Cash 360

The treasury cockpit — 13-week cash, EBITDA-to-FCF conversion, working-capital unlock, receivables, liquidity and covenant headroom.

Grasim Industries Limited · FY26 (modeled)

India's #1 VSF producer, Top 3 cement

24,000 employees · 0+ US sites · 51 countries

▲ Executive read· the answer, then the moves

Liquidity is sound at $18500M (≈ 37 weeks cover), but $6774.1M of working capital is trapped in receivables — pull DSO from 62d to 48d to self-fund the next deal rather than draw the $122170M of covenant capacity.

4 of 5 headline metrics improving vs prior · still off target: Liquidity $18.50B vs $20.00B, Free Cash Flow $8.70B vs $9.00B, Cash Conversion Cycle 29d vs 25d

Do now — ranked by urgency

1
Birla Estates credit exposureAct now
Why it matters
Move to credit hold pending paydown; reforecast ARR net of likely churn.
What's driving it
Overdue AR
Signal: Alert
FYI
Distress filings + overdue AR; churn risk High on $6.4M account.
Act →▤ open the overdue book
2
Covenant headroom 0.9× (lev 4.6× vs 5.5×)Act now
Why it matters
Sets deal capacity and refinancing risk.
What's driving it
Q1 (act)
Signal: Threshold
FYI
Net-debt/EBITDA 4.6× against a 5.5× ceiling.
Owner: CFO · Treasury
Act →
3
Unlock $6774.1M by pulling DSO to the 48d targetWatch
Why it matters
Every day of DSO above 48d ties up working capital; closing the gap releases ≈ $6774.1M of one-time cash.
What's driving it
DSO 62d vs 48d target
Overdue >60d = $517.0M of $3143M AR
FYI
Normalizing laggard brands to 50d DSO releases ≈ $230.3M
Owner: Treasury
Work the overdue book →▤ open the overdue receivables
4
3 brands running DSO > 65 daysWatch
Why it matters
Targeted collections sprint on $0.9M; tighten milestone billing on ISC projects.
What's driving it
DSO
Signal: Alert
FYI
ISC (67d), Birla Cellulose (66d), Birla Estates account (67d) lifting blended DSO.
Act →▤ open the overdue book

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↗ Where this connects — act / drill across

▤Evidence· open the overdue-invoice list 🧩Customer Master· term conflicts driving AR 👥Customer 360· DSO by account 🚪Exit Readiness· debt & deleverage path

Liquidity

$18500M

≈ 37 weeks cover

Free cash flow

$8700M

27% EBITDA conversion

Cash conversion cycle

29d

DSO 62 + DIO 18 − DPO 48

Working-capital unlock

$6774.1M

DSO 62→48d target

Exhibit 1

13-week direct cash flow forecast

Net weekly cash (bars) and ending cash (line) vs. $20M minimum. Forecast trough: $776.91M.

Above minimum

$920.38M

Opening cash

$6594M

13-wk collections

$6510M

13-wk disbursements

$1004.3M

Closing cash

Exhibit 2

EBITDA → Free cash flow

$32150M EBITDA converts to $8700M FCF (27%).

Exhibit 3

Cash collected

Monthly, $M.

Cash conversion cycle

Working-capital days

DSO — receivables62d

DIO — inventory18d

DPO — payables (offset)(48d)

Cash conversion cycle29d

Where cash is trapped

Working-capital cash unlock

$230.3M

Normalizing laggard brands to 50-day DSO releases ~$230.3M one-time.

Livaeco67d

$51.7M

Birla Pivot61d

$47.3M

UltraTech Cement56d

$42.7M

Birla Cellulose66d

$34.4M

Aditya Birla Renewables60d

$27.4M

Birla Opus58d

$20.2M

Aditya Birla Capital54d

$6.5M

Collections

AR aging

Total AR $3143M

Current days$1475.32M

1-30 days$785.03M

31-60 days$365.45M

61-90 days$265.29M

90+ days$251.75M

Overdue (>60d) = $517.0M.

Exhibit 4

Collections priority

Highest DSO first.

Account	Revenue	DSO	Credit risk
Birla Estates	$173.25M	67d	High
Shree Traders	$349.2M	63d	Medium
Godrej Properties	$110.99M	59d	Medium
Reliance	$384.39M	58d	Low
Welspun	$194.9M	55d	Medium
IBM	$262.58M	52d	Medium
UPS	$305.89M	49d	Low

Exhibit 5

Supplier DPO

Working-capital lever.

Supplier	Spend	DPO	OTIF	Risk
Suryachem	$1732.48M	45d	96%	Low
DCW Ltd	$1570.06M	42d	93%	Low
GACL	$1109.87M	38d	90%	Medium
Hindalco	$730.89M	36d	89%	Medium
Tata Chemicals	$622.61M	40d	95%	Low
India Glycols	$514.33M	44d	92%	Low