Grindwell Norton Ltd.
•₹ 2,059.80.02%
2026-08-21
ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Abrasives: 47.9% • Ceramics and Plastics: 42.1% • IT Services: 7.2% • Others: 2.8%
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 10.7
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
EDIT COLUMNS| S.No. | Name | CMP Rs. | P/E | Mar Cap Rs.Cr. | Div Yld % | NP Qtr Rs.Cr. | Qtr Profit Var % | Sales Qtr Rs.Cr. | Qtr Sales Var % | ROCE % | OPM % |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1. | GRINDWELL | 2053.50 | 52.11 | 22736.35 | 0.93 | 115.32 | 22.10 | 803.29 | 14.75 | 23.52 | 19.60 |
| 2. | CARBORUNIV | 1085.05 | 98.79 | 20670.79 | 0.37 | 80.34 | 33.04 | 1426.63 | 18.23 | 7.66 | 10.22 |
| 3. | WENDT | 7951.85 | 93.83 | 1590.37 | 0.38 | 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 | — | — | — | — | — | — | — | — | — | — | — | — | — |
| OPM % | — | — | — | — | — | — | — | — | — | — | — | — | — |
| 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 |
| 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 |
| 9 | 9 | 8 | 8 | 8 | 9 | 8 | 8 | 9 | 10 | 9 | 11 | 1 | |
| Equity Capital | 55 | 55 | 55 | 55 | 55 | 55 | 55 | 55 | 55 | 55 | 55 | 55 | 55 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 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% |
| Equity Capital | 55 | 55 | 55 | 55 | 55 | 55 | 55 | 55 | 55 | 55 | 55 | 55 | 55 |
| Reserves | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Promoter Pledge % | 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% |
Jun 2023
- 664
- 533
- Operating Profit
- —
- OPM %
- —
- Other Income
- 15
- Interest
- 2
- Depreciation
- 17
- 131
- Tax %
- 25.50%
- Net Profit
- 0
- 9
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2023
- 661
- 536
- Operating Profit
- —
- OPM %
- —
- Other Income
- 23
- Interest
- 2
- Depreciation
- 17
- 135
- Tax %
- 24.46%
- Net Profit
- 0
- 9
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2023
- 655
- 532
- Operating Profit
- —
- OPM %
- —
- Other Income
- 14
- Interest
- 2
- Depreciation
- 18
- 122
- Tax %
- 24.89%
- Net Profit
- 0
- 8
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2024
- 687
- 566
- Operating Profit
- —
- OPM %
- —
- Other Income
- 17
- Interest
- 2
- Depreciation
- 20
- 121
- Tax %
- 22.86%
- Net Profit
- 0
- 8
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2024
- 703
- 572
- Operating Profit
- —
- OPM %
- —
- Other Income
- 16
- Interest
- 2
- Depreciation
- 21
- 125
- Tax %
- 25.63%
- Net Profit
- 93
- 8
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2024
- 691
- 565
- Operating Profit
- —
- OPM %
- —
- Other Income
- 23
- Interest
- 2
- Depreciation
- 23
- 128
- Tax %
- 23.84%
- Net Profit
- 97
- 9
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2024
- 699
- 579
- Operating Profit
- —
- OPM %
- —
- Other Income
- 18
- Interest
- 2
- Depreciation
- 23
- 116
- Tax %
- 24.34%
- Net Profit
- 88
- 8
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2025
- 706
- 582
- Operating Profit
- —
- OPM %
- —
- Other Income
- 23
- Interest
- 2
- Depreciation
- 25
- 123
- Tax %
- 24.50%
- Net Profit
- 93
- 8
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2025
- 700
- 574
