Grasim Industries Ltd — Investor Presentation 2025

Nov 21, 2025

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Ref No. GIL/CFD/SEC/26/132/SE

21[st] November 2025

BSE Limited National Stock Exchange of India Limited Scrip Code: 500300 Symbol: GRASIM

Sub: Corporate Dossier of Grasim Industries Limited (“the Company”)

Dear Sirs/Madam,

Please find enclosed the Corporate Dossier of the Company.

The same is also available on our website www.grasim.com.

The above is for your information and record.

Thanking you,

Yours sincerely,

For Grasim Industries Limited

NEELABJA Digitally signed by NEELABJA CHAKRAB CHAKRABARTY Date: 2025.11.21 ARTY 19:40:09 +05'30' Neelabja Chakrabarty

Company Secretary and Compliance Officer ACS - 16075

Cc:

Luxembourg Stock Exchange Citibank N.A. Citibank N.A. 35A Boulevard Joseph II Depositary Receipt Services Custodial Services L-1840 Luxembourg 390 Greenwich Street, FIFC, 9[th] Floor, C-54 & 55, 4[th] Floor, New York, G Block Bandra Kurla NY 10013 Complex, Bandra (East), Mumbai-400098

Grasim Industries Limited Aditya Birla Centre, ‘A’ Wing, 2[nd ] Floor, S.K. Ahire Marg, Worli, Mumbai 400 030, India T: +91 22 6652 5000 / 2499 5000 | F: +91 22 6652 5114 / 2499 5114 E: grasim.secretarial@adityabirla.com | W: www.grasim.com | CIN: L17124MP1947PLC000410

Regd. Office: Birlagram, Nagda – 456 331 (M.P.)

Grasim Industries Limited Investor Presentation 1

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DRIVEN BY OUR PURPOSE. LED BY OUR VALUES

Seamlessness

Passion

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Integrity

Commitment

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OUR PURPOSE

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TO ENRICH LIVES BY
BUILDING DYNAMIC AND
RESPONSIBLE BUSINESSES AND
INSTITUTIONS, THAT INSPIRE TRUST.
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Speed
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ADITYA BIRLA GROUP IS…

A US$ 67 billion* conglomerate Consolidated market cap of US$ 114[#] billion Across 6 continents and 41 countries 42% of revenues from outside India operations 340+ state-of-the-art manufacturing units globally 227,500+ employees of over 100 nationalities 300M+ Loyal customer base

OUR KEY GROUP COMPANIES

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GLOBAL RANKING ACROSS KEY CATEGORIES

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IN ALUMINIUM ROLLING
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IN CEMENT
(EXCLUDING CHINA)
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RECYCLER OF ALUMINIUM

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IN CARBON
BLACK
(based on installed
production capacity)
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2
IN CELLULOSIC
IN COPPER RODS
STAPLE FIBRES (EXCLUDING CHINA)
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Grasim Industries Limited Investor Presentation 3

*** Revenue as on 31[st] March 2025[# ] Consolidated Market Capitalisation of listed entities as on 30[TH] Sep 2025.**

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GRASIM’s LEADERSHIP

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ACROSS KEY COMPONENTS OF GROWING ECONOMY

KEY FACTORS

INDIA’s AMRIT KAAL

Infrastructure & Housing Cement Producer RMC player Producer of White Demand Cement based Putty

Strongest and fastest growing among major economies

Increasing Financialisation

Diversified Financial Services

Amongst Largest[^ ] well-diversified NBFCs

Financial maturity, Digitisation and higher credit growth

Aspirational Consumption #2 Decorative Paints* Cellulosic Fibres Linen Textiles

Young Population, Higher Disposable Income

Focus on Manufacturing growth Chlor-Alkali

Epoxy Resins & curing agents

Set to become world’s third largest economy by 2027

Fast growing Renewable ~1.93 GW of RENEWABLE energy capacity Energy sector

Growing Digital Economy

B2B E-COMMERCE platform

enabling MSMEs Digital reach

Grasim Industries Limited Investor Presentation 4

Market leader in India.

Note: Map not to scale; * in terms of installed capacity in India; ^ in terms of AUM

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STRONGLOMORATE : KEY STRENGTHS

1 2 3 Diversified A Legacy of Track record of Businesses with Values and Trust creating large Stable cashflow growing Businesses and generation Brands Operating history Revenue growth Positive Free of 77+ ~4.5 times over Cash flow* in years the past decade 9 out of last

Positive Free Cash flow* in 9 out of last 10 years

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4 Sustainable Manufacturing

Increasing share of Renewable power

Reduction in Freshwater consumption across businesses

Grasim Industries Limited Investor Presentation 5

*** Standalone Excluding investments in new businesses**

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STRONGLOMORATE : KEY STRENGTHS

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5 6 7 History of Strong Balance Value Creation continuous Sheet with Dividend “AAA/Stable” Distribution rating ~1.7x/~1.5x For outperformance[#] Consolidated in stock returns vs. >62 years Debt*/Equity benchmark^ over 0.30x 5Yr/10Yr period

Grasim Industries Limited Investor Presentation 6

*** Excluding Borrowing related to Financial Services Business; ^ Nifty; # as on 30[th] Sep 2025**

Grasim Industries Limited Investor Presentation 7

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PILLARS OF OUR STRATEGY

BUSINESS LEADERSHIP

SUSTAINABILITY

CAPITAL INNOVATION Eco-friendly products & responsible ALLOCATION Focus on innovation manufacturing Investments in core in products and and high growth processes businesses

Attain leadership position in all our Focus on innovation businesses in products and processes

COST LEADERSHIP Continuous cost optimisation

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KEY FINANCIAL HIGHLIGHTS (CONSOLIDATED)

TTM Revenue

₹ 1,59,663 Cr.

TTM EBITDA ₹ 22,873 Cr.

TTM PAT^

₹ 4,288 Cr.

