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Today's prices ask more of Grasim Industries than of SRF.
At current prices, buyers of Grasim Industries are assuming about 0% growth against 16% in its own record; for SRF it is 14% against 35%. 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: Grasim Industries on estimate withheld; SRF on discounted cash flow.
- Size: Grasim Industries is worth about 2.8 times SRF on the stock market.
- Record: On revenue the two have grown at much the same pace: Grasim Industries compounded at about 15% a year (FY2018–FY2026) and SRF at about 14% (FY2018–FY2026).
- What to watch: the ultratech stake at Grasim Industries; specialty chemicals at SRF.
| Grasim Industries | SRF | |
|---|---|---|
| Price | ₹3,034 | ₹2,475 |
| Market cap | ₹2.06L Cr | ₹0.74L Cr |
| P/E | 42.1 | 32.2 |
| P/B | 2.00 | 5.24 |
| Fair value 🔒 sign in | ₹0,000 | ₹0,000 |
| Upside 🔒 sign in | +00% | +00% |
| Valued on | Estimate withheld | Discounted cash flow |
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.
A diversified chemicals maker from Gurugram
SRF, based in Gurugram, began in technical textiles such as nylon tyre-cord fabric and has grown into one of India's largest specialty chemicals companies. It makes fluorochemicals — refrigerant gases and their building blocks — and custom-made intermediates for global agrochemical and pharmaceutical companies.
02The records side by side
On revenue the two have grown at much the same pace: Grasim Industries compounded at about 15% a year (FY2018–FY2026) and SRF at about 14% (FY2018–FY2026). By revenue, Grasim Industries is about 11.1 times the size of SRF. Grasim Industries kept 5.9% of revenue as net profit in FY2026; SRF kept 11.6% of revenue as net profit in FY2026.
Full ten-year tables and charts are on each company's page: Grasim Industries · SRF.
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.
- Specialty chemicalsLong-term contracts with global innovators earn the best margins.
- Refrigerant gasesNew-generation refrigerants and pricing drive fluorochemical profit.
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.
- Chinese competitionChinese capacity pressures chemical and film prices.
- Agrochemical downturnsDestocking by global agrochemical firms hits orders.
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 SRF 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 SRF at 32.2 times earnings and 5.24 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 SRF?
Grasim Industries is the flagship of the Aditya Birla group. SRF, based in Gurugram, began in technical textiles such as nylon tyre-cord fabric and has grown into one of India's largest specialty chemicals companies.
Are Grasim Industries and SRF valued the same way?
No. Grasim Industries is valued on estimate withheld and SRF on discounted cash flow, because forcing one model onto both would misstate at least one of them.
What does today's price assume for Grasim Industries and SRF?
Worked backwards from the share price, Grasim Industries needs about 0% growth and SRF about 14% growth, against 16% and 35% in their own records.