- Operating Profit
- —
- OPM %
- —
- Other Income
- 24
- Interest
- 2
- Depreciation
- 26
- 126
- Tax %
- 25.02%
- Net Profit
- 94
- 9
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2025
- 772
- 634
- Operating Profit
- —
- OPM %
- —
- Other Income
- 31
- Interest
- 2
- Depreciation
- 26
- 143
- Tax %
- 25.02%
- Net Profit
- 107
- 10
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2025
- 750
- 614
- Operating Profit
- —
- OPM %
- —
- Other Income
- 19
- Interest
- 2
- Depreciation
- 27
- 129
- Tax %
- 25.54%
- Net Profit
- 96
- 9
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2026
- 839
- 678
- Operating Profit
- —
- OPM %
- —
- Other Income
- 21
- Interest
- 2
- Depreciation
- 26
- 158
- Tax %
- 24.37%
- Net Profit
- 119
- 11
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2026
- 803
- 674
- Operating Profit
- —
- OPM %
- —
- Other Income
- 25
- Interest
- 1
- Depreciation
- 27
- 154
- Tax %
- 25.18%
- Net Profit
- 115
- 1
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
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 | 224 | 274 | 307 | 305 | 375 | 454 | 556 | 588 | 593 | 669 | — |
| OPM % | 18 | 19 | 19 | 19 | 23 | 23 | 22 | 22 | 21 | 22 | — |
| Other Income | 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 |
| 180 | 227 | 260 | 243 | 317 | 396 | 486 | 508 | 492 | 555 | 584 | |
| Tax % | 33 | 34 | 35 | 24 | 25 | 25 | 26 | 24 | 25 | 25 | 25 |
| Net Profit | 121 | 151 | 169 | 184 | 238 | 295 | 362 | 384 | 371 | 417 | 438 |
| EPS | 11 | 14 | 15 | 16 | 22 | 27 | 33 | 35 | 33 | 38 | — |
| Dividend Payout % | 37 | 37 | 40 | 45 | 44 | 45 | 44 | 49 | 51 | 51 | — |
| Minority Interest | -1 | -1 | -1 | -1 | 1 | 1 | 0 | -0 | -3 | -1 | -0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 11 | 14 | 15 | 16 | 22 | 27 | 33 | 35 | 33 | 38 | — |
| Minority Interest | -1 | -1 | -1 | -1 | 1 | 1 | 0 | -0 | -3 | -1 | -0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 11 | 14 | 15 | 16 | 22 | 27 | 33 | 35 | 33 | 38 | — |
Mar 2017
- 1,263
- 1,070
- Operating Profit
- 224
- OPM %
- 18
- Other Income
- 31
- Interest
- 2
- Depreciation
- 42
- 180
- Tax %
- 33
- Net Profit
- 121
- EPS
- 11
- Dividend Payout %
- 37
- Minority Interest
- -1
- Share of Associates
- 0
- Adjusted EPS
- 11
- Minority Interest
- -1
- Share of Associates
- 0
- Adjusted EPS
- 11
Mar 2018
- 1,431
- 1,184
- Operating Profit
- 274
- OPM %
- 19
- Other Income
- 27
- Interest
- 2
- Depreciation
- 45
- 227
- Tax %
- 34
- Net Profit
- 151
- EPS
- 14
- Dividend Payout %
- 37
- Minority Interest
- -1
- Share of Associates
- 0
- Adjusted EPS
- 14
- Minority Interest
- -1
- Share of Associates
- 0
- Adjusted EPS
- 14
Mar 2019
- 1,598
- 1,326
- Operating Profit
- 307
- OPM %
- 19
- Other Income
- 35
- Interest
- 1
- Depreciation
- 45
- 260
- Tax %
- 35
- Net Profit
- 169
- EPS
- 15
- Dividend Payout %
- 40
- Minority Interest
- -1
- Share of Associates
- 0
- Adjusted EPS
- 15
- Minority Interest
- -1
- Share of Associates
- 0
- Adjusted EPS
- 15
Mar 2020
- 1,580
- 1,315
- Operating Profit
- 305
- OPM %
- 19
- Other Income
- 40
- Interest
- 4
- Depreciation
- 58
- 243
- Tax %
- 24
- Net Profit
- 184
- EPS
- 16
- Dividend Payout %
- 45
- Minority Interest
