Sharekhan's research report on Grasim Industries
Standalone revenues stood at Rs. 8,926 crore up 32% y-o-y while EBITDA fell 58% to Rs. 221 crore. Five out of six planned factories are operational, adding 1,096 MLPA capacity in FY25, representing 21% of India’s organised decorative paints capacity. The final plant at Kharagpur will open in H1FY26, bringing the total capacity to 1,332 MLPA. Birla Pivot has reached an ARR of Rs. 5,000 crore in less than two years, with revenue growing 3.3x compared to FY24. If the current growth rate continues, the goal of hitting Rs. 8,500 crore may be achieved even sooner.
Outlook
We retain a Buy rating with a revised PT of Rs. 2,950, as the company continues to capitalise on growth opportunities, particularly in its paints business.
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