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GRASIM - Grasim Inds

📊 NSE: GRASIM 🏢 Textiles - Manmade 📅 Last Updated: 12/13/2025 22:35

📢 Recent Corporate Announcements

Grasim Schedules Institutional Investor Meetings with Millennium Management and Others

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 13 Mar 2026, 05:49 PM

Grasim Industries has announced a series of interactions with institutional investors and analysts scheduled between March 16 and March 20, 2026. The company will meet with entities including Takshil Financial Services, Ellerston Capital, and Millennium Management, along with group interactions organized by Morgan Stanley. These sessions will involve both physical meetings in Mumbai and virtual modes to discuss existing corporate presentations. The company has explicitly stated that no unpublished price sensitive information will be disclosed during these meetings.

Scheduled meetings with 4 major institutional groups between March 16 and March 20, 2026
Participants include Takshil Financial Services, Ellerston Capital, Millennium Management, and Morgan Stanley
Interaction formats consist of one-on-one physical meetings in Mumbai and virtual online sessions
Company confirms that only publicly available information and existing presentations will be discussed

💡 This is a routine regulatory disclosure; no immediate action is required. Investors may review the latest corporate presentation on the company's website to understand the talking points for these meetings.

Grasim Schedules Investor Meetings with Theleme Partners and SBI General Insurance

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 10 Mar 2026, 06:52 PM

Grasim Industries has announced a series of meetings with institutional investors and analysts scheduled from March 11 to March 13, 2026. The company will hold physical one-on-one meetings in Mumbai with Theleme Partners and SBI General Insurance. A virtual session is also planned with Schonfeld Strategic Advisors on the final day. The company has clarified that no unpublished price sensitive information will be shared, and discussions will be based on existing public presentations.

Three separate investor interactions scheduled between March 11 and March 13, 2026.
Physical meetings in Mumbai with Theleme Partners (March 11) and SBI General Insurance (March 12).
Virtual meeting scheduled with Schonfeld Strategic Advisors on March 13, 2026.
Company confirms that no unpublished price sensitive information (UPSI) will be disclosed during these sessions.

💡 As this is a routine regulatory disclosure for investor engagement, no immediate action is required. Investors may review the latest corporate presentation on the company's website for insights into current business strategies.

Grasim Seeks Shareholder Approval for Re-appointment of Two Independent Directors for 5-Year Terms

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 25 Feb 2026, 01:19 PM

Grasim Industries has issued a postal ballot notice to seek shareholder approval for the re-appointment of Mr. V. Chandrasekaran and Mr. Adesh Kumar Gupta as Independent Directors. Both directors are proposed for a second five-year term starting from May 24, 2026, until May 23, 2031. The voting process is being conducted via remote e-voting from February 26 to March 27, 2026. These appointments require special resolutions, ensuring continuity in the company's governance framework for the next five years.

Proposed re-appointment of Mr. V. Chandrasekaran for a second 5-year term ending May 23, 2031
Proposed re-appointment of Mr. Adesh Kumar Gupta for a second 5-year term ending May 23, 2031
Remote e-voting period scheduled from February 26, 2026, to March 27, 2026
Cut-off date for determining voting eligibility is February 20, 2026
Final results of the postal ballot to be announced on or before March 31, 2026

💡 Investors should review the directors' credentials in the explanatory statement and participate in the e-voting process before the March 27 deadline. This is a routine governance matter and is unlikely to have a direct impact on the stock price.

Grasim Industries to Meet Institutional Investors and Attend Kotak Conference (Feb 23-25)

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 18 Feb 2026, 06:45 PM

Grasim Industries has announced a series of institutional investor meetings scheduled between February 23 and February 25, 2026. The company will engage in one-on-one physical meetings in Mumbai with FSSA Investment Managers, Enam AMC, and GIC. Furthermore, Grasim will participate in the 'Kotak Chasing Growth 2026' conference for both group and individual interactions. The company has explicitly stated that no unpublished price sensitive information will be shared during these sessions.

