High Performance in the Face of Headwinds

Even as the global economy was buffeted by the West Asia conflict and fluctuating tariffs, Indian corporates had to hunker down and manage operations. Resilience in the face of unexpected risks was the answer. Aditya Birla Group closed FY2025-26 with a revenue of ~USD 72 billion, whereas EBITDA touched USD 8.5 billion.

The Jan-March 2026 quarter underscored the strength of Aditya Birla Group’s businesses.

UltraTech, Grasim and Hindalco delivered record or near-record operating performances, driven by infrastructure demand, metals pricing and scale efficiencies. New age businesses such as Birla Pivot, Birla Opus and Indriya made smart contributions to the topline.  Financial services businesses continued to expand assets and lending books, with Aditya Birla Capital benefiting from rising retail participation and credit demand. Consumer-facing businesses such as ABFRL reported healthy revenue growth, while Aditya Birla Real Estate continued to benefit from strong residential demand. Across the Group, the dominant themes were capacity expansion, scale, market-share gains and investment in future growth platforms.
 

Ultratech Cement

The quarter reinforced UltraTech's market leadership and operational excellence, supported by robust demand from housing, infrastructure and commercial construction. In the first quarter of FY27, UltraTech created history by crossing the landmark 200 MTPA domestic grey cement capacity milestone, further strengthening its position as the world’s largest cement manufacturer (excluding China).

UltraTech Cement delivered an outstanding performance in Q4 FY26, with consolidated net sales rising 12% year-on-year to ₹25,467 crore from ₹22,788 crore in the corresponding quarter last year. Grey cement sales volumes increased 9.3% as an answer to India’s infrastructural demands. Financials stayed strong with Profit Before Interest, Depreciation and Taxation (PBIDT) climbing to an all-time quarterly high of ₹5,688 crore, marking a robust 20% increase over the previous year.

The results reflected strong cost discipline and the benefits of scale across the company's integrated operations, and highlighted UltraTech's ability to convert volume growth and operational efficiencies into enhanced profitability.
 

Hindalco

Hindalco Industries delivered a record performance in Q4 FY26, with consolidated revenue rising to an all-time high of ₹78,133 crore. Consolidated EBITDA increased 9% year-on-year to a record ₹11,197 crore, while Profit After Tax before exceptional items rose 10% to an all-time high of ₹5,796 crore, reflecting the strength of its diversified metals portfolio.

The company's India business continued its outperformance, delivering its highest-ever quarterly revenue, EBITDA and profit, supported by favourable market conditions, enhanced resource security, premium product offerings and sustained operational excellence. Net profit stood at ₹2,597 crore compared to ₹5,284 crore in the corresponding quarter last year, reflecting the impact of the Oswego disruption at Novelis, a subsidiary of Hindalco. The hot mill at Novelis Oswego is now back online, and the company is working with customers to ramp up supply.

The quarter highlighted the resilience of Hindalco's business model, with record performance from its India operations and improving operational efficiency at Novelis reinforcing the company's long-term growth trajectory.
 

Grasim

At flagship company Grasim, a diversified portfolio is increasingly creating multiple growth platforms beyond its traditional businesses. The Government’s ambitious Viksit Bharat initiative is acting as a catalyst, spurring demand across core industries and creating a robust environment for growth. In Q4 FY26, Grasim reported record quarterly revenue of ₹51,101 crore, up 15% year-on-year with consolidated net profits rising 28% to ₹3,802 crore. Growth was driven by demand in several of its businesses – building materials, financial services, chemicals and cellulosic fibres. The company also continued scaling its new growth engines, particularly Birla Opus Paints and Birla Pivot.

With its resilient balance sheet and strategic investments, Grasim Industries is poised to play a pivotal role in shaping and participating in India’s unfolding growth story, contributing meaningfully to the nation’s progress and prosperity.

In fact, in line with its growth aspirations, on 9 June 2026 Grasim announced an investment of ₹3,094 crore, for Phase II Lyocell capacity of 110K TPA at Harihar, Karnataka. This expansion will consist of 2 lines of 55K TPA (or 150 tons per day) each. The first line is expected to be commissioned by 2028, and the second by 2030.
 

Aditya Birla Capital

The Group’s financial arm Aditya Birla Capital reported a strong quarter, with consolidated revenue growing 10% year-on-year to ₹13,422 crore, driven by healthy growth across lending, housing finance, life insurance and health insurance businesses. The company continued to deepen its presence across customer segments through its diversified financial services platform and omnichannel distribution model.

