentation | Q3FY26 Housing FinanceNBFC Investing and Insurance
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Grasim Industries Limited | Q3FY26 32 Q3FY26 Financial Performance - Aditya Birla Capital Revenue# (₹ crore) Total Lending Book* (₹ crore) 1,46,151 1,77,855 1,90,386 Q3FY25 Q2FY26 Q3FY26 9,396 10,569 11,948 Q3FY25 Q2FY26 Q3FY26 #Revenue as per Ind AS accounting; *Includes NBFC and Housing Finance; @ABCD: Aditya Birla Capital Digital; **as of 31st Jan 2026; ^Aditya Birla Capital PAT adjusted in accordance with Ind-AS 103 for Grasim Consolidation Revenue# grew by 27% YoY driven across segments › Housing Finance up by 56% YoY; › Health Insurance up 56% YoY; › Life Insurance up by 34% YoY; › NBFC up by 17% YoY; › AMC up by 16% YoY; › Stock & Securities Broking up by 12% YoY PAT^ grew by 35% YoY at ₹912 Cr. Total Lending* Portfolio up by 30% YoY to ₹190,386 Cr. Lending portfolio (Housing) grew by 58% YoY (48% 3-Yr CAGR) › ABHFL raises growth capital of ₹ 2,750 Cr from Advent International (Now advent holds 14.3% Share in ABHFL) with post money valuation of ₹19,250 Cr. 9.3 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 ~₹5,010 Cr. Financial Services 28,454 32,005 9MFY25 9MFY26
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Other Businesses Earnings Presentation | Q3FY26 Renewables InsulatorsTextiles
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Grasim Industries Limited | Q3FY26 34 Q3FY26 Financial Performance Revenue (₹ crore) EBITDA (₹ crore) 125 249 234 Q3FY25 Q2FY26 Q3FY26 815 996 1,010 Q3FY25 Q2FY26 Q3FY26 Revenue grew by 24% YoY to ₹1,010 Cr. EBITDA grew by 87% YoY to ₹234 Cr. driven by robust performance across businesses i.e., Renewables, Textiles and Insulators Renewables business revenue grew by 82% to ₹221 Cr. largely led by higher capacities The cumulative installed capacity increased to 1.95 GWp, of which 43% is with Group companies › EBITDA grew by 55% YoY to ₹181 Cr. (including treasury income of ₹12 Cr.) Textiles business revenue grew by 11% YoY to ₹620 Cr. › EBITDA stood at ₹37 Cr. led by higher profitability in linen segment due to normalising input prices Other Businesses 2,390 2,871 9MFY25 9MFY26 279 638 9MFY25 9MFY26
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Earnings Presentation | Q3FY26 Annexure
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Grasim Industries Limited | Q3FY26 36 Consolidated Income Statement Particulars (₹ crore) Q3FY26 Q3FY25 % Change Q2FY26 % Change Revenue from Operations 44,312 35,378 25 39,900 11 Other Income 265 372 -29 345 -23 EBITDA* 6,215 4,679 33 5,217 19 EBITDA Margin (%) 14% 13% 13% Finance Cost 933 773 21 869 7 Depreciation 1,975 1,608 23 1,899 4 Share in Profits of JVs & Associates (56) 10 - 61 - PBT 3,251 2,308 41 2,510 30 Add/(Less): Tax Expense (818) (574) 42 (1,012) -19 Add/(Less): Exceptional Items (200) - - - Consolidated PAT 2,233 1,734 29 1,498 49 PAT (Owner’s Share) 1,037 820 26 553 87 Adjusted PAT ^ 1,168 820 42 553 111 @Owners Share; ^excluding exceptional items; *Net of Finance Cost relating to NBFC/HFC’s businesses Annexure @ @ @
