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We do not publish one number for Grasim Industries — and here is why.
Grasim Industries is really several different businesses under one roof, and they do not work the same way. Adding them together into a single “fair value” would produce a figure that describes none of them. So we value each part on its own terms instead of printing one number that looks tidy and means little.
- How it is valued: business by business, with no single blended figure.
- What the price assumes: 0% growth, against 16% the model takes from its own record.
- Ten-year record: Between FY2018 and FY2026, Grasim Industries' revenue went from ₹57,338 crore to ₹1,75,431 crore — it compounded at about 15% a year over 8 years.
- Biggest swing factor: The UltraTech stake. Main risk: Paints competition.
01A 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.
It also runs its own businesses: viscose staple fibre (a wood-based textile fibre in which it is one of the world's largest producers), chemicals such as caustic soda, Birla Opus paints, launched in 2024, and Birla Pivot, a business-to-business building materials platform.
02What the market is assuming
Work backwards from today's share price and you can see what buyers are quietly taking for granted. Here is the growth that price implies for Grasim Industries, next to what the model assumes from the company's own record.
The further apart these two numbers are, the bigger the bet a buyer at today's price is making.
03Grasim Industries' record, in plain numbers
Between FY2018 and FY2026, Grasim Industries' revenue went from ₹57,338 crore to ₹1,75,431 crore — it compounded at about 15% a year over 8 years. Net profit grew from ₹3,688 crore to ₹10,300 crore, about 14% a year — roughly in step with revenue. In FY2026 it kept 5.9% of revenue as net profit — against a low of 3.8% in FY2019 and a high of 11.7% in FY2022. The latest year added 18.2% to revenue, well ahead of its own long-run pace.
Revenue and earnings per share in ₹, return on equity and leverage as ratios — all from the filed statements.
Revenue and net profit by year (₹ crore)
| Year | Revenue | Net profit | Margin |
|---|---|---|---|
| FY2018 | 57,338 | 3,688 | 6.4% |
| FY2019 | 72,971 | 2,776 | 3.8% |
| FY2020 | 77,625 | 6,677 | 8.6% |
| FY2021 | 76,398 | 6,987 | 9.1% |
| FY2022 | 95,701 | 11,206 | 11.7% |
| FY2023 | 1,17,627 | 11,078 | 9.4% |
| FY2024 | 1,30,978 | 9,926 | 7.6% |
| FY2025 | 1,48,478 | 7,756 | 5.2% |
| FY2026 | 1,75,431 | 10,300 | 5.9% |
04How Grasim Industries gets valued — and why
Estimate withheld — the engine says so itselfThis is a group of businesses with different economics. A single discounted cash flow across all of them averages them into something that describes none of them, so our engine withholds a single blended fair value rather than publishing a number it cannot defend. The parts are valued separately instead.
05What decides Grasim Industries' value
The UltraTech stake
The value of Grasim's UltraTech holding is the largest single part of its worth.
Birla Opus
Paints need heavy investment; whether it earns a return is the biggest open question in Grasim's own business.
Fibre and chemicals cycles
Viscose and caustic soda prices swing with global supply.
The holding-company discount
Markets usually value Grasim below the sum of its stakes.
06What could go wrong
- Paints competition. Asian Paints and others are fighting hard to protect share.
- Commodity downturns. Weak fibre or chemical prices hit Grasim's standalone profit.
- A wider discount. Heavy investment in new businesses can widen the holding-company discount.
07What the full Grasim valuation shows
Sign in free to see the complete Grasim Industries valuation
- ✓Holding-company workings — what Grasim's UltraTech stake is worth per Grasim share, after the discount
- ✓What is not yet counted — stated plainly, so you know the figure is a floor
- ✓Bull, base and bear cases — and exactly which assumptions move between them
- ✓Peer comparison — against UltraTech Cement, Reliance Industries and Adani Enterprises
- ✓Downloadable report — the full write-up, yours to keep
08Compare Grasim Industries with peers
The same valuation, run side by side.
Grasim Industries vs UltraTech CementThe cement subsidiary that carries most of the value here.→Grasim Industries vs Reliance IndustriesBoth conglomerates, valued by their parts rather than in total.→Grasim Industries vs Adani EnterprisesAnother holding structure the model has to value piece by piece.→09Questions people ask about Grasim Industries
Why is Grasim valued as a holding company?
Because most of its value sits in listed companies it controls, mainly UltraTech Cement. Valuing the stakes, then applying a discount, describes it better than one cash-flow model.
What is Birla Opus?
Grasim's decorative paints brand, launched in 2024, competing with Asian Paints and others.
Grasim or UltraTech — which is better value?
Owning Grasim gives indirect exposure to UltraTech plus Grasim's own businesses; the comparison page sets the two side by side.
Is Grasim Industries overvalued?
At ₹3,034 the market is pricing in roughly 0% sustained growth, against the ~16% its own record supports. That is less than it has delivered — on these numbers the market is asking the business for less than its own record, which usually means it doubts the record repeats.
What is the intrinsic value of Grasim Industries?
This business is a group of operations with different economics, so a single blended figure would describe none of them. The parts are valued separately and the breakdown is in the report, rather than one number that cannot be defended.
How much debt does Grasim Industries carry?
Debt to equity stands at 1.52, against 0.85 at the start of the period — the balance sheet is a core input to the cost of capital used here.