Grasim Q2 Results: Standalone Profit Nearly Triples to ₹2,306 Crore on UltraTech Dividend

Grasim Q2 results showed standalone net profit nearly tripling to ₹2,306 crore for July–September 2026, from ₹805 crore a year ago, lifted by a ₹3,968 crore dividend received from subsidiary UltraTech Cement.

The Aditya Birla Group flagship announced the numbers on Friday, November 13. Standalone revenue rose 33 per cent year-on-year to a record ₹12,747 crore, led by its cellulosic fibres and chemicals businesses.

Reported standalone profit was up 187 per cent even after an exceptional charge of ₹825 crore linked to its Canadian pulp joint venture, AV Group NB Inc.

Grasim Q2 results: key numbers

Standalone EBITDA rose 158 per cent to ₹4,615 crore from ₹1,786 crore a year earlier. The UltraTech dividend did most of the lifting, with a favourable product mix also helping. UltraTech had declared a dividend of ₹240 per share for FY26, which Grasim, as its largest shareholder, received during the quarter.

Adjusted standalone profit before the exceptional item rose 289 per cent to ₹3,132 crore, according to Business Today. Cellulosic fibre revenue grew 29 per cent to ₹5,344 crore on volume growth and a better product mix, while chemicals revenue rose 15 per cent on chlorine derivatives and caustic soda.

On a consolidated basis, revenue rose 26 per cent to a record ₹50,105 crore and EBITDA grew 25 per cent to ₹6,513 crore. However, the dividend from UltraTech is eliminated in the consolidated accounts, which also carry a ₹767 crore exceptional charge for the pulp venture.

As a result, Grasim posted a consolidated net loss attributable to owners of ₹234 crore, against a profit of ₹595 crore in the year-ago quarter. Excluding the exceptional item, consolidated profit attributable to owners was ₹536 crore, about 10 per cent lower than a year earlier.

Management noted that the UltraTech dividend, received in cash, is recognised in the standalone results but drops out on consolidation, which explains the wide gap between the two sets of numbers this quarter.

Birla Opus growth and the Canada pulp charge

The paints business, Birla Opus, grew revenue 35 per cent to ₹1,337 crore. The unit, which is still loss-making, has a market share of roughly 7 per cent, The Week reported. Grasim aims to cross a double-digit revenue share in India’s organised decorative paints market in the second half of FY27, a segment long led by Asian Paints and Berger Paints.

The exceptional charge stems from the temporary idling of a dissolving-grade pulp mill in Canada operated by the joint venture AV Group NB. The company said operations were suspended because of broader macroeconomic factors. The ₹825 crore charge comprises an impairment of ₹187.42 crore and an additional provision of ₹638.01 crore, CNBC-TV18 reported.

Why it matters for investors and what comes next

Grasim is the parent of UltraTech Cement and houses several other Aditya Birla Group businesses, so its earnings blend operating performance with group income. The wide gap between standalone and consolidated profit this quarter shows why investors need to read both sets of accounts.

The core fibre and chemicals businesses held up despite global volatility, which supports cash flows as the company funds its newer bets. Those newer businesses, however, still weigh on group profitability.

For the paints unit, the question is how quickly scale turns into profit. Birla Opus has expanded distribution rapidly, and the double-digit market share goal for the second half of FY27 will be the next test.

Investors will also watch for any update on the idled Canadian pulp mill and on how input costs move in the fibre business.

Also Read: Tata Chemicals Q2 Results: Posts ₹50 Crore Loss as Soda Ash Prices Fall

The numbers add to a strong earnings season for the Aditya Birla Group. Sister firm Hindalco reported a record Q2 profit of ₹7,533 crore this earnings season. Follow more company results in our Company Spotlight section.