Despite weak commodity prices (both VSF and chemicals), Grasim Industries posted ~440bps QoQ improvement in EBITDA margin led by low raw material prices and controlled fixed costs. Factoring-in the near-term weakness in chemicals business and pre-operative expenses incurred towards new businesses (of b2b e-commerce and paints), we prune our FY24E EBITDA estimate by ~5%, but keep FY25E estimates largely unchanged.