Grindwell Norton Ltd

₹ 1,770 -0.25%

22 May 9:34 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 ₹ 19,598 Cr.
Current Price ₹ 1,770
High / Low ₹ 2,960 / 1,356
Stock P/E 53.2
Book Value ₹ 204
Dividend Yield 0.97 %
ROCE 22.3 %
ROE 17.1 %
Face Value ₹ 5.00

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Pros

Company is almost debt free.
Company has been maintaining a healthy dividend payout of 48.2%

Cons

Stock is trading at 8.71 times its book value
Working capital days have increased from 72.3 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

Sector: Capital Goods-Non Electrical Equipment Industry: Abrasives And Grinding Wheels

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

Consolidated Figures in Rs. Crores / View Standalone

	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
	559	638	635	604	665	668	667	660	691	706	694	703	710
	435	510	513	485	536	534	536	532	567	572	565	579	582
Operating Profit	124	128	122	119	129	135	131	128	125	133	129	123	127
OPM %	22%	20%	19%	20%	19%	20%	20%	19%	18%	19%	19%	18%	18%
	12	11	15	9	21	15	23	14	17	16	23	18	23
Interest	2	1	1	4	2	2	2	2	2	2	2	2	2
Depreciation	13	14	16	16	15	17	17	18	20	21	23	23	25
Profit before tax	120	125	120	108	133	130	135	122	120	125	128	116	123
Tax %	25%	26%	25%	26%	26%	26%	24%	25%	23%	26%	24%	24%	24%
	90	93	90	80	98	97	102	92	93	93	97	88	93
EPS in Rs	8.10	8.35	8.13	7.24	8.96	8.76	9.20	8.32	8.36	8.42	8.69	7.84	8.36
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	966	1,135	1,151	1,263	1,431	1,598	1,580	1,638	2,013	2,541	2,687	2,812
	821	954	966	1,070	1,183	1,326	1,315	1,314	1,612	2,040	2,167	2,298
Operating Profit	145	181	184	193	248	272	265	324	400	501	520	513
OPM %	15%	16%	16%	15%	17%	17%	17%	20%	20%	20%	19%	18%
	12	17	22	31	26	35	40	51	53	53	67	81
Interest	3	3	2	2	2	2	4	3	4	8	8	9
Depreciation	32	42	43	42	45	45	58	54	53	60	71	93
Profit before tax	122	154	161	180	227	260	243	317	396	486	508	492
Tax %	31%	32%	34%	33%	34%	35%	24%	25%	25%	26%	24%	25%
	84	104	106	121	151	169	184	238	295	362	384	371
EPS in Rs	7.58	9.32	9.51	10.78	13.53	15.10	16.48	21.60	26.70	32.69	34.65	33.30
Dividend Payout %	43%	35%	34%	37%	37%	40%	46%	44%	45%	44%	49%	51%

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

Compounded Profit Growth
10 Years:	14%
5 Years:	17%
3 Years:	9%
TTM:	0%

Stock Price CAGR
10 Years:	17%
5 Years:	29%
3 Years:	0%
1 Year:	-25%

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

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	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	530	588	735	838	935	1,043	1,132	1,309	1,513	1,750	2,000	2,200
	16	15	15	8	0	0	0	12	15	51	83	84
	259	309	311	309	349	347	404	485	532	549	628	718
Total Liabilities	833	940	1,089	1,210	1,339	1,445	1,592	1,862	2,116	2,406	2,766	3,057
	375	360	350	368	342	345	385	370	386	586	756	886
CWIP	6	7	14	6	25	43	29	24	67	124	128	25
Investments	35	35	135	145	171	183	583	713	531	642	689	892
	418	538	590	690	802	875	595	755	1,133	1,054	1,193	1,254
Total Assets	833	940	1,089	1,210	1,339	1,445	1,592	1,862	2,116	2,406	2,766	3,057

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
	106	106	139	170	134	85	318	331	187	393	368	458
	-26	-30	-38	-40	-41	-54	-442	-230	-54	-251	-184	-213
	-51	-46	-102	3	-60	-68	-95	-95	-114	-140	-175	-221
Net Cash Flow	29	29	-0	133	32	-37	-220	7	19	1	9	24

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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	34	42	42	37	45	47	47	45	43	40	49	47
Inventory Days	163	171	190	162	159	169	155	163	184	146	148	140
Days Payable	62	67	62	109	114	93	116	158	134	88	110	122
Cash Conversion Cycle	135	145	171	89	90	123	87	50	92	98	86	66
Working Capital Days	40	44	60	51	54	74	50	37	52	47	50	120
ROCE %	22%	25%	22%	20%	23%	23%	20%	23%	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

Concalls

May 2023

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