Grasim Industries Limited Investor Presentation 8

^ Owner’s share of PAT, TTM - Trailing Twelve Months (October 24 to September 25)

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LEADERSHIP ACROSS BUSINESSES

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Building Materials Businesses

Other Businesses

Cellulosic Fibres	Chemicals	Cement	Paints	B2B E-Commerce	Financial Services	Textiles	Renewables	Insulators
Leading	Leading	UltraTech:	2nd largest	Digital	Aditya Birla	Premium	Aditya Birla	Leading
producer of	producer of	India’s largest	Manufacturing	procurement	Capital:	sustainable	Renewables:	manufacturer
Cellulosic **Fibres@, **	Chlor-Alkali, Chlorine	selling cement brand and 3rd	capacity of decorative	for wide range of product	A leading Financial	textile products: linen,	Presence in clean energy	of complete range of
fastest- growing sustainable Fibres in India Focus on Specialty products	Derivatives and Specialty Chemicals Focus on improving Chlorine integration*	largest cement player globally (ex - China) Largest Manufacturer of RMC, Leading Player of White**	paints in India Offering superior products and experience across all segments of Decorative	category with end-to-end solutions Assured product quality, Guaranteed delivery, Competitive	Services conglomerate Offering financing, protecting, investing and advisory services	wool and cotton fabrics Premium retail brand ‘Linen Club’ operating 240+ EBOs^ and 9,200+ MBOs^ on	generation i.e. solar, wind and hybrid power Fulfilling renewable energy demand of	porcelain and composite insulators, serving domestic and global transmission & distribution markets
		Cement and	Paints	pricing and		pan-India	group
		Cement based		Financing		basis	companies
		Putty		solutions			and power
							utilities

@Cellulosic Fibres = Cellulosic Staple Fibre and Cellulosic Fashion Yarn; *Specialty Chemicals = Epoxy Resins and Curing Agents; RMC = Ready Mix Concrete; ^ EBO = Exclusive brand outlet,**

Grasim Industries Limited Investor Presentation 9

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Cellulosic Fibres Chemicals
15,897
8,648
4,974^
1,701
FY15 FY25 FY15 FY25
Cr.)
₹
Revenue (
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TRACK RECORD OF CREATING LARGE BUSINESSES & BRANDS

Financial Services*

Building Materials

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81,394
24,340
FY15 FY25
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40,651
9,083
FY18 FY25
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OUR LEADING BRANDS

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Grasim Industries Limited Investor Presentation 10

*** Financials Services Business acquired on merger of Aditya Birla Nuvo Limited; ^ Excluding revenue from Pulp JV’s for like-to-like comparison**

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1
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R&D AND INNOVATION

WORLD CLASS R&D FACILITIES

COMMERCIALISED A VARIETY OF HIGH-VALUE PRODUCTS

1 5 2 1 Corporate R&D R&D Centres R&D Centres R&D Centre Centre (Cellulosic (Chemicals) (Paints) Fibres) KEY STRENGTH

Cellulosic Fibres

Chemicals

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Primary building blocks for formulated products in Construction, Coating, Composite industries

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Traceability of Pulp source from FSC[(1)] certified sustainable forests

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Focused innovation across Businesses R&D focus on the entire value spectrum

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Eco-friendly cellulose Fibre from in-house lyocell technology

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Pthalate free plasticizers

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Competent R&D Team Qualified and experienced researchers of 275+ people across businesses

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Longer lasting protection from microbes

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Addressing water treatment problems in Aquaculture

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Intellectual Property Rights Patent Application: 73; Patents granted: 28

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Introduced recyclability of textile waste as a partial replacement to dissolving-grade pulp

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Specialty variants for industrial water treatment

R&D Expenditure Spent ~ ₹ 440 Cr. over last three years

Grasim Industries Limited Investor Presentation 11

(1) FSC - Forest Stewardship Council.

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SUSTAINABLE BUSINESS PRACTICES AND INITIATIVES

Sustainability Ratings[#]

Environment

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▪ 96% of waste is recycled, reused and recovered

13 ZLD Sites (incl. 1 under commissioning)

• Committed to achieving net-zero emissions by 2050

• Sourcing Pulp from sustainably managed forests

• ▪ Zero liquid discharge (ZLD) systems to eliminate effluent discharge

24% Renewable Power Share (by capacity^)

▪ Increasing proportion of recycled water to freshwater consumption

Social

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▪ Sustainable Livelihood, Health and Education initiatives for community development around our manufacturing sites

Touched life of 1.24 Million People in FY25

• Driving diversity and inclusion initiatives across all our

businesses

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• Enhancing stakeholder engagement

• Ensuring a safe and inclusive work environment

100% sites are IMS Certified*

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Climate Change Water Security Forest
Rated B Rated B Rated B
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Governance

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▪ Robust legal compliance framework maintaining ethical & transparent corporate governance standards

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• Board oversight on Risk and Sustainability with dedicated committee comprising of independent directors and Senior executives

• Safeguarding information security and ensuring data privacy

*** IMS: Integrated Management System (ISO 9001, 14001 and 45001); ^ includes contracted capacity; # 2025 ratings**

Grasim Industries Limited Investor Presentation 12

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CAPITAL ALLOCATION

FOCUS ON GROWTH

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₹ 13,832 Cr.
Consolidated Capex [#] ( ₹ Cr.)
20,199
22%
16,929
₹62,246
12,147
Cr.
9,017
78%
3,954
₹ 48,415 Cr.
Growth Capex Maintenance Capex
FY21 FY22 FY23 FY24 FY25
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#Calculation based on the movement in Gross block, CWIP and Capital advances.

