Grindwell Norton Ltd

₹ 1,931 0.86%

13 Nov 10:51 a.m.

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 ₹ 21,376 Cr.
Current Price ₹ 1,931
High / Low ₹ 2,464 / 1,329
Stock P/E 46.5
Book Value ₹ 234
Dividend Yield 1.00 %
ROCE 21.2 %
ROE 16.1 %
Face Value ₹ 5.00

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Pros

Company has reduced debt.
Company is almost debt free.
Company has been maintaining a healthy dividend payout of 50.9%
Company's working capital requirements have reduced from 34.7 days to 22.2 days

Cons

Stock is trading at 8.19 times its book value

* 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 Industrials BSE 250 SmallCap Index BSE 400 MidSmallCap Index Nifty Microcap 250 Nifty Total Market BSE 1000 Nifty Smallcap 500

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	658	652	681	691	672	683	691	694	761	742	829	794	865
YoY Sales growth	+5%	+9%	+3%	+5%	+2%	+5%	+1%	+0%	+13%	+9%	+20%	+14%	+14%
	529	525	557	560	547	565	568	565	624	606	666	637	701
Operating Profit	130	127	125	131	125	119	123	129	137	136	163	157	164
OPM %	20%	19%	18%	19%	19%	17%	18%	19%	18%	18%	20%	20%	19%
	19	14	17	16	23	18	23	24	31	19	21	25	39
Interest	2	2	2	2	2	2	2	2	2	2	2	1	2
Depreciation	17	17	19	21	22	23	24	25	26	26	25	26	26
Profit before tax	131	122	122	123	124	112	119	126	140	126	157	154	176
Tax %	25%	25%	23%	25%	24%	25%	23%	25%	25%	26%	24%	25%	25%
	98	92	94	92	94	84	91	94	105	94	119	116	131
EPS in Rs	8.85	8.32	8.44	8.30	8.49	7.55	8.25	8.53	9.49	8.49	10.76	10.43	11.87
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	1,110	1,126	1,236	1,405	1,567	1,552	1,633	2,006	2,524	2,652	2,737	3,026	3,230
Sales growth	+18%	+1%	+10%	+14%	+11%	-1%	+5%	+23%	+26%	+5%	+3%	+11%	+14%
	945	957	1,056	1,168	1,307	1,300	1,309	1,604	2,023	2,135	2,238	2,459	2,610
Operating Profit	165	169	181	237	259	252	324	402	501	517	499	567	620
OPM %	15%	15%	15%	17%	17%	16%	20%	20%	20%	19%	18%	19%	19%
	20	24	33	28	37	46	51	53	55	64	78	93	104
Interest	1	1	1	1	1	4	3	4	8	7	9	8	7
Depreciation	35	37	40	42	42	55	52	51	58	69	90	102	104
Profit before tax	149	155	173	222	253	239	320	400	491	505	479	550	614
Tax %	32%	34%	33%	34%	35%	24%	24%	25%	25%	25%	25%	25%
	101	102	116	147	164	183	242	298	366	381	361	413	460
EPS in Rs	9.13	9.23	10.48	13.29	14.80	16.52	21.86	26.91	33.05	34.39	32.59	37.27	41.55
Dividend Payout %	36%	35%	38%	38%	41%	45%	43%	45%	44%	49%	52%	51%

