Grindwell Norton Ltd.
•₹ 2,059.80.02%
2026-08-21
ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Abrasives: 48.8% • Ceramics and Plastics: 39.1% • Service Income: 9.0% • Others: 2.6% • Other Operating Revenue: 0.4%
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 8.9
* 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 | 2058.20 | 52.23 | 22788.39 | 0.92 | 115.32 | 22.10 | 803.29 | 14.75 | 23.52 | 19.60 |
| 2. | CARBORUNIV | 1136.20 | 103.45 | 21645.22 | 0.35 | 80.34 | 33.04 | 1426.63 | 18.23 | 7.66 | 10.22 |
| 3. | WENDT | 8121.70 | 95.83 | 1624.34 | 0.37 | 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 | — | — | — | — | — | — | — | — | — | — | — | — | — |
| 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 | 16 | 17 | 17 | 19 | 21 | 22 | 23 | 24 | 25 | 26 | 26 | 25 | 26 |
| 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 |
| 9 | 9 | 8 | 8 | 8 | 8 | 8 | 8 | 9 | 9 | 8 | 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
- 656
- 526
- Operating Profit
- —
- OPM %
- —
- Other Income
- 15
- Interest
- 2
- Depreciation
- 16
- 130
- Tax %
- 25.34%
- Net Profit
- 97
- 9
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2023
- 653
- 529
- Operating Profit
- —
- OPM %
- —
- Other Income
- 23
- Interest
- 2
- Depreciation
- 17
- 131
- Tax %
- 25.24%
- Net Profit
- 98
- 9
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2023
- 647
- 525
- Operating Profit
- —
- OPM %
- —
- Other Income
- 14
- Interest
- 2
- Depreciation
- 17
- 122
- Tax %
- 24.58%
- Net Profit
- 92
- 8
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2024
- 678
- 557
- Operating Profit
- —
- OPM %
- —
- Other Income
- 17
- Interest
- 2
- Depreciation
- 19
- 122
- Tax %
- 23.07%
- Net Profit
- 94
- 8
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2024
- 689
- 560
- Operating Profit
- —
- OPM %
- —
- Other Income
- 16
- Interest
- 2
- Depreciation
- 21
- 123
- Tax %
- 25.40%
- Net Profit
- 92
- 8
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2024
- 669
- 547
- Operating Profit
- —
- OPM %
- —
- Other Income
- 23
- Interest
- 2
- Depreciation
- 22
- 124
- Tax %
- 24.44%
- Net Profit
- 94
- 8
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2024
- 680
- 565
- Operating Profit
- —
- OPM %
- —
- Other Income
- 18
- Interest
- 2
- Depreciation
- 23
- 112
- Tax %
- 25.23%
- Net Profit
- 84
- 8
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2025
- 688
- 568
- Operating Profit
- —
- OPM %
- —
- Other Income
- 23
- Interest
- 2
- Depreciation
- 24
- 119
- Tax %
- 23.41%
- Net Profit
- 91
- 8
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2025
- 691
- 565
- Operating Profit
- —
- OPM %
- —
- Other Income
- 24
- Interest
- 2
- Depreciation
- 25
- 126
- Tax %
- 24.96%
- Net Profit
- 94
- 9
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Sep 2025
- 758
- 624
- Operating Profit
- —
- OPM %
- —
- Other Income
- 31
- Interest
- 2
- Depreciation
- 26
- 140
- Tax %
- 24.98%
- Net Profit
- 105
- 9
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Dec 2025
- 739
