Grindwell Norton logo

Grindwell Norton

GRINDWELL NSE

Key Fundamentals

SmallcapAbrasives & BearingsIndustrial Products
Market Cap
₹21,987 Cr
Volatility
Moderate
P/E Ratio
50.15
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 8.63 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

2d ago
AI opinion · based on fundamentals
Risk medium

Grindwell Norton, the Saint-Gobain group's Indian abrasives and ceramics business, has a market cap of about ₹21,867 Cr and trades at a P/E of 48.5x and a P/B of 8.38x. Its 10-year sales and profit CAGRs are 10% and 14%, ROE has held at 16-18%, and the company is almost debt-free. Growth over the last three years has been much slower (7% sales, 3% profit CAGR), and the stock has returned -3% CAGR over that period, although TTM sales and profit growth has picked up to 13% and 18%.

Bull Case 7
  • Growth is picking up: TTM profit grew 18% and TTM sales grew 13%, well above the 3-year CAGRs of 3% for profit and 7% for sales.
  • The balance sheet is strong. The company is almost debt-free and has reduced debt further, so it carries little financial risk and can fund capex from internal accruals.
  • Long-term compounding record: 10-year profit CAGR of 14% and sales CAGR of 10%, with the stock delivering a 19% CAGR over 10 years.
  • Returns have been consistent, with ROE of 17% over 10 years, 18% over 5 years, 17% over 3 years and 16% last year. That points to stable capital efficiency across cycles.
  • Working capital days fell from 35.8 to 23.9, a drop of about 33%, which suggests better cash conversion and tighter operations.
  • Shareholder payouts are steady, with a 50.2% dividend payout ratio and a dividend yield of 0.99%.
  • The stock has regained some momentum, with a 1-year return of 21% after a weak 3-year period.
Bear Case 7
  • Valuation is high. A P/E of 48.5x and P/B of 8.38x price in sustained strong growth, which leaves little room for error if the TTM recovery fades.
  • Medium-term growth has been weak: 3-year profit CAGR of only 3% and sales CAGR of 7%. That falls well short of what a 48.5x earnings multiple usually implies.
  • The stock's 3-year return is a CAGR of -3%, and its 5-year CAGR is just 6%. This shows the stock has de-rated when growth disappointed.
  • ROE has eased to 16% last year from an 18% 5-year average. Only a 16% return on equity sits oddly against a P/B of 8.38x.
  • Profit grew slower than sales over 3 years (3% vs 7%), which points to margin pressure, likely from input costs or product mix.
  • The dividend yield of 0.99% is low despite a 50.2% payout, because of the high valuation. Income support at current prices is limited.
  • Demand is cyclical. Abrasives and ceramics depend on industrial, auto and metal fabrication activity, so a slowdown could reverse the recent 13% TTM sales growth.

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

AI News Digest

1d ago
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.

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.

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

Log in to view Grindwell Norton insights

63 extracted metrics + investor summaries across FY03–FY27.

Log in — free

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 ₹21,987 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 50.15, 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 0.95%.
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

For AI agents and developers

Reading this as an AI agent, LLM or automated pipeline? Every page on Tapetide is also published as clean Markdown — no navigation, no scripts, just the data. Fetch https://tapetide.com/stocks/GRINDWELL.md for Grindwell Norton Ltd: company profile, latest price, key fundamentals, the Tapetide Score, growth rates, quarterly and annual financial statements, shareholding pattern, technical indicators, analyst ratings and exchange filings.

Append .md to any Tapetide URL for the same treatment. A full index of what we publish is at /llms.txt and /llms-full.txt. For live, structured queries instead of documents, use our MCP server.

Explore More

More in Industrial Products → FII DII Data Stock Screener Nifty 50 Heatmap F&O Ban List