Grasim Industries Ltd
GRASIMGrasim Industries Ltd's earnings have outrun its stock. EPS grew +34.0% in a year against a +17.1% price move.
The sharpest disagreement: profits are rising, but only −163% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch.
The price is in a confirmed uptrend (16 weeks in) while the P/E sits at the 85th percentile of its own 11-year range. Underneath, the last four quarters read improving — profit +38.8% year on year, and −163% of the last 3 years' profit arrived as cash. What settles it: whether the cash starts following the profit.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
Grasim Industries Ltd trades at ₹3,282, in a confirmed uptrend and 16 weeks into that stage. That is +9.1% against its own 200-day average. It sits at 95% of a 52-week range of ₹2,564 to ₹3,323. On relative strength it has been ahead of the NIFTY 500 on a trailing-13-week view for 6 straight weeks.
Today the stock is in a confirmed uptrend — week 16 of stage 2, confirmed. At ₹3,282 it trades +9.1% versus its 200-day average and sits at 95% of its 52-week range (₹2,564–₹3,323).
Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +521% while the NIFTY 500 moved +273% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 6 straight weeks — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
Story check
Grasim Industries Ltd's story is not scored yet against the markers our research file set on 14 June 2026. Where it sits in its own cycle: Not stated in the research file. Still open: 20-25% COGS inflation in paints risks volume elasticity if pricing is too aggressive per C029 Our fortnightly research layers last read it on 27 June 2026.
Our read, 14 June 2026. Grasim is a conglomerate mid-transformation: Birla Opus paints has taken the #3 market share position in 18 months and is closing on #2 per C003, but PE is at the 90th percentile with cycle_normalized verdict RE_RATED_EXPENSIVE per C006 — the re-rating is priced in and EPS must now grow into the multiple.
What is proven. Grasim is a conglomerate mid-transformation: Birla Opus paints has taken the #3 market share position in 18 months and is closing on #2 per C003, but PE is at the 90th percentile with cycle_normalized verdict RE_RATED_EXPENSIVE per C006 — the re-rating is priced in and EPS must now grow into the multiple.
What is not proven yet. 20-25% COGS inflation in paints risks volume elasticity if pricing is too aggressive per C029
🚨 Layer 1 read, 27 June 2026 — DROP. Birla Opus paints optionality is real but the consolidated multiple is re-rating ahead of a four-year EPS decline. Grasim trades at the 88th percentile PE yet consolidated EPS has fallen 34% since FY22 and PAT is still below its FY22 peak, with ROCE at the bottom of its 10-year band. The growth thesis is the loss-making Birla Opus paints ramp toward an FY28 Rs 10,000 crore target, funded by four straight years of negative operating cash flow and Rs 148,775 crore of new borrowings. That is a future-optionality re-rating, not a current earnings engine — so it ranks low though the thesis is not yet violated.
What would change Layer 1’s mind. Birla Opus EBITDA losses narrowing toward break-even in FY27 AND consolidated OCF turning positive (per the timeline falsification on C019/C016) would convert the re-rating into a real earnings turn and move this up; conversely Opus missing Rs 7,000 Cr by FY27 or borrowings exceeding Rs 250,000 Cr without OCF improvement would push it to DROP.
The test written in advance. Raw material inflation 20-25% of COGS in Birla Opus — Raw material inflation 20-25% of COGS in Birla Opus by the next result.
The test written in advance. OCF negative four consecutive years; borrowings elevated per C016 — OCF negative four consecutive years; borrowings elevated per C016 If FY27 OCF does not improve from FY26 level as Birla Opus capex normalizes, the debt sustainability thesis breaks by the next result.
The test written in advance. Management consistency: four documented narrative reversals — Management consistency: four documented narrative reversals by the next result.
Lever 15 · Market-share gains — BUILDING. Birla Opus crossed 10% revenue market share in March 2026, #3 position per C003. Combined Birla Opus plus white putty within striking distance of incumbent #2 per C025. Distribution 11,500 towns, 50,000+ dealer touchpoints per C004. FY28 target Rs 10,000 Cr per C005. Institutional sales momentum per C026b. What proves it keeps working: Birla Opus market share compounding toward #2 position. It stops working if If Q1 FY27 secondary sales decline exceeds 10% sequentially, pricing is inelastic and break-even timeline slips materially.
