In-line performance of core segments; eyes on Paints rollout

11 Mar 2024
5 Min read 
  • Grasim's 3QFY24 EBITDA was below estimates due to higher losses in new businesses and the insulator segment.
  •  The VSF and Chemical segments performed better than expected.
  •  The VSF segment's margin is stable, and caustic soda prices are expected to stabilize or rise.
  •  The Paints business has started trial production and is set to launch its brand in FY25.
  •  Grasim's EPS estimates for FY24-26 are largely retained.
  •  Reiterate BUY rating with a target price of INR2,670.
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