- -1
- Share of Associates
- 0
- Adjusted EPS
- 16
- Minority Interest
- -1
- Share of Associates
- 0
- Adjusted EPS
- 16
Mar 2021
- 1,638
- 1,323
- Operating Profit
- 375
- OPM %
- 23
- Other Income
- 60
- Interest
- 3
- Depreciation
- 54
- 317
- Tax %
- 25
- Net Profit
- 238
- EPS
- 22
- Dividend Payout %
- 44
- Minority Interest
- 1
- Share of Associates
- 0
- Adjusted EPS
- 22
- Minority Interest
- 1
- Share of Associates
- 0
- Adjusted EPS
- 22
Mar 2022
- 2,013
- 1,614
- Operating Profit
- 454
- OPM %
- 23
- Other Income
- 56
- Interest
- 4
- Depreciation
- 53
- 396
- Tax %
- 25
- Net Profit
- 295
- EPS
- 27
- Dividend Payout %
- 45
- Minority Interest
- 1
- Share of Associates
- 0
- Adjusted EPS
- 27
- Minority Interest
- 1
- Share of Associates
- 0
- Adjusted EPS
- 27
Mar 2023
- 2,541
- 2,043
- Operating Profit
- 556
- OPM %
- 22
- Other Income
- 58
- Interest
- 8
- Depreciation
- 60
- 486
- Tax %
- 26
- Net Profit
- 362
- EPS
- 33
- Dividend Payout %
- 44
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 33
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 33
Mar 2024
- 2,687
- 2,167
- Operating Profit
- 588
- OPM %
- 22
- Other Income
- 68
- Interest
- 8
- Depreciation
- 71
- 508
- Tax %
- 24
- Net Profit
- 384
- EPS
- 35
- Dividend Payout %
- 49
- Minority Interest
- -0
- Share of Associates
- 0
- Adjusted EPS
- 35
- Minority Interest
- -0
- Share of Associates
- 0
- Adjusted EPS
- 35
Mar 2025
- 2,812
- 2,298
- Operating Profit
- 593
- OPM %
- 21
- Other Income
- 80
- Interest
- 9
- Depreciation
- 93
- 492
- Tax %
- 25
- Net Profit
- 371
- EPS
- 33
- Dividend Payout %
- 51
- Minority Interest
- -3
- Share of Associates
- 0
- Adjusted EPS
- 33
- Minority Interest
- -3
- Share of Associates
- 0
- Adjusted EPS
- 33
Mar 2026
- 3,073
- 2,500
- Operating Profit
- 669
- OPM %
- 22
- Other Income
- 95
- Interest
- 8
- Depreciation
- 105
- 555
- Tax %
- 25
- Net Profit
- 417
- EPS
- 38
- Dividend Payout %
- 51
- Minority Interest
- -1
- Share of Associates
- 0
- Adjusted EPS
- 38
- Minority Interest
- -1
- Share of Associates
- 0
- Adjusted EPS
- 38
TTM
- 3,164
- 2,600
- Operating Profit
- —
- OPM %
- —
- Other Income
- 96
- Interest
- 7
- Depreciation
- 106
- 584
- Tax %
- 25
- Net Profit
- 438
- EPS
- —
- Dividend Payout %
- —
- Minority Interest
- -0
- Share of Associates
- 0
- Adjusted EPS
- —
- Minority Interest
- -0
- Share of Associates
- 0
- Adjusted EPS
- —
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:
- 20%
- 5 Years:
- 12%
- 3 Years:
- -3%
- 1 Year:
- 36%
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| Equity Capital | 55 | 55 | 55 | 55 | 55 | 55 | 55 | 55 | 55 | 55 |
| 835 | 931 | 1,037 | 1,125 | 1,301 | 1,503 | 1,739 | 1,987 | 2,185 | 2,460 | |
| 6 | 0 | 0 | 0 | 0 | 2 | 14 | 7 | 4 | 0 | |
| Trade Payables | 166 | 195 | 181 | 226 | 312 | 328 | 279 | 362 | 425 | 514 |
| 148 | 158 | 172 | 185 | 194 | 228 | 319 | 355 | 385 | 406 | |
| Total Liabilities | 1,210 | 1,339 | 1,445 | 1,592 | 1,862 | 2,116 | 2,406 | 2,766 | 3,055 | 3,436 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 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 |
| Total Debt | 8 | 0 | 0 | 0 | 0 | 2 | 18 | 18 | 7 | 1 |