- 606
- Operating Profit
- —
- OPM %
- —
- Other Income
- 19
- Interest
- 2
- Depreciation
- 26
- 126
- Tax %
- 25.65%
- Net Profit
- 94
- 8
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Mar 2026
- 826
- 666
- Operating Profit
- —
- OPM %
- —
- Other Income
- 21
- Interest
- 2
- Depreciation
- 25
- 157
- Tax %
- 24.28%
- Net Profit
- 119
- 11
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
Jun 2026
- 794
- 664
- Operating Profit
- —
- OPM %
- —
- Other Income
- 25
- Interest
- 1
- Depreciation
- 26
- 154
- Tax %
- 25.15%
- Net Profit
- 116
- 1
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
- Equity Capital
- 55
- Reserves
- 0
- Promoter Pledge %
- 0.00%
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 | 214 | 265 | 297 | 298 | 375 | 455 | 556 | 584 | 577 | 660 | — |
| OPM % | 17 | 19 | 19 | 19 | 23 | 23 | 22 | 22 | 21 | 22 | — |
| Other Income | 33 | 29 | 38 | 46 | 60 | 56 | 58 | 68 | 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 |
| 173 | 222 | 253 | 239 | 320 | 400 | 491 | 505 | 479 | 550 | 578 | |
| Tax % | 33 | 34 | 35 | 24 | 24 | 25 | 25 | 25 | 25 | 25 | 25 |
| Net Profit | 116 | 147 | 164 | 183 | 242 | 298 | 366 | 381 | 361 | 413 | 434 |
| EPS | 10 | 13 | 15 | 17 | 22 | 27 | 33 | 34 | 33 | 37 | — |
| Dividend Payout % | 38 | 38 | 41 | 45 | 43 | 45 | 44 | 49 | 52 | 51 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 10 | 13 | 15 | 17 | 22 | 27 | 33 | 34 | 33 | 37 | — |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share of Associates | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adjusted EPS | 10 | 13 | 15 | 17 | 22 | 27 | 33 | 34 | 33 | 37 | — |
Mar 2017
- 1,236
- 1,056
- Operating Profit
- 214
- OPM %
- 17
- Other Income
- 33
- Interest
- 1
- Depreciation
- 40
- 173
- Tax %
- 33
- Net Profit
- 116
- EPS
- 10
- Dividend Payout %
- 38
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 10
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 10
Mar 2018
- 1,405
- 1,169
- Operating Profit
- 265
- OPM %
- 19
- Other Income
- 29
- Interest
- 1
- Depreciation
- 42
- 222
- Tax %
- 34
- Net Profit
- 147
- EPS
- 13
- Dividend Payout %
- 38
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 13
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 13
Mar 2019
- 1,567
- 1,308
- Operating Profit
- 297
- OPM %
- 19
- Other Income
- 38
- Interest
- 1
- Depreciation
- 42
- 253
- Tax %
- 35
- Net Profit
- 164
- EPS
- 15
- Dividend Payout %
- 41
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 15
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 15
Mar 2020
- 1,552
- 1,300
- Operating Profit
- 298
- OPM %
- 19
- Other Income
- 46
- Interest
- 4
- Depreciation
- 55
- 239
- Tax %
- 24
- Net Profit
- 183
- EPS
- 17
- Dividend Payout %
- 45
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 17
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 17
Mar 2021
- 1,633
- 1,318
- Operating Profit
- 375
- OPM %
- 23
- Other Income
- 60
- Interest
- 3
- Depreciation
- 52
- 320
- Tax %
- 24
- Net Profit
- 242
- EPS
- 22