Lever 2 · Value-added mix — BUILDING. Cellulosic fiber FY26: revenue Rs 17,104 Cr (+8% YoY per C026), EBITDA Rs 1,751 Cr (+15% YoY per C027) — EBITDA growing faster than revenue. Phase-1 Lyocell 55,000 MTPA expansion at Harihar progressing per C026. Operating leverage confirmed. What proves it keeps working: Cellulosic fiber margin expansion on volume and specialty mix. It stops working if If Q1 FY27 secondary sales decline exceeds 10% sequentially, pricing is inelastic and break-even timeline slips materially.
Sources: our stock research file (14 June 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.
Revenue Revenue is the top line: everything the company billed its customers in the period.
Grasim Industries Ltd reported ₹48,716 Cr of revenue in the Jun 26 quarter, +21.4% year on year. That is the 11th straight quarter of year-on-year growth. Over 10 years it has compounded at 17.7% a year. The last full year, FY26, came in at ₹1,75,431 Cr. The last four reported quarters add to ₹1,84,029 Cr.
Why this happened. Birla Opus crossed 10% revenue market share in March 2026, #3 position per C003. Combined Birla Opus plus white putty within striking distance of incumbent #2 per C025. Distribution 11,500 towns, 50,000+ dealer touchpoints per C004. FY28 target Rs 10,000 Cr per C005. Institutional sales momentum per C026b.
FY26 revenue came in at ₹1,75,431 Cr (+18.2% on the year), capping 10 years at 17.7% compound. The latest quarter (Jun 26) printed ₹48,716 Cr, +21.4% year on year — the 11th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +19.7% growth against the decade's 17.7% — the current year is running faster than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +19.5% over the last 4 quarters against +17.0%/yr over the last 8 — stabilising; TTM profit +33.1% vs +9.4%/yr — accelerating.
FY26-Q4. revenue ₹51,101 Cr and profit ₹3,684 Cr as reported.
FY27-Q1. revenue ₹48,716 Cr and profit ₹3,846 Cr as reported.
Why-sources: our stock research file (14 June 2026) and the company’s own results for those quarters.
Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
Grasim Industries Ltd's operating margin is 23.0% in the Jun 26 quarter, +1.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 15.0% to 24.0%. The current quarter sits inside that band.
Why this happened. Cellulosic fiber FY26: revenue Rs 17,104 Cr (+8% YoY per C026), EBITDA Rs 1,751 Cr (+15% YoY per C027) — EBITDA growing faster than revenue. Phase-1 Lyocell 55,000 MTPA expansion at Harihar progressing per C026. Operating leverage confirmed.
The latest quarter's operating margin is 23.0%, +1.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 15.0%–24.0%.
Why the margin moved: operating margin went +0.9 pp year on year while gross margin went +0.4 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.
FY26-Q4. revenue ₹51,101 Cr and profit ₹3,684 Cr as reported.
FY27-Q1. revenue ₹48,716 Cr and profit ₹3,846 Cr as reported.
Why-sources: our stock research file (14 June 2026) and the company’s own results for those quarters.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
Grasim Industries Ltd earned ₹3,846 Cr of net profit in the Jun 26 quarter, +38.8% year on year. It is the 6th consecutive quarter of growth. Full-year FY26 profit was ₹10,300 Cr. The 10-year compound rate is 11.5%. That is 7.9% of the quarter's revenue. The same quarter a year earlier earned ₹2,771 Cr.
Jun 26 profit was ₹3,846 Cr, +38.8% year on year — the 6th consecutive quarter of growth. On the full year, FY26 printed ₹10,300 Cr (+32.8%), and the 10-year compound rate is 11.5%.
Why profit moved: revenue contributed +21.4% and the margin +1.0 pp — the quarter was revenue-led, with the margin roughly flat.
Pace comparison, last four quarters: profit +36.0% vs revenue +19.7%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.
FY26-Q4. revenue ₹51,101 Cr and profit ₹3,684 Cr as reported.
FY27-Q1. revenue ₹48,716 Cr and profit ₹3,846 Cr as reported.
Why-sources: our stock research file (14 June 2026) and the company’s own results for those quarters.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years −163% of Grasim Industries Ltd's reported profit arrived as operating cash — a gap worth watching. In FY26 that was ₹−17,810 Cr of operating cash against ₹10,300 Cr of profit. After ₹17,730 Cr of capital spending, ₹−35,540 Cr was left as free cash.
FY26: operating cash of ₹−17,810 Cr against reported profit of ₹10,300 Cr, leaving free cash of ₹−35,540 Cr after ₹17,730 Cr of capital spending. Across the last 3 fiscal years the conversion rate is −163% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
🚨 Why conversion sits at −163%: the cash cycle stretched 30 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving. Less than 70% of profit arriving as cash is the thing to watch on this page.