| Net Working Capital | 413 | 483 | 570 | 647 | 811 | 889 | 881 | 1,003 | 1,166 | 1,360 |
| Contingent Liabilities | 71 | 71 | 73 | 32 | 31 | 64 | 33 | 47 | 54 | 55 |
| Book Value per Share | 80.12 | 88.81 | 98.37 | 106.30 | 122.17 | 140.42 | 161.73 | 184.12 | 202.01 | 226.92 |
| Face Value | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 |
| Total Debt | 8 | 0 | 0 | 0 | 0 | 2 | 18 | 18 | 7 | 1 |
| Net Working Capital | 413 | 483 | 570 | 647 | 811 | 889 | 881 | 1,003 | 1,166 | 1,360 |
| Contingent Liabilities | 71 | 71 | 73 | 32 | 31 | 64 | 33 | 47 | 54 | 55 |
| Book Value per Share | 80.12 | 88.81 | 98.37 | 106.30 | 122.17 | 140.42 | 161.73 | 184.12 | 202.01 | 226.92 |
| Face Value | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 |
Mar 2017
- Equity Capital
- 55
- 835
- 6
- Trade Payables
- 166
- 148
- Total Liabilities
- 1,210
- 368
- Capital Work in Progress
- 6
- 145
- 246
- 0
- Cash & Bank
- 243
- 202
- Total Assets
- 1,210
- Total Debt
- 8
- Net Working Capital
- 413
- Contingent Liabilities
- 71
- Book Value per Share
- 80.12
- Face Value
- 5.00
- Total Debt
- 8
- Net Working Capital
- 413
- Contingent Liabilities
- 71
- Book Value per Share
- 80.12
- Face Value
- 5.00
Mar 2018
- Equity Capital
- 55
- 931
- 0
- Trade Payables
- 195
- 158
- Total Liabilities
- 1,339
- 342
- Capital Work in Progress
- 25
- 171
- 272
- 0
- Cash & Bank
- 272
- 258
- Total Assets
- 1,339
- Total Debt
- 0
- Net Working Capital
- 483
- Contingent Liabilities
- 71
- Book Value per Share
- 88.81
- Face Value
- 5.00
- Total Debt
- 0
- Net Working Capital
- 483
- Contingent Liabilities
- 71
- Book Value per Share
- 88.81
- Face Value
- 5.00
Mar 2019
- Equity Capital
- 55
- 1,037
- 0
- Trade Payables
- 181
- 172
- Total Liabilities
- 1,445
- 345
- Capital Work in Progress
- 43
- 183
- 329
- 0
- Cash & Bank
- 234
- 312
- Total Assets
- 1,445
- Total Debt
- 0
- Net Working Capital
- 570
- Contingent Liabilities
- 73
- Book Value per Share
- 98.37
- Face Value
- 5.00
- Total Debt
- 0
- Net Working Capital
- 570
- Contingent Liabilities
- 73
- Book Value per Share
- 98.37
- Face Value
- 5.00
Mar 2020
- Equity Capital
- 55
- 1,125
- 0
- Trade Payables
- 226
- 185
- Total Liabilities
- 1,592
- 385
- Capital Work in Progress
- 29
- 583
- 303
- 0
- Cash & Bank
- 15
- 277
- Total Assets
- 1,592
- Total Debt
- 0
- Net Working Capital
- 647
- Contingent Liabilities
- 32
- Book Value per Share
- 106.30
- Face Value
- 5.00
- Total Debt
- 0
- Net Working Capital
- 647
- Contingent Liabilities
- 32
- Book Value per Share
- 106.30
- Face Value
- 5.00
Mar 2021
- Equity Capital
- 55
- 1,301
- 0
- Trade Payables
- 312
- 194
- Total Liabilities
- 1,862
- 370
- Capital Work in Progress
- 24
- 713
- 323
- 0
- Cash & Bank
- 130
- 302
- Total Assets
- 1,862
- Total Debt
- 0
- Net Working Capital
- 811
- Contingent Liabilities
- 31
- Book Value per Share
- 122.17
- Face Value
- 5.00
- Total Debt
- 0
- Net Working Capital
- 811
- Contingent Liabilities
- 31
- Book Value per Share
- 122.17
- Face Value
- 5.00
Mar 2022
- Equity Capital
- 55
- 1,503
- 2
- Trade Payables
- 328
- 228
- Total Liabilities
- 2,116
- 386
- Capital Work in Progress
- 66
- 531
- 448
- 0
- Cash & Bank
- 278
