Key Metrics of Grasim Industries
About Grasim Industries
Sectors
Company details
- Website
- grasim.com
- Founded
- 1948
- Registered office
- Birlagram, Nagda, Ujjain, In-mp, 456331
- Listed
- NSE: GRASIM · ₹2,900.00
Operational Areas of Grasim Industries
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 22 Jul 2026 | CARE | Other | — | — | — | — | View |
| 06 Jul 2026 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹17,275 Cr | View |
| 09 Jul 2025 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹18,775 Cr | View |
| 09 Oct 2024 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹17,275 Cr | View |
| 05 Jul 2024 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹12,356 Cr | View |
| 05 Apr 2024 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹12,356 Cr | View |
| 29 Jun 2023 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹12,356 Cr | View |
| 05 Dec 2022 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹14,712 Cr | View |
| 06 Dec 2021 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹1,000 Cr | View |
| 05 Apr 2021 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹7,356 Cr | View |
| 05 Feb 2021 | CARE | Other | — | A1+ | — | ₹1,500 Cr | View |
| 09 Jul 2020 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹4,856 Cr | View |
| 07 Feb 2020 | CARE | Reaffirmed | AAA | A1+ | Stable | ₹7,712 Cr | View |
| 19 Dec 2018 | CARE | Other | — | — | — | — | View |
| 18 Jan 2018 | CARE | Other | — | — | — | — | View |
Credit strengths (CARE, Jul 2026)
+ Leadership position in VSF industry and chemical sector
The Aditya Birla group is a global leader in VSF manufacturing and GIL is India’s pioneer in VSF, a man-made bio-degradable fibre with characteristics akin to cotton. VSF is widely used in apparel, home textiles, dress materials, knitted wear, and non-woven applications. VSF operations are largely integrated with pulp plants and caustic soda plants in India, captive thermal power plants and a strong product mix, leading to operational efficiency. In FY26, cellulosic fibres revenue improved to ₹1
+ Diversified business profile
GIL’s core businesses (on a standalone basis) comprise CSF, cellulosic fashion yarn (CFY), caustic soda, speciality chemicals, rayon-grade wool pulp (RGWP), decorative paints, B2B e-commerce, and other businesses, such as textiles and insulators. GIL has aggregate CSF capacity of 842 kilotonnes per annum (KTPA), CFY capacity of ~50 KTPA, caustic soda capacity of 1,505 KTPA, chlorine derivatives capacity of 996 KTPA, epoxy capacity of 246 KTPA, and decorative paints capacity of 1,332 million litr
+ Strong financial flexibility supported by strategic investments
GIL is the flagship company of the Aditya Birla group, benefits from strong financial flexibility, supported by its diversified presence across multiple business segments and substantial strategic investments. The Aditya Birla group, led by Kumar Mangalam Birla, has a significant presence across metals, cement, telecom, financial services, textiles, paints and other sectors, with GIL acting as a key holding entity within the group.
+ Improvement in operating performance in FY26
The company has strong fundamentals, characterised by a robust business model in its core business segments, high bargaining power with suppliers and customers, strong distribution network, and improving operating performance. In FY26, total operating income (TOI) increased 30% y-o-y to ₹41,039 crore and standalone EBITDA increased to ₹1,771 crore against ₹1,167 crore in FY25. Improvement in cellulosic fibres, chemicals and textiles supported performance, while the investment phase in Birla Opus
+ Chemical segment
In FY26, revenue from the chemicals segment improved by ~11% to ₹9,593 crore from ₹8,648 crore in FY25, supported by stable domestic demand and better volume performance across caustic and chlorine derivatives. Segment EBITDA improved to ₹1,406 crore in FY26, from ₹1,208 crore in FY25, with EBITDA margin improving to 14.66%. Caustic sales volumes stood at record levels in Q3FY26 and Q4FY26, at 313 KT and 321 KT, respectively; however, international caustic soda prices remained volatile.
+ Healthy financial risk profile
Healthy accruals in the last several years, resulted in GIL’s strong financial profile, despite investments in subsidiaries and related parties, and ongoing capex. Despite an increase in TD due to capital expenditure requirements, the company's debt coverage metrics remained comfortable in FY26. This was supported by healthy cash accruals and an increase in net worth.