- Dividend Payout %
- 43
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 22
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 22
Mar 2022
- 2,006
- 1,606
- Operating Profit
- 455
- OPM %
- 23
- Other Income
- 56
- Interest
- 4
- Depreciation
- 51
- 400
- Tax %
- 25
- Net Profit
- 298
- EPS
- 27
- Dividend Payout %
- 45
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 27
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 27
Mar 2023
- 2,524
- 2,025
- Operating Profit
- 556
- OPM %
- 22
- Other Income
- 58
- Interest
- 8
- Depreciation
- 58
- 491
- Tax %
- 25
- Net Profit
- 366
- 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
- 2,652
- 2,136
- Operating Profit
- 584
- OPM %
- 22
- Other Income
- 68
- Interest
- 7
- Depreciation
- 69
- 505
- Tax %
- 25
- Net Profit
- 381
- EPS
- 34
- Dividend Payout %
- 49
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 34
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 34
Mar 2025
- 2,737
- 2,240
- Operating Profit
- 577
- OPM %
- 21
- Other Income
- 80
- Interest
- 9
- Depreciation
- 90
- 479
- Tax %
- 25
- Net Profit
- 361
- EPS
- 33
- Dividend Payout %
- 52
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 33
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 33
Mar 2026
- 3,026
- 2,461
- Operating Profit
- 660
- OPM %
- 22
- Other Income
- 95
- Interest
- 8
- Depreciation
- 102
- 550
- Tax %
- 25
- Net Profit
- 413
- EPS
- 37
- Dividend Payout %
- 51
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 37
- Minority Interest
- 0
- Share of Associates
- 0
- Adjusted EPS
- 37
TTM
- 3,117
- 2,561
- Operating Profit
- —
- OPM %
- —
- Other Income
- 96
- Interest
- 7
- Depreciation
- 103
- 578
- Tax %
- 25
- Net Profit
- 434
- 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:
- 6%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 15%
- 5 Years:
- 11%
- 3 Years:
- 4%
STOCK PRICE CAGR
- 10 Years:
- 20%
- 5 Years:
- 12%
- 3 Years:
- -3%
- 1 Year:
- 34%
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| LIABILITIES | - | - | - | - | - | - | - | - | - | - |
| 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 | |
| 3 | 0 | 0 | 0 | 0 | 2 | 5 | 0 | 0 | 0 | |
| Trade Payables | 164 | 191 | 181 | 228 | 312 | 321 | 274 | 362 | 420 | 509 |
| 137 | 148 | 161 | 171 | 182 | 1,059 | 1,268 | 1,008 | 1,063 | 1,141 | |
| Total Liabilities | 1,189 | 1,318 | 1,423 | 1,568 | 1,843 | 2,934 | 3,340 | 3,407 | 3,711 | 4,151 |
| ASSETS | - | - | - | - | - | - | - | - | - | - |
| 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 |
| Total Debt | 3 | 0 | 0 | 0 | 0 | 2 | 9 | 11 | 3 | 1 |
| Net Working Capital | 407 | 474 | 554 | 628 | 794 | 873 | 871 | 995 | 1,147 | 1,336 |
| Contingent Liabilities | 71 | 71 | 73 | 32 | 31 | 64 | 33 | 47 | 54 | 54 |
| Book Value per Share | 79.66 | 88.12 | 97.37 | 105.34 | 121.47 | 139.93 | 161.60 | 183.73 | 200.91 | 225.55 |
| Face Value | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 |
| Total Debt | 3 | 0 | 0 | 0 | 0 | 2 | 9 | 11 | 3 | 1 |
