Basic Materials · Building Materials · NSE · India
₹2894.00-0.01%
Market cap ₹1.96TNext earnings 2026-08-12Updated Oct 24, 2026 · valuation updating
Our verdict
No fair value
We are missing the financial data our models need for this company. It will appear once the data arrives.
Not valued: there are no financial statements on file yet.
ACCE opinionGrasim Industries Limited (GRASIM.NS)
Fair value
Not available
ACCE price target
₹3015
Rating
Not rated
Horizon
12 months
ACCE price target published on 22 Oct 2026, 16:00 CEST.
Price used: ₹2894 at the close on 23 Oct 2026, 12:00 CEST.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
65
out of 100
P/E
34.5x
forward 19.2x
1-year return
+1.0%
Dividend yield
0.35%
Grasim Industries Limited in four questions
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Overview
ACCE thesis
Grasim Industries is the Aditya Birla group's flagship diversified holding, and its core businesses are Birla Opus paints, UltraTech Cement (India's largest cement maker, which it controls), VSF viscose staple fibre, and chlor-alkali. The paints push is the piece to watch: Birla Opus is a newer entrant trying to win share from Asian Paints in a market where the incumbents already hold most of the volume, so the thesis rests on whether it can build distribution at scale. Reported revenue growth of 21.4% and a 56.4% gross margin are strong for a materials name, though the 18.8% operating margin shows how much of that gross profit is absorbed by overheads and the cost of entering new categories. At 19.2x forward earnings against 34.5x trailing, the market is pricing in a sharp earnings recovery or step-up, which is the assumption a deeper look needs to test. The question for the portfolio is whether paints and cement earnings can grow fast enough to justify that gap.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
moderate
Thin net margin
Net margin is +3.1% against a +18.8% operating margin, so a large share of operating profit is lost below the line. Worth checking the debt and tax drag before sizing a position.
moderate
Leveraged balance sheet
Debt/Equity of 1.35 is high for the sector, and FCF is not reported, so the company's ability to service that debt from cash generation cannot be confirmed from this data.
moderate
Revenue trend is uneven
Revenue grew 21.4% year on year, but the 5-year revenue CAGR is -29.6% and QoQ revenue fell 76.9%. The recent growth may not reflect a stable trend.
AI research notes
AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-10-22 · prices to Oct 23, 2026
Why it could do well
Revenue grew 21.4% year over year in the latest filings, showing near-term top-line momentum.
Forward P/E of 19.2x sits well below the trailing 34.5x, implying earnings are expected to recover.
Analysts' mean price target of INR 3837.50 implies about 32.6% upside from the current share price.
Why it could disappoint
Revenue has averaged a decline of 29.6% per year over five years, a long-term record that is hard to ignore.
Debt to equity of 1.35 and a net margin of 3.1% leave little cushion if earnings weaken.
The latest quarter's earnings per share missed expectations, coming in at 31.74 against 31.97 expected, a 0.7% shortfall.
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