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Today's prices ask more of Reliance Industries than of Grasim Industries.
At current prices, buyers of Grasim Industries are assuming about 0% growth against 16% in its own record; for Reliance Industries it is 6% against 7%. 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: Reliance Industries is worth about 8.8 times Grasim Industries on the stock market.
- Record: Grasim Industries has grown revenue faster: Grasim Industries compounded at about 15% a year (FY2018–FY2026) and Reliance Industries at about 9% (FY2019–FY2026).
- What to watch: the ultratech stake at Grasim Industries; jio's revenue per user at Reliance Industries.
| Grasim Industries | Reliance Industries | |
|---|---|---|
| Price | ₹3,034 | ₹1,340 |
| Market cap | ₹2.06L Cr | ₹18.13L Cr |
| P/E | 42.1 | 22.1 |
| P/B | 2.00 | 2.01 |
| Fair value 🔒 sign in | ₹0,000 | ₹0,000 |
| Upside 🔒 sign in | +00% | +00% |
| Valued on | Estimate withheld | Estimate withheld |
01Two businesses
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.
Three businesses under one share price
Reliance Industries started out in textiles and petrochemicals and is now India's most valuable listed company. Its oldest engine, oil-to-chemicals (O2C), runs the Jamnagar refining complex and turns crude oil into fuels, polymers and polyester. Profits there rise and fall with global refining margins, which is why the segment is valued as a capital-heavy commodity business.
02The records side by side
Grasim Industries has grown revenue faster: Grasim Industries compounded at about 15% a year (FY2018–FY2026) and Reliance Industries at about 9% (FY2019–FY2026). By revenue, Reliance Industries is about 6.1 times the size of Grasim Industries. Grasim Industries kept 5.9% of revenue as net profit in FY2026; Reliance Industries kept 8.9% of revenue as net profit in FY2026.
Full ten-year tables and charts are on each company's page: Grasim Industries · Reliance 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
- 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.
- Jio's revenue per userThe network is already built, so each tariff increase drops almost straight to profit. How far revenue per user can rise without losing subscribers is the biggest single swing factor in the group's value.
- Retail's store economicsRetail is worth what each store earns once it matures, not how many stores open. Slower same-store growth would shrink this part of the valuation faster than any other.
05What could go wrong
- Paints competitionAsian Paints and others are fighting hard to protect share.
- Commodity downturnsWeak fibre or chemical prices hit Grasim's standalone profit.
- The holding-company discountMarkets often value conglomerates below the sum of their parts, and that discount can last for years.
- New energy is still a betThe solar, battery and hydrogen projects are early, capital-hungry and not yet proven at scale.
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 Grasim Industries or Reliance 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, Grasim Industries trades at 42.1 times earnings and 2.00 times book value, and Reliance Industries at 22.1 times earnings and 2.01 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 Grasim Industries and Reliance Industries?
Grasim Industries is the flagship of the Aditya Birla group. Reliance Industries started out in textiles and petrochemicals and is now India's most valuable listed company.
Are Grasim Industries and Reliance Industries valued the same way?
Yes — both on estimate withheld, so their workings compare like for like.
What does today's price assume for Grasim Industries and Reliance Industries?
Worked backwards from the share price, Grasim Industries needs about 0% growth and Reliance Industries about 6% growth, against 16% and 7% in their own records.