Router verdict: conversion is below par and the cash cycle has stretched 30 days — the next section's job is to find where the cash is stuck.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
Grasim Industries Ltd's cash conversion cycle runs 1 days in FY26, up from −29 days in FY21. Capital spending ran ₹82,424 Cr over the last 3 years. At FY26 sales of ₹1,75,431 Cr each day of that cycle holds about ₹481 Cr, so roughly ₹481 Cr sits inside the business at any moment.
FY26: debtors at 23 days, inventory at 130 days — roughly 4.3 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 1 days, looser than FY21's −29.
The full loop: cash goes out to suppliers and production on day 0; stock waits 130 days to sell; customers pay about 23 days after that; and suppliers themselves are paid at 152 days — netting out to the 1-day cycle.
In money terms: at FY26 sales of ₹1,75,431 Cr, each day of the cycle holds about ₹481 Cr — so the 1-day loop keeps roughly ₹481 Cr sitting inside the business at any moment.
On the investment side: capital spending of ₹82,424 Cr over the last 3 fiscal years against ₹19,181 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹16,465 Cr (FY26) — capacity paid for but not yet earning.
The synthesis: the working-capital loop is the cash sink the router flagged — watch the cycle, not the P&L.
Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.
Grasim Industries Ltd earns a ROCE of 8% in FY26. A return-on-invested-capital spread against the cost of capital is not computable from what is held here. The wiring behind it is 5.9% net margin on 0.31× asset turns.
FY26 ROCE is 8%.
Why the return is what it is — the wiring (FY26): 5.9% net margin × 0.31× asset turns × 5.50× balance-sheet leverage ≈ 10.1% on equity. Margin does its share; leverage is a meaningful part of the equation.
The quarterly return curves and the return-on-invested-capital overlay, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 14% on reported income across 15 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
Debt Debt-to-equity says how much of the business is funded by borrowings; interest cover says how many times operating profit pays the interest bill. Low and high, respectively, is the safe corner.
Grasim Industries Ltd carries ₹2,27,853 Cr of borrowings against ₹1,03,470 Cr of equity in FY26, a debt-to-equity of 2.20. Operating profit covers the interest bill 2×. Over 5 years borrowings went from ₹79,078 Cr to ₹2,27,853 Cr. Capital spending ran ₹82,424 Cr across the last 3 of those years.
FY26: borrowings of ₹2,27,853 Cr against equity of ₹1,03,470 Cr — a debt-to-equity of 2.20. Operating profit covers the interest bill 2×. Over 5 years borrowings went from ₹79,078 Cr to ₹2,27,853 Cr while capital spending ran ₹82,424 Cr in just the last 3 — part of the build-out is riding on borrowed money.
The total-debt and debt-to-equity series, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 14% on reported income across 15 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.
No holder of Grasim Industries Ltd moved a full percentage point over the last two years — the register is quiet. Promoters moved +0.7 points over the same window, to 43.7%. The register is read on the four disclosed classes only; nothing is inferred between filings.
The register over the last two years — Foreign institutions: +0.9 points over 8 quarters to 14.6%; Promoters: +0.7 points over 8 quarters to 43.7%; Domestic institutions: −0.5 points over 8 quarters to 16.1%.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
Grasim Industries Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.
Grasim Industries Ltd trades at 38.9× P/E, at the pricey end of its own range (85th percentile). Its long-run median P/E is 18.7×, measured across 10.6 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 38.9× is at the pricey end of its own range (85th percentile), against a long-run median of 18.7× measured over 10.6 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.
Why the multiple sits where it does: over the past year annual EPS moved +34.0% against a +17.1% price move — earnings outran the price, pushing the multiple DOWN its own range.
The price move, decomposed: over 5y, of the +15.6%/yr price move, ~−0.2%/yr came from earnings growth and ~+15.8 pp from the multiple (expanding); over 10y, of the +15.8%/yr price move, ~+2.1%/yr came from earnings growth and ~+13.7 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.
The PEG ratio and its quarterly curve, which only the second data source carries, are not drawn on this page: its two data sources disagree by up to 14% on reported income across 15 comparable periods. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.
Solved at its 29 June 2026 price, Grasim Industries Ltd was paying for profit growth of about 14.6% a year. Profit itself has compounded 11.5% a year over the past 10 years. Today the market pays 38.9× P/E, the 85th percentile of its own 11-year range.