Grasim Industries Limited Investor Presentation 13

*** Capex over FY21 to FY25.**

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CELLULOSIC FIBRES

Strong Backward Integration Caustic, pulp, power and steam

Cost efficient production processes Best in Class Consumption Ratios

Innovations

Continuous improvements in yields through inhouse innovations

COST LEADERSHIP

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CHEMICALS

Power

Diversified sources (captive + grid) of power with improving renewable energy mix

Chlorine Integration

Cost reduction by increasing production of chlorine derivatives

Strategic Partnership

Building strategic relationships with key value chain partners

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PAINTS

Cost Efficient Manufacturing Right size plants with high level automation and lean systems

Backward Integration

Integrated manufacturing for key inputs: Emulsions & Resins

R&D

In-house R&D capability for original polymer chemistry & superior paint formulation

Grasim Industries Limited Investor Presentation 14

Grasim Industries Limited Investor Presentation 15

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REVENUE ( ₹ Cr.)
1,59,663
1,48,478
1,30,978
1,17,627
FY23 FY24 FY25 TTM
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TRACK RECORD OF CONSISTENT GROWTH

EBITDA ( ₹ Cr.)

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22,873
20,837
20,023
17,723
FY23 FY24 FY25 TTM
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Revenue growth led by robust performance of Building Materials and Chemicals businesses coupled with stable performance of Cellulosic Fibres and Financial Services businesses

EBITDA growth led by superior performance of Building Materials and Chemical businesses. This was partially offset by initial investments for building a strong consumer facing Paints business

TTM - Trailing Twelve Months (October 24 to September 25)

Grasim Industries Limited Investor Presentation 16

*FY23 EBITDA excludes fair value gain accounted by Aditya Birla Capital Limited post acquisition of 9.99% stake by ADIA entities in Aditya Birla Health Insurance Limited.

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CONSISTENT GROWTH LEADING TO STRONG FINANCIALS

CONSOLIDATED

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As on As on As on
Particulars
31st Mar 2024 31st Mar 2025 30th Sep 2025
Net worth ( ₹ Cr.) 88,652 97,509 99,618
Debt - Equity Ratio 0.97x 1.16x 1.25x
Debt - Equity Ratio 0.19x 0.29x 0.30x
Net debt ( ₹ Cr.) 15,436 35,402 38,596
Total debts to Total assets 0.33x 0.37x 0.38x
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Consolidated Net Debt* to TTM EBITDA stood at 1.69x as on 30th Sep 2025 against 1.77x as on 31st Mar 2025

Net Debt* to Equity stood at 0.30x as on 30th Sep 2025

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Grasim Industries Limited Investor Presentation 17

*excluding debt related to financial services business.

Grasim Industries Limited Investor Presentation 18

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INDIA CELLULOSIC FIBRE GROWING FASTEST WITH CAGR >2x OF OTHER FIBRES

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INDIA
9.6% CAGR
(0.4%) CAGR
5.4% CAGR
CY15 CY24
Synthetic Cotton Cellulosic Fibres
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CELLULOSIC FIBRES : FASTEST GROWING FIBRE

GLOBAL INDIA

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3.9% CAGR
(0.2%) CAGR
3.5% CAGR
CY15 CY24
Synthetic Cotton Cellulosic Fibres
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GROWTH DRIVERS

~6% CELLULOSIC SHARE GAP of Cellulosic Fibres in huge growth opportunity total fibre basket at due to cotton constraints Global level and in India

LIVA MOST BRAND SUSTAINABLE

supporting demand fastest biodegradable creation for textile value and environment chain friendly

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55 KTPA of Phase 1 Lyocell project (proposed capacity of 110 KTPA) is progressing well and commissioning is targeted by mid 2027
✓ Long lead items ordered, Basic engineering competed, Other orders and Contracts under process
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Grasim Industries Limited Investor Presentation 19

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Scan here
Traceability: Forest to Fashion to know
more
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CELLULOSIC FIBRES : INNOVATION

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Circular Fashion

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CANOPY HOT BUTTON - HIGHEST RATING 6 YEAR IN A ROW

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2020 2021 2022 2023 2024 2025
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Grasim Industries Limited Investor Presentation 20

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CELLULOSIC FIBRES : KEY MACRO TRENDS
CHINA OPERATING RATE AND INVENTORY DAYS GLOBAL PRICES TREND ($/KG)
89 1.79
86 1.72 1.73
82
1.65
1.52 1.51
0.95
20 15 0.83 0.84
8
Q2FY25 Q1FY26 Q2FY26 Q2FY25 Q1FY26 Q2FY26
China Operating Rates China Plant Inventory CSF - CCF Cotton (Cotlook) PSF
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China operating rates stood higher at 89% in Q2FY26. Also, average inventory increased YoY to 15 days

Price of competing fibres like Cotton and Polyester are lower by 3% and 12% YoY, respectively. Global CSF prices are also lower

Domestic CSF prices remained stable due to rupee depreciation, consistent quality, innovation and deep integration across the textile value chain

Grasim Industries Limited Investor Presentation 21

Source: CCFGroup; *Polyester Staple Fibre.

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CELLULOSIC STAPLE FIBRE (CSF) SALES (KT)
219
209 209
Q2FY25 Q1FY26 Q2FY26
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CELLULOSIC FIBRES : KEY OPERATIONAL METRICS

CELLULOSIC FASHION YARN (CFY) SALES (KT)

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11.4
11.1
10.0
Q2FY25 Q1FY26 Q2FY26
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CSF sales volume de-grew by 5% YoY due to temporary logistics challenges at Vilayat plant

Specialty CSF sales volumes were up by 53% YoY led by higher exports

CFY volume was up 3% YoY, driven by festive demand

Grasim Industries Limited Investor Presentation 22

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REVENUE ( ₹ Cr.)
4,125 4,043 4,149
Q2FY25 Q1FY26 Q2FY26
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CELLULOSIC FIBRES : FINANCIAL PERFORMANCE

EBITDA ( ₹ Cr.)

