Grindwell Norton Ltd.

•

grindwellnorton.co.inBSE: 506076NSE: GRINDWELL

Market Cap₹ 20,857 Cr.

Current Price

High / Low₹ 2,455 / 1,329

Stock P/E47.8

Book Value₹ 237

Price to Book5.96

Dividend Yield1.01 %

ROCE23.5 %

ROE17.6 %

Face Value₹ 5

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Abrasives: 47.9% • Ceramics and Plastics: 42.1% • IT Services: 7.2%

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

View full sector analysis →

PROS

Company is almost debt free
Company has a healthy return on capital (ROCE) of 24.4%
Company has consistently been profitable over the last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.17x)
Company has been maintaining a healthy dividend payout of 50.6%

CONS

Stock is trading at 6.0x its book value
Operating margins have contracted to 18.3% from 21.4%
Expensive relative to growth - PEG of 9.8

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsAbrasivesAbrasives

Part ofNIFTY MICROCAP250 NIFTY TOTAL MKT

S.No.	Name
1.	GRINDWELL	1883.80	47.80	20857.43	1.01	115.32	22.10	803.29	14.75	23.52	19.60
2.	CARBORUNIV	1074.20	97.80	20464.09	0.37	80.34	33.04	1426.63	18.23	7.66	10.22
3.	WENDT	8814.80	104.01	1762.96	0.34	6.18	63.49	71.28	38.06	9.32	15.43

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	664	661	655	687	703	691	699	706	700	772	750	839	803
	533	536	532	566	572	565	579	582	574	634	614	678	674
Operating Profit	131	125	123	121	131	126	120	124	126	138	136	161	129
OPM %	19.76%	18.95%	18.82%	17.65%	18.58%	18.25%	17.17%	17.52%	18.07%	17.83%	18.13%	19.17%	16.07%
	15	23	13	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
Profit before Tax	131	135	122	121	125	128	116	123	126	143	129	158	154
Tax %	25.50%	24.46%	24.89%	22.86%	25.63%	23.84%	24.34%	24.50%	25.02%	25.02%	25.54%	24.37%	25.18%
Net Profit	0	0	0	0	93	97	88	93	94	107	96	119	115
	8.76	9.20	8.32	8.36	8.42	8.69	7.84	8.36	8.53	9.65	8.60	10.72	10.43

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	1,263	1,431	1,598	1,580	1,638	2,013	2,541	2,687	2,812	3,073	3,164
	1,070	1,184	1,326	1,315	1,323	1,614	2,043	2,167	2,298	2,500	2,600
Operating Profit	193	247	272	264	315	399	498	519	513	574	563
OPM %	15.29%	17.25%	17.01%	16.74%	19.24%	19.82%	19.59%	19.33%	18.25%	18.67%	17.81%
	31	27	35	40	60	56	58	68	80	95	96
Interest	2	2	1	4	3	4	8	8	9	8	7
Depreciation	42	45	45	58	54	53	60	71	93	105	106
Profit before Tax	180	227	260	243	317	396	486	508	492	555	584
Tax %	32.73%	33.67%	35.22%	24.21%	25.05%	25.46%	25.60%	24.47%	24.53%	24.95%	25.00%
Net Profit	121	151	169	184	238	295	362	384	371	417	438
EPS	10.78	13.52	15.11	16.48	21.60	26.70	32.69	34.65	33.30	37.54	—
Dividend Payout %	37.09%	36.97%	39.72%	45.50%	43.98%	44.94%	44.36%	49.06%	51.05%	50.61%	—

COMPOUNDED SALES GROWTH

10 Years:: 10%
5 Years:: 13%
3 Years:: 7%

COMPOUNDED PROFIT GROWTH

10 Years:: 15%
5 Years:: 12%
3 Years:: 5%

STOCK PRICE CAGR

10 Years:: 19%
5 Years:: 5%
3 Years:: -4%
1 Year:: 15%

RETURN ON EQUITY

10 Years:: 18%
5 Years:: 19%
3 Years:: 18%
Last Year:: 18%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	55	55	55	55	55	55	55	55	55	55
Minority Interest	11	12	14	14	12	12	11	12	14	15
	835	931	1,037	1,125	1,301	1,503	1,739	1,987	2,185	2,460
	10	2	1	14	7	11	43	67	69	45
Trade Payables	166	195	181	226	312	328	279	362	425	514
	133	144	157	158	175	208	278	282	306	345
Total Liabilities	1,210	1,339	1,445	1,592	1,862	2,116	2,406	2,766	3,055	3,436
	368	342	345	385	370	386	586	756	886	887
Capital Work in Progress	6	25	43	29	24	66	124	127	25	51
	145	171	183	583	713	531	642	689	892	999
	246	272	329	303	323	448	464	488	490	481
	0	0	0	0	0	0	0	357	362	397
Cash & Bank	243	272	234	15	130	278	139	213	265	490
	202	258	312	277	302	408	452	135	135	130
Total Assets	1,210	1,339	1,445	1,592	1,862	2,116	2,406	2,766	3,055	3,436

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	231	206	178	388	410	286	516	368	458	542
Cash from Investing	-44	-44	-54	-442	-230	-54	-260	-182	-213	-315
Cash from Financing	3	-60	-68	-95	-95	-114	-140	-175	-221	-215
	129	29	-37	-220	7	19	-8	11	24	12

