Grasim Industries financials and balance sheet

NSE: GRASIMBSE: 500300Cement & Cement ProductsLarge Cap

₹2,894.00₹0.40 (0.01%)BSE ₹2,898.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹2,894.40.

52-week range of traded prices to 23 Oct 2026

₹2,502.50Low, 23 Mar 2026₹3,411.10High, 10 Aug 2026

Market cap: ₹1,96,960 Cr44th largest listed
P/E: 34.6
P/B: 1.9
Dividend yield: 0.35%
ROE: 5.7%
ROCE: 4.7%
Debt to equity: 1.32
Volume, NSE: 3,14,07547.7% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Grasim Industries annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 2.0% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2021, the company's revenue for that year, ₹76,398 Cr, differs from its quarters added, ₹77,407 Cr. From the year to Mar 2025, the company's revenue for that year, ₹1,48,478 Cr, differs from its quarters added, ₹1,46,484 Cr.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue1,75,431
Materials and goods−43,186
Employee costs−11,246
Other expenses−96,307
Operating profit24,692
Depreciation−7,726
Other income+1,180
One-off items−323
Finance costs−3,540
Profit before tax14,283
Tax−4,172
Joint ventures+189
Net profit10,300

What the company owns

Plant, investments and other assets₹5,19,225 Cr
Current investments₹17,743 Cr
Inventory₹15,429 Cr
Receivables₹10,970 Cr
Cash and bank₹6,188 Cr

What pays for it: net worth and liabilities

Borrowings₹2,24,948 Cr
Net worth₹1,69,865 Cr
Other liabilities₹1,55,307 Cr
Owed to suppliers₹19,435 Cr

Grasim Industries business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Grasim Industries segment results by quarter

Revenue by segment

₹1,77,217 CrTotal

Building Material $₹1,01,202 Cr57.1% of total
Financial Services₹45,427 Cr25.6% of total
Cellulosic Fibres₹17,104 Cr9.7% of total
Chemicals₹9,592 Cr5.4% of total
Others *₹3,892 Cr2.2% of total

Profit by segment

Building Material $₹16,364 Cr65.9% of total
Financial Services₹5,293 Cr21.3% of total
Cellulosic Fibres₹1,751 Cr7.1% of total
Chemicals₹1,406 Cr5.7% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Building Material $
Revenue, ₹ crore
71,953
81,394
1,01,202
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
13,164
12,012
16,364
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Financial Services
Revenue, ₹ crore
15,032
16,706
19,184
22,094
27,365
34,008
40,651
45,427
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
718
757
1,013
1,595
5,603
4,114
4,650
5,293
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Cellulosic Fibres
Revenue, ₹ crore
15,149
14,949
15,897
17,104
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,031
1,722
1,524
1,751
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Chemicals
Revenue, ₹ crore
6,437
5,504
4,581
7,888
10,422
8,213
8,648
9,592
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
1,588
742
302
1,204
2,271
1,054
1,208
1,406
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others *
Revenue, ₹ crore
4,831
4,976
1,454
2,321
3,232
3,087
3,288
3,892
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
336
159
−23
175
290
−5,037
−5,977
−6,847
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	74,005	78,547	76,909	97,112	1,19,408	1,32,210	1,49,878	1,77,217
Company revenue, as in its results	72,971	77,625	76,398	95,701	1,17,627	1,30,978	1,48,478	1,75,431
Revenue	–	–	–	–	–	71,953	81,394	1,01,202
Revenue growth	–	–	–	–	–	–	13.1%	24.3%
Profit	–	–	–	–	–	13,164	12,012	16,364
Profit growth	–	–	–	–	–	–	−8.8%	36.2%
Margin	–	–	–	–	–	18.3%	14.8%	16.2%
Return on capital	–	–	–	–	–	15.5%	10.2%	13.1%
Assets	–	–	–	–	–	1,10,354	1,47,655	1,55,596
Liabilities	–	–	–	–	–	25,559	29,804	30,956
Capital employed	–	–	–	–	–	84,794	1,17,850	1,24,640
Revenue	15,032	16,706	19,184	22,094	27,365	34,008	40,651	45,427
Revenue growth	–	11.1%	14.8%	15.2%	23.9%	24.3%	19.5%	11.7%
Profit	718	757	1,013	1,595	5,603	4,114	4,650	5,293
Profit growth	–	5.4%	33.8%	57.4%	251.4%	−26.6%	13.0%	13.8%
Margin	4.8%	4.5%	5.3%	7.2%	20.5%	12.1%	11.4%	11.7%
Return on capital	2.3%	2.8%	3.6%	5.4%	18.1%	11.0%	11.5%	11.9%
Assets	1,29,637	1,27,134	1,37,153	1,53,499	1,89,519	2,40,490	2,86,590	3,42,522
Liabilities	98,912	99,658	1,08,762	1,23,718	1,58,564	2,03,012	2,46,319	2,98,215
Capital employed	30,725	27,476	28,391	29,781	30,956	37,478	40,271	44,308
Revenue	–	–	–	–	15,149	14,949	15,897	17,104
Revenue growth	–	–	–	–	–	−1.3%	6.3%	7.6%
Profit	–	–	–	–	1,031	1,722	1,524	1,751
Profit growth	–	–	–	–	–	67.0%	−11.5%	14.9%
Margin	–	–	–	–	6.8%	11.5%	9.6%	10.2%
Return on capital	–	–	–	–	10.6%	17.8%	15.0%	17.3%
Assets	–	–	–	–	13,414	13,733	13,573	13,944
Liabilities	–	–	–	–	3,645	4,037	3,415	3,840
Capital employed	–	–	–	–	9,768	9,696	10,158	10,105
Revenue	6,437	5,504	4,581	7,888	10,422	8,213	8,648	9,592
Revenue growth	–	−14.5%	−16.8%	72.2%	32.1%	−21.2%	5.3%	10.9%
Profit	1,588	742	302	1,204	2,271	1,054	1,208	1,406
Profit growth	–	−53.3%	−59.4%	299.0%	88.7%	−53.6%	14.6%	16.4%
Margin	24.7%	13.5%	6.6%	15.3%	21.8%	12.8%	14.0%	14.7%
Return on capital	31.9%	14.3%	5.8%	20.7%	33.7%	15.0%	16.6%	20.0%
Assets	5,903	6,186	6,487	7,705	8,636	8,743	9,070	9,292
Liabilities	927	981	1,304	1,890	1,898	1,725	1,794	2,272
Capital employed	4,977	5,206	5,182	5,815	6,737	7,018	7,277	7,020
Revenue	4,831	4,976	1,454	2,321	3,232	3,087	3,288	3,892
Revenue growth	–	3.0%	–	59.7%	39.2%	−4.5%	6.5%	18.4%
Profit	336	159	−23	175	290	−5,037	−5,977	−6,847
Profit growth	–	−52.7%	–	–	65.9%	–	–	–
Margin	6.9%	3.2%	−1.6%	7.5%	9.0%	−163.2%	−181.8%	−175.9%
Return on capital	6.5%	3.4%	−0.7%	4.8%	3.9%	−25.5%	−24.4%	−25.0%
Assets	6,006	6,329	3,737	4,812	9,359	21,470	25,892	28,569
Liabilities	862	1,592	548	1,204	1,995	1,694	1,435	1,227
Capital employed	5,144	4,737	3,190	3,608	7,364	19,776	24,457	27,342
Revenue	37,379	42,125	44,726	52,599	63,240	–	–	–
Revenue growth	–	12.7%	6.2%	17.6%	20.2%	–	–	–
Profit	5,086	7,229	9,602	9,307	11,123	–	–	–
Profit growth	–	42.1%	32.8%	−3.1%	19.5%	–	–	–
Margin	13.6%	17.2%	21.5%	17.7%	17.6%	–	–	–
Return on capital	9.0%	10.3%	13.0%	13.6%	15.5%	–	–	–
Assets	66,433	81,217	88,057	85,691	92,412	–	–	–
Liabilities	9,762	11,245	14,243	17,160	20,846	–	–	–
Capital employed	56,671	69,972	73,814	68,531	71,566	–	–	–
	0	–	–	–	0	–	–	–
Profit	0	–	–	–	0	–	–	–
Return on capital	0.0%	–	–	–	0.0%	–	–	–
Assets	6,284	–	–	–	11,017	–	–	–
Liabilities	0	–	–	–	0	–	–	–
Capital employed	6,284	–	–	–	11,017	–	–	–
	–	–	–	–	0	–	–	–
Profit	–	–	–	–	−4,552	–	–	–
Assets	–	–	–	–	0	–	–	–
Liabilities	–	–	–	–	0	–	–	–
Capital employed	–	–	–	–	0	–	–	–
Revenue	10,325	9,237	6,965	12,210	–	–	–	–
Revenue growth	–	−10.5%	−24.6%	75.3%	–	–	–	–
Profit	1,668	906	753	1,246	–	–	–	–
Profit growth	–	−45.7%	−16.9%	65.5%	–	–	–	–
Margin	16.2%	9.8%	10.8%	10.2%	–	–	–	–
Return on capital	22.2%	10.7%	9.5%	14.3%	–	–	–	–
Assets	9,534	10,591	10,766	12,874	–	–	–	–
Liabilities	2,030	2,102	2,811	4,171	–	–	–	–
Capital employed	7,504	8,489	7,956	8,703	–	–	–	–
	0	–	–	–	0	–	–	–
Profit	−2,575	–	–	–	−88	–	–	–
Assets	0	–	–	–	0	–	–	–
Liabilities	0	–	–	–	0	–	–	–
	–	–	–	–	0	–	–	–
Profit	–	–	–	–	0	–	–	–
Assets	–	–	–	–	−332	–	–	–
Liabilities	–	–	–	–	−12	–	–	–
	–	–	–	–	0	–	–	–
Profit	–	–	–	–	209	–	–	–
Assets	–	–	–	–	0	–	–	–
Liabilities	–	–	–	–	0	–	–	–
	–	0	0	0	–	–	–	–
Profit	–	0	0	0	–	–	–	–
Assets	–	6,533	6,838	7,050	–	–	–	–
Liabilities	–	0	0	0	–	–	–	–
	–	0	0	0	–	–	–	–
Profit	–	−1,382	−342	−69	–	–	–	–
Assets	–	0	0	0	–	–	–	–
Liabilities	–	0	0	0	–	–	–	–
	–	–	0	0	–	–	–	–
Profit	–	–	189	380	–	–	–	–
Assets	–	–	0	0	–	–	–	–
Liabilities	–	–	0	0	–	–	–	–
	–	–	0	0	–	–	–	–
Profit	–	–	0	0	–	–	–	–
Assets	–	–	−23	−88	–	–	–	–
Liabilities	–	–	−12	−12	–	–	–	–
	–	–	0	–	–	–	–	–
Profit	–	–	0	–	–	–	–	–
Assets	–	–	1,322	–	–	–	–	–
Liabilities	–	–	342	–	–	–	–	–
	–	0	–	–	–	–	–	–
Profit	–	562	–	–	–	–	–	–
Assets	–	0	–	–	–	–	–	–
Liabilities	–	0	–	–	–	–	–	–
	0	–	–	–	–	–	–	–
Profit	29	–	–	–	–	–	–	–
Assets	0	–	–	–	–	–	–	–
Liabilities	0	–	–	–	–	–	–	–

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Grasim Industries quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 25 May	Mar 2020Filed 13 Jun	Mar 2021Filed 24 May	Mar 2022Filed 25 May	Mar 2023Filed 26 May	Mar 2024Filed 23 May	Mar 2025Filed 4 Jul	Mar 2026Filed 20 May
Revenue from operations	40,247	57,338	72,971	77,625	76,398	95,701	1,17,627	1,30,978	1,48,478	1,75,431
	32,862	–	60,952	64,746	61,684	78,750	1,00,761	1,11,406	1,29,914	1,50,739
Materials and goods bought	9,475	12,611	16,232	15,562	12,629	17,372	22,612	25,420	31,867	43,186
Employee costs	–	–	5,193	5,865	5,535	6,328	7,194	7,963	9,722	11,246
Other expenses	–	–	39,527	43,319	43,520	55,050	70,956	78,023	88,325	96,307
Operating profit before depreciation	7,385	–	12,018	12,879	14,714	16,951	16,866	19,572	18,564	24,692
Operating margin	18.3%	–	16.5%	16.6%	19.3%	17.7%	14.3%	14.9%	12.5%	14.1%
Materials, % of revenue	–	–	22.2%	20.0%	16.5%	18.2%	19.2%	19.4%	21.5%	24.6%
Employee costs, % of revenue	–	–	7.1%	7.6%	7.2%	6.6%	6.1%	6.1%	6.5%	6.4%
Other expenses, % of revenue	–	–	54.2%	55.8%	57.0%	57.5%	60.3%	59.6%	59.5%	54.9%
Depreciation and amortisation	1,808	2,724	3,260	4,041	4,033	4,161	4,552	5,001	6,454	7,726
Operating profit after depreciation	5,578	–	8,758	8,839	10,681	12,790	12,314	14,571	12,110	16,966
Other income	948	990	801	967	1,052	821	3,612	1,264	1,459	1,180
Finance costs	702	–	1,781	2,339	1,809	1,296	1,320	1,655	2,802	3,540
Profit before one-off items and tax	5,823	6,798	7,779	7,467	9,924	12,316	14,606	14,180	10,767	14,606
One-off items	0	−433	−2,575	−1,382	−342	−69	−88	−569	−239	−323
Profit before tax	5,823	6,365	5,204	6,085	9,582	12,247	14,518	13,611	10,528	14,283
	1,707	1,947	2,457	−31	3,022	1,936	3,649	3,774	3,069	4,172
Current tax	1,346	1,734	2,342	1,603	1,959	1,954	3,433	3,414	2,249	3,596
Deferred tax	361	213	115	−1,634	1,063	−18	216	360	819	577
Share of profit of joint ventures and associates	129	−727	29	562	189	380	209	89	297	189
Profit from discontinued businesses	–	–	–	–	237	516	–	–	–	–
	4,246	3,688	2,776	6,677	6,987	11,206	11,078	9,926	7,756	10,300
Belonging to the company's shareholders	–	–	1,772	4,425	4,305	7,550	6,827	5,624	3,706	4,966
Belonging to outside owners of subsidiaries	–	–	1,004	2,252	2,682	3,657	4,251	4,301	4,051	5,334
Other comprehensive income	–	–	−2,786	−5,002	4,841	3,281	−3,181	3,962	424	1,483
Total comprehensive income	–	–	−11	1,675	11,828	14,487	7,897	13,888	8,181	11,783
Net margin	10.5%	6.4%	3.8%	8.6%	9.1%	11.7%	9.4%	7.6%	5.2%	5.9%
Net margin without joint ventures and associates	10.2%	7.7%	3.8%	7.9%	8.9%	11.3%	9.2%	7.5%	5.0%	5.8%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2017 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the year to Mar 2017: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because a split, bonus or rights issue between the start of the period and the filing changed the share count the earnings per share is on. Operating expenses, operating profit before depreciation and operating profit after depreciation are left blank for the year to Mar 2018: the statement does not state its finance costs, which operating profit is worked out from, so operating profit is not given. Belonging to the company's shareholders is left blank for the year to Mar 2018: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because the share count moved by more than 5% across the period.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 25 May	Mar 2020Filed 13 Jun	Mar 2021Filed 24 May	Mar 2022Filed 25 May	Mar 2023Filed 26 May	Mar 2024Filed 23 May	Mar 2025Filed 4 Jul	Mar 2026Filed 20 May
	83,160	90,988	1,02,562	1,16,175	1,22,913	1,38,938	1,57,813	1,69,865
	55,773	56,652	65,494	75,698	78,742	88,652	97,509	1,03,470
Share capital	132	132	132	132	132	133	136	136
Reserves	55,642	56,521	65,362	75,567	78,610	88,520	97,373	1,03,334
Belonging to outside owners of subsidiaries	27,387	34,335	37,068	40,476	44,171	50,286	60,304	66,395
	73,021	70,734	62,525	73,003	1,01,348	1,35,102	1,83,649	2,24,948
Repayable after a year	55,587	58,746	52,488	46,546	66,712	86,116	1,23,927	1,56,829
Repayable within a year	17,434	11,988	10,037	26,457	34,635	48,986	59,722	68,119
	45,630	46,137	51,424	57,884	69,533	92,433	1,07,524	1,19,600
Trade payables	5,777	6,689	8,123	14,983	15,431	18,128	15,438	19,435
Other financial liabilities	13,621	20,465	25,354	8,166	10,139	14,172	20,182	19,666
Other liabilities	6,789	4,561	5,587	6,445	6,438	6,971	7,894	7,719
Provisions	1,088	1,312	1,080	816	722	1,226	1,326	1,173
Tax owed	920	1,122	1,243	1,018	2,167	2,951	2,962	3,488
	99,923	1,06,802	1,12,485	1,15,336	1,44,759	1,81,168	2,35,199	2,80,090
Other financial liabilities	349	40,617	50,983	429	1,809	2,124	97,589	2,841
Other liabilities	37,756	127	132	76	16	25	122	149
Provisions	246	315	425	733	766	869	1,074	1,163
Deferred tax	5,985	6,997	8,457	8,527	8,443	9,417	12,487	13,124
Trade payables	0	0	0	59,025	67,012	82,618	–	1,05,983
Liabilities going with businesses held for sale	489	489	586	–	–	–	–	–
	2,29,203	2,44,416	2,67,056	2,89,395	3,37,205	4,12,539	5,00,536	5,69,555
Held for sale or for a demerger	1,095	–	2,319	10	18	23	138	146
	1,80,491	1,92,070	2,07,279	2,32,627	2,69,683	3,26,151	4,06,926	4,56,343
Plant in use, after depreciation	49,654	55,758	53,767	58,149	63,754	69,505	1,03,939	1,12,103
Plant being built	2,698	3,822	5,719	6,572	7,730	18,229	14,610	15,877
Intangible assets	8,980	11,747	11,226	8,895	8,592	8,303	12,697	12,313
Goodwill	17,970	20,047	20,014	20,059	20,138	20,154	21,369	21,596
Intangible assets being developed	37	82	49	43	48	128	155	588
Property held to earn rent	16	16	15	15	14	14	14	13
Investments	24,353	25,481	35,639	44,834	49,026	64,541	75,569	86,742
Stakes in joint ventures and associates	6,284	6,533	6,838	7,050	11,017	10,483	10,025	10,080
Loans given	46,352	46,055	45,744	51,954	70,871	91,749	1,21,077	1,50,501
Other financial assets	20,320	18,157	24,521	28,595	30,603	35,492	39,027	38,719
Deferred tax	47	138	205	246	382	423	495	420
Trade receivables	0	0	0	0	7	2	0	0
Other assets	3,780	4,235	3,541	6,215	7,502	7,130	7,948	7,391
	47,617	52,345	57,459	56,758	67,504	86,365	93,472	1,13,066
Inventories	6,545	6,806	6,197	9,536	11,159	13,545	15,614	15,429
Trade receivables	6,427	5,652	4,342	5,429	5,915	6,979	9,159	10,970
Cash and cash equivalents	1,224	3,073	2,617	2,241	2,313	2,388	4,883	2,798
Other bank balances	652	740	2,349	1,012	1,401	2,261	3,023	3,390
Current investments	6,944	11,494	17,571	14,722	14,806	18,277	17,140	17,743
Loans given	17,178	14,175	14,682	14,247	22,342	31,172	31,573	43,943
Other financial assets	6,375	6,888	7,297	6,796	6,012	7,440	7,377	13,420
Tax paid in advance	39	0	0	0	3	323	141	100
Other assets	2,233	3,518	2,404	2,774	3,553	3,982	4,564	5,275
Net debt	64,202	55,427	39,989	55,029	82,828	1,12,177	1,58,603	2,01,017