| Net Working Capital | 407 | 474 | 554 | 628 | 794 | 873 | 871 | 995 | 1,147 | 1,336 |
| Contingent Liabilities | 71 | 71 | 73 | 32 | 31 | 64 | 33 | 47 | 54 | 54 |
| Book Value per Share | 79.66 | 88.12 | 97.37 | 105.34 | 121.47 | 139.93 | 161.60 | 183.73 | 200.91 | 225.55 |
| 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
- 830
- 3
- Trade Payables
- 164
- 137
- Total Liabilities
- 1,189
- 341
- Capital Work in Progress
- 6
- 166
- 235
- 0
- Cash & Bank
- 242
- 199
- Total Assets
- 1,189
- Total Debt
- 3
- Net Working Capital
- 407
- Contingent Liabilities
- 71
- Book Value per Share
- 79.66
- Face Value
- 5.00
- Total Debt
- 3
- Net Working Capital
- 407
- Contingent Liabilities
- 71
- Book Value per Share
- 79.66
- Face Value
- 5.00
Mar 2018
- Equity Capital
- 55
- 924
- 0
- Trade Payables
- 191
- 148
- Total Liabilities
- 1,318
- 317
- Capital Work in Progress
- 23
- 191
- 263
- 0
- Cash & Bank
- 270
- 254
- Total Assets
- 1,318
- Total Debt
- 0
- Net Working Capital
- 474
- Contingent Liabilities
- 71
- Book Value per Share
- 88.12
- Face Value
- 5.00
- Total Debt
- 0
- Net Working Capital
- 474
- Contingent Liabilities
- 71
- Book Value per Share
- 88.12
- Face Value
- 5.00
Mar 2019
- Equity Capital
- 55
- 1,026
- 0
- Trade Payables
- 181
- 161
- Total Liabilities
- 1,423
- 321
- Capital Work in Progress
- 42
- 203
- 321
- 0
- Cash & Bank
- 230
- 306
- Total Assets
- 1,423
- Total Debt
- 0
- Net Working Capital
- 554
- Contingent Liabilities
- 73
- Book Value per Share
- 97.37
- Face Value
- 5.00
- Total Debt
- 0
- Net Working Capital
- 554
- Contingent Liabilities
- 73
- Book Value per Share
- 97.37
- Face Value
- 5.00
Mar 2020
- Equity Capital
- 55
- 1,114
- 0
- Trade Payables
- 228
- 171
- Total Liabilities
- 1,568
- 360
- Capital Work in Progress
- 29
- 603
- 294
- 0
- Cash & Bank
- 7
- 275
- Total Assets
- 1,568
- Total Debt
- 0
- Net Working Capital
- 628
- Contingent Liabilities
- 32
- Book Value per Share
- 105.34
- Face Value
- 5.00
- Total Debt
- 0
- Net Working Capital
- 628
- Contingent Liabilities
- 32
- Book Value per Share
- 105.34
- Face Value
- 5.00
Mar 2021
- Equity Capital
- 55
- 1,293
- 0
- Trade Payables
- 312
- 182
- Total Liabilities
- 1,843
- 348
- Capital Work in Progress
- 24
- 734
- 315
- 0
- Cash & Bank
- 122
- 300
- Total Assets
- 1,843
- Total Debt
- 0
- Net Working Capital
- 794
- Contingent Liabilities
- 31
- Book Value per Share
- 121.47
- Face Value
- 5.00
- Total Debt
- 0
- Net Working Capital
- 794
- Contingent Liabilities
- 31
- Book Value per Share
- 121.47
- Face Value
- 5.00
Mar 2022
- Equity Capital
- 55
- 1,497
- 2
- Trade Payables
- 321
- 1,059
- Total Liabilities
- 2,934
- 366
- Capital Work in Progress
- 66
- 552
- 437
- 0
- Cash & Bank
- 268
- 1,245
- Total Assets
- 2,934
- Total Debt
- 2
- Net Working Capital
- 873
- Contingent Liabilities
- 64
- Book Value per Share
- 139.93
- Face Value
- 5.00
- Total Debt
- 2
- Net Working Capital
- 873
- Contingent Liabilities
- 64
- Book Value per Share
- 139.93
- Face Value
- 5.00
Mar 2023
- Equity Capital
- 55