Credit challenges
− Exposure to risks related to cyclicality in the VSF business
VSF demand remains impacted by downturns in the economy and faces intense competition from other fibres, mainly cotton and polyester staple fibre, leading to fluctuations in profitability. Although the China CSF market showed recovery in Q4FY26, the segment remains exposed to global demand-supply movement, input cost volatility and import competition in CFY. GIL’s strong market position, backward integration and focus on specialty fibre should support resilience through challenging business cycl
− Financial support to subsidiaries, associates, and group companies
GIL has been investing in subsidiaries, associates and group entities over the years through internal accruals, debt and liquidation of current investments. While some investments lend financial flexibility, capital calls towards subsidiaries/group companies or additional support may impact liquidity and remain a key rating monitorable. In FY26, GIL also approved subscription to equity shares of ABCL to the tune of ₹2,880 crore.
Could lead to a downgrade
• Higher-than-envisaged debt levels due to funding of ongoing capex and/or higher working capital requirements, leading to deterioration in its capital structure marked by overall gearing exceeding 0.50x. • Significant financial support to subsidiaries, associate companies, or group companies.
Agency-reported financials (CARE, 09 Oct 2024)
| Metric | Q1FY25 |
|---|---|
| Total operating income | ₹6,987 Cr |
| PBILDT | ₹418 Cr |
| PAT | ₹-52.12 Cr |
| Overall gearing (times) | — |
| Interest coverage (times) | 2.99× |
| EBITDA margin | 6.0% |
| Implied interest cost (EBITDA ÷ coverage) | ₹140 Cr |
| PAT margin | −0.7% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term bank facilities | Working capital & bank lines | — | ₹9,525 Cr | — | AAA (Stable) | Reaffirmed | CARE |
| Short-term bank facilities | Working capital & bank lines | — | ₹6,750 Cr | — | A1+ | Reaffirmed | CARE |
| Non-convertible debentures | Debentures & bonds | — | ₹1,000 Cr | — | AAA (Stable) | Reaffirmed | CARE |
CARE ratings on record (checked 26 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| BG/LC | ₹6,750 Cr | CARE A1+ |
| CP/ Short Term loan | — | Withdrawn |
| Long Term | ₹3,675 Cr | CARE AAA; Stable |
| Non Convertible Debentures | ₹1,000 Cr | CARE AAA; Stable |
| Term Loan | ₹5,850 Cr | CARE AAA; Stable |
Lenders
| Fund-based | Long Term | Axis Bank Ltd. |
| Fund-based | Long Term | Federal Bank |
| Fund-based | Long Term | HDFC Bank Ltd. |
| Fund-based | Long Term | ICICI Bank Ltd. |
| Fund-based | Long Term | IDBI Bank Ltd. |
| Fund-based | Long Term | IndusInd Bank Ltd. |
| Fund-based | Long Term | Kotak Mahindra Bank Ltd. |
| Fund-based | Long Term | Proposed |
| Fund-based | Long Term | South Indian Bank Ltd. |
| Fund-based | Long Term | State Bank of India |
| Fund-based | Long Term | Sumitomo Mitsui Banking Corporation |
| Fund-based - LT | Term Loan | Axis Bank Ltd. |
| Fund-based - LT | Term Loan | HDFC Bank Ltd. |
| Non-fund-based - ST | BG/LC | Axis Bank Ltd. |
| Non-fund-based - ST | BG/LC | HDFC Bank Ltd. |
| Non-fund-based - ST | BG/LC | ICICI Bank Ltd. |
| Non-fund-based - ST | BG/LC | State Bank of India |
Credit assessment · Cotton textile
Rating Methodology – Cotton Textile (Sep 2026) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Information on file | 56% · missing: Capex / investment plans, Lender details, Auditor details, Recent rating review (last 15 months) |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 41% chance the next rating action is stable or better
What happened, step by step
- Dec 2021 — Rated term loans fell from ₹6,356 cr to ₹0 cr
- Dec 2022 — ₹3,786 cr raised from CCI
“Status of income tax demand pertaining to the demerger of financial services and penalty levied by CCI: CARE Ratings notes the Competition Commission of India’s (CCI’s) order dated March 16, 2020, imposing a penalty of ₹301.61 crore in respect of the VSF turnover of the company as well as the demand of ₹3,786 crore (wh...”
- Dec 2021 — Rated term loans fell from ₹6,356 cr to ₹0 cr
- Dec 2022 — ₹8,334 cr raised from DCIL
“An additional demand of ₹8,334 crore was raised in October 2021 by the DCIL on capital gains tax on the value of shares as per the above-mentioned scheme of arrangement.”
