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Today's prices ask more of Adani Enterprises than of Grasim Industries.
At current prices, buyers of Adani Enterprises are assuming about 35% growth against 2% in its own record; for Grasim Industries it is 0% against 16%. That shows which share needs more to go right — not which is cheaper. How far each trades from its estimated fair value is in the full valuations.
- Valuation method: both on estimate withheld.
- Size: Adani Enterprises is worth about 1.8 times Grasim Industries on the stock market.
- Record: On revenue the two have grown at much the same pace: Adani Enterprises compounded at about 13% a year (FY2018–FY2026) and Grasim Industries at about 15% (FY2018–FY2026).
- What to watch: airports at Adani Enterprises; the ultratech stake at Grasim Industries.
| Adani Enterprises | Grasim Industries | |
|---|---|---|
| Price | ₹2,688 | ₹3,034 |
| Market cap | ₹3.64L Cr | ₹2.06L Cr |
| P/E | 63.4 | 42.1 |
| P/B | 4.50 | 2.00 |
| Fair value 🔒 sign in | ₹0,000 | ₹0,000 |
| Upside 🔒 sign in | +00% | +00% |
| Valued on | Estimate withheld | Estimate withheld |
01Two businesses
The Adani group's incubator
Adani Enterprises is the flagship company and incubator of the Adani group. Businesses such as Adani Power, Adani Transmission (now Adani Energy Solutions) and Adani Total Gas began here before being separated and listed on their own. Its largest revenue line is still coal trading, alongside mining services and commercial mining.
A flagship that owns the group's crown jewels
Grasim Industries is the flagship of the Aditya Birla group. It owns a majority of UltraTech Cement, India's largest cement maker, and a large stake in Aditya Birla Capital, the group's financial-services arm.
02The records side by side
On revenue the two have grown at much the same pace: Adani Enterprises compounded at about 13% a year (FY2018–FY2026) and Grasim Industries at about 15% (FY2018–FY2026). By revenue, Grasim Industries is about 1.7 times the size of Adani Enterprises. Adani Enterprises kept 9.9% of revenue as net profit in FY2026; Grasim Industries kept 5.9% of revenue as net profit in FY2026.
Full ten-year tables and charts are on each company's page: Adani Enterprises · Grasim Industries.
03What each price assumes
Work backwards from each share price and you can see what buyers are taking for granted — the rate each company must sustain to justify what it costs, against what its own record supports.
04What decides each one's value
- AirportsPassenger growth and non-aeronautical income such as retail and real estate make airports the most valuable of the new businesses.
- How the capex is fundedAEL is spending heavily; whether that is paid for with debt, new shares or asset sales changes the value left for each existing share.
- The UltraTech stakeThe value of Grasim's UltraTech holding is the largest single part of its worth.
- Birla OpusPaints need heavy investment; whether it earns a return is the biggest open question in Grasim's own business.
05What could go wrong
- Group-level eventsNews about the wider Adani group has moved this share price sharply in the past, regardless of how the businesses were performing.
- LeverageHeavy borrowing to fund new projects raises the cost of capital.
- Paints competitionAsian Paints and others are fighting hard to protect share.
- Commodity downturnsWeak fibre or chemical prices hit Grasim's standalone profit.
06Which is better value?
Sign in free to see which trades further below its worth
- ✓Both fair values per share — each on the method that fits the business
- ✓Every step of both workings — growth, margins and cost of capital, with sources
- ✓Bull, base and bear cases — for each company
- ✓Downloadable reports — the full write-up for each, yours to keep
08Questions people ask
Is Adani Enterprises or Grasim Industries better value?
That turns on how far each share trades from its estimated fair value. Both figures, with every step of the working, are in the full valuations, free to view once you sign in. On the public numbers, Adani Enterprises trades at 63.4 times earnings and 4.50 times book value, and Grasim Industries at 42.1 times earnings and 2.00 times book value — but multiples alone mislead when two businesses work differently, which is why each is valued on the method that fits it.
What is the difference between Adani Enterprises and Grasim Industries?
Adani Enterprises is the flagship company and incubator of the Adani group. Grasim Industries is the flagship of the Aditya Birla group.
Are Adani Enterprises and Grasim Industries valued the same way?
Yes — both on estimate withheld, so their workings compare like for like.
What does today's price assume for Adani Enterprises and Grasim Industries?
Worked backwards from the share price, Adani Enterprises needs about 35% growth and Grasim Industries about 0% growth, against 2% and 16% in their own records.