普通外文研报
Improving Standalone Biz Drive Strong Exit to FY26
研报英文原文证据摘录
Improving Standalone Biz Drive Strong Exit to FY26
Grasim Industries Limited (GRASIM IN)
Equity Research
May 20, 2026
Exhibit 7 - Chemicals quarterly volume trend Exhibit 8 - Chemicals quarterly volume growth trend YoY
280,000 (YoY growth %) (T)
240,000 40
200,000
0 160,000
120,000
-40
80,000
40,000 -80
Q1FY17Q2FY17Q3FY17Q4FY17Q1FY18Q2FY18Q3FY18Q4FY18Q1FY19Q2FY19Q3FY19Q4FY19Q1FY20Q2FY20Q3FY20Q4FY20Q1FY21Q2FY21Q3FY21Q4FY21Q1FY22Q2FY22Q3FY22Q4FY22Q1FY23Q2FY23Q3FY23Q4FY23Q1FY24Q2FY24Q3FY24Q4FY24Q1FY25Q2FY25Q3FY25Q4FY25Q1FY26Q2FY26Q3FY26Q4FY26 Q1FY18Q2FY18Q3FY18Q4FY18Q1FY19Q2FY19Q3FY19Q4FY19Q1FY20Q2FY20Q3FY20Q4FY20Q1FY21Q2FY21Q3FY21Q4FY21Q1FY22Q2FY22Q3FY22Q4FY22Q1FY23Q2FY23Q3FY23Q4FY23Q1FY24Q2FY24Q3FY24Q4FY24Q1FY25Q2FY25Q3FY25Q4FY25Q1FY26Q2FY26Q3FY26Q4FY26
. .
Source: Company, Jefferies Source: Company, Jefferies
Exhibit 9 - VSF Quarterly Realisation trend Exhibit 10 - Chemicals Quarterly Realisation trend
200,000 100000
Rs/Ton Rs/Ton
160,000 80000
120,000 60000
80,000 40000
40,000 20000
0 0
Q1FY17Q2FY17Q3FY17Q4FY17Q1FY18Q2FY18Q3FY18Q4FY18Q1FY19Q2FY19Q3FY19Q4FY19Q1FY20Q2FY20Q3FY20Q4FY20Q1FY21Q2FY21Q3FY21Q4FY21Q1FY22Q2FY22Q3FY22Q4FY22Q1FY23Q2FY23Q3FY23Q4FY23Q1FY24Q2FY24Q3FY24Q4FY24Q1FY25Q2FY25Q3FY25Q4FY25Q1FY26Q2FY26Q3FY26Q4FY26 Q1FY17Q2FY17Q3FY17Q4FY17Q1FY18Q2FY18Q3FY18Q4FY18Q1FY19Q2FY19Q3FY19Q4FY19Q1FY20Q2FY20Q3FY20Q4FY20Q1FY21Q2FY21Q3FY21Q4FY21Q1FY22Q2FY22Q3FY22Q4FY22Q1FY23Q2FY23Q3FY23Q4FY23Q1FY24Q2FY24Q3FY24Q4FY24Q1FY25Q2FY25Q3FY25Q4FY25Q1FY26Q2FY26Q3FY26Q4FY26
Exhibit 11 - VSF realisation growth trend YoY Exhibit 12 - VSF realisation growth trend QoQ
50.0 25.0
YoY growth (%) QoQ growth (%)
40.0 20.0
30.0 15.0
20.0 10.0
10.0 5.0
0.0 0.0
-10.0 -5.0
-20.0 -10.0
-30.0 -15.0
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