Grasim Industries reported a consolidated net loss of Rs 234 crore for the quarter ended 30 September 2026, swinging from a net profit of Rs 595 crore in the same quarter last year, even as revenue rose sharply.

The Aditya Birla Group company reported the results on Friday, 13 November 2026. Revenue from operations increased 26% year on year to Rs 50,105 crore, from Rs 39,900 crore in the second quarter of financial year 2025-26, Upstox reported.

The loss included an exceptional charge of Rs 767 crore towards impairment and estimated exposure in its pulp joint venture, AV Group NB Inc. in Canada, the company said. Consolidated earnings before interest, tax, depreciation and amortisation rose 27% to Rs 9,722 crore, from Rs 7,672 crore a year earlier, with the margin edging up to 19.4% from 19.23%.

Standalone profit surges on UltraTech dividend

The consolidated loss contrasted sharply with the company's standalone results, which exclude the group's subsidiaries. On a standalone basis, Grasim reported its highest-ever quarterly revenue of Rs 12,747 crore, up 33% year on year, Upstox reported.

Standalone reported profit after tax stood at Rs 2,306 crore, up 187% year on year, while adjusted profit after tax before exceptional items rose 289% to Rs 3,132 crore. Standalone EBITDA rose 158% to Rs 4,615 crore.

Reuters reported that the standalone profit was boosted by dividend income of Rs 39.68 billion from UltraTech Cement, the cement company in which Grasim holds a stake. That dividend lifted operating profit by 158% year on year to Rs 46.15 billion, Reuters reported.

Grasim said in a statement quoted by Upstox: "We believe that for this quarter, standalone results reflect actual underlying performance of the company, as compared to consolidated results. The dividend from UltraTech of Rs 3,968 crore is cash received by the company, which is accounted in standalone results, however, gets eliminated in consolidated results."

The standalone profit also accounted for an exceptional charge of Rs 825 crore towards impairment and estimated exposure in the same pulp joint venture, according to Upstox. Reuters reported the one-time impairment charge as Rs 8.25 billion.

Growth businesses keep expanding

Across its businesses, Grasim reported broad revenue growth. Cellulosic fibres revenue rose 29% year on year, led by volume growth and a favourable product mix, while chemicals revenue rose 15%, driven by chlorine derivatives and resilience in caustic soda. Cement revenue grew 19%, mainly supported by volume growth and pricing discipline, Upstox reported.

Reuters reported that the fibre business continued to benefit from higher prices, which helped boost margins, while narrowing losses at the paints and business-to-business e-commerce ventures also aided profit.

The newer Birla Opus paints business reported revenue of Rs 1,337 crore, up 35% year on year, with the company aiming to cross double-digit market share in the second half of financial year 2026-27, Upstox reported. Reuters put Birla Opus revenue at Rs 13.37 billion, the same figure, and noted that Grasim is expanding in a market long dominated by Asian Paints and Berger Paints.

Birla Pivot, the business-to-business e-commerce arm, saw revenue rise 66% year on year to Rs 2,785 crore, with its annualised revenue run rate trending above Rs 11,000 crore. The total lending portfolio of Grasim's financial services business, including its non-banking finance and housing finance operations, grew 32% year on year to Rs 2,33,930 crore.

Shares fall after the results

Following the earnings, Grasim Industries shares were trading at Rs 3,028.40 on the National Stock Exchange, down 2.78%, Upstox reported. The market reaction came despite the record standalone revenue and the strong growth in several newer businesses.

Grasim's capital expenditure budget for financial year 2026-27 is Rs 3,157 crore across all standalone businesses, with nearly 45% allocated to growth projects. Total capital expenditure spent in the first half of the year stood at Rs 1,022 crore, Upstox reported.

The results leave Grasim with a split picture: a consolidated loss driven by an exceptional charge in a Canadian pulp venture, alongside record standalone revenue, a sharply higher standalone profit lifted by the UltraTech dividend, and continued growth in paints, e-commerce and financial services. Investors will watch whether the growth businesses can keep expanding fast enough to offset pressure elsewhere in the group.