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 24 May	Mar 2022Filed 25 May	Mar 2023Filed 26 May	Mar 2024Filed 23 May	Mar 2025Filed 4 Jul	Mar 2026Filed 20 May
	14,701	7,038	−12,685	−10,719	−17,170	−17,810
	16,545	10,003	−10,590	−8,110	−14,619	−15,309
	1,620	−7,164	−28,304	−28,514	−33,768	−42,282
Receivables	−4	−1,074	−455	−1,087	−1,221	−1,587
Inventories	555	−3,341	−1,598	−2,434	−1,153	249
Payables	3,890	4,830	3,009	5,927	361	4,637
Other working capital	−2,821	−7,579	−29,259	−30,921	−31,754	−45,582
Tax paid	−1,844	−2,966	−2,095	−2,609	−2,551	−2,501
Capital spending	3,651	8,588	12,036	19,485	17,181	15,626
Free cash flow	11,050	−1,550	−24,721	−30,204	−34,351	−33,436
	−7,134	−1,052	−13,687	−23,113	−23,982	−17,803
Plant and property sold	98	0	111	163	662	306
Companies bought	0	−42	−19	0	−10,113	−53
Interest received	116	191	312	252	357	266
Dividends received	85	148	197	103	207	356
	−8,014	−6,733	26,469	33,908	43,643	33,523
Borrowings raised	15,967	16,784	45,587	53,367	68,871	69,389
Borrowings repaid	−21,593	−21,065	−16,407	−19,140	−23,763	−30,537
Interest paid	−1,831	−1,323	−1,194	−1,858	−3,016	−3,655
Lease payments	−301	−353	0	−417	−630	−910
Dividends paid	434	1,066	1,151	1,126	1,584	1,671
Shares bought back	0	153	223	133	115	215
Shares issued	0	19	0	3,135	3,144	1,002
Net change in cash	−447	−748	97	76	2,491	−2,090

