# Grasim Industries (GRASIM.NSE)

Canonical: https://gigainvestors.com/s/GRASIM.NSE

Analysis as of: 2026-10-16T07:33:23.673Z. Financial observations: FY2015–FY2026.

Listing currency: INR. Reporting currency: INR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: INR 2,873.00 per share; close as of 2026-10-14.

Estimated value: low INR 930.53 per share, central INR 1,113.46 per share, high INR 1,261.00 per share. Buy at or below the central value INR 1,113.46 per share. Valuation as of 2026-10-16T07:33:23.673Z; scenarios are not confidence intervals.

Expected annual return: 6.2% at the stated quote. About 6.2% a year at today's price (required return 11.4%). required return 11.4% a year (IN 10-year bond 7.4% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.16×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.15×

- FY2018: 0.16×

- FY2019: 0.17×

- FY2020: 0.09×

- FY2021: 0.19×

- FY2022: 0.17×

- FY2023: 0.14×

- FY2024: 0.17×

- FY2025: 0.15×

- FY2026: 0.16×

### moat: fail

- The return floor includes all equity, debt and leases without deducting cash or goodwill. Only a floor above the hurdle establishes a pass.

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 7.9%

- ROIC, second-lowest year: 6.6%

- Conservative return floor, median: 6.8%

- Conservative return floor, second lowest: 4.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.2%

- ROIC including acquisitions, ten-year median: 2.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2022: 10.9%

- FY2023: 8.0%

- FY2024: 7.9%

- FY2025: 6.1%

- FY2026: 6.6%

### economics: pass

- Owner earnings / net income, 5-yr: 0.93×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: INR 266B

- Net income, five-year total: INR 287B

- Return on incremental invested capital: 34.2%

- Working capital / revenue, annual change: -0.8 pp

- Working capital / revenue, change between three-year averages: -5.8 pp

- Working capital / revenue, final three-year average: 5.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 0.95×

- FY2023: 1.00×

- FY2024: 0.82×

- FY2025: 0.92×

- FY2026: 0.91×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- Per-share earnings: 51.15 to 73.13 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 3.5%

- Ordinary dilution, 5-year annual growth: 0.7%

- Market cap gain: INR 1.35T

- Cumulative retained earnings: INR 243B

- Diluted shares, 10-year annual growth: 3.5%

- Diluted shares, 5-year annual growth: 0.7%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 4.6%

- Per-share value change: INR 21.98

- Per-share value, starting three-year median: INR 51.15

- Per-share value, ending three-year median: INR 73.13

- Buybacks concentrated in cheaper years (correlation): 0.80

- Average buyback yield: 0.1%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- Cumulative net income, 10 years: INR 449B

- ROIC, last three-year median: 6.6%

Chart: Earnings per share; fiscal year observations.

- FY2017: INR 65.64

- FY2018: INR 44.17

- FY2019: INR 26.94

- FY2020: INR 67.38

- FY2021: INR 65.49

- FY2022: INR 114.80

- FY2023: INR 103.88

- FY2024: INR 85.15

- FY2025: INR 55.50

- FY2026: INR 73.13

### accounting: fail

- restructuring or one-time charges in at least three of five years

- earnings not backed by cash

- Sloan accruals: 4.0%

- Receivables to sales index (DSRI): 1.01×

- Restructuring years, last five: 5

- Earnings backed by cash: No

- Operating cash / earnings: -3.59×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.33×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -6.6%

- FY2018: 3.3%

- FY2019: 1.4%

- FY2020: -5.0%

- FY2021: -4.0%

- FY2022: 0.2%

- FY2023: 5.8%

- FY2024: 4.0%

- FY2025: 4.2%

- FY2026: 4.0%

## Holders

## Price story

Price needs cash profits to grow 15.3% a year for ten years · sales +18.2%

Story as of 2026-10-16T09:59:55.946Z; price observation 2026-10-14.