The overall lending portfolio across the NBFC and housing finance businesses reached an all-time high of ₹2,07,368 crore as of March 31, 2026, representing a robust 32% year-on-year increase. Total assets under management across the asset management, life insurance and health insurance businesses grew 16% year-on-year to ₹5,91,343 crore, reflecting continued customer trust and business momentum. Digital adoption also continued to accelerate, with ABCD (Aditya Birla Capital Digital) scaling to approximately 11 million customers across loans, insurance, investments and payment solutions.

There are exciting times ahead. To support its next phase of growth, Aditya Birla Capital raised ₹4,000 crores in May 2026. Grasim was the primary investor with a capital infusion of ₹2,880 crore; International Finance Corporation and Suryaja Investment participated with ₹920 crore and ₹200 crore respectively.
 

Aditya Birla Fashion and Retail

The Group’s fashion businesses had all eyes on them post demerger.

Aditya Birla Fashion and Retail delivered a robust performance in Q4 FY26, with revenue growing 16% year-on-year to ₹1,990 crore. EBITDA increased sharply by 57% to ₹311 crore, while EBITDA margin expanded by approximately 410 basis points to 15.7%, reflecting the benefits of operating leverage, improved business mix and sharper execution across the portfolio.

The quarter witnessed broad-based growth across businesses. The Pantaloons and Value Retail segment delivered one of its strongest quarters, with revenue rising 19% year-on-year to ₹1,048 crore, supported by 14% like-to-like growth in the Pantaloons format. The ethnic wear portfolio continued its strong momentum, with profitability improving across brands. TASVA recorded 33% growth during the quarter, while Jaypore grew 26%, driven by continued network expansion.

Luxury Retail registered 13% growth, supported by strong early traction at the newly launched Galeries Lafayette flagship store, while the TMRW portfolio delivered an impressive 45% year-on-year increase in revenue. The Company's omnichannel capabilities continued to gain traction, with the e-commerce channel growing more than 30% year-on-year.
 

Aditya Birla Lifestyle Brands

Aditya Birla Lifestyle Brands (demerged entity) delivered a strong performance in Q4 FY26, with revenue growing 12% year-on-year to ₹ 2174 crore. EBITDA increased 14% to ₹375 crore, reflecting the benefits of scale, improved operating leverage and continued momentum across its portfolio of brands. The quarter marked another period of robust growth, supported by healthy consumer demand and strengthening market positions across key categories.

Supported by sustained investments in brand building, retail expansion and digital capabilities, Aditya Birla Lifestyle Brands continued to strengthen its presence in India's branded apparel market.
 

Aditya Birla Real Estate

India’s residential real estate sector remains resilient, supported by macroeconomic fundamentals, rising urban incomes and sustained end-user demand. Aditya Birla Real Estate recorded a net income of ₹127.72 crores and a net profit of ₹65.12 crores in Q4 FY26. The company has real estate projects in various stages with a revenue potential of ₹739 billion.
 

Vodafone Idea

On May 5, 2026, Mr Kumar Mangalam Birla, Chairman of Aditya Birla Group, was appointed the Non- Executive Chairman of VI (Vodafone Idea), paving the way for a brighter future ahead. VI reported steady operational growth in Q4 FY26, with revenue increasing 2.9% year-on-year to ₹11,332 crore. On an equal-day basis, quarterly revenue grew 2.3% sequentially, reflecting continued improvement in business momentum. EBITDA for the quarter rose 4.9% year-on-year to ₹4,889 crore, supported by ongoing efforts to enhance operational efficiency and customer engagement.

The company also strengthened its financial position, reducing bank debt significantly to ₹726 crore as of March 31, 2026, from ₹2,326 crore a year earlier. In addition, Vodafone Idea successfully raised ₹3,300 crore through non-convertible debentures in December 2025, while maintaining a cash and bank balance of ₹3,715 crore at year end. Reflecting the progress in its financial profile and business fundamentals, ICRA upgraded the company's credit rating and outlook to BBB+ in March 2026 from BBB-, providing further validation of its ongoing turnaround efforts.
 

Looking Ahead

While the market awaits the annual results, the QR reports are a harbinger of the new fiscal year. As always, Aditya Birla Group companies will take FY27 on with grit, resilience and the determination to be a Force for Good Business.