Grenier equalised in the 73rd, five minutes after coming on, with a free kick from the right that went under goalkeeper Alban Lafont at the near post.
Striker Alexandre Lacazette put the visitors in front for the first time in the 80th minute. Wissam ben Yedder equalised for Toulouse two minutes later but Corentin Tolisso tapped in an 85th-minute winner from Fekir's low cross.
Paris St Germain, who have already secured the Ligue 1 crown, meet Lille in the French League Cup final later on Saturday.
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(Reporting by Rex Gowar; Editing by Tony Jimenez)
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