What the two numbers say together. The multiple is full against its own past, and the growth the price is paying for is close to what this company has actually delivered.
How to hold this number: it is a reading of one day's price, taken on 29 June 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 11 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.
Stage: Improving Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
Grasim Industries Ltd reads as improving on its fundamental arc. Improving — profit growth bottomed 7 quarters ago at −26.6% and has held its recovery at +33.1%, ROCE holding at 8.0%. The read is built from 8 quarters across 4 curves, on partial evidence.
Why it matters: a sustained climb off the trough is the setup this page is built to catch — the question moves to what you pay for it.
Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.
A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +18.2% | +14.3% | +18.1% | +17.7% |
| Profit | +32.8% | −2.4% | +8.1% | +11.5% |
| EPS | +34.0% | −10.1% | +2.9% | +3.6% |
| Share price | +17.1% | +21.2% | +15.6% | +15.8% |
4-Factor Sector Score
60.0/100 — rank 3 of 20 in Diversified · 82% evidence confidence
Grasim Industries Ltd scores 60.0 out of 100 against the 20 companies it is compared with in Diversified, ranking 3. Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
The four contributions add to the total exactly: 24.3 + 13.1 + 6.8 + 15.8 = 60. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Said versus delivered
What Grasim Industries Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.
Paints FY27 Growth Guidance Raised Without Reconciliation · 12 August 2026. In May 2026, management described Birla Opus FY27 growth as high double-digit. In August 2026, it guided to more than 50% year-on-year growth, a material upward revision that was not reconciled with the prior outlook or explained by a specific change in assumptions.
Lyocell Expansion Scope Changed · 12 August 2026. The May and February 2026 calls described the Harihar Lyocell plan as a 55,000 TPA Phase 1 within a total proposed 110,000 TPA expansion. In August 2026, management described a 55,000 TPA Phase 1 plus a separate 110,000 TPA Phase 2, implying 165,000 TPA in total; the call did not explain the apparent increase in project scope or the associated Rs. 3,094 crore Phase 2 project.
Market Share Growth Discrepancy · 11 February 2026. In the November 2025 call, management claimed an aggressive market share expansion of 700 to 800 basis points within a single quarter. This is materially inconsistent with the February 2026 call, where the year-over-year expansion is cited as 'more than 300 basis points,' a significantly lower figure that undermines the prior reporting of their competitive gains. Earlier call (Nov 2025): “last quarter, we had talked about reaching double digit, and we have grown more than 700 to 800 basis points in this quarter further.” Later call (Feb 2026): “Birla Opus, the third largest decorative paints player, expanded its revenue market share by more than 300 basis points year-over-year based on internal estimates and the announced results of listed paints majors.”
Industry Demand Narrative Reversal · 11 February 2026. Management previously utilized a narrative of a 'degrowing' or 'sluggish' industry to describe the market environment in the August and November 2025 calls. However, in the February 2026 call, they shifted to a more optimistic assessment, stating that the industry is seeing 'good to strong consumer demand' based on double-digit volume growth, effectively contradicting the earlier risk narrative. Earlier call (Nov 2025): “If I had to summarize the world in one line today, globally, this a low speed economy with pockets of strength... organized decorative paint industry has degrown slightly on a year-on-year basis.” Later call (Feb 2026): “industry revenue growth including Opus rises to 5-6% and volume growth jumps to 11-12%. In my economic understanding, double-digit volume growth reflects good to strong consumer demand.”
Every quote above is taken word for word from the company’s own earnings calls.