- 1,737
- 5
- Trade Payables
- 274
- 1,268
- Total Liabilities
- 3,340
- 570
- Capital Work in Progress
- 118
- 665
- 451
- 0
- Cash & Bank
- 133
- 1,403
- Total Assets
- 3,340
- Total Debt
- 9
- Net Working Capital
- 871
- Contingent Liabilities
- 33
- Book Value per Share
- 161.60
- Face Value
- 5.00
- Total Debt
- 9
- Net Working Capital
- 871
- Contingent Liabilities
- 33
- Book Value per Share
- 161.60
- Face Value
- 5.00
Mar 2024
- Equity Capital
- 55
- 1,982
- 0
- Trade Payables
- 362
- 1,008
- Total Liabilities
- 3,407
- 731
- Capital Work in Progress
- 127
- 710
- 474
- 353
- Cash & Bank
- 212
- 800
- Total Assets
- 3,407
- Total Debt
- 11
- Net Working Capital
- 995
- Contingent Liabilities
- 47
- Book Value per Share
- 183.73
- Face Value
- 5.00
- Total Debt
- 11
- Net Working Capital
- 995
- Contingent Liabilities
- 47
- Book Value per Share
- 183.73
- Face Value
- 5.00
Mar 2025
- Equity Capital
- 55
- 2,173
- 0
- Trade Payables
- 420
- 1,063
- Total Liabilities
- 3,711
- 861
- Capital Work in Progress
- 25
- 911
- 465
- 356
- Cash & Bank
- 263
- 830
- Total Assets
- 3,711
- Total Debt
- 3
- Net Working Capital
- 1,147
- Contingent Liabilities
- 54
- Book Value per Share
- 200.91
- Face Value
- 5.00
- Total Debt
- 3
- Net Working Capital
- 1,147
- Contingent Liabilities
- 54
- Book Value per Share
- 200.91
- Face Value
- 5.00
Mar 2026
- Equity Capital
- 55
- 2,445
- 0
- Trade Payables
- 509
- 1,141
- Total Liabilities
- 4,151
- 864
- Capital Work in Progress
- 50
- 1,019
- 467
- 391
- Cash & Bank
- 484
- 877
- Total Assets
- 4,151
- Total Debt
- 1
- Net Working Capital
- 1,336
- Contingent Liabilities
- 54
- Book Value per Share
- 225.55
- Face Value
- 5.00
- Total Debt
- 1
- Net Working Capital
- 1,336
- Contingent Liabilities
- 54
- Book Value per Share
- 225.55
- Face Value
- 5.00
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 161 | 124 | 82 | 307 | 331 | 186 | 398 | 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 | |
| Free Cash Flow | 109 | 90 | 18 | 227 | 301 | 89 | 102 | 141 | 338 | 431 |
| OCF / Net Profit | 1.39 | 0.84 | 0.50 | 1.68 | 1.37 | 0.62 | 1.09 | 0.96 | 1.26 | 1.28 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 746 | 725 | 737 | 861 | 971 | 1,100 |
| OCF / Net Profit | 1.39 | 0.84 | 0.50 | 1.68 | 1.37 | 0.62 | 1.09 | 0.96 | 1.26 | 1.28 |
| Cumulative 5-Year FCF | 0 | 0 | 0 | 0 | 746 | 725 | 737 | 861 | 971 | 1,100 |
Mar 2017
- 161
- Cash from Investing
- -43
- Cash from Financing
- 7
- 125
- Free Cash Flow
- 109
- OCF / Net Profit
- 1.39
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 1.39
- Cumulative 5-Year FCF
- 0
Mar 2018
- 124
- Cash from Investing
- -43
- Cash from Financing
- -57
- 25
- Free Cash Flow
- 90
- OCF / Net Profit
- 0.84
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 0.84
- Cumulative 5-Year FCF
- 0
Mar 2019
- 82
- Cash from Investing
- -53
- Cash from Financing
- -68
- -39
- Free Cash Flow
- 18
- OCF / Net Profit
- 0.50
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 0.50
- Cumulative 5-Year FCF
