Grasim Q2 Results FY27: Loss Rs 234 Cr, Revenue Up 26%

Results analysis · Diversified

Looking for the Grasim Q2 results FY27? Grasim reported on 13 November 2026: record revenue of Rs 50,105 crore but a consolidated loss of Rs 234 crore after a pulp joint-venture charge. This page splits the loss into its layers, shows why the standalone profit is different, ties the figures to the preview and flags where sources conflict.

Updated: Friday, 13 November 2026, 3:45 PM IST  |  Reading time: 22 min  |  Next update: after the filing is read or the next quarterly results

Latest update (Friday, 13 November 2026, 3:45 PM IST): Grasim reported Q2 FY27 results on Friday, 13 November 2026; Upstox listed the consolidated figures at 2:30 PM IST. Upstox, TaxGuru, Investywise and Multibagg carried the numbers. I did not find a dividend to Grasim shareholders, an analyst estimate or an official closing price, and I have not opened the exchange filing.

In plain words: Grasim owns fibre, chemicals and paints businesses and large stakes in UltraTech Cement and Aditya Birla Capital. Its consolidated results add those stakes together, so one large write-off can turn a record-revenue quarter into a reported loss.

Data note: Figures are as of 13 November 2026, 3:45 PM IST and are consolidated unless stated, for the quarter to 30 September 2026. Headline figures come from Upstox; segment, tax and exceptional lines from Multibagg (an automated summary); standalone and EBITDA lines from TaxGuru and Investywise, which follow the company release. Derived numbers are my calculation. Where sources differ I show both.

What did Grasim report in the Grasim Q2 results FY27, and why is it a loss?

Grasim reported a consolidated loss attributable to owners of Rs 234.08 crore for the quarter to 30 September 2026, against a profit of Rs 594.52 crore, on revenue of Rs 50,105 crore, up 26%. The loss follows a Rs 767 crore exceptional charge on a Canadian pulp joint venture; adjusted profit was Rs 536 crore.

The results came on Friday, 13 November 2026. Revenue was the highest ever for Grasim in a quarter on both the consolidated and standalone basis. The Grasim Q2 results FY27 therefore show two stories at once: growth in nearly every business and a write-off large enough to push the bottom line below zero.

Cite this table: Grasim Q2 FY27 per Upstox, TaxGuru, Investywise and Multibagg; changes marked my calculation were calculated by PositionalCalls.

These tie where I can test them. Rs 50,105.18 crore over Rs 39,899.58 crore is 25.6%. Rs 2,306 crore over Rs 805 crore is 186.5%. Adjusted profit of Rs 536 crore less the reported loss of Rs 234.08 crore is Rs 770 crore, close to the Rs 767 crore exceptional charge (my calculation, with a Rs 3 crore difference I cannot explain). Grasim did not report a loss on the business; it reported a loss after a one-time charge, which the sections below take apart.

Why do the sources show different numbers for the Grasim Q2 results FY27?

Sources differ because they report different layers of one result: the loss to owners, the profit before minorities, the standalone profit, and two definitions of EBITDA. Rs 234 crore loss, Rs 1,029.42 crore profit and Rs 2,306 crore profit are all correct for their own basis.

Cite this table: Grasim Q2 FY27 conflicts across sources, PositionalCalls, as of 13 November 2026, 3:45 PM IST.

The margin difference is large. At Rs 6,513 crore, the EBITDA margin is 13.0% (my calculation); at Rs 9,722 crore, Upstox gets 19.4%. I cannot tell what the Rs 3,209 crore gap between them covers, and no source says, so I have used the company figure. Investywise also reports that the standalone cash profit of Rs 3,968 crore equals the UltraTech dividend of Rs 3,968 crore; that may be coincidence or an error, and the filing will settle it.

How does profit before tax of Rs 2,695.92 crore become a loss in the Grasim Q2 results FY27?

Profit before tax of Rs 2,695.92 crore, less tax of Rs 1,666.50 crore, gives consolidated net profit of Rs 1,029.42 crore. Minority shareholders then take about Rs 1,263.50 crore, leaving a loss of Rs 234.08 crore to Grasim’s owners (my calculation).

Cite this table: Grasim consolidated bridge from profit before tax to owners’ result, per Multibagg and Upstox; implied lines are my calculation.

Three things stand out. First, profit before tax grew 4.2% even after Rs 773.02 crore of exceptional charges, so before those charges it was about Rs 3,468.94 crore, up 34% (my calculation). Second, the tax rate jumped from 39.1% to 61.8%; I found no source that explains it. Third, minorities hold large stakes in UltraTech and Aditya Birla Capital, so a large share of consolidated profit never reaches Grasim’s own shareholders, and that share rose 28.7% on the year (my calculation).