- 408
- Total Assets
- 2,116
- Total Debt
- 2
- Net Working Capital
- 889
- Contingent Liabilities
- 64
- Book Value per Share
- 140.42
- Face Value
- 5.00
- Total Debt
- 2
- Net Working Capital
- 889
- Contingent Liabilities
- 64
- Book Value per Share
- 140.42
- Face Value
- 5.00
Mar 2023
- Equity Capital
- 55
- 1,739
- 14
- Trade Payables
- 279
- 319
- Total Liabilities
- 2,406
- 586
- Capital Work in Progress
- 124
- 642
- 464
- 0
- Cash & Bank
- 139
- 452
- Total Assets
- 2,406
- Total Debt
- 18
- Net Working Capital
- 881
- Contingent Liabilities
- 33
- Book Value per Share
- 161.73
- Face Value
- 5.00
- Total Debt
- 18
- Net Working Capital
- 881
- Contingent Liabilities
- 33
- Book Value per Share
- 161.73
- Face Value
- 5.00
Mar 2024
- Equity Capital
- 55
- 1,987
- 7
- Trade Payables
- 362
- 355
- Total Liabilities
- 2,766
- 756
- Capital Work in Progress
- 127
- 689
- 488
- 357
- Cash & Bank
- 213
- 135
- Total Assets
- 2,766
- Total Debt
- 18
- Net Working Capital
- 1,003
- Contingent Liabilities
- 47
- Book Value per Share
- 184.12
- Face Value
- 5.00
- Total Debt
- 18
- Net Working Capital
- 1,003
- Contingent Liabilities
- 47
- Book Value per Share
- 184.12
- Face Value
- 5.00
Mar 2025
- Equity Capital
- 55
- 2,185
- 4
- Trade Payables
- 425
- 385
- Total Liabilities
- 3,055
- 886
- Capital Work in Progress
- 25
- 892
- 490
- 362
- Cash & Bank
- 265
- 135
- Total Assets
- 3,055
- Total Debt
- 7
- Net Working Capital
- 1,166
- Contingent Liabilities
- 54
- Book Value per Share
- 202.01
- Face Value
- 5.00
- Total Debt
- 7
- Net Working Capital
- 1,166
- Contingent Liabilities
- 54
- Book Value per Share
- 202.01
- Face Value
- 5.00
Mar 2026
- Equity Capital
- 55
- 2,460
- 0
- Trade Payables
- 514
- 406
- Total Liabilities
- 3,436
- 887
- Capital Work in Progress
- 51
- 999
- 481
- 397
- Cash & Bank
- 490
- 130
- Total Assets
- 3,436
- Total Debt
- 1
- Net Working Capital
- 1,360
- Contingent Liabilities
- 55
- Book Value per Share
- 226.92
- Face Value
- 5.00
- Total Debt
- 1
- Net Working Capital
- 1,360
- Contingent Liabilities
- 55
- Book Value per Share
- 226.92
- Face Value
- 5.00
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 170 | 134 | 85 | 318 | 331 | 187 | 393 | 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 | |
| Free Cash Flow | 117 | 99 | 19 | 235 | 302 | 90 | 98 | 140 | 342 | 445 |
| OCF / Net Profit | 1.40 | 0.89 | 0.50 | 1.73 | 1.39 | 0.63 | 1.09 | 0.96 | 1.23 | 1.30 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 773 | 745 | 744 | 865 | 972 | 1,115 |
| OCF / Net Profit | 1.40 | 0.89 | 0.50 | 1.73 | 1.39 | 0.63 | 1.09 | 0.96 | 1.23 | 1.30 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 773 | 745 | 744 | 865 | 972 | 1,115 |
Mar 2017
- 170
- Cash from Investing
- -44
- Cash from Financing
- 3
- 129
- Free Cash Flow
- 117
- OCF / Net Profit
- 1.40
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 1.40
- Cumulative 5-Year FCF
- 0
Mar 2018
- 134
- Cash from Investing
- -44
- Cash from Financing
- -60
- 29
- Free Cash Flow
- 99
- OCF / Net Profit
- 0.89
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 0.89
- Cumulative 5-Year FCF
- 0
Mar 2019
- 85
- Cash from Investing
- -54