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494
350
322
Q2FY25 Q1FY26 Q2FY26
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Higher input cost of
CFY realisations
Revenue grew by 1% key raw material
continues to remain
YoY led by favorable which were absorbed
adversely impacted by
product mix and partially has led to
low-priced imports
rupee depreciation reduction in EBITDA
from China
by 29% YoY
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Grasim Industries Limited Investor Presentation 23

Grasim Industries Limited Investor Presentation 24

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DIVERSIFIED CHEMICALS PORTFOLIO

CHEMICALS’ CAPACITIES (KTPA)

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1,530 1,137
25
79
246
1,505 1,058
Chlor-Alkali Chlorine Derivatives Specialty Chemicals
Existing Capacity (KTPA) Capacity Expansion (KTPA)
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CHLOR-
ALKALI
CHEMICALS CHLORINE
DERIVATIVES
PORTFOLIO
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REVENUE BREAK-UP (%)
26% 28% 30%
21% 19%
21%
53% 53% 49%
Q2FY25 Q1FY26 Q2FY26
Chlor-Alkali Chlorine Derivatives Specialty Chemicals
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SPECIALTY CHEMICALS END-USE APPLICATIONS COATINGS TEXTILES COMPOSITE CONSTRUCTION ALUMINUM PRODUCTION RENEWABLES WATER TREATMENT PVC APPLICATIONS PHARMA & HEALTHCARE PAPER MANUFACTURING SOAP AND DETERGENTS

& many more…..

Grasim Industries Limited Investor Presentation 25

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CHEMICALS : FOCUS AREAS

CHLORINE INTEGRATION* LEVELS (%)

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65%
64%
62%
60%
58%
FY22 FY23 FY24 FY25 Q2FY26
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Largest producer of Specialty Chemicals (Epoxy Resins and Curing Agents) in India.

Epichlorohydrin (ECH) 50 KTPA Plant construction at Vilayat progressing well, mechanical completion by Q3FY26

Lubrizol CPVC Resin Project for Phase I of 50 KTPA (of total 100 KTPA) at Vilayat is progressing as per plans with mechanical completion by Q3FY26

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Leverage existing
capacities of
High Value
Specialty Products
Chlorine
Integration to
reach
Partnerships for
Continuous 70%
Chlorine Offtake
Post commissioning of
ongoing projects
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Develop downstream Chlorine Chemistries

Grasim Industries Limited Investor Presentation 26

*Integration includes chlorine consumption for HCL and pipeline sales for dedicated customers.

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SPECIALTY CHEMICALS : EPOXY RESINS AND CURING AGENTS

EPOXY GROWTH DRIVERS

PROTECTIVE COATING CONSTRUCTION RENEWABLES AUTOMOTIVE OTHERS 26% 22% 19% 18% 9% 6% Market Share of Grasim's epoxy resin used in Total Patents filed >50% 2 out of 3 cars 8 In India manufactured in India of which 3 Granted

India Industry Demand Mix (%)

GRASIM

Leading player in Epoxy Resins & curing agents

Expanded Product portfolio of 100+ Epoxy products

Doubled Capacity to 246 KTPA Solidifying market leadership

Focus on Specialty Epoxy products

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Grasim Industries Limited Investor Presentation 27

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CHLOR-ALKALI : KEY OPERATIONAL METRICS

CAUSTIC SODA SALES (KT)

GRASIM – ECU ( ₹ /TON)

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303
295 294
Q2FY25 Q1FY26 Q2FY26
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35,911
32,979
30,642
Q2FY25 Q1FY26 Q2FY26
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ECU realisation grew by 8% YoY led by higher domestic caustic realisation due to stable domestic demand and rupee depreciation

Caustic sales volumes stood flattish YoY due to lower production by constrained power availability

Caustic soda international average spot prices (CFR-SEA) marginally declined to $449/ton

Grasim Industries Limited Investor Presentation 28

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CHEMICALS : FINANCIAL PERFORMANCE

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REVENUE ( ₹ Cr.)
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EBITDA ( ₹ Cr.)

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422
365
273
Q2FY25 Q1FY26 Q2FY26
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2,391 2,399
2,054
Q2FY25 Q1FY26 Q2FY26
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Chemicals segment
revenue up by 17% Specialty Chemicals
EBITDA up by 34% YoY,
YoY led by broad- revenue share stood
driven by higher
based strength across at 30% however higher volumes in Chlorine
Caustic, Chlorine input prices impacted derivatives and better
Derivatives, and the profitability ECU realisation
Specialty Chemicals
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Grasim Industries Limited Investor Presentation 29

Grasim Industries Limited Investor Presentation 30

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Grasim Industries Limited Investor Presentation 31

INDIA CEMENT INDUSTRY GROWTH DRIVERS

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India is the second largest cement producer in the world,

….but remains a highly underpenetrated market

Global Cement Production

Per capita Consumption (kg/annum)

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30.8%
51.1%
1.6%
1.2%
1.6%
2.7% 11.0%
China India United States Russia Egypt Brazil ROW
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1,340-1,350
1,090-1,100
1000-1010
955-965
790-800
World average: 470-520 kg
420-470 430-440
360-380 360-380
310-330
~303
250-270
230-240
China Vietnam Korea Turkey Iran Russia Egypt Mexico Japan Brazil India United Indonesia
States
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Grasim Industries Limited Investor Presentation 32

Source: Industry estimates, research reports.

ULTRATECH : INDIA’S LARGEST SELLING CEMENT BRAND

OUR STRENGTHS

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India’s Largest Grey Cement Capacity

192.3 MTPA^ Consolidated Grey cement capacity

35 Integrated Manufacturing units 34 Grinding units

Grey Cement

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Ordinary Portland Cement, Portland blast-furnace slag Cement, Portland Pozzolana Cement, Portland Composite Cement

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Leading Player of White Cement and Cementbased Putty

1.3 MTPA White Cement 2.0 MTPA Cement Based Putty

White Cement

==> picture [44 x 44] intentionally omitted <==

Portfolio of white cement, white putty, VAPS Textura, Levelplast, pre-cote and fragrance putty

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Scientifically engineered products to cater to new-age constructions

Largest manufacturer of One-stop building solution 250 RMC plants in products to cater to RMC^ in India for the retail customer 116 cities 408 5,084 Plants Outlets >50 Range of products 23 161 States Cities Building Products Building Solutions Ready mix Concrete

Building Products

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Portfolio of building solution products such as plasters and mortars, flooring, tile adhesives, industrial grouts, waterproofing products etc.

