Grindwell Norton logo

Grindwell Norton

GRINDWELL NSE

Key Fundamentals

SmallcapAbrasives & BearingsIndustrial Products
Market Cap
₹20,814 Cr
Volatility
Moderate
P/E Ratio
47.86
EBITDA
₹669 Cr
Return on Equity
16.35%
Debt to Equity
0.02
Book Value
₹228.63
EPS
₹34.33
52W High
₹2,455
52W Low
₹1,329

Tapetide Score

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

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 8.24 times its book value

Growth Rate

Revenue Growth
9.57% higher than 3Y
Net Income Growth
12.25% higher than 3Y
Cash Flow Change
18.24% lower than 3Y
ROE
-0.06% lower than 3Y
ROCE
1.35% higher than 3Y
EBITDA Margin (Avg.)
2.88% higher than 3Y

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 5d ago
AI opinion · based on fundamentals
Risk medium

Grindwell Norton Ltd, a subsidiary of Saint-Gobain, operates in the industrial products space with a market cap of ₹21,347 Cr and trades at a PE of 48.9x. The company is virtually debt-free with a consistent ROE averaging 17% over 10 years, though recent profit growth has moderated to 3% CAGR over 3 years versus 12% over 5 years. Sales have grown at a 10-year CAGR of 10% while maintaining a dividend payout of 50.2%.

Bull Case 8
  • Company is almost debt-free, providing strong balance sheet resilience and financial flexibility in a cyclical industrial sector
  • Consistent return on equity averaging 17% over 10 years (18% over 5 years, 16% last year), indicating disciplined capital allocation
  • Healthy dividend payout ratio of 50.2% with a current yield of 0.98%, reflecting shareholder-friendly management and steady cash generation
  • Working capital efficiency has improved significantly from 35.8 days to 23.9 days, freeing up cash for operations and growth
  • TTM sales growth has accelerated to 13%, above the 3-year CAGR of 7%, suggesting a pickup in demand momentum
  • TTM profit growth of 18% materially exceeds the 3-year profit CAGR of 3%, indicating margin recovery or operating leverage kicking in
  • Long-term compounded profit growth of 14% over 10 years demonstrates the company's ability to compound earnings through economic cycles
  • Backed by Saint-Gobain parentage, providing access to global technology, R&D, and best practices in abrasives and ceramics
Bear Case 7
  • Stock trades at a PE of 48.9x, which is elevated for an industrial products company, leaving limited margin of safety
  • Price-to-book ratio of 8.44x is steep and suggests the market is pricing in significant future growth that may or may not materialize
  • 3-year stock CAGR is negative at -5%, meaning investors who bought 3 years ago have seen capital erosion despite underlying profit growth
  • 3-year compounded profit growth of just 3% indicates a prolonged period of earnings stagnation between FY21 and FY24
  • 3-year sales CAGR of only 7% is below the 10-year average of 10%, suggesting a slowdown in topline momentum over the medium term
  • ROE has dipped from the 5-year average of 18% to 16% in the last year, pointing to mild dilution in return efficiency
  • 5-year stock CAGR of just 6% significantly underperforms the 10-year CAGR of 19%, indicating the stock has de-rated over recent years relative to its historical trend

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Positives 1
  • ESG rating of 64 received Sep 3

    Grindwell Norton received an ESG rating of 64 from NSRAL for FY26, based on public domain data. The independent rating is available on exchange websites.

Neutral 1
  • Analyst meet scheduled Sep 2 Aug 27

    Grindwell Norton scheduled a one-on-one physical meeting with Monarch Networth Capital Ltd on September 2, 2026, at its Mumbai registered office. Discussion limited to publicly available information.

TL;DR: Grindwell Norton shows positive momentum on the ESG front with a 64 rating from NSRAL for FY26, signaling commitment to sustainability standards. No material headwinds emerged in the recent news cycle. Analyst engagement with Monarch Networth Capital suggests continued institutional interest. The outlook is steady with no red flags, though limited newsflow makes it difficult to assess whether operational or financial trends are improving.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
668
667
660
691
706
694
703
710
703
775
753
842
803
Expenses
534
536
532
567
572
565
579
582
574
634
614
678
646
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
Interest
2
2
2
2
2
2
2
2
2
2
2
2
1
Depreciation
17
17
18
20
21
23
23
25
26
26
27
26
27
PBT
130
135
122
120
125
128
116
123
126
143
128
158
154
Tax %
26%
24%
25%
23%
26%
24%
24%
24%
25%
25%
26%
24%
25%
Net Profit
97
102
92
93
93
97
88
93
94
107
96
119
115
EPS in Rs
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
Figures in ₹ Crores

Profit & Loss

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 in Rs
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%
—
Figures in ₹ Crores

Balance Sheet

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
Figures in ₹ Crores

Cash Flow

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
Figures in ₹ Crores

Ratios

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

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63 extracted metrics + investor summaries across FY03–FY26.

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Shareholding Pattern

FIIs5.21%Promot.58.03%Others5.57%Public11.60%DIIs19.59%As ofJun 2026

Documents

1
Concall - May 2026 May 2026
2
Concall - May 2026 May 2026
3
Concall - May 2025 May 2025
4
Concall - May 2023 May 2023
5
Concall - May 2023 May 2023

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. [1]
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 market capitalisation of Grindwell Norton Ltd?
Grindwell Norton Ltd has a market capitalisation of ₹20,814 Cr, which places it in the Large Cap band.
What is the PE ratio of Grindwell Norton Ltd?
Grindwell Norton Ltd trades at a PE ratio of 47.86, on earnings per share of ₹34.33, against a book value of ₹228.63 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.
Does Grindwell Norton Ltd pay dividends?
Grindwell Norton Ltd has a dividend yield of 1.00%.
What is the Return on Equity (ROE) of Grindwell Norton Ltd?
Grindwell Norton Ltd reported a return on equity of 16.35%. 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. [1]

Website grindwellnorton.co.in
CEO Mr. Venugopal Ramnath Shanbhag
Employees 2,429
Listed 2006-09-11
Face Value ₹ 5
Issued Size 11,07,20,000

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