- Cash from Financing
- -68
- -37
- Free Cash Flow
- 19
- OCF / Net Profit
- 0.50
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 0.50
- Cumulative 5-Year FCF
- 0
Mar 2020
- 318
- Cash from Investing
- -442
- Cash from Financing
- -95
- -220
- Free Cash Flow
- 235
- OCF / Net Profit
- 1.73
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 1.73
- Cumulative 5-Year FCF
- 0
Mar 2021
- 331
- Cash from Investing
- -230
- Cash from Financing
- -95
- 7
- Free Cash Flow
- 302
- OCF / Net Profit
- 1.39
- Cumulative 5-Year FCF
- 773
- OCF / Net Profit
- 1.39
- Cumulative 5-Year FCF
- 773
Mar 2022
- 187
- Cash from Investing
- -54
- Cash from Financing
- -114
- 19
- Free Cash Flow
- 90
- OCF / Net Profit
- 0.63
- Cumulative 5-Year FCF
- 745
- OCF / Net Profit
- 0.63
- Cumulative 5-Year FCF
- 745
Mar 2023
- 393
- Cash from Investing
- -260
- Cash from Financing
- -140
- -8
- Free Cash Flow
- 98
- OCF / Net Profit
- 1.09
- Cumulative 5-Year FCF
- 744
- OCF / Net Profit
- 1.09
- Cumulative 5-Year FCF
- 744
Mar 2024
- 368
- Cash from Investing
- -182
- Cash from Financing
- -175
- 11
- Free Cash Flow
- 140
- OCF / Net Profit
- 0.96
- Cumulative 5-Year FCF
- 865
- OCF / Net Profit
- 0.96
- Cumulative 5-Year FCF
- 865
Mar 2025
- 458
- Cash from Investing
- -213
- Cash from Financing
- -221
- 24
- Free Cash Flow
- 342
- OCF / Net Profit
- 1.23
- Cumulative 5-Year FCF
- 972
- OCF / Net Profit
- 1.23
- Cumulative 5-Year FCF
- 972
Mar 2026
- 542
- Cash from Investing
- -315
- Cash from Financing
- -215
- 12
- Free Cash Flow
- 445
- OCF / Net Profit
- 1.30
- Cumulative 5-Year FCF
- 1,115
- OCF / Net Profit
- 1.30
- Cumulative 5-Year FCF
- 1,115
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | - | - | - | - | - | - | - | - | - | - |
| EPS (₹) | 10.78 | 13.52 | 15.11 | 16.48 | 21.60 | 26.70 | 32.69 | 34.65 | 33.30 | 37.54 |
| Book Value (₹) | 80.12 | 88.81 | 98.37 | 106.30 | 122.17 | 140.42 | 161.73 | 184.12 | 202.01 | 226.92 |
| Dividend per Share (₹) | 4.00 | 5.00 | 6.00 | 7.50 | 9.50 | 12.00 | 14.50 | 17.00 | 17.00 | 19.00 |
| Cash EPS (₹) | 14.73 | 17.68 | 19.32 | 21.83 | 26.38 | 31.48 | 38.08 | 41.08 | 41.90 | 47.14 |
| PROFITABILITY | - | - | - | - | - | - | - | - | - | - |
| Operating Margin % | 16.42% | 18.66% | 19.04% | 19.11% | 22.61% | 22.14% | 21.45% | 18.89% | 17.88% | 18.27% |
| Net Margin % | 8.86% | 10.28% | 10.46% | 11.53% | 14.33% | 14.38% | 13.95% | 13.97% | 12.94% | 13.27% |
| ROE % | 14.70% | 16.13% | 16.28% | 16.23% | 18.80% | 20.30% | 21.61% | 20.05% | 17.37% | 17.55% |
| ROCE % | 21.73% | 24.30% | 25.17% | 21.69% | 25.19% | 27.32% | 29.15% | 26.53% | 23.16% | 23.52% |
| 10.52% | 11.84% | 12.12% | 12.11% | 13.77% | 14.84% | 15.99% | 14.85% | 12.76% | 12.84% | |
| EFFICIENCY | - | - | - | - | - | - | - | - | - | - |
| Debtor Days | 35 | 38 | 43 | 47 | 45 | 39 | 36 | 42 | 46 | 44 |
| Inventory Days | 67 | 64 | 68 | 72 | 69 | 68 | 64 | 63 | 62 | 56 |
| Payable Days | 82 | 105 | 97 | 104 | 136 | 131 | 95 | 97 | 113 | 120 |
| 20 | -3 | 15 | 15 | -23 | -24 | 5 | 8 | -5 | -20 | |
| FINANCIAL HEALTH | - | - | - | - | - | - | - | - | - | - |
| Debt to Equity (x) | 0.01x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.01x | 0.01x | 0.00x | 0.00x |