First pan-India multi category retail chain catering to the needs of individual home builders (IHBs)

Tailor made concrete solutions with 28 specialty concretes based on application

Grasim Industries Limited Investor Presentation 33

^as on 30[th] Sep 2025; *as on 30[th ] Sep 2025; ^RMC = Ready Mix Concrete.

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Total grey cement capacity reached 192.3 Mn TPA; Expansion plan announced aiming 240.8 mtpa by Mar-28

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CEMENT: Q2FY26 PERFORMANCE UPDATE

Green Power Mix Operating EBITDA/ton of increased to 41.6% vs. UltraTech existing 30.2% in Q2FY25. operations grew by 32% YoY at ₹ 966 led by lower Reached 1.19 GW of logistics, fuel & power costs renewable power capacity and 369 MW of WHRS power

Consolidated volume grew by 6.9% YoY to 33.85 million tons Domestic grey cement realization grew by 4.5% YoY to ₹ 5,088/Mt

Grasim Industries Limited Investor Presentation 34

WHRS - Waste Heat Recovery System

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PAINTS BUSINESS

Grasim Industries Limited Investor Presentation 35

DECORATIVE PAINTS : GROWTH DRIVERS

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DECORATIVE PAINTS MARKET OPPORTUINITY

Decorative Paints market is estimated to grow at CAGR of >10% over the next decade

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Urbanisation
Housing
Demand Changing
Aspirations
Premiumisation
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INDUSTRY SIZE

UN-ORGANISED MARKET

PER-CAPITA CONSUMPTION

~3.5 kg (Global average of 10 kg/annum)

~25%

₹ ~72,000 Cr. (FY26e)

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2[nd] Largest Player* In Indian Decorative Paints Industry

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WIDE & SUPERIOR PAN INDIA MARKET CUSTOMER PRODUCT RANGE DISTRIBUTION DIFFERENTIATORS DELIGHT & REACH

MANUFACTURING PROWESS

Grasim Industries Limited Investor Presentation 36

*in terms of installed capacity.

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BIRLA OPUS : SET TO BECOME 2[nd] LARGEST PAINTS BRAND

Biggest Launch in the Indian Decorative Paints Market

85 500 MLPA 1,332 MLPA

6

MANUFACTURING Fully backward integrated plants with PROWESS Pan India presence equipped with 4.0 manufacturing technology

Option of adding at lower capital cost

scientists at state-of-the-art R&D center

Greater than combined current capacity of existing 2[nd] , 3[rd ] and 4[th] largest players

DISTRIBUTION & REACH

WIDE & SUPERIOR PRODUCT RANGE

MARKET DIFFERENTIATORS

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10,000+ Expanding the reach towns on pan-India basis

190+

Products with simplified Brand Architecture 40%

Reduced footprint of tinting machine, smallest, digitally connected machine in the market

150

Depots planned with latest warehousing systems to service within four hours

1,750+

SKU’s across water based, enamel, wood finishes, waterproofing and wallpapers

11/500+

Major cities with Company operated Paint Studios / Towns with franchisee operated Paint Galleries

6,41,000+ Painters and contractors’ working with Opus

98%

of our products scored better vs. competition in the field validation exercise across 11 cities

1

year additional product warranty on most products

5000+

Talent across verticals and markets with average age of 30 years

2,300+/216

Tintable color choices / Iconic Indian Colours

Digital

And seamless customer experience at the core of our strategy

Grasim Industries Limited Investor Presentation 37

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Total capex spent stood at ₹ 9,727 Cr. as on 30th Sep 2025. Project executed within allocated budget and rapid scale-up

Market share^ gains continues despite monsoon related slowdown. The revenue Market share stood at double digit market including Birla Opus and Birla White Putty revenues

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Capacity share reached ~24% of Organized Decorative Paints industry post commencement of 6[th] plant at Kharagpur in Oct-25.

Q2FY26 PERFORMANCE UPDATE

Surpassed guidance by expanding reach to 10,000+ towns across India.

Expanded portfolio to 190+ products and 1,750+ SKUs, catering to a broader range of customer needs and market segments

Industry-first Opus Assurance and PaintCraft, now offered through dealers & franchisees launched in Aug-25. Encouraging feedback from customer with increasing enquiries and steady growth in site registrations

Grasim Industries Limited Investor Presentation 38

^as per internal estimates of Q2FY26 Organised market share in India

Grasim Industries Limited Investor Presentation 39

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COMPREHENSIVE B2B E-COMMERCE PLATFORM

>$200 bn <2% 10% Market TAM^ for raw materials in Digital 3-YR CAGR Opportunity construction, chemicals & Penetration metal by 2030

MSME Demand enabling efficient Drivers procurement and wide reach

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VALUE PROPOSITION

PRODUCT CATEGORIES

COMPETITIVE PRICING ASSURED QUALITY GUARANTEED DELIVERY One-stop Digital solution FINANCING SOLUTIONS 40,000+ 300+ SEAMLESS EXPERIENCE SKUs Brands

STEEL & ALLIED SANITARYWARE PIPES & FITTINGS CEMENT & ALLIED PLY & LAMINATES TILES & SURFACES BRICKS & BLOCKS METALS BITUMEN CHEMICALS & POLYMERS

Grasim Industries Limited Investor Presentation 40

^Total Addressable Market

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BIRLA PIVOT : Q2FY26 PERFORMANCE UPDATE

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Revenue mix continues Driving seamless digital
Revenue grew by 15% to improve with adoption across our Proprietary credit
QoQ; On track to increasing contribution user ecosystem through system offering tailored
achieve annual revenue of from product categories intuitive, self-serve lending solutions in
₹ 8,500 crores collaboration with
such as Non-ferrous, platforms designed for
($1 billion) by FY27 Bitumen, Chemicals, frictionless convenience Banks and NBFCs
and Tiles & Ply and user delight
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Grasim Industries Limited Investor Presentation 41

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BUILDING MATERIALS : FINANCIAL PERFORMANCE

REVENUE ( ₹ Cr.)