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Sobhagya Mercantile Ltd512014 | 62.8/100Mixed-positive evidence75% evidence | BREAKING OUT | 15.9/35 Revenue 21.9% · PAT 8.1% · OPM change -0.5 pp 95% evidence | 19.1/25 ROCE 23.4% · OPM 14.4% 76% evidence | 9.3/20 P/E 70.7× · PEG — 15% evidence | 18.5/20 RS sector 45.9% · RS bench 52.9% · 1Y 54.3%6 of 12 weeks ahead 100% evidence |
| Exact sum: 15.9 + 19.1 + 9.3 + 18.5 = 62.8 · Decision use: Price leads the evidence: RS versus the benchmark is 52.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation. | ||||||
| 2Kalind Ltd526935 | 60.5/100Mixed-positive evidence82% evidence | 30.6/35 Revenue 100% · PAT 100% · OPM change 21 pp 95% evidence | 18.2/25 ROCE 32% · OPM 63% 76% evidence | 11.1/20 P/E 13.9× · PEG — 50% evidence | 0.6/20 RS sector -89.7% · RS bench -36.7% · 1Y -77%0 of 8 weeks ahead to 2026-08-16 100% evidence | |
| Exact sum: 30.6 + 18.2 + 11.1 + 0.6 = 60.5 · Decision use: Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -89.7% and the one-year return is -77%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth. | ||||||
| 3Grasim Industries Ltdthis pageGRASIM | 60.0/100Mixed-positive evidence82% evidence | LEADER | 24.3/35 Revenue 19.5% · PAT 33.1% · OPM change 1 pp 95% evidence | 13.1/25 ROCE 8% · OPM 23% 76% evidence | 6.8/20 P/E 38.9× · PEG — 50% evidence | 15.8/20 RS sector 8.6% · RS bench 14% · 1Y 17%10 of 12 weeks ahead 100% evidence |
| Exact sum: 24.3 + 13.1 + 6.8 + 15.8 = 60 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 4BCL Industries LtdBCLIND | 57.1/100Mixed-positive evidence87% evidence | ASLEEP | 20.1/35 Revenue -13.1% · PAT 15.2% · OPM change 3 pp 95% evidence | 14.9/25 ROCE 13.9% · OPM 10% 95% evidence | 13.1/20 P/E 8.7× · PEG — 50% evidence | 9.0/20 RS sector -2.8% · RS bench 2% · 1Y -15.6%5 of 12 weeks ahead 100% evidence |
| Exact sum: 20.1 + 14.9 + 13.1 + 9 = 57.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 5Indiabulls LimitedIBULLSLTD | 56.0/100Mixed-positive evidence67% evidence | LEADER | 18.4/35 Revenue 100% · PAT 100% · OPM change 28 pp 71% evidence | 14.1/25 ROCE 16.2% · OPM 43% 76% evidence | 10.6/20 P/E 12.6× · PEG — 15% evidence | 12.9/20 RS sector 33.2% · RS bench 38.6% · 1Y 34.9%12 of 12 weeks ahead 100% evidence |
| Exact sum: 18.4 + 14.1 + 10.6 + 12.9 = 56 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 6Balmer Lawrie & Company LtdBALMLAWRIE | 54.3/100Mixed-positive evidence82% evidence | BASING | 17.1/35 Revenue 8.9% · PAT 3.8% · OPM change 1 pp 95% evidence | 15.1/25 ROCE 14.6% · OPM 13% 76% evidence | 14.5/20 P/E 10.3× · PEG — 50% evidence | 7.6/20 RS sector -10.7% · RS bench -6.1% · 1Y -25.7%1 of 12 weeks ahead 100% evidence |
| Exact sum: 17.1 + 15.1 + 14.5 + 7.6 = 54.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 7Nurture Well Industries Ltd531889 | 52.6/100Mixed-positive evidence75% evidence | TURNING | 19.8/35 Revenue 34% · PAT 27% · OPM change 1 pp 95% evidence | 16.5/25 ROCE 22.9% · OPM 11% 76% evidence | 11.5/20 P/E 8.4× · PEG — 15% evidence | 4.8/20 RS sector -33.6% · RS bench -29.8% · 1Y 14.9%1 of 12 weeks ahead 100% evidence |
| Exact sum: 19.8 + 16.5 + 11.5 + 4.8 = 52.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 8Texmaco Infrastructure & Holdings LtdTEXINFRA | 51.9/100Mixed-positive evidence80% evidence | LEADER | 18.9/35 Revenue 5.5% · PAT 100% · OPM change -37.9 pp 95% evidence | 7.4/25 ROCE 1.4% · OPM -48.8% 95% evidence | 8.5/20 P/E 162× · PEG — 15% evidence | 17.1/20 RS sector 10% · RS bench 15.5% · 1Y 22.5%11 of 12 weeks ahead 100% evidence |