- 0
Mar 2020
- 307
- Cash from Investing
- -437
- Cash from Financing
- -93
- -223
- Free Cash Flow
- 227
- OCF / Net Profit
- 1.68
- Cumulative 5-Year FCF
- 0
- OCF / Net Profit
- 1.68
- Cumulative 5-Year FCF
- 0
Mar 2021
- 331
- Cash from Investing
- -225
- Cash from Financing
- -95
- 11
- Free Cash Flow
- 301
- OCF / Net Profit
- 1.37
- Cumulative 5-Year FCF
- 746
- OCF / Net Profit
- 1.37
- Cumulative 5-Year FCF
- 746
Mar 2022
- 186
- Cash from Investing
- -55
- Cash from Financing
- -114
- 17
- Free Cash Flow
- 89
- OCF / Net Profit
- 0.62
- Cumulative 5-Year FCF
- 725
- OCF / Net Profit
- 0.62
- Cumulative 5-Year FCF
- 725
Mar 2023
- 398
- Cash from Investing
- -258
- Cash from Financing
- -140
- 1
- Free Cash Flow
- 102
- OCF / Net Profit
- 1.09
- Cumulative 5-Year FCF
- 737
- OCF / Net Profit
- 1.09
- Cumulative 5-Year FCF
- 737
Mar 2024
- 364
- Cash from Investing
- -176
- Cash from Financing
- -174
- 14
- Free Cash Flow
- 141
- OCF / Net Profit
- 0.96
- Cumulative 5-Year FCF
- 861
- OCF / Net Profit
- 0.96
- Cumulative 5-Year FCF
- 861
Mar 2025
- 453
- Cash from Investing
- -212
- Cash from Financing
- -219
- 21
- Free Cash Flow
- 338
- OCF / Net Profit
- 1.26
- Cumulative 5-Year FCF
- 971
- OCF / Net Profit
- 1.26
- Cumulative 5-Year FCF
- 971
Mar 2026
- 530
- Cash from Investing
- -313
- Cash from Financing
- -214
- 3
- Free Cash Flow
- 431
- OCF / Net Profit
- 1.28
- Cumulative 5-Year FCF
- 1,100
- OCF / Net Profit
- 1.28
- Cumulative 5-Year FCF
- 1,100
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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| PER SHARE | - | - | - | - | - | - | - | - | - | - |
| EPS (₹) | 10.48 | 13.29 | 14.80 | 16.52 | 21.86 | 26.91 | 33.05 | 34.39 | 32.59 | 37.27 |
| Book Value (₹) | 79.66 | 88.12 | 97.37 | 105.34 | 121.47 | 139.93 | 161.60 | 183.73 | 200.91 | 225.55 |
| 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 (₹) | 14.08 | 17.10 | 18.61 | 21.46 | 26.55 | 31.54 | 38.30 | 40.60 | 40.71 | 46.50 |
| PROFITABILITY | - | - | - | - | - | - | - | - | - | - |
| Operating Margin % | 15.98% | 18.40% | 18.76% | 19.03% | 22.66% | 22.24% | 21.62% | 18.99% | 17.79% | 18.26% |
| Net Margin % | 8.68% | 10.20% | 10.36% | 11.67% | 14.64% | 14.57% | 14.22% | 14.03% | 12.91% | 13.34% |
| ROE % | 14.16% | 15.84% | 15.96% | 16.30% | 19.28% | 20.59% | 21.92% | 19.91% | 16.95% | 17.48% |
| ROCE % | 21.09% | 23.91% | 24.68% | 21.59% | 25.55% | 27.69% | 29.56% | 26.45% | 22.65% | 23.42% |
| 10.30% | 11.74% | 11.96% | 12.24% | 14.20% | 12.48% | 11.66% | 11.29% | 10.14% | 10.50% | |
| EFFICIENCY | - | - | - | - | - | - | - | - | - | - |
| Debtor Days | 34 | 38 | 43 | 47 | 44 | 39 | 36 | 42 | 46 | 44 |
| Inventory Days | 66 | 63 | 67 | 71 | 67 | 67 | 63 | 62 | 61 | 55 |
| Payable Days | 79 | 101 | 93 | 102 | 135 | 129 | 93 | 97 | 114 | 120 |
| 21 | 0 | 17 | 16 | -23 | -23 | 6 | 8 | -6 | -21 | |
| FINANCIAL HEALTH | - | - | - | - | - | - | - | - | - | - |
| Debt to Equity (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.01x | 0.01x | 0.00x | 0.00x |