Price needs cash profits to grow 15.3% a year for ten years

### Sales · FY2025–2026

sales +18.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: INR 361B 

- FY2018: INR 559B 

- FY2019: INR 772B 

- FY2020: INR 683B 

- FY2021: INR 764B 

- FY2022: INR 957B 

- FY2023: INR 1.18T 

- FY2024: INR 1.31T 

- FY2025: INR 1.48T 

- FY2026: INR 1.75T 

### Gross margin · FY2026

gross margin 41.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2023: 41.8% 

- FY2024: 42.4% 

- FY2025: 41.1% 

- FY2026: 41.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in cement & cement products; annual sales are INR 1.8 trillion.

- Source: https://www.screener.in/company/GRASIM/consolidated/ (filed 2026-10-16T07:33:23.673Z); FY2026: revenue 1754310000000; grossProfit 723053600000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 41.1% to 42.4% during 2024–26; it earns 7.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.673Z); FY2024: grossProfit / revenue = 42.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.673Z); FY2025: grossProfit / revenue = 41.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.673Z); FY2026: grossProfit / revenue = 41.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.673Z); 10-year return on capital observations [[2022,0.10878106527493187],[2023,0.08005051212217634],[2024,0.07869512788608342],[2025,0.061039772556313376],[2026,0.06619376285959719]]; median 0.07869512788608342. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Earns 34.2% on new investment; paid dividends in 10 of 10 years.

- Source: https://www.screener.in/company/GRASIM/consolidated/ (filed 2026-10-16T07:33:23.673Z); FY2017: growth capex 320000000; upkeep 18080000000; owner earnings 31670000000. Growth capex / owner earnings = 0.010104199557941269.

- Source: https://www.screener.in/company/GRASIM/consolidated/ (filed 2026-10-16T07:33:23.673Z); FY2018: growth capex 5650000000; upkeep 27240000000; owner earnings 26790000000. Growth capex / owner earnings = 0.2108995893990295.

- Source: https://www.screener.in/company/GRASIM/consolidated/ (filed 2026-10-16T07:33:23.673Z); FY2019: growth capex 6080000000; upkeep 35710000000; owner earnings 16930000000. Growth capex / owner earnings = 0.3591258121677496.

- Source: https://www.screener.in/company/GRASIM/consolidated/ (filed 2026-10-16T07:33:23.673Z); FY2020: growth capex 0; upkeep 50770000000; owner earnings 33390000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/GRASIM/consolidated/ (filed 2026-10-16T07:33:23.673Z); FY2021: growth capex 0; upkeep 36490000000; owner earnings 46890000000. Growth capex / owner earnings = 0.

- Source: https://www.screener.in/company/GRASIM/consolidated/ (filed 2026-10-16T07:33:23.673Z); FY2022: growth capex 44270000000; upkeep 41610000000; cash acquisitions 416000000; owner earnings 71970700000. Growth capex plus acquisitions / owner earnings = 0.6208915572587178.

- Source: https://www.screener.in/company/GRASIM/consolidated/ (filed 2026-10-16T07:33:23.673Z); FY2023: growth capex 74840000000; upkeep 45520000000; cash acquisitions 193400000; owner earnings 68270000000. Growth capex plus acquisitions / owner earnings = 1.0990684048630437.

- Source: https://www.screener.in/company/GRASIM/consolidated/ (filed 2026-10-16T07:33:23.673Z); FY2024: growth capex 130899343569.28337; upkeep 63950656430.71663; cash acquisitions 0; owner earnings 45977159564.1396. Growth capex plus acquisitions / owner earnings = 2.8470515536453402.

- Source: https://www.screener.in/company/GRASIM/consolidated/ (filed 2026-10-16T07:33:23.673Z); FY2025: growth capex 107270000000; upkeep 64540000000; cash acquisitions 101128400000; owner earnings 34048755544.094894. Growth capex plus acquisitions / owner earnings = 6.1205878649548096.