| Exact sum: 18.9 + 7.4 + 8.5 + 17.1 = 51.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 93M India Ltd3MINDIA | 51.2/100Mixed-positive evidence94% evidence | FADING | 21.9/35 Revenue 15.7% · PAT 16.1% · OPM change -3 pp 100% evidence | 18.7/25 ROCE 50% · OPM 17% 100% evidence | 1.8/20 P/E 83.6× · PEG 3.29 100% evidence | 8.8/20 RS sector -3.7% · RS bench -0.7% · 1Y 7.7%4 of 10 weeks ahead 70% evidence |
| Exact sum: 21.9 + 18.7 + 1.8 + 8.8 = 51.2 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression. | ||||||
| 10Bluspring Enterprises LtdBLUSPRING | 44.0/100Thin evidence · provisional57% evidence | BREAKING OUT | 18.8/35 Revenue 11.8% · PAT 90.6% · OPM change 0.7 pp 71% evidence | 4.2/25 ROCE 5.2% · OPM 2.2% 95% evidence | 8.7/20 P/E 130× · PEG — 15% evidence | 12.3/20 RS sector — · RS bench 65.6% · 1Y 63.2%10 of 10 weeks ahead 25% evidence |
| Exact sum: 18.8 + 4.2 + 8.7 + 12.3 = 44 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 11Nava LtdNAVA | 42.4/100Mixed-negative evidence93% evidence | BASING | 10.0/35 Revenue 9% · PAT -29.9% · OPM change -6 pp 100% evidence | 13.1/25 ROCE 12.8% · OPM 43% 100% evidence | 12.9/20 P/E 20.6× · PEG 1.16 65% evidence | 6.4/20 RS sector -9.8% · RS bench -5.3% · 1Y -18.7%1 of 12 weeks ahead 100% evidence |
| Exact sum: 10 + 13.1 + 12.9 + 6.4 = 42.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 12Tube Investments of India LtdTIINDIA | 37.5/100Mixed-negative evidence100% evidence | ASLEEP | 15.6/35 Revenue 17.6% · PAT 6.6% · OPM change -1 pp 100% evidence | 15.4/25 ROCE 17.1% · OPM 9% 100% evidence | 3.0/20 P/E 80.5× · PEG 9.63 100% evidence | 3.5/20 RS sector -10.7% · RS bench -6.2% · 1Y -12.8%3 of 12 weeks ahead 100% evidence |
| Exact sum: 15.6 + 15.4 + 3 + 3.5 = 37.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 13Bharat Global Developers LtdBGDL | 37.4/100Mixed-negative evidence63% evidence | 8.2/35 Revenue -80% · PAT -80% · OPM change 4.2 pp 95% evidence | 7.2/25 ROCE 0% · OPM — 61% evidence | 10.0/20 P/E — · PEG — 0% evidence | 12.0/20 RS sector 165.8% · RS bench -36.8% · 1Y -47.4%0 of 12 weeks ahead 70% evidence | |
| Exact sum: 8.2 + 7.2 + 10 + 12 = 37.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 14Andrew Yule & Company LtdANDREWYU | 36.1/100Mixed-negative evidence66% evidence | TURNING | 14.9/35 Revenue -4.8% · PAT -80% · OPM change 25.9 pp 95% evidence | 3.7/25 ROCE -6.3% · OPM -23.4% 76% evidence | 10.0/20 P/E — · PEG — 0% evidence | 7.5/20 RS sector -37% · RS bench 9.7% · 1Y -1.1%6 of 11 weeks ahead 70% evidence |
| Exact sum: 14.9 + 3.7 + 10 + 7.5 = 36.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 15Kesar Enterprises LtdKESAR | 35.0/100Thin evidence · provisional51% evidence | 14.4/35 Revenue -9% · PAT 34.7% · OPM change -22132 pp 62% evidence | 4.9/25 ROCE -19.5% · OPM — 61% evidence | 10.0/20 P/E — · PEG — 0% evidence | 5.7/20 RS sector -44.4% · RS bench 0% · 1Y -39.1%0 of 12 weeks ahead 70% evidence | |
| Exact sum: 14.4 + 4.9 + 10 + 5.7 = 35 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 16Swan Corp LtdSWANCORP | 29.0/100Adverse evidence69% evidence | BASING | 8.7/35 Revenue -16.7% · PAT -67.2% · OPM change -2.6 pp 95% evidence | 5.7/25 ROCE -0.6% · OPM -0.4% 76% evidence | 9.8/20 P/E 41.6× · PEG — 15% evidence | 4.8/20 RS sector -29.3% · RS bench -20.1% · 1Y -34.9%0 of 10 weeks ahead 70% evidence |
| Exact sum: 8.7 + 5.7 + 9.8 + 4.8 = 29 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
| 17Integrated Industries LtdIIL | 63.8/100Thin evidence · provisional50% evidence | 20.5/35 Revenue 60.5% · PAT 94.6% · OPM change 2 pp 53% evidence | 16.4/25 ROCE 30.5% · OPM 11% 57% evidence | 10.9/20 P/E 11.6× · PEG — 15% evidence | 16.0/20 RS sector 51.9% · RS bench 63.7% · 1Y 136.8%11 of 12 weeks ahead to 2026-03-08 70% evidence | |
