External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Grasim Industries launched its decorative paints business under the brand ‘Birla Opus Paints’ on 22 February 2024</li><li>It commenced production at three facilities located in Panipat (Haryana), Ludhiana (Punjab), and Cheyyar (Tamil Nadu)</li><li>Three additional plants are scheduled to be commissioned in Chamarajanagar (Karnataka), Mahad (Maharashtra), and Kharagpur (West Bengal) in phases throughout FY25</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Grasim Industries launched its decorative paints business under the brand ‘Birla Opus Paints’ on 22 February 2024It commenced production at three facilities located in Panipat (Haryana), Ludhiana (Punjab), and Cheyyar (Tamil Nadu)Three additional plants are scheduled to be commissioned in Chamarajanagar (Karnataka), Mahad (Maharashtra), and Kharagpur (West Bengal) in phases throughout FY25Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Grasim Industries: Ambitious Targets, Execution Key

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<div><ul><li>VSF segment’s performance below our estimate; Chemical in line</li></ul><div><ul><li>Margins under pressure in VSF; improve in the Chemical segment</li></ul><div><ul><li>Highlights from the management commentary - <span style="font-size: var(--content-font-size);">Investments in the Paint business would now be at INR100b, 2x of the earlier plan.</span></li></ul></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

VSF segment’s performance below our estimate; Chemical in lineMargins under pressure in VSF; improve in the Chemical segmentHighlights from the management commentary - Investments in the Paint business would now be at INR100b, 2x of the earlier plan.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Grasim - Weak Quarter; Capex in Paints to Be 2x of the Earlier Plan

<p>Focus on backward integration in the Chemical segment should improve chlorine usage as Grasim plans to increase chlorine consumption in value added products (VAPs) to 40% by FY25E from 28% in FY21. Chemical segment's OPM should improve to 19% in FY23E from 13% in FY21. Further, likely capacity expansions of 37%/33% in the VSF/Caustic soda segments, respectively, should improve volume/profits during FY22-24E. We estimate a 16%/15% volume CAGR for the VSF/Chemical business, respectively, over FY21-24.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Focus on backward integration in the Chemical segment should improve chlorine usage as Grasim plans to increase chlorine consumption in value added products (VAPs) to 40% by FY25E from 28% in FY21. Chemical segment's OPM should improve to 19% in FY23E from 13% in FY21. Further, likely capacity expansions of 37%/33% in the VSF/Caustic soda segments, respectively, should improve volume/profits during FY22-24E. We estimate a 16%/15% volume CAGR for the VSF/Chemical business, respectively, over FY21-24.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Improving core business, Paints should shine

<p>GRASIM's 4QFY21 result exhibits the benefits of higher VSF prices and sustained cost reduction as EBITDA grew 106% YoY (26% QoQ) to INR8.1b. We cut our FY22E/FY23E standalone EBITDA by 7%/17% to factor in weak margin outlook for the Chemical business. The holding company discount of...</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

GRASIM's 4QFY21 result exhibits the benefits of higher VSF prices and sustained cost reduction as EBITDA grew 106% YoY (26% QoQ) to INR8.1b. We cut our FY22E/FY23E standalone EBITDA by 7%/17% to factor in weak margin outlook for the Chemical business. The holding company discount of...Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Earnings improve led by a recovery in the VSF segment

India

Grasim Industries Limited is a diversified operating company and part of the Aditya Birla group. The group manufactures a wide range of products, including Viscose Staple Fiber(VSF), cement, chemicals and textiles.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Grasim Industries (GRASIM IN)

Grasim Industries: Ambitious Targets, Execution Key

Three additional plants are scheduled to be commissioned in Chamarajanagar (Karnataka), Mahad (Maharashtra), and Kharagpur (West Bengal) in phases...

HDFC Securities

Grasim - Weak Quarter; Capex in Paints to Be 2x of the Earlier Plan

Grasim’s 4QFY22 result was significantly below our estimates with EBITDA at INR7.5b (v/s estimated INR9.1b) and OPM at 11.8% (v/s estimated 14.2%).

Motilal Oswal

Improving core business, Paints should shine

Focus on backward integration in the Chemical segment should improve chlorine usage as Grasim plans to increase chlorine consumption in value added...

Motilal Oswal

Earnings improve led by a recovery in the VSF segment

GRASIM's 4QFY21 result exhibits the benefits of higher VSF prices and sustained cost reduction as EBITDA grew 106% YoY (26% QoQ) to INR8.1b. We cut...

Motilal Oswal

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)