Aldridge was missing his fourth straight game because of a sprained right ankle. The two-time All-Star is averaging 21 points and 8.9 rebounds this season.
Batum has a labral tear in his right shoulder, causing him decreased strength and sensation. He apparently sustained the injury on Monday in Portland's 112-102 loss to Utah.
The 6-foot-8 French forward, who is averaging 14.3 points, 5.6 rebounds and 4.9 assists, will be re-evaluated Friday before the Blazers host Houston.
Austin Daye hit a 3-pointer early in the second quarter that gave the Grizzlies a 39-23 lead. Randolph's hook shot extended it to 43-25, and Memphis took a 57-46 advantage into the half.
"I thought it was a solid win," Hollins said. "Early on offensively we were executing very well and we were getting whatever shot we wanted. Then in the second half our defense really amped it up. We held them to 30 points in the second half. We just had a good focus and we played a solid game all over."
The Grizzlies visit the Lakers on Friday.
Notes: Former Blazers C Greg Oden was at the game because he is good friends with Conley. The two played together at Ohio State. Oden, a former No. 1 draft pick for Portland whose five-year career with the team was marred by injuries, was greeted with cheers — and a few boos — when he was shown on the video scoreboard in the first quarter. Oden did not appear to return for the second half. ... Portland made just six free throws, its fewest in a game this season. They attempted 10. ... The Blazers are the only NBA team with four 1,000-point scorers this season: Aldridge (1,451), Lillard (1,425), Batum (1,047) and Wesley Matthews (1,001).