Compounded Sales Growth
10 Years:	10%
5 Years:	13%
3 Years:	6%
TTM:	14%

Compounded Profit Growth
10 Years:	15%
5 Years:	11%
3 Years:	3%
TTM:	23%

Stock Price CAGR
10 Years:	19%
5 Years:	2%
3 Years:	-3%
1 Year:	18%

Return on Equity
10 Years:	17%
5 Years:	18%
3 Years:	17%
Last Year:	16%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
Equity Capital	28	28	55	55	55	55	55	55	55	55	55	55	55
Reserves	589	734	833	927	1,031	1,121	1,302	1,508	1,749	1,996	2,188	2,464	2,530
	2	3	3	-0	-0	-0	10	14	42	75	78	60	51
	291	299	299	335	336	391	475	516	535	617	697	821	884
Total Liabilities	910	1,063	1,189	1,318	1,423	1,568	1,843	2,093	2,381	2,743	3,018	3,401	3,521
	327	322	341	317	321	360	348	366	570	731	861	864	845
CWIP	7	13	6	23	42	29	24	67	119	128	26	51	46
Investments	55	155	166	191	203	603	734	552	665	710	911	1,019	1,037
	521	573	676	787	856	576	737	1,108	1,028	1,174	1,220	1,467	1,592
Total Assets	910	1,063	1,189	1,318	1,423	1,568	1,843	2,093	2,381	2,743	3,018	3,401	3,521

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	98	131	161	124	82	307	331	186	398	364	453	530
	-29	-37	-43	-40	-53	-437	-225	-55	-257	-176	-212	-313
	-40	-95	7	-57	-68	-93	-95	-114	-140	-174	-219	-214
Net Cash Flow	29	-1	125	28	-39	-223	11	17	1	14	21	3
Free Cash Flow	64	92	109	88	16	258	283	66	84	201	361	414
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit	90%	106%	120%	82%	67%	149%	126%	71%	104%	97%	114%	117%

Ratios

Standalone / View Consolidated

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Debtor Days	41	41	36	45	47	47	45	43	40	49	47	47
Inventory Days	154	174	149	149	161	147	157	178	141	145	135	120
Days Payable	62	59	104	108	91	114	156	130	86	110	122	131
Cash Conversion Cycle	134	156	82	86	117	80	46	90	96	83	61	36
Working Capital Days	43	56	49	53	73	49	34	50	44	46	36	22
ROCE %	25%	22%	20%	23%	23%	20%	24%	26%	28%	25%	21%	21%

Insights

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Number of manufacturing plants
count

x	x	x	x	x	x	x	x	x	x	x
x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx	x,xxx
	xxx.xx	xxx.xx	xxx.xx	xxx.xx	xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx
	xxx.xx	xxx.xx	xxx.xx	xxx.xx	xxx.xx	xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx	x,xxx.xx
	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx	xx.xx
							xx	xx	xx	xx
									x,xxx	x,xxx

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Number of permanent employees
count

Abrasives segment revenue
Rs. crores

Ceramics & Plastics segment revenue
Rs. crores

Export share of revenue
%

Number of countries exported to
count

Number of dealers/distributors
count

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
	58.04%	58.04%	58.04%	58.04%	58.04%	58.04%	58.04%	58.04%	58.04%	58.04%	58.04%	58.04%
	8.42%	8.31%	8.63%	8.25%	6.97%	6.75%	6.81%	6.38%	6.39%	5.56%	5.21%	5.34%
	15.45%	15.90%	16.14%	16.69%	18.07%	18.33%	18.20%	18.37%	18.35%	19.18%	19.59%	19.66%
	18.09%	17.76%	17.19%	17.01%	16.91%	16.88%	16.95%	17.22%	17.23%	17.23%	17.17%	16.95%
No. of Shareholders	52,199	47,954	47,493	50,455	50,300	46,810	47,110	48,557	49,010	46,994	45,545	44,141

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Sep 2026
	58.89%	58.36%	58.33%	58.32%	58.32%	58.08%	58.04%	58.04%	58.04%	58.04%	58.04%
	4.26%	4.47%	4.36%	3.99%	4.24%	7.05%	8.28%	8.31%	6.75%	5.56%	5.34%
	14.01%	14.50%	15.37%	16.58%	16.12%	15.69%	15.32%	15.90%	18.33%	19.18%	19.66%
	22.84%	22.67%	21.94%	21.11%	21.31%	19.18%	18.37%	17.76%	16.88%	17.23%	16.95%
No. of Shareholders	15,432	14,938	15,551	16,854	18,991	45,709	51,996	47,954	46,810	46,994	44,141

* 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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