One-on-one physical meetings scheduled with FSSA Investment Managers and Enam AMC on February 23, 2026.
Interaction with GIC (Government of Singapore Investment Corporation) planned for February 24, 2026.
Participation in the Kotak Chasing Growth 2026 conference on February 25, 2026, involving group and one-on-one meetings.
All scheduled interactions are physical meetings based in Mumbai.
Company confirms that discussions will be based on publicly available information and existing presentations.

💡 This is a routine regulatory disclosure. Investors should review the latest corporate presentation on the company's website for insights into the current business strategy and growth outlook.

Grasim's Birla Opus Gains >300 bps Market Share; Q3 FY26 Sales Volume Jumps 70% YoY

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 13 Feb 2026, 05:20 PM

Grasim's paints venture, Birla Opus, reported a significant 70% YoY volume growth in Q3 FY26, capturing over 300 bps of revenue market share to become the third-largest decorative paints player. The business has reached 10,400 towns and crossed the 500 million liter cumulative sales milestone within 18 months of operation. While the broader industry faces realization pressure, Birla Opus maintains a premium product mix with 65% of revenue from premium and luxury segments. Management has also implemented price hikes of 2% to 6% in early 2026 to test pricing power and improve margins.

Birla Opus revenue growth was nearly 3x the industry average, reducing the revenue market share gap with the No. 2 player to 300 bps.
Sales volume surged 70% YoY, while institutional sales grew by 40% on a quarter-on-quarter basis.
Distribution network expanded to 10,400 towns with 35,000 active tinting machines and nearly 1,000 exclusive paint galleries.
Premium and luxury segments contribute a steady 65% of overall revenue, insulating the brand from the low-value economy segment price wars.
Management implemented price increases of 2% to 6% across various product categories in January and February 2026.

💡 Investors should focus on the rapid scaling of the paints business which is successfully disrupting incumbents. Monitor the sustainability of the recent 2-6% price hikes as a sign of brand acceptance and margin recovery.

Grasim Industries Releases Audio Recording of Q3 FY26 Earnings Call

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 11 Feb 2026, 03:12 PM

Grasim Industries Limited has officially released the audio recording of its earnings call conducted on February 11, 2026. The call focused on the company's unaudited financial results for the third quarter and the nine-month period ending December 31, 2025. This disclosure is part of the mandatory regulatory requirements under SEBI (LODR) Regulations. Shareholders can access the recording on the company's website to gain insights into management's outlook and operational performance.

Audio recording for Q3 FY26 earnings call is now live on the company website.
The call covered financial performance for the quarter and nine months ended December 31, 2025.
Filing made in compliance with Regulation 30 of SEBI (LODR) Regulations, 2015.
The recording is accessible at grasim.com/Upload/PDF/earnings-call-audio-q3fy26.mp3.

💡 Investors should listen to the recording for management's commentary on the scale-up of the Paints business and demand outlook for VSF and Chemicals. No immediate trading action is required based on this procedural notification.

Grasim Grants 2,676 Stock Options and PSUs to Employees

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 10 Feb 2026, 07:00 PM

Grasim Industries has announced the grant of 2,676 stock options to eligible employees under its 2022 Scheme. This grant consists of 1,720 Employee Stock Options (ESOPs) and 956 Performance Stock Units (PSUs). The ESOPs are priced at Rs. 2,926.30, while PSUs are priced at a nominal Rs. 2 per unit. Both instruments are subject to performance conditions and have specific vesting schedules over a three-year period.

Total grant of 2,676 units comprising 1,720 ESOPs and 956 PSUs
ESOP exercise price set at Rs. 2,926.30 based on market price as of February 9, 2026
PSUs granted at a nominal exercise price of Rs. 2 per unit
ESOPs vest 33% annually over 3 years; PSUs vest 100% after 3 years
Exercise period for all options is 5 years from the date of vesting

💡 No action is required as the quantity of shares is negligible relative to the company's total equity. This is a routine administrative update regarding employee compensation.

