Citi has maintained its “buy” rating on Grasim Industries but lowered the target price to ₹3,100 from ₹3,250, implying a potential upside of 30.3% from the current market price of ₹2,534.10.
The brokerage noted that Q2 results came in below expectations, but it remains optimistic about the paints business, which is on track to exit FY25 with a high single-digit market share. While chemicals profitability weakened sequentially, the viscose staple fiber (VSF) segment showed an improvement, providing some balance to the overall performance.
Citi believes Grasim’s diversified business model and progress in key growth segments like paints continue to support its long-term outlook.
Disclaimer: This article is for informational purposes only. Please consult a financial advisor before making any investment decisions.