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Grasim Industries dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 25 May	Mar 2020Filed 13 Jun	Mar 2021Filed 24 May	Mar 2022Filed 25 May	Mar 2023Filed 26 May	Mar 2024Filed 23 May	Mar 2025Filed 4 Jul	Mar 2026Filed 20 May
Earnings per share	₹67.85	₹44.22	₹26.96	₹67.42	₹65.58	₹114.98	₹103.98	₹85.29	₹55.57	₹73.21
Diluted earnings per share	₹67.77	₹44.17	₹26.94	₹67.38	₹65.49	₹114.80	₹103.88	₹85.15	₹55.50	₹73.13
Dividend per share	₹5.50	₹6.20	₹7.00	₹4.00	₹9.00	₹10.00	₹10.00	₹10.00	₹10.00	₹10.00
Book value per share	–	–	₹848.07	₹861.17	₹995.20	₹1,149.82	₹1,195.87	₹1,335.13	₹1,432.80	₹1,520.39
Dividend payout	–	–	26.0%	5.9%	13.8%	8.7%	9.6%	11.8%	18.4%	13.7%
Shareholder yield	–	–	–	–	0.5%	1.1%	1.3%	−1.2%	−0.8%	0.5%
Market cap at the year end (₹ crore)	48,967	69,079	56,418	31,318	95,439	1,09,539	1,07,497	1,55,654	1,77,710	1,74,072