Grasim Q3FY26: Consolidated Revenue Jumps 25% YoY to ₹44,312 Cr; EBITDA Up 33%

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 10 Feb 2026, 06:41 PM

Grasim Industries delivered a robust performance in Q3FY26, with consolidated revenue growing 25% YoY to ₹44,312 crore and EBITDA rising 33% to ₹6,215 crore. The growth was primarily driven by strong performance in the Cellulosic Fibres segment, where EBITDA surged 48% YoY, and the continued leadership of the Cement business. While the Chemicals segment faced a 4% EBITDA dip due to lower realizations, new growth engines like Birla Opus (Paints) and Birla Pivot (B2B E-commerce) are scaling rapidly, with the latter crossing an annual revenue run-rate of ₹8,500 crore. The company's net debt to EBITDA ratio also improved to 1.57x, indicating healthy financial management during an expansion phase.

Consolidated Revenue increased 25% YoY to ₹44,312 Cr, while Adjusted PAT (Owner's share) rose to ₹1,168 Cr.
Cellulosic Fibres EBITDA grew 48% YoY to ₹491 Cr, led by operating efficiencies and lower input costs.
B2B E-commerce (Birla Pivot) crossed an annual revenue run-rate of ₹8,500 Cr, surpassing FY27 guidance early.
Financial Services lending portfolio grew 30% YoY to ₹1,90,386 Cr with 9.3 million digital customer acquisitions.
Consolidated Net Debt to TTM EBITDA improved to 1.57x as of Dec 2025, down from 1.77x in March 2025.

💡 Investors should remain positive as Grasim successfully transitions from a holding company to an operating conglomerate with high-growth engines in Paints and E-commerce. The strong operational leverage in the fibre business and improving debt metrics provide a solid cushion for long-term growth.

Grasim Q3FY26 Results: Consolidated PAT Jumps 42% YoY to ₹1,168 Cr; Revenue Up 25%

🟢 POSITIVE ⭐ 9/10

EARNINGS 📅 10 Feb 2026, 06:00 PM

Grasim reported a strong Q3FY26 with consolidated revenue growing 25% YoY to ₹44,312 Cr and adjusted PAT rising 42% to ₹1,168 Cr. The performance was driven by robust growth in the Building Materials segment, which saw revenue rise 30%, and Financial Services, which grew 27%. Standalone revenue hit a historic milestone of ₹10,432 Cr, supported by the rapid scaling of new businesses like Birla Opus and Birla Pivot. While the Chemicals segment saw a slight 4% dip in EBITDA due to lower realizations, the Cellulosic Fibres segment recorded a significant 48% EBITDA growth.

Consolidated EBITDA grew 33% YoY to ₹6,215 Cr, driven by operating leverage and cost efficiencies.
Birla Opus (Paints) achieved the #3 industry position with revenue growth nearly 3x the industry average.
Birla Pivot (B2B E-commerce) reached an annualized revenue run-rate (ARR) of ₹8,500 Cr, ahead of guidance.
Cellulosic Staple Fibre (CSF) sales volume grew 7% YoY to 219KT with specialty sales up 31%.
Financial Services lending portfolio grew 30% YoY to ₹1,90,386 Cr with total AUM reaching ₹5,98,166 Cr.

💡 Investors should note the successful scaling of the Paints and B2B E-commerce businesses, which are rapidly becoming significant revenue contributors. The strong performance in core Cement and Fibre segments suggests a robust recovery and efficient cost management.

Grasim Re-appoints V. Chandrasekaran and Adesh Kumar Gupta as Independent Directors for 5 Years

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 10 Feb 2026, 05:52 PM

Grasim Industries has approved the re-appointment of Mr. V. Chandrasekaran and Mr. Adesh Kumar Gupta as Independent Directors for a second term of five consecutive years. The new terms will run from May 24, 2026, to May 23, 2031, subject to shareholder approval. Mr. Chandrasekaran brings over 30 years of experience from LIC of India, while Mr. Gupta, a former CFO of the company, has over 40 years of experience in finance and strategy. These re-appointments ensure continuity in the board's oversight and governance functions.

Re-appointment of two Independent Directors for a second 5-year term starting May 2026.
Mr. V. Chandrasekaran has 3+ decades of experience in Life Insurance and Mutual Fund investments.
Mr. Adesh Kumar Gupta has 4+ decades of experience and was the former CFO of Grasim until 2015.
The appointments are effective from May 24, 2026, through May 23, 2031.
Both directors serve on the boards of several other prominent Aditya Birla Group and external companies.

