Analyst Concall
Grasim maintains Birla Opus revenue aim of INR 100 bln FY28
This story was originally published at 18:25 IST on 5 November 2025
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--Grasim: Remain committed to turn Birla Opus operations profitable
--CONTEXT: Grasim management's comments in post-earnings analyst concall
--Grasim: Birla Opus dealer network 10,000 as on Sept 30 vs 8,500 planned
--Grasim: Maintain Birla Opus revenue guidance of INR 100 bln by FY28
--Grasim: Expect Birla Opus market share to grow in double digits in Q4
By Narayana Krishna and Simran Rede
HYDERABAD/MUMBAI – Grasim Industries Ltd. on Wednesday said its earlier guidance of achieving the INR 100-billion revenue mark for its Birla Opus business by 2027-28 (Apr-Mar) remains intact. The company is confident of further improving its market share in the organised paint industry in India, a top management official said in a post-earnings conference call with analysts.
Grasim Industries Wednesday reported nearly 12% on-year growth in net profit for the September quarter at INR 8.05 billion. The company's revenue for the quarter rose 26% on year to INR 96.10 billion. Analysts had projected Grasim's net profit at INR 7.93 billion and revenue at INR 93.37 billion.
The company expects to achieve double-digit market share growth by the March quarter and subsequently, in the June quarter. The company's projections include its Birla White brand putti, Birla Opus decorative paints, and industrial paints business.
Grasim's management said the company remains committed to turning Biral Opus into a profitable company by FY28, when it completes the three years of inception. The company said the Birla Opus dealer network has reached 10,000 towns as on Sept. 30, against the planned 8,500 towns. The company is also working to reach more and more towns to penetrate rural and semi-urban markets.
The management said an improvement in operating margins in the chemicals business depends purely on the chloride and alkali business, as it has large exposure to these products.
For the September quarter, sales volume of specialty chemicals was up 34% on year, supported by stable utilisation levels at the new electrochemical plant. However, higher input prices continue to impact profitability in the specialty chemicals business, Grasim said. Overall, revenue of the chemicals business was INR 23.99 billion, up 17% from a year ago. The segment's EBITDA surged 34% on year to INR 3.65 billion, driven by higher volumes of chlorine derivatives and better realisations.
The company's management said profitability would improve once some of the plants come into production by the Apr-Jun quarter of the next financial year.
On Tuesday, shares of Grasim Industries closed 0.6% lower at INR 2,882 on the National Stock Exchange. End
Edited by Avishek Dutta
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