Grasim Industries Limited (BSE: 500300, NSE: GRASIM) today announced its financial results for the quarter ended 31st December 2025. Consolidated revenue for Q3FY26 stood at ?44,312 Cr., up by 25% YoY led by robust performance across businesses. Consolidated EBITDA in Q3FY26 stood at ?6,215 Cr. up by 33% YoY, driven by favorable operating leverage and improved cost efficiencies. Consolidated adjusted PAT for the quarter grew by 42% YoY to ?1,168 Cr. The TTM consolidated revenues stood at ?1,68,597 Cr., up 14% compared to FY25.

Standalone revenue for the quarter crossed a historic milestone of ?10,000 Cr. reaching ?10,432 Cr., up by 28% YoY led by robust growth from Paints and B2B E-commerce coupled with stable core businesses Cellulosic Fibres and Chemicals. Standalone EBITDA in Q3FY26 was up by 57% YoY to ?585 Cr. led by superior performance in Cellulosic Fibres and Textiles businesses, partially offset by initial investment in new businesses 'Birla Opus' and 'Birla Pivot' which are on a clear roadmap for profitable growth in the coming years.

Cellulosic Fibres (Cellulosic Staple Fibre: CSF and Cellulosic Fashion Yarn: CFY)

The China CSF market witnessed a seasonal recovery with operating rates in Q3FY26 reaching its highest levels of 94%, compared to 89% in Q3FY25. Moreover, inventory levels declined to its lowest of 12 days in 9MFY26, reflecting a healthier demand-supply scenario. The stability in CSF pricing during the current year is underpinned by disciplined supply conditions, globally, which has decoupled price movement of CSF vis-à-vis competing fibres like Cotton and Polyster. While the Government of India rescinded the Quality Control Order (QCO), domestic CSF prices continue to remain stable on account of demand and supply equation.

CSF sales volume grew by 7% YoY at 219KT led by higher exports and recovery of volumes lost due to temporary logistics challenges in the previous quarter. Specialty sales volumes were up by 31% YoY led by higher exports during the quarter. CFY business performance stood flat on YoY basis, constrained by subdued downstream demand and persistent pricing pressure from low?cost imports from China. Cellulosic Fibres segment revenue stood at ?4,298 Cr., up 9% YoY mainly led by volume growth and favourable product mix. EBITDA stood at ?491 Cr., up by 48% YoY led by operating efficiencies and lower key input costs (pulp & caustic).

Chemicals (Chlor-Alkali, Chlorine Derivatives and Specialty Chemicals)

Caustic soda international average spot prices (CFR-SEA) for Q3FY26 stood at 2-Yr low levels of $443/ton, down by 14% YoY. However, domestic caustic realisations stood stable due to rupee depreciation. Higher negative Chlorine realisations due to lower demand from end-user industries impacted ECU which stood at ?32,079/ton, down by 6% YoY.

Caustic sales volumes stood highest-ever at 313 KT, up 4% YoY led by stable domestic demand. Overall Chemicals business revenue stood at?2,345 Cr., up 5% YoY. Specialty Chemicals revenue grew by 10% YoY; however, profitability was down due to higher input prices, mainly ECH. EBITDA was lower by 4% YoY at ?315 Cr. due to lower ECU and lower profitability in Specialty Chemicals business.

Capital Expenditure

Capital expenditure (capex) for Q3FY26 stood at ?369 Cr. and for 9MFY26 stood at ?1,310 Cr. In Cellulosic Fibres, Phase-1 of 55 KTPA (out of total 110 KTPA) is progressing well and commissioning is targeted by mid-2027.

Outlook

Grasim Industries is strongly positioned to capitalise on India's accelerating economic momentum, driven by sustained public capex, infrastructure expansion and manufacturing-led growth. The Government's Viksit Bharat vision, anchored in investments across transport, housing, energy transition and urban infrastructure continue to create durable demand across Grasim's businesses. With a strong balance sheet and future-focused investments in place, Grasim is uniquely positioned to participate meaningfully in the next phase of India's growth journey.