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Grasim Industries Limited | Q3FY26 37 Standalone Income Statement Particulars (₹ crore) Q3FY26 Q3FY25 % Change Q2FY26 % Change Revenue from Operations 10,432 8,120 28 9,610 9 Other Income 106 102 4 1,419 -93 EBITDA 585 372 57 1,786 -67 EBITDA Margin (%) 6% 5% 16% Finance Cost 239 181 32 203 18 Depreciation 539 421 28 502 7 PBT (193) (230) 16 1,081 - Add/(Less): Tax Expense 66 62 7 (276) - Add/(Less): Exceptional Items (48) - - Reported PAT (174) (169) -3 805 - Adjusted PAT ^ (127) (169) 25 805 - Annexure ^excluding exceptional items
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Grasim Industries Limited | Q3FY26 38 Standalone Capex Plan Annexure Particulars (₹ crore) Capex Spent 9MFY26 Planned Capex FY26 Cellulosic Fibres 370 839 Capacity Expansion (including debottlenecking) 152 424 Modernisation and Maintenance Capex 218 415 Chemicals (A + B + C) 471 668 (A) Capacity Expansion: Chlor-Alkali & Chlorine Derivatives 130 168 Caustic Soda 4 10 Chlorine Derivatives 126 158 (B) Capacity Expansion: Specialty Chemicals Epoxy Polymers & Curing Agents 6 18 (C) Modernisation and Maintenance Capex 335 482 New High Growth Businesses 445 653 Birla Opus (Decorative Paints) 440 643 Birla Pivot (B2B E-Commerce) 5 10 Other Businesses Textiles, Insulators & Others 24 103 Total 1,310 2,263
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Grasim Industries Limited | Q3FY26 39 Balance Sheet EQUITY AND LIABILITIES Standalone (₹ crore) Consolidated (₹ crore) 31st Dec 2025 30th Sep 2025 31st Dec 2025 30th Sep 2025 Net Worth 56,346 55,015 1,02,157 99,618 Non-Controlling Interest - - 64,309 62,584 Borrowings related to Financial Services - - 1,60,941 1,53,665 Other Borrowings 12,130 12,163 48,797 49,128 Lease Liability 785 783 2,711 2,610 Deferred Tax Liability (Net) 2,866 2,672 13,293 12,974 Policy Holders Liabilities - - 1,06,617 1,02,385 Other Liabilities & Provisions 9,905 9,618 48,201 47,138 SOURCES OF FUNDS 82,032 80,251 5,47,025 5,30,102 Annexure
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Grasim Industries Limited | Q3FY26 40 Balance Sheet ASSETS Standalone (₹ crore) Consolidated (₹ crore) 31st Dec 2025 30th Sep 2025 31st Dec 2025 30th Sep 2025 Net Fixed Assets 23,456 22,134 1,22,624 1,20,326 Capital WIP & Advances 1,877 3,314 18,843 19,095 Right of Use – Lease (including Leasehold Land) 1,363 1,374 3,218 3,079 Goodwill 3 3 21,503 21,482 Investments: 44,011 42,215 1,15,953 1,10,319 UltraTech Cement (Subsidiary) 2,636 2,636 - - AB Capital (Subsidiary) 18,847 18,847 - - Renewables Subsidiaries 1,253 1,253 - - ABSLAMC, ABHI & ABW - - 8,923 8,847 Other Equity Accounted Investees 613 613 1,043 1,163 Liquid Investments 5,248 5,302 10,454 10,532 Vodafone Idea 3,570 2,697 3,570 2,697 Other Investments 11,843 10,866 23,292 21,392 Investment of Insurance Business - - 68,671 65,688 Assets held to cover Linked Liabilities - - 41,813 39,595 Loans & Advances of Financing Activities - - 1,79,496 1,69,130 Assets held for Sale - - 144 154 Other Assets, Loans & Advances 11,321 11,212 43,432 46,922 APPLICATION OF FUNDS 82,032 80,251 5,47,025 5,30,102 Net Debt / (Surplus) 6,882 6,861 38,343 38,596 Annexure
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Grasim Industries Limited | Q3FY26 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 (52.34%)** 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 | Q3FY26 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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