| Exact sum: 20.5 + 16.4 + 10.9 + 16 = 63.8 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 18Arunis Abode LtdARUNIS | 50.8/100Thin evidence · provisional45% evidence | 15.2/35 Revenue 100% · PAT 100% · OPM change -17.7 pp 40% evidence | 9.5/25 ROCE -5.3% · OPM 28.5% 57% evidence | 9.4/20 P/E 62.5× · PEG — 15% evidence | 16.7/20 RS sector 131.3% · RS bench 136.7% · 1Y 224%12 of 12 weeks ahead to 2026-03-08 70% evidence | |
| Exact sum: 15.2 + 9.5 + 9.4 + 16.7 = 50.8 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 19Piramal Enterprises Ltd(Merged)PEL | 45.1/100Thin evidence · provisional41% evidence | 16.7/35 Revenue -35.5% · PAT 100% · OPM change -9.8 pp 27% evidence | 11.1/25 ROCE 4.9% · OPM 77.4% 57% evidence | 9.6/20 P/E 61.4× · PEG — 15% evidence | 7.7/20 RS sector -20.3% · RS bench 1% · 1Y 3.7%6 of 12 weeks ahead to 2025-09-24 70% evidence | |
| Exact sum: 16.7 + 11.1 + 9.6 + 7.7 = 45.1 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 20Rossell India LtdROSSELLIND | 42.6/100Thin evidence · provisional47% evidence | 14.8/35 Revenue 4.8% · PAT -41.1% · OPM change 0.1 pp 36% evidence | 11.7/25 ROCE 6.4% · OPM 10.7% 71% evidence | 10.8/20 P/E 11.8× · PEG — 15% evidence | 5.3/20 RS sector -28.8% · RS bench -19.6% · 1Y -32%0 of 12 weeks ahead to 2026-03-29 70% evidence | |
| Exact sum: 14.8 + 11.7 + 10.8 + 5.3 = 42.6 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Frequently asked questions
What is Grasim Industries Ltd's share price today?
Grasim Industries Ltd trades at ₹3,282, +17.1% over the past year. The company is valued at ₹2,23,345 Cr. The stock sits at 95% of its 52-week range of ₹2,564–₹3,323, +9.1% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 16 weeks in. — as of 11 September 2026.
What were Grasim Industries Ltd's latest quarterly results?
Grasim Industries Ltd reported revenue of ₹48,716 Cr and net profit of ₹3,846 Cr for the Jun 26 quarter. Revenue rose 21.4% and profit rose 38.8% year on year. Earnings per share were ₹31.53. The operating margin was 23.0%, 1.0 pp higher than a year earlier. — as of 11 September 2026.
What is Grasim Industries Ltd's revenue?
Grasim Industries Ltd reported revenue of ₹48,716 Cr in the Jun 26 quarter, +21.4% year on year. For the full FY26 fiscal year, revenue was ₹1,75,431 Cr (+18.2%). Over the last 10 years revenue compounded at 17.7% a year. — as of 11 September 2026.
What is Grasim Industries Ltd's profit?
Grasim Industries Ltd earned ₹3,846 Cr of net profit in the Jun 26 quarter, +38.8% year on year — the 6th straight quarter of growth. Full-year FY26 profit was ₹10,300 Cr. The operating margin ran 23.0% in the latest quarter. — as of 11 September 2026.
What is Grasim Industries Ltd's market cap?
Grasim Industries Ltd's market capitalisation is ₹2,23,345 Cr at a share price of ₹3,282. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 11 September 2026.
What is Grasim Industries Ltd's P/E ratio?
Grasim Industries Ltd trades at a P/E of 38.9×, at the 85th percentile of its own 11-year range, against a long-run median of 18.7×. This is a comparison with the stock's own history, not a value call — as of 11 September 2026.
Does Grasim Industries Ltd pay a dividend?
Yes — Grasim Industries Ltd's dividend payout was 14% of profit in FY26, and it recorded a payout in each of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 11 September 2026.
Is Grasim Industries Ltd overvalued?
On its own history, Grasim Industries Ltd looks expensive: its P/E of 38.9× sits at the 85th percentile of its 11-year range (long-run median 18.7×). That is a percentile read against the stock's own past, not a price opinion or a direction call. — as of 11 September 2026.