| Interest Coverage (x) | 90.62x | 149.43x | 174.68x | 55.30x | 93.80x | 97.08x | 63.29x | 66.52x | 53.63x | 69.00x |
| 2.58x | 2.65x | 2.98x | 2.89x | 2.86x | 2.82x | 2.77x | 2.76x | 2.83x | 2.81x | |
| GROWTH | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | 9.80% | 13.27% | 11.68% | -1.16% | 3.69% | 22.89% | 26.26% | 5.72% | 4.65% | 9.30% |
| Operating Profit Growth % | 8.67% | 22.27% | 12.17% | -0.75% | 23.01% | 21.17% | 22.28% | 5.77% | 0.90% | 12.74% |
| Net Profit Growth % | 13.63% | 24.81% | 11.82% | 8.99% | 29.28% | 24.12% | 22.52% | 6.21% | -3.30% | 12.26% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 6.00% | -3.89% | 12.73% | |
| VALUATION | - | - | - | - | - | - | - | - | - | - |
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 54.81x | 50.63x | 36.04x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 10.31x | 8.35x | 5.96x |
| Dividend Yield % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.90% | 1.01% | 1.40% |
| 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 35.44x | 31.05x | 21.68x |
Mar 2017
- EPS (₹)
- 10.78
- Book Value (₹)
- 80.12
- Dividend per Share (₹)
- 4.00
- Cash EPS (₹)
- 14.73
- Operating Margin %
- 16.42%
- Net Margin %
- 8.86%
- ROE %
- 14.70%
- ROCE %
- 21.73%
- 10.52%
- Debtor Days
- 35
- Inventory Days
- 67
- Payable Days
- 82
- 20
- Debt to Equity (x)
- 0.01x
- Interest Coverage (x)
- 90.62x
- 2.58x
- Revenue Growth %
- 9.80%
- Operating Profit Growth %
- 8.67%
- Net Profit Growth %
- 13.63%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2018
- EPS (₹)
- 13.52
- Book Value (₹)
- 88.81
- Dividend per Share (₹)
- 5.00
- Cash EPS (₹)
- 17.68
- Operating Margin %
- 18.66%
- Net Margin %
- 10.28%
- ROE %
- 16.13%
- ROCE %
- 24.30%
- 11.84%
- Debtor Days
- 38
- Inventory Days
- 64
- Payable Days
- 105
- -3
- Debt to Equity (x)
- 0.00x
- Interest Coverage (x)
- 149.43x
- 2.65x
- Revenue Growth %
- 13.27%
- Operating Profit Growth %
- 22.27%
- Net Profit Growth %
- 24.81%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2019
- EPS (₹)
- 15.11
- Book Value (₹)
- 98.37
- Dividend per Share (₹)
- 6.00
- Cash EPS (₹)
- 19.32
- Operating Margin %
- 19.04%
- Net Margin %
- 10.46%
- ROE %
- 16.28%
- ROCE %
- 25.17%
- 12.12%
- Debtor Days
- 43
- Inventory Days
- 68
- Payable Days
- 97
- 15
- Debt to Equity (x)
- 0.00x
- Interest Coverage (x)
- 174.68x
- 2.98x
- Revenue Growth %
- 11.68%
- Operating Profit Growth %
- 12.17%
- Net Profit Growth %
- 11.82%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2020
- EPS (₹)
- 16.48
- Book Value (₹)
- 106.30
- Dividend per Share (₹)
- 7.50
- Cash EPS (₹)
- 21.83
- Operating Margin %
- 19.11%
- Net Margin %
- 11.53%
- ROE %
- 16.23%
- ROCE %
- 21.69%
- 12.11%
- Debtor Days
- 47
- Inventory Days
- 72
- Payable Days
- 104
- 15
- Debt to Equity (x)
- 0.00x
- Interest Coverage (x)
- 55.30x
- 2.89x
- Revenue Growth %
- -1.16%
- Operating Profit Growth %
- -0.75%
- Net Profit Growth %
- 8.99%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2021
- EPS (₹)
- 21.60
- Book Value (₹)
- 122.17
- Dividend per Share (₹)
- 9.50
- Cash EPS (₹)
- 26.38
- Operating Margin %
- 22.61%
- Net Margin %
- 14.33%
- ROE %
- 18.80%
- ROCE %