- Source: https://www.screener.in/company/GRASIM/consolidated/ (filed 2026-10-16T07:33:23.673Z); FY2026: growth capex 79000000000; upkeep 77260000000; cash acquisitions 527300000; owner earnings 45273430951.456314. Growth capex plus acquisitions / owner earnings = 1.7565998054194707.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.673Z); Incremental return on capital 0.34180644905876995, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.673Z); Dividend observations: [[2017,3690000000],[2018,5750000000],[2019,6350000000],[2020,7130000000],[2021,4340000000],[2022,10660000000],[2023,11510000000],[2024,11260000000],[2025,15840000000],[2026,16710000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://nsearchives.nseindia.com/corporate/xbrl/INTEGRATED_FILING_INDAS_1669869_20052026033910_WEB.xml (filed 2026-10-16T07:33:23.673Z); FY2026: cash repurchases 2153400000 INR.

### What the price says

The price assumes cash profits grow 15.3% yearly over ten years; actual growth was 2.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:23.673Z); Ten-year compound average after fade. Initial solved rate 0.20825909439190837. Price 2873; FX 1; discount 0.11391000000000001; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 51.15 → FY2026 66.67027800000001. Closing-price date 2026-10-14.

## Monthly share-price history (INR per share)

- 2016-11: INR 671.45 per share

- 2016-12: INR 665.62 per share

- 2017-01: INR 702.50 per share

- 2017-02: INR 763.95 per share

- 2017-03: INR 809.32 per share

- 2017-04: INR 891.14 per share

- 2017-05: INR 891.14 per share

- 2017-06: INR 958.30 per share

- 2017-07: INR 1,066.01 per share

- 2017-08: INR 1,190.47 per share

- 2017-09: INR 1,129.46 per share

- 2017-10: INR 1,222.24 per share

- 2017-11: INR 1,165.27 per share

- 2017-12: INR 1,161.13 per share

- 2018-01: INR 1,155.46 per share

- 2018-02: INR 1,148.13 per share

- 2018-03: INR 1,046.74 per share

- 2018-04: INR 1,089.37 per share

- 2018-05: INR 1,035.68 per share

- 2018-06: INR 1,002.86 per share

- 2018-07: INR 1,021.14 per share

- 2018-08: INR 1,063.27 per share

- 2018-09: INR 1,017.45 per share

- 2018-10: INR 830.25 per share

- 2018-11: INR 862.82 per share

- 2018-12: INR 822.33 per share

- 2019-01: INR 718.14 per share

- 2019-02: INR 773.97 per share

- 2019-03: INR 854.55 per share

- 2019-04: INR 897.63 per share

- 2019-05: INR 882.59 per share

- 2019-06: INR 910.48 per share

- 2019-07: INR 785.23 per share

- 2019-08: INR 708.13 per share

- 2019-09: INR 727.21 per share

- 2019-10: INR 765.71 per share

- 2019-11: INR 783.93 per share

- 2019-12: INR 740.70 per share

- 2020-01: INR 775.82 per share

- 2020-02: INR 684.48 per share

- 2020-03: INR 474.21 per share

- 2020-04: INR 502.90 per share

- 2020-05: INR 586.87 per share

- 2020-06: INR 617.25 per share

- 2020-07: INR 630.54 per share

- 2020-08: INR 672.18 per share

- 2020-09: INR 741.25 per share

- 2020-10: INR 775.27 per share

- 2020-11: INR 872.28 per share

- 2020-12: INR 924.18 per share

- 2021-01: INR 1,051.47 per share

- 2021-02: INR 1,196.04 per share

- 2021-03: INR 1,444.81 per share

- 2021-04: INR 1,396.20 per share

- 2021-05: INR 1,465.37 per share

