Grindwell Norton Limited GRINDWELL NSEINFRA

Industrials · Building Products & Equipment · India

https://www.grindwellnorton.co.in

Grindwell Norton Limited manufactures and sells abrasives, ceramics, and plastic products in India and internationally. It operates through Abrasives, Ceramics & Plastics, Digital Services, and Others segments. The company offers abrasives, including bonded and coated abrasives, non-woven abrasives, thin wheels, construction products, automotive aftermarket, adhesives and sealants, performance grinding products; life science solutions, such as biopharmaceutical systems, medical components, cell therapy solutions, and industrial and consumer solutions; and performance polymer solutions, including engineered components, tape solutions, and ADFORS. It also provides performance ceramics and refractories solutions comprising ceramic systems, wear resistance technology, specialty ceramic for energy, iron and steel, foundry, and non-ferrous industries; silicon carbide crude and grains, including ceramic foam filters for metallurgy, crucible, abrasive, refractory, and advanced materials applications; and design and commissioning solutions. The company serves construction and mobility industries. Grindwell Norton Limited was founded in 1941 and is based in Mumbai, India. Grindwell Norton Limited (BSE:506076) operates as a subsidiary of Compagnie de Saint-Gobain S.A.

Market & Price

Market Cap

₹20,370.27 Cr

Current Price

₹1,839.80

High / Low (52W)

₹1,962.50 / ₹1,353.10

Beta

0.50

Valuation

Stock P/E

49.02

Industry PE

27.78

Forward P/E

37.65

PEG Ratio

Book Value

₹228.84

Price to Book

8.04

P/S

6.63

EV/EBITDA

33.64

Dividend Yield

1.03%

Profitability & Returns

ROCE

20.99%

ROE

17.30%

ROA

9.02%

Profit Margin

13.53%

Op Margin

16.42%

EPS (Latest Qtr)

₹10.72

EPS (TTM)

₹37.53

Balance Sheet & Liquidity

Debt/Equity

2.38

Quick Ratio

2.07

Current Ratio

2.81

Debt

₹60.71 Cr

Total Assets

₹3,437.86 Cr

Current Assets

₹2,112.11 Cr

Working Capital

₹1,359.50 Cr

Ownership

Promoter Holding

58.32%

Chg in Prom Hold

FII / Inst Holding

22.18%

Chg in FII Hold

Financial Snapshot

Enterprise Value

₹19,296.72 Cr

Total Revenue (TTM)

₹3,073.19 Cr

EBITDA

₹573.65 Cr

Free Cash Flow

₹367.73 Cr

Operating Cash Flow

₹542.14 Cr

Shares Outstanding

₹11.07 Cr

Gross Margin

53.64%

Payout Ratio

45.29%

Growth (CAGR)

Revenue 5Y

6.62%

Profit 5Y

4.72%

Revenue (YoY)

18.70%

Earnings (YoY)

28.30%

PROS

Healthy ROCE of 21.0%.
Generates positive free cash flow.
In a confirmed uptrend (50-DMA above 200-DMA).

CONS

No notable concerns flagged.

* The pros and cons are auto-generated from financial metrics.

Price Chart

NSE TradingView Screener.in

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Industrials).

#	Name	CMP ₹	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	GRINDWELL Grindwell Norton Limited NSEINFRA	1,839.80	49.02	₹20,370.27 Cr	1.03%	20.99%	17.30%	6.62%	4.72%
2	LT Larsen & Toubro Limited NIFTY50NSEAIINFRA	4,076.50	34.84	₹5.61 L Cr	0.93%	14.55%	16.95%	16.09%	15.38%
3	ADANIPORTS Adani Ports and Special Economic Zone Limited NIFTY50NSEINFRA	1,804.60	30.96	₹4.16 L Cr	0.42%	11.02%	15.59%	22.93%	34.11%
4	HAL Hindustan Aeronautics Limited NSEAIDEFENCEINFRAPSU	4,303.80	31.55	₹2.88 L Cr	1.16%	13.80%	23.98%	7.87%	16.08%
5	POWERINDIA Hitachi Energy India Limited NIFTY_MIDNSEINFRA	38,445.00	172.41	₹1.71 L Cr	0.02%	24.92%	21.04%	22.24%	119.12%
6	INDIGO InterGlobe Aviation Limited NSEINFRA	4,405.00	-	₹1.70 L Cr	0.24%	15.53%	-	44.12%	72.60%
7	CUMMINSIND Cummins India Limited NSEINFRA	5,881.00	68.97	₹1.63 L Cr	1.12%	34.95%	29.45%	16.07%	24.35%
8	CGPOWER CG Power and Industrial Solutions Limited NSEINFRA	917.45	118.99	₹1.44 L Cr	0.14%	19.35%	19.56%	21.67%	7.81%
9	POLYCAB Polycab India Limited NIFTY_MIDNSEAIINFRA	9,477.50	53.48	₹1.43 L Cr	0.37%	30.44%	24.58%	26.57%	28.11%

Quarterly Results

Figures in INR.