- 25.19%
- 13.77%
- Debtor Days
- 45
- Inventory Days
- 69
- Payable Days
- 136
- -23
- Debt to Equity (x)
- 0.00x
- Interest Coverage (x)
- 93.80x
- 2.86x
- Revenue Growth %
- 3.69%
- Operating Profit Growth %
- 23.01%
- Net Profit Growth %
- 29.28%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2022
- EPS (₹)
- 26.70
- Book Value (₹)
- 140.42
- Dividend per Share (₹)
- 12.00
- Cash EPS (₹)
- 31.48
- Operating Margin %
- 22.14%
- Net Margin %
- 14.38%
- ROE %
- 20.30%
- ROCE %
- 27.32%
- 14.84%
- Debtor Days
- 39
- Inventory Days
- 68
- Payable Days
- 131
- -24
- Debt to Equity (x)
- 0.00x
- Interest Coverage (x)
- 97.08x
- 2.82x
- Revenue Growth %
- 22.89%
- Operating Profit Growth %
- 21.17%
- Net Profit Growth %
- 24.12%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2023
- EPS (₹)
- 32.69
- Book Value (₹)
- 161.73
- Dividend per Share (₹)
- 14.50
- Cash EPS (₹)
- 38.08
- Operating Margin %
- 21.45%
- Net Margin %
- 13.95%
- ROE %
- 21.61%
- ROCE %
- 29.15%
- 15.99%
- Debtor Days
- 36
- Inventory Days
- 64
- Payable Days
- 95
- 5
- Debt to Equity (x)
- 0.01x
- Interest Coverage (x)
- 63.29x
- 2.77x
- Revenue Growth %
- 26.26%
- Operating Profit Growth %
- 22.28%
- Net Profit Growth %
- 22.52%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2024
- EPS (₹)
- 34.65
- Book Value (₹)
- 184.12
- Dividend per Share (₹)
- 17.00
- Cash EPS (₹)
- 41.08
- Operating Margin %
- 18.89%
- Net Margin %
- 13.97%
- ROE %
- 20.05%
- ROCE %
- 26.53%
- 14.85%
- Debtor Days
- 42
- Inventory Days
- 63
- Payable Days
- 97
- 8
- Debt to Equity (x)
- 0.01x
- Interest Coverage (x)
- 66.52x
- 2.76x
- Revenue Growth %
- 5.72%
- Operating Profit Growth %
- 5.77%
- Net Profit Growth %
- 6.21%
- 6.00%
- P/E (x)
- 54.81x
- P/B (x)
- 10.31x
- Dividend Yield %
- 0.90%
- 35.44x
Mar 2025
- EPS (₹)
- 33.30
- Book Value (₹)
- 202.01
- Dividend per Share (₹)
- 17.00
- Cash EPS (₹)
- 41.90
- Operating Margin %
- 17.88%
- Net Margin %
- 12.94%
- ROE %
- 17.37%
- ROCE %
- 23.16%
- 12.76%
- Debtor Days
- 46
- Inventory Days
- 62
- Payable Days
- 113
- -5
- Debt to Equity (x)
- 0.00x
- Interest Coverage (x)
- 53.63x
- 2.83x
- Revenue Growth %
- 4.65%
- Operating Profit Growth %
- 0.90%
- Net Profit Growth %
- -3.30%
- -3.89%
- P/E (x)
- 50.63x
- P/B (x)
- 8.35x
- Dividend Yield %
- 1.01%
- 31.05x
Mar 2026
- EPS (₹)
- 37.54
- Book Value (₹)
- 226.92
- Dividend per Share (₹)
- 19.00
- Cash EPS (₹)
- 47.14
- Operating Margin %
- 18.27%
- Net Margin %
- 13.27%
- ROE %
- 17.55%
- ROCE %
- 23.52%
- 12.84%
- Debtor Days
- 44
- Inventory Days
- 56
- Payable Days
- 120
- -20
- Debt to Equity (x)
- 0.00x
- Interest Coverage (x)
- 69.00x
- 2.81x
- Revenue Growth %
- 9.30%
- Operating Profit Growth %
- 12.74%
- Net Profit Growth %
- 12.26%
- 12.73%
- P/E (x)
- 36.04x
- P/B (x)
- 5.96x
- Dividend Yield %
- 1.40%
- 21.68x
Documents
Announcements
- Analysts/Institutional Investor Meet/Con. Call Updates
2026-08-14 - Grindwell Norton Limited has informed the Exchange about Schedule of meet
- Analysts/Institutional Investor Meet/Con. Call Updates
2026-08-06 - Grindwell Norton Limited has informed the Exchange about Schedule of meet
Annual Reports
Credit Ratings
Nothing filed yet.