| Interest Coverage (x) | 157.39x | 213.18x | 171.49x | 56.93x | 99.58x | 101.92x | 66.21x | 73.95x | 56.35x | 71.27x |
| 2.60x | 2.65x | 2.93x | 2.84x | 2.83x | 1.95x | 1.83x | 2.14x | 2.10x | 2.20x | |
| GROWTH | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | 9.81% | 13.66% | 11.49% | -0.93% | 5.19% | 22.83% | 25.83% | 5.07% | 3.23% | 10.54% |
| Operating Profit Growth % | 10.92% | 24.17% | 11.86% | 0.51% | 25.63% | 21.36% | 22.35% | 4.90% | -1.13% | 14.30% |
| Net Profit Growth % | 13.58% | 26.85% | 11.33% | 11.67% | 32.31% | 23.10% | 22.79% | 4.05% | -5.22% | 14.35% |
| 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 4.05% | -5.22% | 14.35% | |
| VALUATION | - | - | - | - | - | - | - | - | - | - |
| P/E (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 55.23x | 51.74x | 36.31x |
| P/B (x) | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 10.34x | 8.39x | 6.00x |
| 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 | 35.67x | 31.90x | 21.98x |
Mar 2017
- EPS (₹)
- 10.48
- Book Value (₹)
- 79.66
- Dividend per Share (₹)
- 4.00
- Cash EPS (₹)
- 14.08
- Operating Margin %
- 15.98%
- Net Margin %
- 8.68%
- ROE %
- 14.16%
- ROCE %
- 21.09%
- 10.30%
- Debtor Days
- 34
- Inventory Days
- 66
- Payable Days
- 79
- 21
- Debt to Equity (x)
- 0.00x
- Interest Coverage (x)
- 157.39x
- 2.60x
- Revenue Growth %
- 9.81%
- Operating Profit Growth %
- 10.92%
- Net Profit Growth %
- 13.58%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2018
- EPS (₹)
- 13.29
- Book Value (₹)
- 88.12
- Dividend per Share (₹)
- 5.00
- Cash EPS (₹)
- 17.10
- Operating Margin %
- 18.40%
- Net Margin %
- 10.20%
- ROE %
- 15.84%
- ROCE %
- 23.91%
- 11.74%
- Debtor Days
- 38
- Inventory Days
- 63
- Payable Days
- 101
- 0
- Debt to Equity (x)
- 0.00x
- Interest Coverage (x)
- 213.18x
- 2.65x
- Revenue Growth %
- 13.66%
- Operating Profit Growth %
- 24.17%
- Net Profit Growth %
- 26.85%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2019
- EPS (₹)
- 14.80
- Book Value (₹)
- 97.37
- Dividend per Share (₹)
- 6.00
- Cash EPS (₹)
- 18.61
- Operating Margin %
- 18.76%
- Net Margin %
- 10.36%
- ROE %
- 15.96%
- ROCE %
- 24.68%
- 11.96%
- Debtor Days
- 43
- Inventory Days
- 67
- Payable Days
- 93
- 17
- Debt to Equity (x)
- 0.00x
- Interest Coverage (x)
- 171.49x
- 2.93x
- Revenue Growth %
- 11.49%
- Operating Profit Growth %
- 11.86%
- Net Profit Growth %
- 11.33%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2020
- EPS (₹)
- 16.52
- Book Value (₹)
- 105.34
- Dividend per Share (₹)
- 7.50
- Cash EPS (₹)
- 21.46
- Operating Margin %
- 19.03%
- Net Margin %
- 11.67%
- ROE %
- 16.30%
- ROCE %
- 21.59%
- 12.24%
- Debtor Days
- 47
- Inventory Days
- 71
- Payable Days
- 102
- 16
- Debt to Equity (x)
- 0.00x
- Interest Coverage (x)
- 56.93x
- 2.84x
- Revenue Growth %
- -0.93%
- Operating Profit Growth %
- 0.51%
- Net Profit Growth %
- 11.67%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2021
- EPS (₹)
- 21.86
- Book Value (₹)
- 121.47
- Dividend per Share (₹)
