Grindwell Norton Ltd logo

Grindwell Norton Ltd

GRINDWELL NSE

Key Fundamentals

SmallcapAbrasives & BearingsIndustrial Products
Market Cap
₹23,911 Cr
Volatility
Moderate
P/E Ratio
53.35
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

Insights

Beta

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

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33 extracted metrics + investor summaries across FY03–FY26.

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Tapetide Score

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

Technical Indicators

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 9.45 times its book value

Growth Rate

Revenue Growth
9.57% ↗
Net Income Growth
12.25% ↗
Cash Flow Change
18.24% ↗
ROE
-0.06% ↗
ROCE
1.35% ↗
EBITDA Margin (Avg.)
2.88% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk medium

Grindwell Norton Ltd, a subsidiary of Saint-Gobain, operates in the industrial products segment with a market cap of Rs 24,026 Cr. The company trades at a PE of 54.3x and 9.38x book value, while delivering TTM sales growth of 13% and profit growth of 18% with a virtually debt-free balance sheet.

Bull Case 8
  • Company is almost debt-free, providing significant financial flexibility and resilience during economic downturns
  • TTM revenue growth of 13% shows acceleration compared to the 3-year compounded sales CAGR of 7%, indicating improving demand momentum
  • TTM profit growth of 18% outpaces revenue growth of 13%, suggesting margin expansion and improving operating leverage
  • Consistent ROE averaging 17% over the past 10 years demonstrates durable competitive advantages and efficient capital allocation
  • Healthy dividend payout ratio of 50.2% with a current yield of 0.89% reflects shareholder-friendly capital return policy
  • Working capital days reduced from 35.8 to 23.9 days, freeing up cash and improving capital efficiency
  • 10-year compounded profit CAGR of 14% and sales CAGR of 10% show a long track record of steady compounding
  • Stock price CAGR of 21% over 10 years reflects sustained long-term wealth creation driven by underlying business performance
Bear Case 8
  • PE ratio of 54.3x is significantly elevated relative to broader market averages, leaving limited margin of safety
  • Price-to-book of 9.38x is expensive and implies high expectations are already priced in for future growth
  • 3-year compounded profit CAGR of only 3% indicates earnings growth stagnated in the recent medium-term period
  • 3-year stock CAGR of -1% shows the stock has delivered negative returns over a meaningful period despite recent 48% 1-year rally
  • ROE has declined from the 5-year average of 18% to 16% in the last year, suggesting potential pressure on return metrics
  • 5-year compounded sales CAGR of 13% and profit CAGR of 12% are modest relative to the premium valuation of 54.3x PE
  • Dividend yield of 0.89% offers limited income cushion given the high valuation multiples investors are paying
  • 1-year stock price surge of 48% against flat 3-year returns raises mean-reversion risk if earnings do not sustain acceleration

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

AI News Digest

Anthropic anthropic claude-opus-4.6 17h ago
Positives 1
  • Q1FY27 profit surges 22% Jul 24

    Standalone net profit rose 22% YoY to ₹11,553 lakh in Q1FY27, with revenue growing 14% to ₹79,386 lakh, driven by strong Ceramics & Plastics segment performance.

Neutral 2
  • Aditya Birla analyst meet scheduled Aug 6

    Grindwell Norton will hold a one-on-one meeting with Aditya Birla Sun Life Mutual Fund on August 11, 2026, at its Mumbai registered office.

  • 76th AGM concludes, dividend declared Jul 24

    Shareholders approved FY26 standalone and consolidated financials, declared a dividend, and reappointed Sreedhar Natarajan as director at the 76th AGM on July 24, 2026.

TL;DR: Grindwell Norton is delivering solid earnings growth with Q1FY27 profit up 22% and revenue up 14%, led by Ceramics & Plastics. No visible headwinds in recent news flow. Institutional interest (Aditya Birla MF meeting) signals continued buy-side attention. The trend is positive, though sustaining double-digit growth amid industrial cyclicality remains the key watch item.

Quarterly Results

  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

  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

  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

  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

  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%

Shareholding Pattern

As of Jun 2026
Promoters 58.03%
DIIs 19.59%
Public 11.60%
Others 5.57%
FIIs 5.21%
Total 100.00%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
58.32%
58.32%
58.08%
58.08%
58.08%
58.08%
58.08%
58.03%
58.03%
58.03%
58.03%
58.03%
58.03%
58.03%
58.03%
58.03%
58.03%
58.03%
58.03%
58.03%
58.03%
58.03%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
8.31%
8.63%
8.26%
6.97%
6.75%
6.82%
6.39%
6.39%
5.56%
5.21%
DIIs
15.93%
17.22%
16.83%
15.54%
15.32%
15.11%
15.17%
14.90%
15.33%
15.39%
14.76%
15.06%
15.90%
16.15%
16.70%
18.08%
18.34%
18.20%
18.37%
18.35%
19.18%
19.59%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
13.66%
13.39%
13.43%
13.59%
13.17%
13.17%
13.08%
12.88%
12.78%
12.65%
12.66%
12.51%
12.25%
11.76%
11.49%
11.42%
11.41%
11.47%
11.64%
11.64%
11.65%
11.60%
Others
12.09%
11.06%
11.67%
12.79%
13.44%
13.65%
13.67%
14.18%
13.86%
13.93%
14.55%
14.39%
5.50%
5.43%
5.52%
5.50%
5.46%
5.48%
5.57%
5.58%
5.58%
5.57%
No. of Shareholders
18,991
30,246
32,578
47,291
45,709
46,477
56,406
53,592
51,996
49,457
51,240
52,199
47,954
47,493
50,455
50,300
46,810
47,110
48,557
49,010
46,994
45,545

Documents

1
Concall - May 2017 May 2017
2
Concall - Jun 2018 Jun 2018
3
Concall - May 2019 May 2019
4
Concall - May 2019 May 2019
5
Concall - May 2020 May 2020

Frequently Asked Questions about Grindwell Norton Ltd

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 is listed on the Indian stock exchanges. It is listed on NSE: GRINDWELL and BSE: 506076. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Grindwell Norton Ltd belong to?
Grindwell Norton Ltd operates in the Industrial Products sector within the Abrasives & Bearings industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Grindwell Norton Ltd?
Grindwell Norton Ltd has a market capitalisation of approximately ₹23911.09 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Grindwell Norton Ltd?
The Price-to-Earnings (PE) ratio of Grindwell Norton Ltd is 53.35. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Grindwell Norton Ltd?
Over the past 52 weeks, Grindwell Norton Ltd has traded between a low of ₹1,329 and a high of ₹2,455. This range helps investors understand the stock's price volatility and recent trading levels.
Does Grindwell Norton Ltd pay dividends?
Yes, Grindwell Norton Ltd has a dividend yield of 0.88%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Grindwell Norton Ltd?
Grindwell Norton Ltd has a Return on Equity (ROE) of 16.35%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Grindwell Norton Ltd on Tapetide?
On Tapetide, you can view Grindwell Norton Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

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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