- 2021-06: INR 1,492.81 per share

- 2021-07: INR 1,545.21 per share

- 2021-08: INR 1,494.46 per share

- 2021-09: INR 1,662.84 per share

- 2021-10: INR 1,714.28 per share

- 2021-11: INR 1,655.87 per share

- 2021-12: INR 1,615.83 per share

- 2022-01: INR 1,720.66 per share

- 2022-02: INR 1,592.17 per share

- 2022-03: INR 1,657.41 per share

- 2022-04: INR 1,685.60 per share

- 2022-05: INR 1,422.94 per share

- 2022-06: INR 1,315.52 per share

- 2022-07: INR 1,566.77 per share

- 2022-08: INR 1,672.00 per share

- 2022-09: INR 1,668.22 per share

- 2022-10: INR 1,714.88 per share

- 2022-11: INR 1,752.78 per share

- 2022-12: INR 1,716.67 per share

- 2023-01: INR 1,583.90 per share

- 2023-02: INR 1,572.30 per share

- 2023-03: INR 1,626.23 per share

- 2023-04: INR 1,713.49 per share

- 2023-05: INR 1,711.54 per share

- 2023-06: INR 1,727.78 per share

- 2023-07: INR 1,842.13 per share

- 2023-08: INR 1,783.86 per share

- 2023-09: INR 1,934.71 per share

- 2023-10: INR 1,879.23 per share

- 2023-11: INR 1,997.51 per share

- 2023-12: INR 2,126.35 per share

- 2024-01: INR 2,175.00 per share

- 2024-02: INR 2,191.40 per share

- 2024-03: INR 2,287.30 per share

- 2024-04: INR 2,411.65 per share

- 2024-05: INR 2,316.25 per share

- 2024-06: INR 2,670.45 per share

- 2024-07: INR 2,776.75 per share

- 2024-08: INR 2,698.85 per share

- 2024-09: INR 2,795.55 per share

- 2024-10: INR 2,695.85 per share

- 2024-11: INR 2,606.25 per share

- 2024-12: INR 2,442.70 per share

- 2025-01: INR 2,508.85 per share

- 2025-02: INR 2,306.65 per share

- 2025-03: INR 2,611.15 per share

- 2025-04: INR 2,737.50 per share

- 2025-05: INR 2,545.80 per share

- 2025-06: INR 2,844.50 per share

- 2025-07: INR 2,746.40 per share

- 2025-08: INR 2,775.60 per share

- 2025-09: INR 2,756.90 per share

- 2025-10: INR 2,891.70 per share

- 2025-11: INR 2,739.40 per share

- 2025-12: INR 2,829.00 per share

- 2026-01: INR 2,819.00 per share

- 2026-02: INR 2,799.80 per share

- 2026-03: INR 2,557.70 per share

- 2026-04: INR 2,794.50 per share

- 2026-05: INR 3,122.40 per share

- 2026-06: INR 3,100.00 per share

- 2026-07: INR 3,100.80 per share

- 2026-08: INR 3,371.00 per share

- 2026-09: INR 3,061.90 per share

- 2026-10: INR 2,885.90 per share

## Annual estimated value (INR per share)

- FY2019: low INR 557.17 per share, central INR 620.38 per share, high INR 700.56 per share

- FY2020: low INR 514.77 per share, central INR 569.52 per share, high INR 638.96 per share

- FY2021: low INR 590.42 per share, central INR 651.47 per share, high INR 728.90 per share

- FY2022: low INR 687.01 per share, central INR 763.44 per share, high INR 860.37 per share

- FY2023: low INR 985.54 per share, central INR 1,097.07 per share, high INR 1,238.52 per share

- FY2024: low INR 1,095.23 per share, central INR 1,218.79 per share, high INR 1,375.52 per share

- FY2025: low INR 1,527.23 per share, central INR 2,107.39 per share, high INR 2,402.92 per share

- FY2026: low INR 930.53 per share, central INR 1,113.46 per share, high INR 1,261.00 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:09.266Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.