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Grindwell Norton

GRINDWELL NSE
₹1,950.30 +16.70 (+0.86%)
P/E
49.50
View as Markdown
MCP
Close 4 Nov 2026 ₹1,950.30 +356.20 +22.3% 1Y
Start ₹1,594.10

Key Fundamentals

SmallcapIndustrial ProductsCapital Goods

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
21.20%
Debt to Equity
0.02
EPS (TTM)
₹39.40
Book Value
₹234.72
Market Cap
—
P/E (TTM)
49.50
P/B
8.31
ROE
16.20%
Dividend Yield
0.98%
EBITDA
₹669 Cr
52W High
₹2,455.00
52W Low
₹1,329.00
Day Range
₹1,900.60 – ₹1,977.90
Volume
17,664

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

62 Good

Data confidence 100/100

Category scores

Quality
77
Strong
Returns, margins, earnings quality 22% weight
Valuation
69
Strong
Cheap vs sector & own history 24% weight
Growth
38
Weak
Sales & profit trajectory 9% weight
Financial Health
78
Strong
Solvency, leverage, coverage 9% weight
Momentum
43
Weak
Trend strength, vol-adjusted 12% weight
Ownership
54
Average
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

4
  • Company has reduced debt.
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 50.2%
  • Company's working capital requirements have reduced from 35.8 days to 23.9 days

Weaknesses

1
  • Stock is trading at 8.80 times its book value

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallStrong Bullish2611
OscillatorsBullish162
Moving AveragesStrong Bullish109

Key readings

RSI (14)
52.77
Neutral
MACD (12,26,9)
−9.19
Bullish
SMA (50)
1,942.55
Bullish
SMA (200)
1,826.53
Bullish

As of

Analyst Rating

Based on 3 analysts
BUY100%

3 of 3 analysts rate Buy, 0 Hold, 0 Sell.

As of

BUY
3
100%
HOLD
0
0%
SELL
0
0%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+10.32%
5Y+13.41%
3Y+6.54%
1Y+9.28%
TTM+12.92%

Net profit

Net profit growth by window
10Y+14.68%
5Y+11.87%
3Y+4.83%
1Y+12.40%
TTM+17.47%

Operating cash flow

Operating cash flow growth by window
10Y+14.58%
5Y+10.37%
3Y+11.31%
1Y+18.34%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y+2.75 pp
5Y−1.04 pp
3Y−0.98 pp
1Y+0.43 pp
TTM+0.83 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹1,263 Cr
Mar 2018₹1,431 Cr
Mar 2019₹1,598 Cr
Mar 2020₹1,580 Cr
Mar 2021₹1,638 Cr
Mar 2022₹2,013 Cr
Mar 2023₹2,541 Cr
Mar 2024₹2,687 Cr
Mar 2025₹2,812 Cr
Mar 2026₹3,073 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹121 Cr
Mar 2018₹151 Cr
Mar 2019₹169 Cr
Mar 2020₹184 Cr
Mar 2021₹238 Cr
Mar 2022₹295 Cr
Mar 2023₹362 Cr
Mar 2024₹384 Cr
Mar 2025₹371 Cr
Mar 2026₹417 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹168 Cr −17.4% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 29 Oct 2026
AI opinion · based on fundamentals
Risk medium

Grindwell Norton Ltd trades at ₹1,955.20 as of 2026-10-29 with a market cap of ₹21,648 Cr, commanding a PE of 49.62x and PB of 8.55x. The company is virtually debt-free (debt-to-equity of 0.02) with an ROE of 16.35% and ROCE of 20.99%, while TTM sales growth has accelerated to 13% and TTM profit growth to 18%.