What is the pulp joint-venture charge in the Grasim Q2 results FY27?

The charge relates to AV Group NB Inc., a Canadian pulp joint venture that temporarily idled its dissolving-grade pulp mill in Nackawic, New Brunswick. Consolidated, it is Rs 766.73 crore: Rs 128.72 crore of impairment and Rs 638.01 crore of provision for estimated exposure. Standalone, the figure is Rs 825 crore.

Cite this table: Grasim exceptional items, Q2 FY27, per Multibagg, Upstox and TaxGuru; sums by PositionalCalls.

The two figures differ and the sources do not say why, so I treat the Rs 58 crore gap (825 less 767) as unexplained. In the June 2026 quarter, exceptional items were only Rs 13.25 crore (Multibagg), so the Q2 charge is a step change, not a pattern.

Whether the charge repeats depends on the joint venture’s mill, which the company says is temporarily idled. A reader should look in the filing for the notes on the mill’s restart plan and on any further exposure, which the press reports do not describe.

Why is standalone profit up 187% in the Grasim Q2 results FY27?

Standalone profit rose 187% to Rs 2,306 crore from Rs 805 crore because Grasim booked a Rs 3,968 crore dividend from UltraTech Cement. The company says it is eliminated on consolidation. Standalone adjusted profit, before an Rs 825 crore charge, was Rs 3,132 crore, up 289%.

Cite this table: Grasim standalone Q2 FY27 per Multibagg, TaxGuru and Investywise; the ex-dividend line is my calculation.

Standalone EBITDA less the dividend leaves about Rs 647 crore (my calculation). I could not find last year’s UltraTech dividend, so I cannot say how much of the 158% EBITDA rise is dividend and how much is operations. Standalone adjusted profit of Rs 3,132 crore less the Rs 825 crore charge gives Rs 2,307 crore, matching the reported Rs 2,306 crore to within Rs 1 crore of rounding.

This is why a headline of “profit up 187%” and a headline of “net loss” can both be true for the Grasim Q2 results FY27. Standalone shows what Grasim itself earned, including an internal dividend; consolidated shows the group after eliminating it, after minorities and after the larger write-off.

What do the segments show in the Grasim Q2 results FY27?

Segment revenue rose in every business: building materials 23% to Rs 27,377.81 crore, financial services 32% to Rs 13,990.35 crore, cellulosic fibres 29% to Rs 5,343.50 crore and chemicals 15% to Rs 2,758.95 crore. Chemicals result fell 10.8% on higher power costs.

Cite this table: Grasim segment results, Q2 FY27, per Multibagg; growth rates calculated by PositionalCalls.

The segment revenues add to Rs 50,628.44 crore, Rs 523.26 crore above consolidated revenue of Rs 50,105.18 crore, which fits inter-segment eliminations (my calculation). The four segment results add to about Rs 6,484 crore, close to the Rs 6,513 crore EBITDA, but the segment results mix bases, so I do not treat that as a tie.

Birla Opus, Birla Pivot and the lending book

• Birla Opus (paints): revenue Rs 1,337 crore, up 35%, with volumes up 20%; the company targets a double-digit share of organised decorative paints by H2 FY27 (TaxGuru, company claim).
• Birla Pivot (B2B e-commerce): revenue Rs 2,785 crore, up 66%; the company targets EBITDA profitability in H2 FY27 (company claim).
• Aditya Birla Capital: total lending portfolio Rs 2,33,930 crore, up 32%; consolidated revenue Rs 13,990 crore, up 32%.
• Capex: FY27 standalone budget Rs 3,157 crore with Rs 1,022 crore spent in the first half (Upstox).

For paints peers see Asian Paints Q2 results FY27 and Berger Paints Q2 results FY27; for another group result, Hindalco net profit Q2 FY27.

What did the preview say, and how did the Grasim Q2 results FY27 compare?

The preview set a Q2 FY26 base of revenue Rs 39,900 crore, EBITDA Rs 5,217 crore and profit Rs 553 crore, and Q1 FY27 revenue of Rs 48,716 crore. Revenue came in 25.6% above the base and 2.9% above Q1, EBITDA 24.8% above the base, and the owners’ result was a loss.

Cite this table: Grasim preview marks against the result, PositionalCalls, as of 13 November 2026, 3:45 PM IST.

The preview did not carry an estimate, so there is nothing to beat or miss. I compare revenue with Q1 only, because the Q1 EBITDA and profit I recorded in the preview use bases I cannot tie to the Q2 company release. Read the preview at Grasim Q2 results date FY27.

