Jefferies has maintained its Buy call on Grasim Industries, assigning a target price of ₹3,280, which implies a 23.5% upside from the current market price of ₹2,656. Despite a Q4 miss, the brokerage remains optimistic on the company’s long-term growth trajectory.
The Q4 underperformance was attributed to weaker results in the VSF and chemicals segments. However, Jefferies noted that Grasim’s new business verticals—particularly paints and B2B e-commerce—are scaling up rapidly.
The brokerage believes that Grasim is “walking the talk” in the paints business, projecting high market share in the structured distribution segment by FY25-end. Additionally, Grasim is closing in on a steep revenue target of around $1 billion in its B2B e-commerce venture.
According to Jefferies, success in the paints segment remains a key valuation re-rating trigger for the company in the medium term.
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