Grindwell Norton Ltd

₹ 1,943 -0.97%

22 May - 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 ₹ 21,517 Cr.
Current Price ₹ 1,943
High / Low ₹ 2,003 / 1,329
Stock P/E 51.8
Book Value ₹ 229
Dividend Yield 0.98 %
ROCE 22.7 %
ROE 17.4 %
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 50.2%

Cons

Stock is trading at 8.49 times its book value
Working capital days have increased from 62.3 days to 103 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 Industrials BSE 1000

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
	665	668	667	660	691	706	694	703	710	703	775	753	842
	536	534	536	532	567	572	565	579	582	574	634	614	678
Operating Profit	129	135	131	128	125	133	129	123	127	130	141	139	164
OPM %	19%	20%	20%	19%	18%	19%	19%	18%	18%	18%	18%	18%	19%
	21	15	23	14	17	16	23	18	23	24	31	19	21
Interest	2	2	2	2	2	2	2	2	2	2	2	2	2
Depreciation	15	17	17	18	20	21	23	23	25	26	26	27	26
Profit before tax	133	130	135	122	120	125	128	116	123	126	143	128	158
Tax %	26%	26%	24%	25%	23%	26%	24%	24%	24%	25%	25%	26%	24%
	98	97	102	92	93	93	97	88	93	94	107	96	119
EPS in Rs	8.96	8.76	9.20	8.32	8.36	8.41	8.69	7.84	8.36	8.53	9.65	8.60	10.72
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,135	1,151	1,263	1,431	1,598	1,580	1,638	2,013	2,541	2,687	2,812	3,073
	954	966	1,070	1,183	1,326	1,315	1,314	1,612	2,040	2,167	2,297	2,500
Operating Profit	181	184	193	248	272	265	324	400	501	520	515	574
OPM %	16%	16%	15%	17%	17%	17%	20%	20%	20%	19%	18%	19%
	17	22	31	26	35	40	51	53	53	67	79	95
Interest	3	2	2	2	2	4	3	4	8	8	9	8
Depreciation	42	43	42	45	45	58	54	53	60	71	93	105
Profit before tax	154	161	180	227	260	243	317	396	486	508	492	555
Tax %	32%	34%	33%	34%	35%	24%	25%	25%	26%	24%	25%	25%
	104	106	121	151	169	184	238	295	362	384	371	417
EPS in Rs	9.32	9.51	10.78	13.53	15.10	16.48	21.60	26.70	32.69	34.65	33.30	37.54
Dividend Payout %	35%	34%	37%	37%	40%	46%	44%	45%	44%	49%	51%	51%

Compounded Sales Growth
10 Years:	10%
5 Years:	13%
3 Years:	7%
TTM:	9%

Compounded Profit Growth
10 Years:	15%
5 Years:	13%
3 Years:	6%
TTM:	20%

Stock Price CAGR
10 Years:	20%
5 Years:	10%
3 Years:	-2%
1 Year:	10%

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

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	28	28	55	55	55	55	55	55	55	55	55	55
Reserves	588	735	838	935	1,043	1,132	1,309	1,513	1,750	2,000	2,200	2,479
	15	15	8	0	0	0	12	15	51	83	84	61
	309	311	309	349	347	404	485	532	549	628	716	842
Total Liabilities	940	1,089	1,210	1,339	1,445	1,592	1,862	2,116	2,406	2,766	3,055	3,438
	360	350	368	342	345	385	370	386	586	756	886	887
CWIP	7	14	6	25	43	29	24	67	124	128	26	51
Investments	35	135	145	171	183	583	713	531	642	689	892	999
	538	590	690	802	875	595	755	1,133	1,054	1,193	1,251	1,500
Total Assets	940	1,089	1,210	1,339	1,445	1,592	1,862	2,116	2,406	2,766	3,055	3,438

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	106	139	170	134	85	318	331	187	393	368	458	542
	-30	-38	-40	-41	-54	-442	-230	-54	-251	-184	-215	-315
	-46	-102	3	-60	-68	-95	-95	-114	-140	-175	-221	-215
Net Cash Flow	29	-0	133	32	-37	-220	7	19	1	9	22	12
Free Cash Flow	71	99	117	96	18	268	283	67	72	199	366	424
CFO/OP	87%	102%	119%	83%	65%	146%	126%	72%	103%	97%	111%	119%

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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	42	42	37	45	47	47	45	43	40	49	47	47
Inventory Days	171	190	162	159	169	155	163	184	146	148	140	123
Days Payable	67	62	109	114	93	116	158	134	88	110	122	132
Cash Conversion Cycle	145	171	89	90	123	87	50	92	98	86	66	39
Working Capital Days	41	56	49	54	74	50	36	51	44	47	37	103
ROCE %	25%	22%	20%	23%	23%	20%	23%	26%	28%	25%	21%	23%

Insights

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Manufacturing Sites (Plants) in India
Count ・Standalone data

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Total Permanent Employees
Count ・Standalone data

Active Abrasive SKUs/Products Manufactured Yearly
Count

Number of Dealers/Distributors
Count

Specific Energy Reduction (vs Base Year)
Percentage

Extracted by Screener AI

Shareholding Pattern

Numbers in percentages

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 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%
	8.34%	8.40%	8.42%	8.31%	8.63%	8.25%	6.97%	6.75%	6.81%	6.38%	6.39%	5.56%
	15.38%	15.31%	15.45%	15.90%	16.14%	16.69%	18.07%	18.33%	18.20%	18.37%	18.35%	19.18%
	18.24%	18.25%	18.09%	17.76%	17.19%	17.01%	16.91%	16.88%	16.95%	17.22%	17.23%	17.23%
No. of Shareholders	49,457	51,240	52,199	47,954	47,493	50,455	50,300	46,810	47,110	48,557	49,010	46,994

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	58.89%	58.36%	58.33%	58.32%	58.32%	58.08%	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%
	14.01%	14.50%	15.37%	16.58%	16.12%	15.69%	15.32%	15.90%	18.33%	19.18%
	22.84%	22.67%	21.94%	21.11%	21.31%	19.18%	18.37%	17.76%	16.88%	17.23%
No. of Shareholders	15,432	14,938	15,551	16,854	18,991	45,709	51,996	47,954	46,810	46,994

* 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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