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	58.03	58.03	58.03	58.03	58.03	58.03	58.03	58.03	58.03
	8.63	8.25	6.97	6.75	6.81	6.39	6.39	5.56	5.21
	16.14	16.69	18.07	18.33	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
	17.19	17.01	16.92	16.88	16.95	17.21	17.22	17.23	17.17

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-03

General Updates

2026-09-03 - Please find attached the ESG Rating from NSE Sustainability Ratings & Analytics Limited

2026-08-27

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-27 - Grindwell Norton Limited has informed the Exchange about Schedule of meet

2026-08-27

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-27 - Grindwell Norton Limited has informed the Exchange about Schedule of meet

2026-08-14

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-14 - Grindwell Norton Limited has informed the Exchange about Schedule of meet

2026-08-06

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-06 - Grindwell Norton Limited has informed the Exchange about Schedule of meet

2026-08-05

Copy of Newspaper Publication

2026-08-05 - Please find attached newspaper advertisements regarding Special Window for transfer requests and dematerialisation of physical shares

2026-08-04

General Updates

2026-08-04 - Please find attached the ESG Rating from Crisil ESG Rating and Analytics Limited

2026-07-25

Shareholders meeting

2026-07-25 - Grindwell Norton Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on July 24, 2026

2026-07-25

Shareholders meeting

2026-07-25 - Grindwell Norton Limited has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on July 24, 2026. Further, the company has informed the Exchange regarding voting results.

News

Recent coverage and analyst commentary for GRINDWELL

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Grindwell Norton Ltd.

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Name

GRINDWELL

1883.80

47.80

20857.43

1.01

115.32

22.10

803.29

14.75

23.52

19.60

CARBORUNIV

1074.20

97.80

20464.09

0.37

80.34

33.04

1426.63

18.23

7.66

10.22

WENDT

8814.80

104.01

1762.96

0.34

6.18

63.49

71.28

38.06

9.32

15.43

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

664

661

655

687

703

691

699

706

700

772

750

839

803

533

536

532

566

572

565

579

582

574

634

614

678

674

Operating Profit

131

125

123

121

131

126

120

124

126

138

136

161

129

OPM %

19.76%

18.95%

18.82%

17.65%

18.58%

18.25%

17.17%

17.52%

18.07%

17.83%

18.13%

19.17%

16.07%

Interest

Depreciation

Profit before Tax

131

135

122

121

125

128

116

123

126

143

129

158

154

Tax %

25.50%

24.46%

24.89%

22.86%

25.63%

23.84%

24.34%

24.50%

25.02%

25.54%

24.37%

25.18%

Net Profit

107

119

115

8.76

9.20

8.32

8.36

8.42

8.69

7.84

8.36

8.53

9.65

8.60

10.72

10.43

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

1,263

1,431

1,598

1,580

1,638

2,013

2,541

2,687

2,812

3,073

3,164

1,070

1,184

1,326

1,315

1,323

1,614

2,043

2,167

2,298

2,500

2,600

Operating Profit

193

247

272

264

315

399

498

519

513

574

563

OPM %

15.29%

17.25%

17.01%

16.74%

19.24%

19.82%

19.59%

19.33%

18.25%

18.67%

17.81%

Interest

Depreciation

105

106

Profit before Tax

180

227

260

243

317

396

486

508

492

555

584

Tax %

32.73%

33.67%

35.22%

24.21%

25.05%

25.46%

25.60%

24.47%

24.53%

24.95%

25.00%

Net Profit

121

151

169

184

238

295

362

384

371

417

438

EPS

10.78

13.52

15.11

16.48

21.60

26.70

32.69

34.65

33.30

37.54

—

Dividend Payout %

37.09%

36.97%

39.72%

45.50%

43.98%

44.94%

44.36%

49.06%

51.05%

50.61%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

Minority Interest

835

931

1,037

1,125

1,301

1,503

1,739

1,987

2,185

2,460

Trade Payables

166

195

181

226

312

328

279

362

425

514

133

144

157

158

175

208

278

282

306

345

Total Liabilities

1,210

1,339

1,445

1,592

1,862

2,116

2,406

2,766

3,055

3,436

368

342

345

385

370

386

586

756

886

887

Capital Work in Progress

124

127

145

171

183

583

713

531

642

689

892

999

246

272

329

303

323

448

464

488

490

481

357

362

397

Cash & Bank

243

272

234

130

278

139

213

265

490

202

258

312

277

302

408

452

135

130

Total Assets

1,210

1,339

1,445

1,592

1,862

2,116

2,406

2,766

3,055

3,436

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

231

206

178

388

410

286

516

368

458

542

Cash from Investing

-44

-54

-442

-230

-54

-260

-182

-213

-315

Cash from Financing

-60

-68

-95

-114

-140

-175

-221

-215

129

-37

-220

-8

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

58.03

8.63

8.25

6.97

6.75

6.81

6.39

5.56

5.21

16.14

16.69

18.07

18.33

18.20

18.37

18.35

19.18

19.59

Government

0.00

17.19

17.01

16.92

16.88

16.95

17.21

17.22

17.23

17.17

Grindwell Norton Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI

Grindwell Norton Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI