Grindwell Norton Ltd.

•

grindwellnorton.co.inBSE: 506076NSE: GRINDWELL

Market Cap₹ 20,857 Cr.

Current Price

High / Low₹ 2,455 / 1,329

Stock P/E48.1

Book Value₹ 236

Price to Book6.00

Dividend Yield1.01 %

ROCE23.4 %

ROE17.5 %

Face Value₹ 5

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Abrasives: 48.8% • Ceramics and Plastics: 39.1% • Service Income: 9.0%

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 24.2%
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.17x)
Company has been maintaining a healthy dividend payout of 51.0%
Company comfortably covers its interest (71.3x coverage)
Company has a consistent dividend-paying track record

CONS

Stock is trading at 6.0x its book value
Operating margins have contracted to 18.3% from 21.6%
Expensive relative to growth - PEG of 11.8

* 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

Standalone Figures in Rs. Crores / View Consolidated

	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
	656	653	647	678	689	669	680	688	691	758	739	826	794
	526	529	525	557	560	547	565	568	565	624	606	666	664
Operating Profit	130	124	123	121	128	122	115	119	126	134	133	159	130
OPM %	19.79%	19.03%	18.95%	17.88%	18.61%	18.29%	16.95%	17.35%	18.24%	17.65%	17.99%	19.31%	16.35%
	15	19	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	16	17	17	19	21	22	23	24	25	26	26	25	26
Profit before Tax	130	131	122	122	123	124	112	119	126	140	126	157	154
Tax %	25.34%	25.24%	24.58%	23.07%	25.40%	24.44%	25.23%	23.41%	24.96%	24.98%	25.65%	24.28%	25.15%
Net Profit	97	98	92	94	92	94	84	91	94	105	94	119	116
	8.77	8.85	8.32	8.44	8.30	8.49	7.55	8.25	8.53	9.49	8.49	10.76	10.43

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	1,236	1,405	1,567	1,552	1,633	2,006	2,524	2,652	2,737	3,026	3,117
	1,056	1,169	1,308	1,300	1,318	1,606	2,025	2,136	2,240	2,461	2,561
Operating Profit	181	236	259	252	315	399	499	515	497	565	556
OPM %	14.62%	16.82%	16.54%	16.23%	19.29%	19.91%	19.76%	19.44%	18.17%	18.67%	17.84%
	33	29	38	46	60	56	58	65	80	95	96
Interest	1	1	1	4	3	4	8	7	9	8	7
Depreciation	40	42	42	55	52	51	58	69	90	102	103
Profit before Tax	173	222	253	239	320	400	491	505	479	550	578
Tax %	32.84%	33.74%	35.27%	23.57%	24.27%	25.43%	25.45%	24.59%	24.61%	24.93%	24.98%
Net Profit	116	147	164	183	242	298	366	381	361	413	434
EPS	10.48	13.29	14.80	16.52	21.86	26.91	33.05	34.39	32.59	37.27	—
Dividend Payout %	38.18%	37.62%	40.55%	45.39%	43.45%	44.59%	43.88%	49.44%	52.16%	50.99%	—

COMPOUNDED SALES GROWTH

10 Years:: 10%
5 Years:: 13%
3 Years:: 6%

COMPOUNDED PROFIT GROWTH

10 Years:: 15%
5 Years:: 11%
3 Years:: 4%

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:: 17%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	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
	830	924	1,026	1,114	1,293	1,497	1,737	1,982	2,173	2,445
	5	2	1	12	5	9	34	60	64	45
Trade Payables	164	191	181	228	312	321	274	362	420	509
	135	147	159	159	177	1,052	1,240	948	999	1,096
Total Liabilities	1,189	1,318	1,423	1,568	1,843	2,934	3,340	3,407	3,711	4,151
	341	317	321	360	348	366	570	731	861	864
Capital Work in Progress	6	23	42	29	24	66	118	127	25	50
	166	191	203	603	734	552	665	710	911	1,019
	235	263	321	294	315	437	451	474	465	467
	0	0	0	0	0	0	0	353	356	391
Cash & Bank	242	270	230	7	122	268	133	212	263	484
	199	254	306	275	300	1,245	1,403	800	830	877
Total Assets	1,189	1,318	1,423	1,568	1,843	2,934	3,340	3,407	3,711	4,151

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	217	195	173	375	407	285	522	364	453	530
Cash from Investing	-43	-43	-53	-437	-225	-55	-258	-176	-212	-313
Cash from Financing	7	-57	-68	-93	-95	-114	-140	-174	-219	-214
	125	25	-39	-223	11	17	1	14	21	3

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	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

656

653

647

678

689

669

680

688

691

758

739

826

794

526

529

525

557

560

547

565

568

565

624

606

666

664

Operating Profit

130

124

123

121

128

122

115

119

126

134

133

159

130

OPM %

19.79%

19.03%

18.95%

17.88%

18.61%

18.29%

16.95%

17.35%

18.24%

17.65%

17.99%

19.31%

16.35%

Interest

Depreciation

Profit before Tax

130

131

122

123

124

112

119

126

140

126

157

154

Tax %

25.34%

25.24%

24.58%

23.07%

25.40%

24.44%

25.23%

23.41%

24.96%

24.98%

25.65%

24.28%

25.15%

Net Profit

105

119

116

8.77

8.85

8.32

8.44

8.30

8.49

7.55

8.25

8.53

9.49

8.49

10.76

10.43

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

1,236

1,405

1,567

1,552

1,633

2,006

2,524

2,652

2,737

3,026

3,117

1,056

1,169

1,308

1,300

1,318

1,606

2,025

2,136

2,240

2,461

2,561

Operating Profit

181

236

259

252

315

399

499

515

497

565

556

OPM %

14.62%

16.82%

16.54%

16.23%

19.29%

19.91%

19.76%

19.44%

18.17%

18.67%

17.84%

Interest

Depreciation

102

103

Profit before Tax

173

222

253

239

320

400

491

505

479

550

578

Tax %

32.84%

33.74%

35.27%

23.57%

24.27%

25.43%

25.45%

24.59%

24.61%

24.93%

24.98%

Net Profit

116

147

164

183

242

298

366

381

361

413

434

EPS

10.48

13.29

14.80

16.52

21.86

26.91

33.05

34.39

32.59

37.27

—

Dividend Payout %

38.18%

37.62%

40.55%

45.39%

43.45%

44.59%

43.88%

49.44%

52.16%

50.99%

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

Equity Capital

830

924

1,026

1,114

1,293

1,497

1,737

1,982

2,173

2,445

Trade Payables

164

191

181

228

312

321

274

362

420

509

135

147

159

177

1,052

1,240

948

999

1,096

Total Liabilities

1,189

1,318

1,423

1,568

1,843

2,934

3,340

3,407

3,711

4,151

341

317

321

360

348

366

570

731

861

864

Capital Work in Progress

118

127

166

191

203

603

734

552

665

710

911

1,019

235

263

321

294

315

437

451

474

465

467

353

356

391

Cash & Bank

242

270

230

122

268

133

212

263

484

199

254

306

275

300

1,245

1,403

800

830

877

Total Assets

1,189

1,318

1,423

1,568

1,843

2,934

3,340

3,407

3,711

4,151

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

217

195

173

375

407

285

522

364

453

530

Cash from Investing

-43

-53

-437

-225

-55

-258

-176

-212

-313

Cash from Financing

-57

-68

-93

-95

-114

-140

-174

-219

-214

125

-39

-223

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

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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