- Dec 2021 — ₹5,000 cr raised
- Dec 2021 — Rated term loans fell from ₹6,356 cr to ₹0 cr
“Rs.5,000 crore will be raised through a mix of debt and internal accruals.”
- Apr 2021 — ₹66,351.51 cr raised from CCI CARE
- Dec 2021 — Rated term loans fell from ₹6,356 cr to ₹0 cr
“Status of income tax demand pertaining to demerger of financial services and Penalty levied by CCI CARE notes the Competition Commission of India’s (CCI’s) order dated March 16, 2020, imposing a penalty of Rs. 301.6 crore in respect of the VSF turnover of the company as well as the demand of Rs. 3,786.40 crore (which a...”
Rated limits by facility
Timeline
From the report
In FY27, GIL’s planned equity infusion of ₹2,880 crore into Aditya Birla Capital Limited (ABCL) and expected dividend inflows of ~₹4,000 crore from UCL, is likely to support overall stability in the company’s net debt position.
From the report
The company had cash and cash equivalents (including liquid investments) of ~₹4,389 crore (as on March 31, 2026), which is sufficient to service scheduled term debt repayments of ₹93 crore in FY27.Market value of its investments in subsidiaries and group companies stood significantly high at ~₹2,50,845 crore as on June 17, 2026, providing significant financial flexibility. 3 CARE Ratings Ltd.
From the report
In FY24 and FY25, the company has received rights issue proceeds (net of rights issue expenses) of ₹3,974 crore.
From the report
The company had cash and cash equivalents (including liquid investments) of ₹4,229 crore (as on March 31, 2025), which is over sufficient to service scheduled term debt repayments of ₹32 crore in FY26.
From the report
The company had cash and cash equivalents (including liquid investments) of about ₹3,472 crore (as on March 31, 2024), which is sufficient to service scheduled term debt repayments of ₹1,270 crore in FY25.
From the report
The company had cash and cash equivalents (including liquid investments) of about ₹3,472 crore (as on March 31, 2024), which is sufficient to service scheduled term debt repayments of ₹1,270 crore in FY25.
From the report
The company has cash and cash equivalents (including liquid investments) of about ₹3,216 crore (as on September 30, 2023), which is sufficient to service the scheduled debt repayments of ₹768 crore in FY24.
From the report
Status of income tax demand pertaining to the demerger of financial services and penalty levied by CCI: CARE Ratings notes the Competition Commission of India’s (CCI’s) order dated March 16, 2020, imposing a penalty of ₹301.61 crore in respect of the VSF turnover of the company as well as the demand of ₹3,786 crore (which was reduced from ₹5,872 crore in October 2020) raised by the Deputy Commissioner of Income Tax (DCIT) on account of dividend distribution tax (DDT, including interest), pursuant to the composite Scheme of Arrangement between Grasim, ABNL,and Aditya Birla Financial Services Li
From the report
An additional demand of ₹8,334 crore was raised in October 2021 by the DCIT on capital gains tax on the value of shares as per the above-mentioned scheme of arrangement.
From the report
The low average utilisation of 3% for the trailing 12 months ended May 31, 2023, for fund-based limits under consortium and cash and cash equivalents (including liquid investments) of about ₹2,932 crore (as on March 31, 2023) is sufficient to service the scheduled debt repayments of ₹768 crore in FY24.
From the report
The low average utilisation of 3% for the trailing 12 months ended May 31, 2023, for fund-based limits under consortium and cash and cash equivalents (including liquid investments) of about ₹2,932 crore (as on March 31, 2023) is sufficient to service the scheduled debt repayments of ₹768 crore in FY24.
From the report
Status of income tax demand pertaining to the demerger of financial services and penalty levied by CCI: CARE Ratings notes the Competition Commission of India’s (CCI’s) order dated March 16, 2020, imposing a penalty of ₹301.61 crore in respect of the VSF turnover of the company as well as the demand of ₹3,786 crore (which was reduced from ₹5,872 crore in October 2020) raised by the Deputy Commissioner of Income Tax (DCIT) on account of dividend distribution tax (DDT, including interest), pursuant to the composite Scheme of Arrangement between Grasim, ABNL , and Aditya Birla Financial Services
From the report
An additional demand of ₹8,334 crore was raised in October 2021 by the DCIL on capital gains tax on the value of shares as per the above-mentioned scheme of arrangement.
From the report
The low average utilisation of 2% for the trailing 12 months ended October 31, 2022, for fund-based limits under consortium and cash and cash equivalents (including liquid investments) of about ₹5,145 crore (as on September 30, 2022) is sufficient to service the scheduled debt repayments of ₹1,067.06 crore in FY23.
From the report
The low average utilisation of 2% for the trailing 12 months ended October 31, 2022, for fund-based limits under consortium and cash and cash equivalents (including liquid investments) of about ₹5,145 crore (as on September 30, 2022) is sufficient to service the scheduled debt repayments of ₹1,067.06 crore in FY23.
From the report
Rs.5,000 crore will be raised through a mix of debt and internal accruals.
From the report
An additional demand of Rs.8,334 crore was raised in October 2021 by the DCIL on capital gains tax on the value of shares as per the above-mentioned scheme of arrangement.
From the report
Low average utilisation of 6% for the trailing 12 months October 2021 for fund-based limits under consortium and cash & cash equivalents (incl. liquid investments) over Rs.3,036 crore (as on September 30, 2021) is sufficient to service scheduled debt repayments of Rs. 110.96 crore in FY22.
From the report
Low average utilisation of 6% for the trailing 12 months October 2021 for fund-based limits under consortium and cash & cash equivalents (incl. liquid investments) over Rs.3,036 crore (as on September 30, 2021) is sufficient to service scheduled debt repayments of Rs. 110.96 crore in FY22.
From the report
The board of directors on November 12, 2020 approved the sale of company's fertilizer business –Indo Gulf Fertilizers on a going concern basis to Indorama India Private Limited through slumpsale for a lump sum cash consideration of Rs. 2,649 crore, subject to working capital adjustments and requisite approvals.
From the report
Status of income tax demand pertaining to demerger of financial services and Penalty levied by CCI CARE notes the Competition Commission of India’s (CCI’s) order dated March 16, 2020, imposing a penalty of Rs. 301.6 crore in respect of the VSF turnover of the company as well as the demand of Rs. 3,786.40 crore (which as per the company has reduced from Rs. 6,6351.51 crore as on March 31, 2020) raised by the Deputy Commissioner of Income Tax (DCIT) on account of dividend distribution tax (DDT, including interest), pursuant to the composite Scheme of Arrangement between Grasim, Aditya Birla Nuvo
From the report
Low average utilisation of 23.35% for trailing 12 months November 2020 for fund based limits under consortium and cash & cash equivalents (incl. liquid investments) over Rs. 2,600 crore (as on September 30, 2020) is sufficient to service scheduled debt repayments of Rs. 181 crore in FY21.
From the report
Low average utilisation of 23.35% for trailing 12 months November 2020 for fund based limits under consortium and cash & cash equivalents (incl. liquid investments) over Rs. 2,600 crore (as on September 30, 2020) is sufficient to service scheduled debt repayments of Rs. 181 crore in FY21.
From the report
The board of directors on November 12, 2020 approved the sale of company's fertilizer business – Indo Gulf Fertilizers on a going concern basis to Indorama India Private Limited through slump sale for a lump sum cash consideration of Rs. 2,649 crore, subject to working capital adjustments and requisite approvals.
From the report
Status of income tax demand pertaining to demerger of financial services and Penalty levied by CCI CARE notes the Competition Commission of India’s (CCI’s) order dated March 16, 2020, imposing a penalty of Rs. 301.6 crore in respect of the VSF turnover of the company as well as the demand of Rs. 3,786.40 crore (which as per the company has reduced from Rs. 6,6351.51 crore as on March 31, 2020) raised by the Deputy Commissioner of Income Tax (DCIT) on account of dividend distribution tax (DDT, including interest), pursuant to the composite Scheme of Arrangement between Grasim, Aditya Birla Nuvo
From the report
Low average utilisation of 23.35% for trailing 12 months November 2020 for fund based limits under consortium and cash & cash equivalents (incl. liquid investments) over Rs. 2,600 crore (as on September 30, 2020) is sufficient to service scheduled debt repayments of Rs. 181 crore in FY21.
From the report
Low average utilisation of 23.35% for trailing 12 months November 2020 for fund based limits under consortium and cash & cash equivalents (incl. liquid investments) over Rs. 2,600 crore (as on September 30, 2020) is sufficient to service scheduled debt repayments of Rs. 181 crore in FY21.
From the report
Outlook: Stable) *Interchangeable between CP issue of Rs.1000 crore and Short Term Bank Loan (STL) of equivalent amount.
From the report
Status of income tax demand pertaining to demerger of financial services and Penalty levied by CCI An income tax demand of Rs. 5,872.3 crore ha s been raised by Deputy Commissioner of Income Tax (DCIT) on account of dividend distribution tax (DDT, including interest), pursuant to the composite Scheme of Arrangement between Grasim, Aditya Birla Nuvo Limited (ABNL) and Aditya Birla Financial Service s Limited (now known as ABCL).
From the report
Low average utilisation of les s than 10% for trailing 12 months May 2020 for fund based limits under consortium and cash & cash equivalents of more than Rs. 2,000 crore (as on May 31, 2020) is sufficient to service scheduled debt repayments of Rs. 124 crore in FY21.
From the report
Low average utilisation of les s than 10% for trailing 12 months May 2020 for fund based limits under consortium and cash & cash equivalents of more than Rs. 2,000 crore (as on May 31, 2020) is sufficient to service scheduled debt repayments of Rs. 124 crore in FY21.
From the report
Outlook: Stable) *Interchangeable between CP issue of Rs.1000 crore and Short Term Bank Loan (STL) of equivalent amount.
From the report
Status of income tax demand pertaining to demerger of financial services An income tax demand of Rs. 5,872.3 crore has been raised by Deputy Commissioner of Income Tax (DCIT) on account of dividend distribution tax (DDT, including interest), pursuant to the composite Scheme of Arrangement between Grasim, Aditya Birla Nuvo Limited (ABNL) and Aditya Birla Financial Services Limited (now known as ABCL).
From the report
Low average utilisation of 3.75% for trailing 12 months Dec 2019 for fund based limits under consortium and envisaged GCA of Rs. 2,122 crore is sufficient to service scheduled debt repayments and interest of Rs. 776 crore in FY20.
From the report
As per the management, the company also has out of consortium fund based and non-fund based sanctioned limits of Rs. 2,000 crore each which can be utilised to support its working capital requirements.
From the report
Outlook: Stable) CARE A1+ Commercial Paper (CP) Issue Proposed* 1500 Reaffirmed (A One Plus) *Interchangeable between CP issue of Rs.1000 crore and Short Term Bank Loan (STL) of equivalent amount.
From the report
Overall gearing stood at 0.07x as on March 31, 2018, however it has liquid investments aggregating Rs.2,695 crore as on March 31, 2018 (against total debt of Rs.2,385 crore as on March 31, 2017) consequent into net cash surplus as on March 31, 2018.
From the report
Also, on consolidated basis, Grasim had liquid investments balance of Rs.8,189 crore and GCA of Rs.6,627 crore for FY2017-18.
From the report
Besides, average fund based limit utilization was less than 5% for last 12 months ended October 2018 signifying adequate cushion.
From the report
Additionally, Grasim’s gross cash accruals remained strong at Rs.2,436 crore in FY18 (vis-à-vis Rs.2,042 crore FY17) consequent into healthy operating cash-flows and operating free cash-flows.
From the report
One Thousand Five Hundred Crore only) *Interchangeable between CP issue of Rs.1000 crore and Short Term Bank Loan (STL) of equivalent amount.
From the report
Its cash accruals aggregated Rs.2,042 crore in FY17 (vis-à-vis Rs.1,451 crore FY16).
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Grasim Industries
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
| Textiles, Cotton & Yarn · Apparel, Textiles & Footwear | arvind.com | — | Ahmedabad, India | |
| Textiles, Cotton & Yarn · Apparel, Textiles & Footwear | welspunliving.com | — | Anjar, India | |
| Formal & Premium Menswear · Apparel, Textiles & Footwear | raymond.in | — | Ratnagiri, India | |
 Alok Industries |
Discovered Companies · Other Industries | alokind.com | 1986 | Silvassa, India |
 KPR Mill |
Textiles, Cotton & Yarn · Apparel, Textiles & Footwear | kprmilllimited.com | — | India |
 Page Industries |
Textiles, Cotton & Yarn · Apparel, Textiles & Footwear | pageind.com | 1995 | Bengaluru, India |
| Textiles, Cotton & Yarn · Apparel, Textiles & Footwear | indocount.com | — | Kolhapur, India | |
| Textiles, Cotton & Yarn · Apparel, Textiles & Footwear | owmnahar.com | — | Ludhiana, India | |
 Greaves Cotton |
Textiles, Cotton & Yarn · Apparel, Textiles & Footwear | greavescotton.com | 1859 | Aurangabad, India |
| Formal & Premium Menswear · Apparel, Textiles & Footwear | siyaram.com | 1978 | Boisar, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
VSF fibre, chemicals and paints
Filings
No filings on record yet.