- 9.50
- Cash EPS (₹)
- 26.55
- Operating Margin %
- 22.66%
- Net Margin %
- 14.64%
- ROE %
- 19.28%
- ROCE %
- 25.55%
- 14.20%
- Debtor Days
- 44
- Inventory Days
- 67
- Payable Days
- 135
- -23
- Debt to Equity (x)
- 0.00x
- Interest Coverage (x)
- 99.58x
- 2.83x
- Revenue Growth %
- 5.19%
- Operating Profit Growth %
- 25.63%
- Net Profit Growth %
- 32.31%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2022
- EPS (₹)
- 26.91
- Book Value (₹)
- 139.93
- Dividend per Share (₹)
- 12.00
- Cash EPS (₹)
- 31.54
- Operating Margin %
- 22.24%
- Net Margin %
- 14.57%
- ROE %
- 20.59%
- ROCE %
- 27.69%
- 12.48%
- Debtor Days
- 39
- Inventory Days
- 67
- Payable Days
- 129
- -23
- Debt to Equity (x)
- 0.00x
- Interest Coverage (x)
- 101.92x
- 1.95x
- Revenue Growth %
- 22.83%
- Operating Profit Growth %
- 21.36%
- Net Profit Growth %
- 23.10%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2023
- EPS (₹)
- 33.05
- Book Value (₹)
- 161.60
- Dividend per Share (₹)
- 14.50
- Cash EPS (₹)
- 38.30
- Operating Margin %
- 21.62%
- Net Margin %
- 14.22%
- ROE %
- 21.92%
- ROCE %
- 29.56%
- 11.66%
- Debtor Days
- 36
- Inventory Days
- 63
- Payable Days
- 93
- 6
- Debt to Equity (x)
- 0.01x
- Interest Coverage (x)
- 66.21x
- 1.83x
- Revenue Growth %
- 25.83%
- Operating Profit Growth %
- 22.35%
- Net Profit Growth %
- 22.79%
- 0.00%
- P/E (x)
- 0.00x
- P/B (x)
- 0.00x
- Dividend Yield %
- 0.00%
- 0.00x
Mar 2024
- EPS (₹)
- 34.39
- Book Value (₹)
- 183.73
- Dividend per Share (₹)
- 17.00
- Cash EPS (₹)
- 40.60
- Operating Margin %
- 18.99%
- Net Margin %
- 14.03%
- ROE %
- 19.91%
- ROCE %
- 26.45%
- 11.29%
- Debtor Days
- 42
- Inventory Days
- 62
- Payable Days
- 97
- 8
- Debt to Equity (x)
- 0.01x
- Interest Coverage (x)
- 73.95x
- 2.14x
- Revenue Growth %
- 5.07%
- Operating Profit Growth %
- 4.90%
- Net Profit Growth %
- 4.05%
- 4.05%
- P/E (x)
- 55.23x
- P/B (x)
- 10.34x
- Dividend Yield %
- 0.90%
- 35.67x
Mar 2025
- EPS (₹)
- 32.59
- Book Value (₹)
- 200.91
- Dividend per Share (₹)
- 17.00
- Cash EPS (₹)
- 40.71
- Operating Margin %
- 17.79%
- Net Margin %
- 12.91%
- ROE %
- 16.95%
- ROCE %
- 22.65%
- 10.14%
- Debtor Days
- 46
- Inventory Days
- 61
- Payable Days
- 114
- -6
- Debt to Equity (x)
- 0.00x
- Interest Coverage (x)
- 56.35x
- 2.10x
- Revenue Growth %
- 3.23%
- Operating Profit Growth %
- -1.13%
- Net Profit Growth %
- -5.22%
- -5.22%
- P/E (x)
- 51.74x
- P/B (x)
- 8.39x
- Dividend Yield %
- 1.01%
- 31.90x
Mar 2026
- EPS (₹)
- 37.27
- Book Value (₹)
- 225.55
- Dividend per Share (₹)
- 19.00
- Cash EPS (₹)
- 46.50
- Operating Margin %
- 18.26%
- Net Margin %
- 13.34%
- ROE %
- 17.48%
- ROCE %
- 23.42%
- 10.50%
- Debtor Days
- 44
- Inventory Days
- 55
- Payable Days
- 120
- -21
- Debt to Equity (x)
- 0.00x
- Interest Coverage (x)
- 71.27x
- 2.20x
- Revenue Growth %
- 10.54%
- Operating Profit Growth %
- 14.30%
- Net Profit Growth %
- 14.35%
- 14.35%
- P/E (x)
- 36.31x
- P/B (x)
- 6.00x
- Dividend Yield %
- 1.40%
- 21.98x
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.