💡 No immediate action is required as these are routine re-appointments of experienced board members. Investors should view this as a positive sign of management continuity and stable corporate governance.

Grasim Q3 FY26 Standalone Revenue Jumps 28% YoY to ₹10,432 Cr; Net Loss at ₹174 Cr

🔵 WATCH ⭐ 8/10

EARNINGS 📅 10 Feb 2026, 05:50 PM

Grasim Industries reported a robust 28.5% YoY growth in standalone revenue for Q3 FY26, reaching ₹10,431.76 crore. However, the company recorded a standalone net loss of ₹174.44 crore, compared to a loss of ₹168.65 crore in the same period last year. The bottom line was weighed down by a ₹47.67 crore exceptional charge, primarily due to the implementation of new Labour Codes and joint venture impairments. Despite the loss, operating margins showed a slight improvement, rising to 4.82% from 3.68% YoY.

Standalone Revenue from Operations increased 28.5% YoY to ₹10,431.76 crore in Q3 FY26.
Reported a standalone net loss of ₹174.44 crore for the quarter versus a loss of ₹168.65 crore in Q3 FY25.
Operating Margin improved to 4.82% from 3.68% in the corresponding previous year quarter.
Exceptional items included a ₹34.17 crore charge for the new Labour Code and ₹13.50 crore impairment for Birla Advanced Knits.
9-month standalone net profit for FY26 stood at ₹511.93 crore, marginally higher than ₹500.09 crore in 9M FY25.

💡 Investors should focus on the scale-up of the new Paints and B2B E-commerce segments which are driving revenue but impacting short-term standalone profitability. Monitor the consolidated results for a clearer picture of the core Chemicals and VSF business performance.

Grasim Reschedules Q3 FY2025-26 Earnings Call to February 11, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 02 Feb 2026, 08:26 PM

Grasim Industries has announced a revised schedule for its Q3 FY2025-26 earnings conference call, now set for February 11, 2026, at 11:00 AM IST. The call will discuss the unaudited financial results for the quarter and nine months ended December 31, 2025. Senior management will provide a business update followed by an interactive Q&A session. This update follows a prior notification issued on January 30, 2026, regarding the investor interaction schedule.

Earnings call rescheduled to Wednesday, February 11, 2026, at 11:00 AM IST
Covers financial performance for Q3 and the nine-month period ending December 31, 2025
Senior management to provide business updates and host a Q&A session
Press release and investor presentation to be available on the company website post-results announcement
Dial-in numbers provided for domestic (+91 22 6280 1127) and international participants

💡 Investors should note the revised timing to hear management's commentary on the performance of core businesses and the scaling of new growth engines like Birla Opus. Monitor the investor presentation for specific data on margins and capacity utilization across segments.

Grasim Issues Letter of Awareness for CAD 27 Million Credit Facility of JV AV Group NB Inc.

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 28 Jan 2026, 07:21 PM

Grasim Industries has issued a Letter of Awareness to JP Morgan Chase Bank, Canada, in support of its joint venture, AV Group NB Inc. The JV, which manufactures dissolving grade wood pulp, has availed a credit facility of CAD 27 million. Grasim holds a 45% stake in the JV, with the remaining 55% held by other Aditya Birla Group entities. Crucially, the company stated that this letter does not involve any financial commitment or guarantee of repayment, making it a non-binding support gesture.

Letter of Awareness issued for a CAD 27 million credit facility for Canadian JV AV Group NB Inc.
Grasim holds a 45% equity stake in the joint venture company.
No financial commitment or repayment guarantee has been undertaken by Grasim.
The transaction is conducted at arm's length with promoter group companies holding the remaining 55% stake.
The letter is intended to help the JV maintain capital and liquidity levels to meet financial obligations.

💡 This is a routine regulatory disclosure with no direct impact on Grasim's financial liabilities or balance sheet. No action is required as it does not constitute a formal corporate guarantee.

