13 November 2026 | 7:54 PM IST Curated by the Business Desk of BoldVoices
Grasim Industries reported a sharp contrast between its standalone and consolidated September-quarter results on Friday. Standalone net profit rose 187% year on year to ₹2,306 crore, while consolidated profit attributable to owners turned into a ₹234 crore loss after a one-off charge linked to the company’s Canadian pulp joint venture.
Consolidated revenue from operations increased 26% year on year to ₹50,105 crore, and consolidated EBITDA rose 25% to ₹6,513 crore. The company also approved a proposed investment of up to C$91.8 million (about ₹625 crore) in a rights issue of AV Group NB Inc., in line with Grasim’s 45% stake.
Q2 FY27 results: standalone and consolidated
Measure
Q2 FY27
Year-on-year context
Standalone revenue from operations
₹12,747 crore
Up 33%
Standalone net profit
₹2,306 crore
Up 187%; includes an exceptional charge of about ₹825 crore
Consolidated revenue from operations
₹50,105 crore
Up 26%
Consolidated EBITDA
₹6,513 crore
Up 25%
Consolidated profit attributable to owners
₹234 crore loss
After an exceptional charge of about ₹767 crore; adjusted owners’ profit was ₹536 crore
Company-reported figures for the quarter and half-year ended 30 September 2026; amounts rounded to the nearest crore.
Why the two profit figures diverged
The standalone result includes income received by Grasim itself, including a dividend of about ₹3,968 crore from UltraTech Cement. That intra-group dividend is eliminated in consolidated accounts. The company’s standalone reported profit also reflects an exceptional charge of around ₹825 crore relating to the Canadian pulp joint venture.
At the consolidated level, the exceptional item was about ₹767 crore, described in the company’s disclosures as impairment and estimated exposure concerning AV Group NB Inc. The headline loss attributable to Grasim’s owners therefore differs from total consolidated profit before the allocation to non-controlling shareholders. For comparison, the company reported adjusted profit attributable to owners of ₹536 crore before the exceptional item.
Canadian JV rights issue
Grasim’s board approved a proposal to invest up to C$91.8 million, approximately ₹625 crore, in one or more tranches in a proposed rights issue by AV Group NB Inc. The company said the amount corresponds to its 45% shareholding. The board approval is a proposed capital commitment; it should not be read as a completed investment or as a resolution of the JV’s operating and exposure risks.
What investors should watch in the next disclosures
The quarter’s revenue and EBITDA growth indicate stronger consolidated operating activity, but the owners’ share of reported profit was affected by the JV-related exceptional charge. The standalone profit comparison is also shaped by dividend income that does not remain in consolidated earnings. Further details on the JV, rights-issue timing and the performance of Grasim’s individual businesses are relevant to understanding the group’s next results; one quarter alone does not establish a longer-term trend.
This article is for news and general information purposes only. It is not investment advice or a recommendation to buy, sell or hold any security. Investments are subject to market risks; readers should review official filings and consult a qualified adviser for advice suited to their circumstances.
Like what you read? Help BoldVoices.in keep independent journalism going.
Manage Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