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EBITDA ( ₹ Cr.)
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4,291
2,950
1,900
Q2FY25 Q1FY26 Q2FY26
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23,733
22,253
17,342
Q2FY25 Q1FY26 Q2FY26
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Cement revenue grew
Revenue grew by 28%
by 20% YoY to
EBIDTA grew by 55% YoY
YoY led by all-round ₹ 19,607 Cr. with
to ₹ 2,950 Cr.
performance across incremental revenue
led by Cement business
cement, Paints and
from Paints and B2B
B2B businesses
E-commerce
businesses
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Grasim Industries Limited Investor Presentation 42

Grasim Industries Limited Investor Presentation 43

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FINANCIAL SERVICES : OUR STRENGTHS

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ADITYA BIRLA CAPITAL : DIVERSIFIED FINANCIAL SERVICES PLATFORM

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Life Health
NBFC Housing Asset Management
Insurance Insurance
₹ 1,77,855 Cr. ₹ 5,50,240 Cr. ₹ 11,780Cr.
Total Lending Portfolio [1] Total AUM [2] Gross Premium [3]
₹ ₹
91,450 Cr. 4,25,171 Cr. 4.9%/6.4%
Retail SME & HNI Loans (66% of NBFC AUM) Total Mutual Fund AAUM [4] Market Share [6]
Individual FYP [7] / Group New Business Premium
83%
6.06% ₹ 36,098 Cr.
NBFC NIM [5] Passive AUM [9] Digital Renewal [8] of
Total Renewal Premium
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1. lending book of Non-Banking Finance Company (NBFC) + Housing Finance Company (HFC); 2. Asset under management of AMC, Life and Health Insurance; 3. For Life and Health Insurance; 4. Average Asset Under Management ; 5. Net Interest Margin (NIM) includes fee income; 6. For Q2FY26 Market share among private player, Source IRDAI; 7. First Year Premium (FYP); 8. Individual Renewal Premium; 9. Quarterly Average AUM for ETFs/FoFs/Index Funds.

Grasim Industries Limited Investor Presentation 44

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ADITYA BIRLA CAPITAL : OMNI CHANNEL ARCHITECTURE

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ABCD-D2C platform for
customers
Udyog Plus-B2B
platform for MSMEs
B2D platform for
channel partners
One ABC
Dedicated customer service
1028 co-located branches
locations
across 260 locations managers for cross sell
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Robust & agile
digital platforms
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One Experience

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Channel
2 lakh+ channel partners
Partner
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1,712 branches across businesses

…providing complete flexibility to customers to choose preferred channel of interaction

Grasim Industries Limited Investor Presentation 45

*ABCD = Aditya Birla Capital Digital.

ABCD D2C PLATFORM : 7.6 Mn+ Customers

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ABCD APP & WEBSITE PROVIDES COMPLETE OMNICHANNEL EXPERIENCE TO CUSTOMERS

Everything Finance As Simple As ABCD

26+ 3.0 Mn VPAs Created*

7.6Mn+ Customers*

3.0 Mn

Product categories

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Key Launches

• Spend Track Nudges: AI-powered insights to turn data into smarter money moves

• Market Pulse: Daily financial markets snapshot

• Smart Signals: Nudges & reminders to stay on top of spending, saving & planning

• Goal Compass: Set, track & achieve life goals along with relevant recommendations

• Health Track Nudges: A guide for building healthier habits

Coming Soon

• Know your Policy: AI-powered solution for simplifying health insurance documents

• Wellness Health Saver Card: Comprehensive suite of products for physical & mental well-being

• Digital Will: Secure investments & legacy for your loved ones

*As on 30[th] Sep 2025

Grasim Industries Limited Investor Presentation 46

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TOTAL LENDING BOOK ( ₹ Cr.)
1,77,855
1,65,832
1,37,946
Q2FY25 Q1FY26 Q2FY26
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ADITYA BIRLA CAPITAL : FINANCIAL PERFORMANCE

ASSET QUALITY TREND[# ] ( ₹ Cr.)

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114,204 1,27,948 1,34,409
1.68%
2.50% 2.27%
1.35%
1.43%
1.74%
96.97%
96.30%
95.76%
Q2FY25 Q1FY26 Q2FY26
Gross Stage 1 Gross Stage 2 Gross Stage 3
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TOTAL ASSET UNDER MANAGEMENT^ ( ₹ Cr.)

AMC - ASSET UNDER MANAGEMENT ( ₹ Cr.)

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5,53,504 5,50,240
5,01,152
Q2FY25 Q1FY26 Q2FY26
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4,25,171
4,03,479
3,83,309
Q2FY25 Q1FY26 Q2FY26
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Grasim Industries Limited Investor Presentation 47

*Includes NBFC and Housing Finance;[#] NBFC Asset trend; ^Asset under management of AMC, Life and Health Insurance

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REVENUE [#] ( ₹ Cr.)
10,569
10,252
9,488
Q2FY25 Q1FY26 Q2FY26
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ADITYA BIRLA CAPITAL : FINANCIAL PERFORMANCE

PAT*^ ( ₹ Cr.)