Grasim Confirms Resignation of Satyaki Ghosh as CEO of Cellulosic Fashion Yarn Business

🟡 NEUTRAL ⭐ 4/10

MANAGEMENT 📅 20 Jan 2026, 12:59 PM

Grasim Industries has finalized the resignation of Mr. Satyaki Ghosh from his role as CEO of the Cellulosic Fashion Yarn Business and as a Senior Management Personnel. The resignation became effective at the close of business hours on January 16, 2026, following an initial announcement made on December 19, 2025. The company has now submitted the formal resignation letter dated November 27, 2025, to comply with SEBI Listing Regulations. This transition appears to be an orderly exit from a specific business vertical within the conglomerate.

Mr. Satyaki Ghosh resigned as CEO of Cellulosic Fashion Yarn Business effective January 16, 2026.
The formal resignation letter was submitted on January 20, 2026, following a prior notice in December 2025.
The resignation letter itself was dated November 27, 2025, indicating a standard notice period.
The move is a follow-up to the corporate announcement dated December 19, 2025.

💡 Investors should monitor the company's upcoming announcements for the appointment of a new head for the Cellulosic Fashion Yarn vertical. No immediate portfolio action is required as this is a planned management transition.

Grasim Appoints ITC Veteran Sachin Sahay as CEO of Birla Opus Paints

🟢 POSITIVE ⭐ 7/10

MANAGEMENT 📅 16 Jan 2026, 11:26 AM

Grasim Industries has appointed Mr. Sachin Sahay as the CEO of Birla Opus Paints, effective February 16, 2026. Mr. Sahay joins from ITC, where he served as Executive Vice President – Sales with over 30 years of experience in FMCG distribution and brand scaling. This appointment is critical for Grasim as it seeks to establish a strong market position in the decorative paints segment against established incumbents. His expertise in building national distribution networks and field force automation is expected to accelerate Birla Opus's growth trajectory.

Mr. Sachin Sahay appointed as CEO of Birla Opus Paints starting February 16, 2026.
He brings over 30 years of leadership experience in Sales and Marketing from ITC.
Played a pivotal role in ITC's FMCG transformation and national distribution scale-up.
Expertise includes field force automation and urban/rural market distribution strategies.

💡 This high-profile hire strengthens Grasim's execution capabilities in the paints business; investors should monitor the brand's market share gains under his leadership.

View All GRASIM Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

Standalone revenue for Q2 FY26 was INR 9,610 Cr, representing a 26% YoY growth from INR 7,623 Cr. Financial Services (ABCL) revenue grew 3% YoY, while the Textile segment grew 6% YoY to INR 586 Cr. Standalone business now contributes 24% to overall consolidated revenues as of Q2 FY26.

Profitability Margins

Standalone EBITDA margin for Q2 FY26 was 16%, a decline from 18% in Q2 FY25. FY2025 standalone PAT margin was 0.7%, down from 3.6% in FY2024, primarily due to initial costs related to the paints and B2B businesses and low realizations in core segments.

EBITDA Margin

Standalone EBITDA for Q2 FY26 was INR 1,786 Cr, up 10% YoY from INR 1,619 Cr, though the margin compressed by 200 basis points to 16% due to ramp-up costs in new ventures.

Capital Expenditure

Grasim incurred a significant capex of INR 10,000 Cr for decorative paints between FY2023-FY2025 (INR 9,352 Cr spent by March 31, 2025). Planned FY2026 capex includes INR 839 Cr for Cellulosic Fibres and INR 668 Cr for Chemicals. Total standalone capex for FY2025 was approximately INR 3,500 Cr.

Credit Rating & Borrowing

Grasim maintains a strong credit profile with a CRISIL AAA/Stable rating. Interest coverage ratio stood at 3.4 times in FY2025, a decline from 6.8 times in FY2024 due to increased debt for capex and margin pressure.

⚙️ Operational Drivers

Raw Materials

Core raw materials include wood pulp and salt (for Cellulosic Staple Fibre and Chemicals). These materials are critical as they form the primary cost base for the core standalone businesses.

Capacity Expansion

Current installed capacity for Caustic Soda is 1,505 KTPA and Cellulosic Staple Fibre (CSF) is 879 KTPA. Decorative paints capacity is 1,332 MLPA across six plants. ECH and CPVC plants are expected to be mechanically complete by Q3 FY2026 and contribute to profits from Q1 FY2027.