Ratios

Consolidated, years to March.Grasim Industries PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 25 May	Mar 2020Filed 13 Jun	Mar 2021Filed 24 May	Mar 2022Filed 25 May	Mar 2023Filed 26 May	Mar 2024Filed 23 May	Mar 2025Filed 4 Jul	Mar 2026Filed 20 May
Revenue growth	–	42.5%	27.3%	6.4%	–	25.3%	22.9%	11.4%	–	18.2%
Operating profit growth	–	–	–	7.2%	–	15.2%	−0.5%	16.0%	–	33.0%
Net profit growth	–	−13.1%	−24.7%	140.5%	–	60.4%	−1.1%	−10.4%	–	32.8%
Earnings per share growth	–	−34.8%	−39.0%	150.1%	–	75.3%	−9.6%	−18.0%	–	31.7%
	–	–	3.2%	7.9%	7.0%	10.7%	8.8%	6.7%	4.0%	4.9%
	–	–	–	4.7 pts	−0.8 pts	3.6 pts	−1.9 pts	−2.1 pts	−2.7 pts	1.0 pts
From the net margin	–	–	–	4.3 pts	−0.1 pts	2.8 pts	−2.8 pts	−2.3 pts	−2.8 pts	0.5 pts
From asset turnover	–	–	–	0.2 pts	−0.7 pts	1.5 pts	0.7 pts	−0.5 pts	−0.3 pts	0.0 pts
From borrowing	–	–	–	0.2 pts	0.0 pts	−0.7 pts	0.3 pts	0.6 pts	0.3 pts	0.4 pts
Return on capital employed	–	–	5.6%	5.5%	6.5%	6.8%	5.5%	5.3%	3.5%	4.3%
Cash conversion	–	–	–	–	210.4%	62.8%	−114.5%	−108.0%	−221.4%	−172.9%
Interest cover	7.9	–	4.9	3.8	5.9	9.9	9.3	8.8	4.3	4.8
Debt to equity	–	–	0.88	0.78	0.61	0.63	0.82	0.97	1.16	1.32
Receivable days	–	–	32	27	21	21	18	19	23	23
Inventory days	–	–	147	160	179	200	180	194	179	130
Payable days	–	–	130	157	235	315	249	260	177	164
Cash conversion cycle, days	–	–	49	29	−35	−94	−51	−46	25	−11
Working capital days	–	–	53	14	−31	28	44	56	51	78
Asset turnover	–	–	0.32	0.33	0.30	0.34	0.38	0.35	0.33	0.33
Assets per rupee of net worth	–	–	4.11	4.21	4.19	3.94	4.06	4.48	4.90	5.32
Sales per rupee of plant	–	–	1.47	1.39	1.42	1.65	1.85	1.88	1.43	1.56
Capital spending to depreciation	–	–	–	–	0.91	2.06	2.64	3.90	2.66	2.02
Plant being built, % of plant in use	–	–	5.4%	6.9%	10.6%	11.3%	12.1%	26.2%	14.1%	14.2%