Bull Case 8
  • Near-zero leverage with a debt-to-equity ratio of just 0.02, providing significant financial flexibility and resilience through business cycles
  • Strong capital efficiency with ROCE at 20.99%, indicating the company generates robust returns on total capital employed
  • Healthy dividend payout ratio of 50.2% with a current yield of 1.03%, reflecting shareholder-friendly capital allocation
  • TTM profit growth of 18% has accelerated sharply compared to the 3-year compounded profit growth of just 3%, signalling a potential earnings inflection
  • Working capital cycle has improved meaningfully from 35.8 days to 23.9 days, freeing up cash and improving operational efficiency
  • Consistent long-term ROE averaging 17-18% over 5 and 10-year periods demonstrates durable competitive advantages in the abrasives and industrial products space
  • 10-year compounded sales growth of 10% and profit growth of 14% show steady long-term business expansion
  • Stock has rallied approximately 47% from its 52-week low of ₹1,329, reflecting renewed investor confidence in the earnings trajectory
Bear Case 6
  • Price-to-book of 8.55x is expensive for an industrial products company, implying the market is pricing in substantial future growth that may not materialise
  • 3-year stock CAGR of -2% shows the stock has delivered negative returns over a medium-term horizon despite underlying business growth
  • 3-year compounded profit growth of only 3% highlights a recent period of earnings stagnation before the TTM acceleration
  • ROE has slipped from a 5-year average of 18% to 16.35% in the last year, suggesting some dilution in return efficiency
  • Stock trades roughly 20% below its 52-week high of ₹2,455, indicating prior buyers at higher levels remain underwater
  • 5-year compounded sales growth of 13% versus 5-year profit growth of 12% indicates limited margin expansion over the medium term

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

34d ago

TL;DR: The only recent news is a disclosure of a moderate ESG rating of 64 from NSRAL for FY26. That supports the company's governance and sustainability profile, but it is a routine, unsolicited rating built from public data, so it is unlikely to move the stock. This news flow says nothing about earnings, demand, margins or competition, so it cannot show whether the trend is improving or getting worse. The next quarterly results and any comments on industrial demand and input costs will matter much more for the stock.

Positives 1
  • NSRAL ESG rating of 64 Sep 3

    Grindwell Norton disclosed an ESG rating of 64 from NSE Sustainability Ratings & Analytics (NSRAL) for FY26. The independent rating is based on public domain data and is available on exchange websites.

Quarterly Results

₹ Cr
GRINDWELL quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
668
667
660
691
706
694
703
710
703
775
753
842
803
884
Expenses
534
536
532
567
572
565
579
582
574
634
614
678
646
717
Operating Profit
135
131
128
125
133
129
123
127
130
141
139
164
157
—
OPM %
20%
20%
19%
18%
19%
19%
18%
18%
18%
18%
18%
19%
20%
—
Other Income
15
23
14
17
16
23
18
23
24
31
19
21
25
40
Interest
2
2
2
2
2
2
2
2
2
2
2
2
1
2
Depreciation
17
17
18
20
21
23
23
25
26
26
27
26
27
27
PBT
131
135
122
121
125
128
116
123
126
143
129
158
154
178
Tax %
26%
24%
25%
23%
26%
24%
24%
24%
25%
25%
26%
24%
25%
25%
Net Profit
97
102
92
93
93
97
88
93
94
107
96
119
115
133
EPS (₹)
8.76
9.2
8.32
8.36
8.41
8.69
7.84
8.36
8.53
9.65
8.6
10.72
10.43
—

Sep 2026: from the results filed on 29 Oct 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
GRINDWELL profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,135
1,151
1,263
1,431
1,598
1,580
1,638
2,013
2,541
2,687
2,812
3,073
3,173
Expenses
954
966
1,070
1,183
1,326
1,315
1,314
1,612
2,040
2,167
2,297
2,497
2,572
Operating Profit
181
184
193
248
272
265
324
400
501
520
515
576
601
OPM %
16%
16%
15%
17%
17%
17%
20%
20%
20%
19%
18%
19%
19%
Other Income
17
22
31
26
35
40
51
53
53
67
79
93
96
Interest
3
2
2
2
2
4
3
4
8
8
9
8
7
Depreciation
42
43
42
45
45
58
54
53
60
71
93
105
106
PBT
154
161
180
227
260
243
317
396
486
508
492
555
584
Tax %
32%
34%
33%
34%
35%
24%
25%
25%
26%
24%
25%
25%
—
Net Profit
104
106
121
151
169
184
238
295
362
384
371
417
438
EPS (₹)
9.32
9.51
10.78
13.53
15.1
16.48
21.6
26.7
32.69
34.65
33.3
37.54
39.4
Div. Payout %
35%
34%
37%
37%
40%
46%
44%
45%
44%
49%
51%
51%
—