Raw Material Costs

Raw material and initial setup costs for the paints and B2B businesses led to a moderation in standalone operating margins to 5.2% in FY2025 from 9.2% YoY. Procurement strategies focus on cost leadership and integrated operations to manage cyclicality.

Manufacturing Efficiency

Manufacturing efficiency is driven by volume growth and realization improvements. Q2 FY26 saw volume-led growth in the chemicals segment, which helped offset lower realizations.

Logistics & Distribution

Lower logistics costs were a key driver for margin improvement in the chemicals business during Q2 FY2026, enhancing the cost-to-serve efficiency.

📈 Strategic Growth

Expected Growth Rate

14%

Growth Strategy

Growth will be achieved through a large-scale foray into decorative paints (Birla Opus) targeting INR 10,000 Cr turnover by FY2028 and the B2B e-commerce segment (Birla Pivot) targeting USD 1B revenue by FY2027. The company is also expanding into return-accretive segments like ECH and CPVC.

Products & Services

Cellulosic staple fibers (CSF), caustic soda, decorative paints, linen yarn, insulators, cement (via UltraTech), and financial services (via Aditya Birla Capital).

Brand Portfolio

Birla Opus (Paints), UltraTech (Cement), Aditya Birla Capital (Financial Services), Birla Pivot (B2B E-commerce).

New Products/Services

Decorative paints (Birla Opus) and B2B e-commerce platform (Birla Pivot). Birla Opus aims to be the number two player and profitable within three years of full-scale operation.

Market Expansion

Expansion into the decorative paints market with six plants nationwide and a foray into the B2B e-commerce segment for building materials.

Market Share & Ranking

Largest caustic soda manufacturer in India (1,505 KTPA) and a global leader in CSF (879 KTPA). Aiming for the #2 position in the Indian decorative paints market.

Strategic Alliances

Investment of up to INR 1,000 Cr in ABRen (Renewables subsidiary) to support the group's green energy transition.

🌍 External Factors

Industry Trends

The industry is shifting toward sustainable fibers and urban aspiration-led demand in decorative paints. Grasim is positioning itself as a leader in sustainable cellulosic fibers and a major player in the high-growth paints sector.

Competitive Landscape

Intense competition in the core CSF and chemical segments; the paints segment is characterized by established incumbents where Grasim is aggressively expanding to gain market share.

Competitive Moat

Grasim's moat is sustained by its status as a flagship holding company with strategic investments in UltraTech (INR 1.9 Lakh Cr value) and ABCL, providing massive financial flexibility (Debt/Market Value < 0.05x) and steady dividend inflows.

Macro Economic Sensitivity

High sensitivity to economic downturns, which directly impact the demand for CSF in the textile industry and caustic soda in industrial applications.

Consumer Behavior

Urban aspiration is driving demand for decorative paints, while global demand for sustainable and natural fibers is supporting the CSF business.

Geopolitical Risks

Susceptible to global capacity additions (particularly from international competitors) and weak global macroeconomic conditions that can lead to intense competition and margin pressure.

⚖️ Regulatory & Governance

Industry Regulations

Operations are subject to environmental regulations regarding water and soil emissions and hazardous waste disposal. State-level regulations on renewable energy banking and billing impact the feasibility of green energy targets.

Environmental Compliance

Focus on reducing carbon emissions by increasing renewable power usage to a target of 40% within three years. ESG practices are well-defined at both the standalone and subsidiary levels.

Taxation Policy Impact

Standalone tax expense for Q2 FY26 was INR 276 Cr. The company is subject to standard corporate tax rates and fiscal policies affecting the chemical and textile sectors.

⚠️ Risk Analysis

Key Uncertainties

The primary uncertainty is the ability to profitably expand and gain market share in the decorative paints segment following a significant INR 10,000 Cr investment outlay.

Technology Obsolescence Risk

The foray into B2B e-commerce (Birla Pivot) is a proactive step to mitigate the risk of digital disruption in the building materials supply chain.

Credit & Counterparty Risk

Liquidity position is strong with unencumbered cash and liquid investments of ~INR 4,229 Cr as of March 31, 2025, ensuring high receivables quality and meeting short-term obligations.