Metric	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Dec 2025	Mar 2026
Revenue	-	699.20 Cr	705.90 Cr	700.06 Cr	749.83 Cr	838.77 Cr
Cost of Revenue	-	322.49 Cr	326.09 Cr	319.40 Cr	353.42 Cr	398.39 Cr
Gross Profit	-	376.71 Cr	379.81 Cr	380.65 Cr	396.41 Cr	440.39 Cr
Operating Expenses	-	276.76 Cr	277.38 Cr	276.68 Cr	284.48 Cr	302.09 Cr
Operating Income	-	99.95 Cr	102.43 Cr	103.98 Cr	111.92 Cr	138.30 Cr
EBITDA	-	141.75 Cr	150.28 Cr	153.95 Cr	157.55 Cr	185.41 Cr
Interest Expense	-	2.10 Cr	2.50 Cr	2.16 Cr	2.14 Cr	1.71 Cr
Pretax Income	-	116.15 Cr	122.90 Cr	125.87 Cr	128.44 Cr	157.80 Cr
Tax Provision	-	28.18 Cr	30.06 Cr	31.43 Cr	32.86 Cr	38.46 Cr
Net Income	-	86.82 Cr	92.54 Cr	94.45 Cr	95.17 Cr	118.74 Cr
Diluted EPS	-	7.84	8.36	8.53	8.60	10.72

Profit & Loss (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue	-	2,525.20 Cr	2,668.64 Cr	2,798.95 Cr	3,060.36 Cr
Cost of Revenue	-	1,253.84 Cr	1,304.41 Cr	1,276.04 Cr	1,424.85 Cr
Gross Profit	-	1,271.36 Cr	1,364.23 Cr	1,522.91 Cr	1,635.50 Cr
Operating Expenses	-	819.77 Cr	914.09 Cr	1,102.42 Cr	1,166.97 Cr
Operating Income	-	451.59 Cr	450.14 Cr	420.49 Cr	468.53 Cr
EBITDA	-	553.84 Cr	586.97 Cr	593.96 Cr	668.65 Cr
Interest Expense	-	7.80 Cr	7.76 Cr	9.35 Cr	8.17 Cr
Pretax Income	-	485.90 Cr	508.33 Cr	491.96 Cr	555.36 Cr
Tax Provision	-	124.37 Cr	124.38 Cr	120.70 Cr	138.57 Cr
Net Income	-	361.90 Cr	383.64 Cr	368.72 Cr	415.66 Cr
Diluted EPS	-	32.69	34.65	33.30	37.54

Compounded Sales Growth

5 Years:	6.62%
1 Year:	18.70%

Compounded Profit Growth

5 Years:	4.72%
1 Year:	28.30%

Stock Price Performance

1 Year:	+4.38%
6 Months:	+16.25%
3 Months:	+9.01%
1 Month:	+15.56%

Balance Sheet (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Total Assets	-	2,409.90 Cr	2,769.62 Cr	3,056.79 Cr	3,437.86 Cr
Current Assets	-	1,378.50 Cr	1,573.32 Cr	1,801.91 Cr	2,112.11 Cr
Cash & Equivalents	-	39.61 Cr	49.10 Cr	71.28 Cr	78.66 Cr
Inventory	-	463.94 Cr	487.61 Cr	489.88 Cr	481.46 Cr
Receivables	-	280.20 Cr	357.46 Cr	362.43 Cr	396.77 Cr
Total Liabilities	-	593.01 Cr	702.84 Cr	787.25 Cr	887.92 Cr
Current Liabilities	-	497.27 Cr	570.35 Cr	635.78 Cr	752.61 Cr
Long Term Debt	-	3.95 Cr	6.36 Cr	1.01 Cr	0
Total Debt	-	51.36 Cr	82.60 Cr	83.55 Cr	60.71 Cr
Total Equity	-	1,805.81 Cr	2,055.27 Cr	2,255.50 Cr	2,534.75 Cr
Shares Outstanding	-	11.07 Cr	11.07 Cr	11.07 Cr	11.07 Cr

Cash Flows (Annual)

Figures in INR.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow	-	392.60 Cr	367.94 Cr	458.49 Cr	542.14 Cr
Investing Cash Flow	-	-260.05 Cr	-181.68 Cr	-212.75 Cr	-315.39 Cr
Financing Cash Flow	-	-140.20 Cr	-174.87 Cr	-221.25 Cr	-215.00 Cr
Capital Expenditure	-	-321.56 Cr	-172.37 Cr	-94.06 Cr	-118.91 Cr
Free Cash Flow	-	71.04 Cr	195.57 Cr	364.43 Cr	423.23 Cr
Net Change in Cash	-	-7.65 Cr	11.39 Cr	24.50 Cr	11.75 Cr

Ratios (Annual)

Figures in %.

Metric	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Gross Margin %	-	50.3%	51.1%	54.4%	53.4%
Operating Margin %	-	17.9%	16.9%	15.0%	15.3%
Net Margin %	-	14.3%	14.4%	13.2%	13.6%
ROE %	-	20.0%	18.7%	16.3%	16.4%
ROCE %	-	23.6%	20.5%	17.4%	17.4%

Shareholding Pattern

Insiders

58.32%

Institutions

22.18%

Public Float

53.22%

Analyst View

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GRINDWELL · Industrials