What do the reports not show about the Grasim Q2 results FY27?

The reports I read do not show a dividend to Grasim shareholders, an analyst estimate, an official close, the minority share line, a reason for the 61.8% tax rate, the mill restart plan or the filing text. Only Upstox gives a post-result price: Rs 3,028.40, down 2.78%.

Cite this table: Grasim items not found in the pages read, PositionalCalls, as of 13 November 2026, 3:45 PM IST.

Upstox’s price implies nothing about the result by itself; one afternoon reading will have changed. TaxGuru also reports trailing-twelve-month revenue of Rs 1,94,234 crore (+11%) and EBITDA of Rs 28,816 crore (+11%), which I could not test.

What does the arithmetic show for the Grasim Q2 results FY27?

Four checks hold: the profit bridge ties, the exceptional items add up, the standalone adjusted profit ties, and the loss equals adjusted profit less the charge within Rs 3 crore. Without the charge, owners’ profit would have been Rs 536 crore, down 9.8% on Rs 594.52 crore. This is my arithmetic.

Cite this table: Grasim Q2 FY27 tie-outs by PositionalCalls from the sources listed.

The year-ago margin uses the Rs 5,217 crore base in my preview and Rs 39,900 crore of revenue, which gives about 13.1% (my calculation). So on the company’s basis the margin was flat, and the revenue growth did not widen it. That is the sober reading of the Grasim Q2 results FY27 under the headline of record revenue.

Two worked examples for a Grasim Q2 results FY27 reader

Example 1, remove the charge. Adding Rs 767 crore back to the Rs 234.08 crore loss gives about Rs 533 crore, close to the Rs 536 crore adjusted figure and 10% below last year’s Rs 594.52 crore. Example 2, the tax rate. At last year’s 39.1% rate on the same Rs 2,695.92 crore, tax would be about Rs 1,054 crore, or about Rs 612 crore less than reported (my calculation, ignoring minorities).

How do I read the next Grasim results after this one?

On the next results read, in this order: the exceptional items note, the profit split between owners and minorities, standalone dividend income, the segment results, the tax rate and cash flow. Compare each with the marks in this page.

Cite this table: Grasim reading order, PositionalCalls.

Any Grasim Q2 results FY27 article should say whether it is consolidated or standalone, owners’ or total profit, and which EBITDA it uses. If it does not, its numbers cannot be compared with this page.

How do I read the Grasim filing and avoid fake tips?

Open the NSE or BSE announcement for Grasim Industries Limited, not a link in a message, and read the results table, the exceptional items note and the segment note. Treat any tip that asks for an OTP, payment or login, or promises a target, as fake.

1. Open the exchange announcement page for Grasim Industries Limited.
2. Read the unaudited consolidated and standalone results for the quarter ended 30 September 2026.
3. Note revenue, expenses, exceptional items, profit before tax and tax.
4. Compare with Rs 50,105.18 crore, Rs 2,695.92 crore and Rs 1,029.42 crore.
5. Read the profit split between owners and non-controlling interests.
6. Check the board outcome for any dividend.

PositionalCalls is not SEBI-registered, gives no buy or sell calls and never asks for payment. Nothing here is investment advice.

What do most people miss in the Grasim Q2 results FY27?

Most readers of the Grasim Q2 results FY27 miss that the Rs 234 crore loss is after minorities and a one-time charge, that standalone profit is lifted by an internal dividend, that two EBITDA figures circulate, and that the tax rate rose to 61.8%.

Grasim Q2 results FY27: frequently asked questions

Sources

• NSE India: corporate announcements: Grasim results filing.
• BSE India: corporate announcements: Grasim results filing.
• Upstox: Grasim Q2 FY27 results, 13 November 2026.
• Upstox: Q2 results live blog, 13 November 2026.
• TaxGuru: Grasim Q2 FY27, company release basis.
• Investywise: Grasim Q2 FY27; its cash-profit note is flagged.
• Multibagg: Grasim profit falls, AVNB charge; an automated summary.
• Multibagg: Grasim standalone profit; an automated summary.

Disclosure: PositionalCalls.com is not a SEBI-registered research analyst or investment adviser. Investments in securities markets are subject to market risks. Read all related documents carefully before investing. Returns are never guaranteed. PositionalCalls is an independent research and education site founded by Shubham Chaudhary. Nothing here is a recommendation, target or investment advice. How I researched this: for this page on the Grasim Q2 results FY27 I read Upstox, TaxGuru, Investywise and Multibagg, noted where sources differ, and marked every derived number as my calculation. I did not open any company filing or exchange document. Figures are as of 13 November 2026, 3:45 PM IST.