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803 823
759
Q2FY25 Q1FY26 Q2FY26
PAT^ grew by 8% YoY with focus on credit
quality of NBFC business segment
continues to strengthen
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Revenue grew by 3% YoY led by growth from key business segments: NBFC up by 15% YoY, Housing Finance grew by 53% YoY and Health Insurance grew 29% YoY

#Revenue as per Ind AS accounting; ^Aditya Birla Capital PAT adjusted in accordance with Ind-AS 103 for Grasim Consolidation

Grasim Industries Limited Investor Presentation 48

Grasim Industries Limited Investor Presentation 49

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OTHER BUSINESSES [] : FINANCIAL PERFORMANCE
REVENUE ( ₹ Cr.) EBITDA ( ₹ Cr.)
249
996
865
778
154
45
Q2FY25 Q1FY26 Q2FY26 Q2FY25 Q1FY26 Q2FY26
Renewable business
Textiles business
EBITDA grew by ~2x YoY Insulator business revenue grew by 6% YoY
Revenue grew by 28% to ₹ 208 Cr. (incl. treasury revenue grew by 35% to ₹ 586 Cr. led by festive
YoY, while EBITDA stood income of ₹ 14 Cr.).
YoY led by higher demand in premium
at ₹ 249 Cr. largely led Cumulative installed sales volume and segment with EBITDA of
by Renewable business capacity stood at 1.93 higher realisation ₹ 24 Cr. against EBITDA
GWp, with 43% for loss of ₹ 17 Cr.
Group companies in Q2FY25
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Grasim Industries Limited Investor Presentation 50

*Textiles, Insulators and Renewables.

APPENDIX

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CONSOLIDATED INCOME STATEMENT

Particulars (₹ Cr.)

Q2FY26 Q2FY25 % Change Q1 FY26 % Change

Revenue from Operations Other Income EBITDA EBITDA Margin (%) Finance Cost Depreciation Share in Profit of JVs & Associates PBT Add/(Less): Tax Expense Add/(Less): Exceptional items Consolidated PAT PAT (Owners' share)*	39,900	34,223	1 7	40,1 1 8	-1
	345	401	-1 4	342	1
	5,21 7	4,056	29	6,430	-1 9
	1 3%	1 2%		1 6%
	869	657	32	81 6	6
	1,899	1,572	21	1,81 0	5
	61	86	-29	69	-1 1
	2,51 0	1 ,91 4	31	3,872	-35
	(1 ,01 2)	(847)	1 9	(1 ,066)	-5
	-	(83)		(38)
	1 ,498	983	52	2,767	-46
	553	31 5	76	1 ,41 9	-61

*EBDITA excluding interest related to financial services business.

Grasim Industries Limited Investor Presentation 52

	STANDALONE INCOME STATEMENT Revenue from Operations 9,61 0 7,623 26 Other Income 1,41 9 1,294 1 0 EBITDA 1 ,786 1,61 9 1 0 EBITDA Margin (%) 1 6% 1 8% Finance Cost 203 1 61 26 Depreciation 502 406 24 PBT 1 ,081 1 ,052 3 Add/(Less): Tax Expense (276) (281 ) -2 Add/(Less): Exceptional items - (50) Reported PAT 805 721 1 2 Particulars (₹ Cr.) % Change Q2FY26 Q2FY25	STANDALONE INCOME STATEMENT Revenue from Operations 9,61 0 7,623 26 Other Income 1,41 9 1,294 1 0 EBITDA 1 ,786 1,61 9 1 0 EBITDA Margin (%) 1 6% 1 8% Finance Cost 203 1 61 26 Depreciation 502 406 24 PBT 1 ,081 1 ,052 3 Add/(Less): Tax Expense (276) (281 ) -2 Add/(Less): Exceptional items - (50) Reported PAT 805 721 1 2 Particulars (₹ Cr.) % Change Q2FY26 Q2FY25	STANDALONE INCOME STATEMENT Revenue from Operations 9,61 0 7,623 26 Other Income 1,41 9 1,294 1 0 EBITDA 1 ,786 1,61 9 1 0 EBITDA Margin (%) 1 6% 1 8% Finance Cost 203 1 61 26 Depreciation 502 406 24 PBT 1 ,081 1 ,052 3 Add/(Less): Tax Expense (276) (281 ) -2 Add/(Less): Exceptional items - (50) Reported PAT 805 721 1 2 Particulars (₹ Cr.) % Change Q2FY26 Q2FY25
	Particulars (₹ Cr.)	Q2FY26	% Change	Q1 FY26	% Change
	Revenue from Operations	9,61 0	26	9,223	4
	Other Income	1,41 9	1 0 1 0 26 24	1 44	-
	EBITDA	1 ,786		528	238
	EBITDA Margin (%)	1 6%		6%
	Finance Cost	203		206	-1
	Depreciation	502		478	5
	PBT	1 ,081	3	(1 56)	-
	Add/(Less): Tax Expense	(276)	-2 1 2	38	-
	Add/(Less): Exceptional items	-		-
	Reported PAT	805		(1 1 8)	-