Is Grasim Industries Ltd growing?
Yes — Grasim Industries Ltd is growing: latest-quarter revenue +21.4% year on year, profit +38.8%, and the margin +1.0 pp at 23.0%. The 10-year compound rates are 17.7% (revenue) and 11.5% (profit). The earnings engine currently reads: improving — as of 11 September 2026.
How is Grasim Industries Ltd performing?
Grasim Industries Ltd is in a confirmed uptrend, 16 weeks in. Its latest quarter's revenue rose 21.4% and profit rose 38.8% year on year. Against the NIFTY 500 it has been ahead on a trailing-13-week view for 6 weeks. This describes what the data did, not a rating. — as of 11 September 2026.
What stage is Grasim Industries Ltd in?
Improving — profit growth bottomed 7 quarters ago at −26.6% and has held its recovery at +33.1%, ROCE holding at 8.0%. The read comes from the last 12 quarters of growth (revenue growth +19.5% latest, profit growth +33.1% latest, eps growth +37.7% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 11 September 2026.
Is Grasim Industries Ltd in an uptrend?
Yes — the price is in a confirmed uptrend (week 16 of stage 2), trading +9.1% versus its 200-day average and at 95% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 11 September 2026.
Is Grasim Industries Ltd beating the market?
On recent form, yes — Grasim Industries Ltd has been ahead of the NIFTY 500 on a trailing-13-week view for 6 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.5 years the stock moved +521% against the NIFTY 500's +273% — ahead of the index over the full window. — as of 11 September 2026.
Will Grasim Industries Ltd's share price go up?
This page publishes no price forecast for Grasim Industries Ltd. What it measures instead: the share price is ₹3,282, the price is in a confirmed uptrend 16 weeks in. Its P/E of 38.9× sits at the 85th percentile of its own 11-year range. — as of 11 September 2026.
Who owns Grasim Industries Ltd?
Promoters hold 43.7% of Grasim Industries Ltd, foreign institutions 14.6%, domestic institutions 16.1% and the public 25.1% (latest quarter). No holder moved a full point over the last two years — the register is quiet. — as of 11 September 2026.
Does Grasim Industries Ltd have too much debt?
It carries real leverage — Grasim Industries Ltd's debt-to-equity is 2.20, and operating profit covers the interest bill 2×. FY26 borrowings were ₹2,27,853 Cr against equity of ₹1,03,470 Cr. Read the returns on this page with that leverage in mind — as of 11 September 2026.
What is Grasim Industries Ltd's capex?
Grasim Industries Ltd spent ₹82,424 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹17,730 Cr, with ₹16,465 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 11 September 2026.
What is Grasim Industries Ltd's cash flow?
Grasim Industries Ltd consumed ₹17,810 Cr of operating cash in FY26 — cash flowed out rather than in (free cash flow: ₹−35,540 Cr). Operating cash was negative while the company reported a profit of ₹10,300 Cr. Cash-flow resolution for India is annual. — as of 11 September 2026.
Is Grasim Industries Ltd's profit real cash?
No — operating cash was negative over the last 3 fiscal years: Grasim Industries Ltd consumed cash while reporting profit. In FY26, operating cash was ₹−17,810 Cr against reported profit of ₹10,300 Cr. Cash-flow resolution is annual — as of 11 September 2026.
Where is Grasim Industries Ltd in its business cycle?
Grasim Industries Ltd's FY26 operating margin was 21.0%, against a 13-year band of 15.0%–24.0%: mid-band by its own history — neither the peak that precedes mean-reversion nor the trough that precedes recovery. The latest quarter ran 23.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 11 September 2026.
What growth does Grasim Industries Ltd's price assume?
At its price on 29 June 2026, Grasim Industries Ltd was priced for profit growth of about 14.6% a year. Profit itself has compounded 11.5% a year over the past 10 years. The figure reads the multiple backwards: the growth a buyer at that price was already paying for. — as of 11 September 2026.
What could break the Grasim Industries Ltd story?
The sharpest disagreement: profits are rising, but only −163% of the last 3 years' profit arrived as operating cash — the gap between the P&L and the bank account is the thing to watch. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 11 September 2026.
Is Grasim Industries Ltd a stock worth studying right now?
This is not investment advice. The machine read: Grasim Industries Ltd's earnings have outrun its stock. EPS grew +34.0% in a year against a +17.1% price move. The sharpest open question: whether the cash starts following the profit. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 11 September 2026.
Not SEBI Registered !! Not Investment advice !!