Grindwell Norton Ltd

₹ 1,824 1.19%

12 Jun - close price

grindwellnorton.co.in BSE: 506076 NSE: GRINDWELL

About

Grindwell Norton Limited is engaged in the business of manufacturing Abrasives, Ceramics & Plastics and providing IT Services. ^[1]

Key Points

Parentage
The company is one of the subsidiaries of Compagnie de Saint Gobain, a transnational group with its headquarters in Paris with sales of Euro 47.90 billion in 2023. ^[1] As of March 24, it holds ~51% stake in the company. ^[2]

Website BSE NSE

Market Cap ₹ 20,192 Cr.
Current Price ₹ 1,824
High / Low ₹ 2,960 / 1,356
Stock P/E 56.0
Book Value ₹ 203
Dividend Yield 0.93 %
ROCE 21.9 %
ROE 16.8 %
Face Value ₹ 5.00

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Pros

Company is almost debt free.
Company has been maintaining a healthy dividend payout of 48.5%

Cons

Stock is trading at 9.00 times its book value
Working capital days have increased from 71.4 days to 120 days

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Industrials Capital Goods Industrial Products Abrasives & Bearings

Part of BSE 500 BSE Capital Goods BSE SmallCap BSE Allcap BSE Industrials BSE 150 MidCap Index BSE 250 LargeMidCap Index BSE 400 MidSmallCap Index Nifty Midcap150 Quality 50

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	556	634	630	600	659	660	658	652	681	691	672	683	691
	434	507	509	481	526	526	529	525	557	560	547	565	568
Operating Profit	122	128	121	119	133	134	130	127	125	131	125	119	123
OPM %	22%	20%	19%	20%	20%	20%	20%	19%	18%	19%	19%	17%	18%
	12	11	15	9	21	15	19	14	17	16	23	18	23
Interest	2	0	1	4	2	2	2	2	2	2	2	2	2
Depreciation	13	13	15	15	15	16	17	17	19	21	22	23	24
Profit before tax	119	125	120	109	138	130	131	122	122	123	124	112	119
Tax %	26%	26%	24%	26%	26%	25%	25%	25%	23%	25%	24%	25%	23%
	89	93	90	81	102	97	98	92	94	92	94	84	91
EPS in Rs	8.01	8.39	8.16	7.27	9.23	8.77	8.85	8.32	8.44	8.30	8.49	7.55	8.25
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	942	1,110	1,126	1,236	1,405	1,567	1,552	1,633	2,006	2,524	2,652	2,737
	809	945	957	1,056	1,168	1,307	1,300	1,309	1,604	2,023	2,135	2,240
Operating Profit	132	165	169	181	237	259	252	324	402	501	517	497
OPM %	14%	15%	15%	15%	17%	17%	16%	20%	20%	20%	19%	18%
	14	20	24	33	28	37	46	51	53	55	64	80
Interest	0	1	1	1	1	1	4	3	4	8	7	9
Depreciation	26	35	37	40	42	42	55	52	51	58	69	90
Profit before tax	120	149	155	173	222	253	239	320	400	491	505	479
Tax %	31%	32%	34%	33%	34%	35%	24%	24%	25%	25%	25%	25%
	82	101	102	116	147	164	183	242	298	366	381	361
EPS in Rs	7.44	9.13	9.23	10.48	13.29	14.80	16.52	21.86	26.91	33.05	34.39	32.59
Dividend Payout %	44%	36%	35%	38%	38%	41%	45%	43%	45%	44%	49%	52%

Compounded Sales Growth
10 Years:	9%
5 Years:	12%
3 Years:	11%
TTM:	3%

Compounded Profit Growth
10 Years:	14%
5 Years:	16%
3 Years:	8%
TTM:	-1%

Stock Price CAGR
10 Years:	18%
5 Years:	28%
3 Years:	4%
1 Year:	-33%

Return on Equity
10 Years:	17%
5 Years:	19%
3 Years:	19%
Last Year:	17%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	28	28	28	55	55	55	55	55	55	55	55	55
Reserves	534	589	734	833	927	1,031	1,121	1,302	1,508	1,749	1,996	2,188
	0	2	3	3	0	0	0	10	14	42	75	78
	247	291	299	299	335	336	391	475	516	535	617	697
Total Liabilities	808	910	1,063	1,189	1,318	1,423	1,568	1,843	2,093	2,381	2,743	3,018
	338	327	322	341	317	321	360	348	366	570	731	862
CWIP	4	7	13	6	23	42	29	24	67	119	128	25
Investments	55	55	155	166	191	203	603	734	552	665	710	911
	411	521	573	676	787	856	576	737	1,108	1,028	1,174	1,220
Total Assets	808	910	1,063	1,189	1,318	1,423	1,568	1,843	2,093	2,381	2,743	3,018

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	96	98	131	161	124	82	307	331	186	398	364	453
	-25	-29	-37	-43	-40	-53	-437	-225	-55	-257	-176	-212
	-43	-40	-95	7	-57	-68	-93	-95	-114	-140	-174	-219
Net Cash Flow	29	29	-1	125	28	-39	-223	11	17	1	14	21

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	33	41	41	36	45	47	47	45	43	40	49	47
Inventory Days	150	154	174	149	149	161	147	157	178	141	145	135
Days Payable	61	62	59	104	108	91	114	156	130	86	110	122
Cash Conversion Cycle	123	134	156	82	86	117	80	46	90	96	83	61
Working Capital Days	42	44	57	50	53	73	49	35	51	46	48	120
ROCE %	22%	25%	22%	20%	23%	23%	20%	24%	26%	28%	25%	22%

Shareholding Pattern

Numbers in percentages

	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025
	58.08%	58.08%	58.04%	58.04%	58.04%	58.04%	58.04%	58.04%	58.04%	58.04%	58.04%	58.04%
	7.44%	7.52%	8.41%	8.28%	8.34%	8.40%	8.42%	8.31%	8.63%	8.25%	6.97%	6.75%
	15.48%	15.58%	14.89%	15.32%	15.38%	15.31%	15.45%	15.90%	16.14%	16.69%	18.07%	18.33%
	19.00%	18.82%	18.66%	18.37%	18.24%	18.25%	18.09%	17.76%	17.19%	17.01%	16.91%	16.88%
No. of Shareholders	46,477	56,406	53,592	51,996	49,457	51,240	52,199	47,954	47,493	50,455	50,300	46,810

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	58.89%	58.36%	58.33%	58.32%	58.32%	58.08%	58.04%	58.04%	58.04%
	4.26%	4.47%	4.36%	3.99%	4.24%	7.05%	8.28%	8.31%	6.75%
	14.01%	14.50%	15.37%	16.58%	16.12%	15.69%	15.32%	15.90%	18.33%
	22.84%	22.67%	21.94%	21.11%	21.31%	19.18%	18.37%	17.76%	16.88%
No. of Shareholders	15,432	14,938	15,551	16,854	18,991	45,709	51,996	47,954	46,810

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Rating update
29 Dec 2016 from icra

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