Grasim Industries Limited Investor Presentation 53

	STANDALONE CAPEX PLAN Cellulosic Fibres Business 1 92 839 Capacity Expansion (including debottlenecking) 56 447 Modernisation and Maintenance Capex 1 36 392 Chemicals Business (A+B+C) 359 668 (A) Capacity Expansion - Chlor-Alkali & Chlorine Derivatives 98 1 69 Caustic Soda: (1 ,505 KTPA --> 1 ,530 KTPA) 3 1 0 Chlorine Derivatives: (1 ,058 KTPA --> 1 ,1 37 KTPA) 95 1 58 (B) Capacity Expansion - Specialty Chemicals Epoxy Polymers & Curing Agents: (246 KTPA) (C) Modernisation and Maintenance Capex 259 481 New High Growth Businesses 379 653 Birla Opus (Decorative Paints)^ 375 643 Birla Pivot(B2B E-commerce) 4 1 0 Other Businesses Textiles, Insulators & Others Total 941 2,263 Particulars (₹Cr.) 1 2 1 03 Capex Spent H1 FY26 Planned Capex FY26 3 1 8	STANDALONE CAPEX PLAN Cellulosic Fibres Business 1 92 839 Capacity Expansion (including debottlenecking) 56 447 Modernisation and Maintenance Capex 1 36 392 Chemicals Business (A+B+C) 359 668 (A) Capacity Expansion - Chlor-Alkali & Chlorine Derivatives 98 1 69 Caustic Soda: (1 ,505 KTPA --> 1 ,530 KTPA) 3 1 0 Chlorine Derivatives: (1 ,058 KTPA --> 1 ,1 37 KTPA) 95 1 58 (B) Capacity Expansion - Specialty Chemicals Epoxy Polymers & Curing Agents: (246 KTPA) (C) Modernisation and Maintenance Capex 259 481 New High Growth Businesses 379 653 Birla Opus (Decorative Paints)^ 375 643 Birla Pivot(B2B E-commerce) 4 1 0 Other Businesses Textiles, Insulators & Others Total 941 2,263 Particulars (₹Cr.) 1 2 1 03 Capex Spent H1 FY26 Planned Capex FY26 3 1 8
		Capex Spent H1 FY26 Planned Capex FY26
		1 92 839 56 447 1 36 392
		359 668 98 1 69 3 1 0 95 1 58 259 481 3 1 8
		379 653 375 643 4 1 0
		1 2 1 03
		941 2,263

^Cumulative Capex for Paints business stood at ₹9,727 crores till 30[th] Sep 2025

Grasim Industries Limited Investor Presentation 54

BALANCE SHEET

Standalone (₹ Cr.)	Standalone (₹ Cr.)	BALANCE SHEET	Consolidated (₹ Cr.)	Consolidated (₹ Cr.)
30th Sep'25	31 st Mar'25	EQUITY & LIABILITIES	30th Sep'25	31 st Mar'25
55,01 5	54,398	Net Worth	99,61 8	97,509
-	-	Non Controlling Interest	62,584	60,304
-	-	Borrowings related to Financial Services	1,53,665	1 ,37,648
1 2,1 63	1 1 ,1 21	Other Borrowings	49,1 28	46,000
783	741	Lease Liability	2,61 0	2,677
2,672	2,299	Deferred Tax Liability (Net)	1 2,974	1 2,487
-	-	Policy Holders Liabilities	1,02,385	98,351
9,61 8	9,421	Other Liabilities & Provisions	47,1 38	45,560
80,251	77,981	SOURCES OF FUNDS	5,30,1 02	5,00,536
30th Sep'25	31 st Mar'25	ASSETS	30th Sep'25	31 st Mar'25
22,1 34	22,373	Net Fixed Assets	1,20,326	1 ,1 6,649
3,31 4	3,042	Capital WIP & Advances	1 9,095	1 7,825
1,374	1 ,355	Right of Use- Lease (including Leasehold Land)	3,079	3,1 30
3	3	Goodwill	21,482	21 ,369
		Investments:
2,636	2,636	- UltraTech Cement (Subsidiary)	-	-
1 8,847	1 8,847	- AB Capital (Subsidiary)	-	-
1,253	923	- Solar Subsidiaries	-	-
-	-	- ABSLAMC, ABHI and ABW	8,847	8,867
61 3	61 3	- Other equity accounted investees	1,1 63	1 ,1 57
5,302	4,229	- Liquid Investments	1 0,532	1 0,598
2,697	2,256	- Vodafone Idea	2,697	2,256
1 0,866	1 0,660	- Other Investments	21,392	20,008
-	-	- Investment of Insurance Business	65,688	62,605
-	-	Assets held to cover Linked Liabilities	39,595	37,762
-	-	Loans and Advances of Financing Activities	1,69,1 30	1 ,52,662
-	-	Assets held for Sale	1 54	1 38
1 1,21 2	1 1 ,043	Other Assets, Loans & Advances	46,922	45,509
80,251	77,981	APPLICATION OF FUNDS	5,30,1 02	5,00,536
6,861	6,892	Net Debt/ (Surplus)	38,596	35,402

Grasim Industries Limited Investor Presentation 55

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GRASIM GROUP STRUCTURE
Grasim Industries Limited
Cellulosic Fibres Chemicals New Businesses Textiles Overseas Pulp & Fibre Subsidiaries
JVs
Staple Fibre Vilayat Paints Rishra UltraTech Cement (56.11%)
AV Group NB Inc.
Grey Cement
Vilayat Nagda Panipat Malanpur (Canada) (45.0%)
o India Operations
o Overseas Operations
Kharach Rehla Ludhiana Kolhapur Domsjo (Sweden) (UAE, Bahrain & Sri Lanka)
(33.3%)
Nagda Renukoot Cheyyar Insulators White Cement & Putty
AV Terrace Bay
Harihar Balabhadrapuram Chamarajanagar Halol (Canada) (40.0%)* Ready Mix Concrete
Fashion Yarn Karwar Mahad Rishra Staple Fibre JV Aditya Birla Capital (52.43%)
(China)
Birla Jingwei (26.6%)
Kalyan Veraval Kharagpur NBFC, Housing Finance
Indian JVs
Veraval Ganjam B2B E-Commerce Life & Health Insurance
Pulp Specialty Chemicals Bhubaneshwari Coal
Broking, AMC & Wellness
Mining Ltd. (26%)
Harihar Vilayat
Aditya Birla Renewables (100.00%)
Birla Advances Knits
Pvt Limited (50%)*
Aditya Birla Power Composites
(51%)^^
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Above is not intended to show the complete organizational structure and entities therein. It is intended to describe the key businesses of Grasim. *Equity Ownership; Subsidiary companies; ^^consolidated on equity basis as Joint Venture.**

Grasim Industries Limited Investor Presentation 56

THANK YOU

Investor Relations Team grasim.ir@adityabirla.com +91 22 2499 5657