ICICI Securities research report on Grasim Industries
At our recently hosted Grasim Industries’ (Grasim) Investors Meet, the management exuded confidence on further ramp-up of its new paint business. Flushed with initial success of product/brand acceptability in the market, Grasim is on track to meet its guidance of seizing a high-single-digit industry market share (on Mar’25 exit basis). Further, buoyed by the success of its economy product range (fetching repeat orders from dealers), Grasim is all set to make its mark in premium decorative paint segment (fortified by recent commissioning of its plant in Mahad). With expected scale-up in institutional segment sales (over 6-9 months) and broader endeavour to operate at optimal capacity utilisation, Grasim reiterated its guidance of INR 100bn revenue and EBITDA breakeven in FY28.
Outlook
Tracking the beaming confidence, we see limited risk to our INR 40bn revenue estimate for the paint segment for FY26. Maintain BUY with an unchanged TP of INR 3,093.
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