Grindwell Norton Ltd

₹ 2,110 0.33%

25 Apr 3:40 p.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

Strong Parentage
The Co is one of the subsidiaries of Compagnie de Saint Gobain (Saint Gobain), a transnational group with its headquarters in Paris. As of March 2021, it holds a stake of 51.33% in the Co. ^[1]

Website BSE NSE

Market Cap ₹ 23,362 Cr.
Current Price ₹ 2,110
High / Low ₹ 2,495 / 1,833
Stock P/E 60.0
Book Value ₹ 167
Dividend Yield 0.69 %
ROCE 27.6 %
ROE 20.7 %
Face Value ₹ 5.00

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Pros

Company is almost debt free.
Company has delivered good profit growth of 19.6% CAGR over last 5 years
Company has been maintaining a healthy dividend payout of 44.4%

Cons

Stock is trading at 12.5 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

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

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Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
	458	509	439	513	502	559	638	635	604	665	668	667	660
	360	396	353	412	412	435	510	513	485	536	534	536	532
Operating Profit	98	113	87	101	89	124	128	122	119	129	135	131	128
OPM %	21%	22%	20%	20%	18%	22%	20%	19%	20%	19%	20%	20%	19%
	5	12	14	10	17	12	11	15	9	21	15	23	14
Interest	1	1	1	1	1	2	1	1	4	2	2	2	2
Depreciation	14	14	14	13	13	13	14	16	16	15	17	17	18
Profit before tax	88	110	86	97	93	120	125	120	108	133	130	135	122
Tax %	26%	28%	26%	26%	25%	25%	26%	25%	26%	26%	26%	24%	25%
	65	80	64	72	70	90	93	90	80	98	97	102	92
EPS in Rs	5.96	7.27	5.80	6.50	6.30	8.10	8.35	8.13	7.24	8.96	8.76	9.20	8.32
Raw PDF

Upcoming result date: 6 May 2024

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
	906	947	966	1,135	1,151	1,263	1,431	1,598	1,580	1,638	2,013	2,541	2,660
	745	794	821	954	966	1,070	1,183	1,326	1,315	1,314	1,612	2,040	2,138
Operating Profit	161	153	145	181	184	193	248	272	265	324	400	501	523
OPM %	18%	16%	15%	16%	16%	15%	17%	17%	17%	20%	20%	20%	20%
	11	10	12	17	22	31	26	35	40	51	53	53	73
Interest	3	3	3	3	2	2	2	2	4	3	4	8	8
Depreciation	21	24	32	42	43	42	45	45	58	54	53	60	67
Profit before tax	148	136	122	154	161	180	227	260	243	317	396	486	521
Tax %	31%	28%	31%	32%	34%	33%	34%	35%	24%	25%	25%	26%
	103	97	84	104	106	121	151	169	184	238	295	362	390
EPS in Rs	9.30	8.79	7.58	9.32	9.51	10.78	13.53	15.10	16.48	21.60	26.70	32.69	35.24
Dividend Payout %	35%	37%	43%	35%	34%	37%	37%	40%	46%	44%	45%	44%

Compounded Sales Growth
10 Years:	10%
5 Years:	12%
3 Years:	17%
TTM:	9%

Compounded Profit Growth
10 Years:	14%
5 Years:	20%
3 Years:	27%
TTM:	11%

Stock Price CAGR
10 Years:	29%
5 Years:	28%
3 Years:	32%
1 Year:	13%

Return on Equity
10 Years:	17%
5 Years:	18%
3 Years:	19%
Last Year:	21%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Sep 2023
Equity Capital	28	28	28	28	28	55	55	55	55	55	55	55	55
Reserves	434	489	530	588	735	838	935	1,043	1,132	1,309	1,513	1,750	1,789
	19	22	16	15	15	8	0	0	0	12	15	51	65
	263	245	259	309	311	309	349	347	404	485	532	549	632
Total Liabilities	743	784	833	940	1,089	1,210	1,339	1,445	1,592	1,862	2,116	2,406	2,541
	232	327	375	360	350	368	342	345	385	370	386	586	616
CWIP	85	62	6	7	14	6	25	43	29	24	67	124	172
Investments	28	31	35	35	135	145	171	183	583	713	531	642	539
	398	364	418	538	590	690	802	875	595	755	1,133	1,054	1,213
Total Assets	743	784	833	940	1,089	1,210	1,339	1,445	1,592	1,862	2,116	2,406	2,541

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
	119	104	106	106	139	170	134	85	318	331	187	356
	-96	-81	-26	-30	-38	-40	-41	-54	-442	-230	-54	-214
	-44	-41	-51	-46	-102	3	-60	-68	-95	-95	-114	-140
Net Cash Flow	-22	-18	29	29	-0	133	32	-37	-220	7	19	1

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2012	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Debtor Days	38	37	34	42	42	37	45	47	47	45	43	40
Inventory Days	162	140	163	171	190	162	159	169	155	163	184	146
Days Payable	69	52	62	67	62	109	114	93	116	158	134	94
Cash Conversion Cycle	132	125	135	145	171	89	90	123	87	50	92	92
Working Capital Days	28	34	40	44	60	51	54	74	50	37	52	45
ROCE %	33%	27%	22%	25%	22%	20%	23%	23%	20%	23%	26%	28%

Shareholding Pattern

Numbers in percentages

	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
	58.32%	58.08%	58.08%	58.08%	58.08%	58.08%	58.04%	58.04%	58.04%	58.04%	58.04%	58.04%
	4.57%	4.99%	6.10%	7.05%	7.44%	7.52%	8.41%	8.28%	8.34%	8.40%	8.42%	8.31%
	17.43%	17.24%	16.03%	15.69%	15.48%	15.58%	14.89%	15.32%	15.38%	15.31%	15.45%	15.90%
	19.68%	19.69%	19.79%	19.18%	19.00%	18.82%	18.66%	18.37%	18.24%	18.25%	18.09%	17.76%
No. of Shareholders	30,246	32,578	47,291	45,709	46,477	56,406	53,592	51,996	49,457	51,240	52,199	47,954

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

* 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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Documents

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Credit ratings

Rating update
29 Dec 2016 from icra

Concalls

May 2023

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