Revenue growth, operating profit growth, net profit growth and earnings per share growth are left blank for the years to Mar 2017, Mar 2021 and Mar 2025: between the two periods the company restated its earlier figures, so the two are on different bases and the change is not worked out. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 0.9%
Cash from operations against operating profit: −72.1%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	17.0%	18.1%	14.3%
Profit growth, yearly rate	7.7%	2.9%	−10.1%
Return on equity, average	–	7.0%	5.2%
Return on capital employed, average	–	5.1%	4.4%
Operating margin, average	16.0%	14.7%	13.8%
Net margin, average	7.8%	8.0%	6.2%
Asset turnover, average	–	0.34	0.33
Cash conversion cycle, days, average	–	−35	−11
Interest cover, average	6.6	7.4	6.0
Debt to equity, average	–	0.98	1.15

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	−51,346	−45,699	−17,810
Cash from investing	−79,637	−64,898	−17,803
Cash from financing	1,30,810	1,11,074	33,523
Capital spending	72,916	52,293	15,626
Dividends paid	6,597	4,381	1,671
Shares bought back	838	463	215
Shares issued for cash	7,300	7,281	1,002
Borrowings raised	2,53,998	1,91,627	69,389
Borrowings repaid	1,10,911	73,440	30,537

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	5	5	2	1	1	4
Altman Z-scorePublished threshold 1.81	–	–	1.00	0.91	1.14	1.23	1.12	1.06	0.93	0.91
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.83	−2.21	−2.08	−2.12	−1.98	−2.07
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	−0.23	1.88	11.95	11.67	10.71	8.58
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.31	−0.51	−1.41	−1.63
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−18.45	−21.59	−0.22	−13.96	6.64	17.86	1.62
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	8.11	9.90	16.33	−13.14	8.96	−10.08	−36.71
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	2.27	−0.92	−0.14	0.00	1.66	0.23	3.83
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.38	2.80	0.77	0.76	1.70	0.36	1.00
Effective tax ratePublished threshold 17.16 per cent	29.31	30.59	47.22	−0.50	31.54	15.81	25.13	27.73	29.15	29.21
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−8.41	10.70	8.56	4.92	11.71

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
22 Jul 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Re-affirm		650
22 Jul 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AAAReview, Re-affirm	Stable	585
22 Jul 2026	CRISIL Ratings Limited (opens in a new tab)	Non Convertible Debentures	Crisil AAAReview, Re-affirm	Stable	1,000
22 Jul 2026	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	Crisil A1+Review, Re-affirm		5,000
6 Jul 2026	CARE Ratings Limited (opens in a new tab)	Fund-based-Long Term	CARE AAAReview, Re-affirm	Stable	3,675
6 Jul 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Term Loan	CARE AAAReview, Re-affirm	Stable	5,850
6 Jul 2026	CARE Ratings Limited (opens in a new tab)	Debentures-Non Convertible Debentures	CARE AAAReview, Re-affirm	Stable	1,000
6 Jul 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-BG/LC	CARE A1+Review, Re-affirm		6,750
6 Jul 2026	CARE Ratings Limited (opens in a new tab)	CP / Short Term loan	WithdrawnReview, Other
26 Jun 2026	India Ratings and Research Private Limited (opens in a new tab)	Issuer Rating	IND AAAReview, Re-affirm	Stable
1 Jun 2026	ICRA Limited (opens in a new tab)	Non Convertible Debentures	[ICRA]AAAReview, Re-affirm	Stable	2,000
1 Jun 2026	ICRA Limited (opens in a new tab)	Commercial Paper	[ICRA]A1+Review, Re-affirm		5,000
1 Jun 2026	ICRA Limited (opens in a new tab)	Non-fund based-Letter of credit	[ICRA]AAA /[ICRA]A1+Review, Re-affirm	Stable	4,000

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.