Balance Sheet

₹ Cr
GRINDWELL balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
28
28
55
55
55
55
55
55
55
55
55
55
Reserves
588
735
838
935
1,043
1,132
1,309
1,513
1,750
2,000
2,200
2,479
Borrowings
15
15
8
0
0
0
12
15
51
83
84
61
Other Liabilities
309
311
309
349
347
404
485
532
549
628
716
840
Total Liabilities
940
1,089
1,210
1,339
1,445
1,592
1,862
2,116
2,406
2,766
3,055
3,436
Fixed Assets
360
350
368
342
345
385
370
386
586
756
886
887
CWIP
7
14
6
25
43
29
24
67
124
128
26
52
Investments
35
135
145
171
183
583
713
531
642
689
892
999
Other Assets
538
590
690
802
875
595
755
1,133
1,054
1,193
1,251
1,498
Total Assets
940
1,089
1,210
1,339
1,445
1,592
1,862
2,116
2,406
2,766
3,055
3,436

Cash Flow

₹ Cr
GRINDWELL cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
106
139
170
134
85
318
331
187
393
368
458
542
Investing
−30
−38
−40
−41
−54
−442
−230
−54
−251
−184
−159
−244
Financing
−46
−102
3
−60
−68
−95
−95
−114
−140
−175
−221
−215
Net Cash Flow
29
0
133
32
−37
−220
7
19
1
9
78
83
Free Cash Flow
71
99
117
96
18
268
283
67
72
199
366
424
CFO/OP
87
102
119
83
65
146
126
72
103
97
111
118

Ratios

GRINDWELL financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
42
42
37
45
47
47
45
43
40
49
47
47
Inventory Days
171
190
162
159
169
155
163
184
146
148
140
123
Days Payable
67
62
109
114
93
116
158
134
88
110
122
132
Cash Conversion Cycle
145
171
89
90
123
87
50
92
98
86
66
39
Working Capital Days
41
56
49
54
74
50
36
51
44
47
37
24
ROCE %
25%
22%
20%
23%
23%
20%
23%
26%
28%
25%
21%
21%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Grindwell Norton insights

63 extracted metrics across FY03–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 58.03%
  • DIIs 19.67%
  • Public 11.43%
  • Others 5.52%
  • FIIs 5.34%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

  • Concall · May 2026
    PPT
  • Concall · May 2025
    PPT
  • Concall · May 2023
    PPT
  • Concall · May 2022
    PPT
  • Concall · May 2021
    PPT

Frequently Asked Questions about Grindwell Norton

What does Grindwell Norton Ltd do?
Grindwell Norton Limited is engaged in the business of manufacturing Abrasives, Ceramics & Plastics and providing IT Services.
Where is Grindwell Norton Ltd (GRINDWELL) listed?
Grindwell Norton Ltd trades as GRINDWELL on the NSE and under code 506076 on the BSE.
Which sector does Grindwell Norton Ltd belong to?
Grindwell Norton Ltd is classified under the Industrial Products sector, in the Abrasives & Bearings industry.
What is the PE ratio of Grindwell Norton Ltd?
Grindwell Norton Ltd trades at a PE ratio of 49.50 as of 4 Nov 2026, on earnings per share of ₹39.4, against a book value of ₹234.72 per share.
What is the 52-week high and low of Grindwell Norton Ltd?
Over the last 52 weeks Grindwell Norton Ltd has traded between ₹1,329 and ₹2,455 as of 4 Nov 2026.
Does Grindwell Norton Ltd pay dividends?
Grindwell Norton Ltd has a dividend yield of 0.98%.
What is the Return on Equity (ROE) of Grindwell Norton Ltd?
Grindwell Norton Ltd reported a return on equity of 16.20%. Its debt-to-equity ratio is 0.02.

Company Information

Grindwell Norton Limited is engaged in the business of manufacturing Abrasives, Ceramics & Plastics and providing IT Services.

Website grindwellnorton.co.in
CEO Mr. Venugopal Ramnath Shanbhag
Employees 2,429
Listed 11 Sep 2006
Face Value ₹5

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