Grindwell Norton Ltd

GRINDWELL

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Market Cap

₹ 17,379 Cr

P/E

45.66

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Performance

UNDER PERFORMER

Valuation

OVERVALUED

Growth

SLUGGISH

Profitability

MODERATE MARGIN

Technicals

Bearish

Risk

MODERATE RISK

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Price

PE Ratio

Price

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Overview

Detailed Summary

Grindwell Norton Limited (GNL) is a leading Indian subsidiary of the global Saint-Gobain Group, specializing in abrasives, ceramics, and performance plastics.

GNL has a well-established manufacturing footprint, with multiple plants across India focusing on abrasives, refractories, and performance plastics.

In 2024, GNL expanded its market reach by acquiring PRS Permacel Private Limited, which subsequently merged with the company to enhance its offerings.

The company's focus on new markets and products in the abrasives sector has helped counteract volume declines and maintain competitive positioning.

Sector

Capital Goods-Non Electrical Equipment

Industry

Abrasives and Grinding Wheels

Market Cap

17,379 Cr

Volatility

Moderate Risk

P/E Ratio

45.7

Industry P/E

53.8

PEG Ratio

3.5

P/B Ratio

7.6

52W High

2,259.95

52W Low

1,360.05

Sales CAGR

4.65%

10.92%

12.01%

10Y

9.43%

Profit CAGR

-3.31%

6.58%

14.55%

10Y

15.05%

ROE

TTM

16.68%

18.11%

18.10%

10Y

16.83%

ROCE

TTM

21.86%

23.13%

23.26%

10Y

22.36%

Technicals

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Forecasts

No. of Analysts

8

1Y Price Target

1838.81 ▲ 18.56%

Q3 EPS Estimate

Q3 Revenue Estimate

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Price, EPS and Revenue Projections

Strong SellSellHoldBuyStrong Buy

Buy

Strong Buy

Buy

Hold

Sell

Strong Sell

updated on

Dec 03, 2025

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
WELCORP	795.00	21,007 Cr	11.85	2.56	0.62	21.64	24.62	13.08
GRINDWELL	1578.00	17,379 Cr	45.66	7.63	1.08	16.68	21.86	12.18
RATNAMANI	2404.30	16,827 Cr	27.74	4.35	0.58	15.67	21.03	12.45
CARBORUNIV	870.00	16,552 Cr	65.20	4.42	0.46	6.78	11.36	4.02
KIRLOSENG	1134.20	16,518 Cr	33.94	4.90	0.57	15.02	13.51	4.62
ELGIEQUIP	488.00	15,486 Cr	39.76	7.71	0.45	19.40	22.22	12.26
KIRLOSBROS	1702.00	13,501 Cr	34.09	6.12	0.41	17.76	21.92	9.93

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Sales	668	667	660	691	706	694	703	710	703	775
Expenses	533	536	532	566	572	565	579	582	574	634
Operating Profit	135	131	128	125	133	129	123	127	130	141
OPM %	20.23	19.69	19.37	18.09	18.87	18.63	17.57	17.94	18.46	18.16
Other Income	14	23	14	17	16	23	18	23	24	31
Interest	2.16	1.81	1.92	1.87	2.46	2.29	2.10	2.50	2.16	2.16
Depreciation	17	17	18	20	21	23	23	25	26	26
Profit Before Tax	130	135	122	120	125	128	116	123	126	143
Tax %	25.63	24.44	24.76	22.95	25.55	23.86	24.26	24.46	24.97	25.01
Net Profit	97	102	92	93	93	97	88	93	94	107
EPS in Rs	8.76	9.20	8.32	8.36	8.42	8.69	7.84	8.36	8.53	9.65

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	1,364	1,454	1,598	1,580	1,638	2,013	2,541	2,687	2,812	2,809
Expenses	1,070	1,184	1,326	1,315	1,314	1,611	2,042	2,167	2,298	2,300
Operating Profit	294	270	272	265	324	401	500	519	513	510
OPM %	21.52	18.55	17.01	16.75	19.79	19.94	19.66	19.33	18.25	18.15
Other Income	31	27	35	40	51	52	54	68	81	89
Interest	2.01	1.53	1.50	4.47	3.42	4.12	7.80	7.76	9.35	9.05
Depreciation	42	45	45	58	54	53	60	71	93	97
Profit Before Tax	180	227	260	243	317	396	486	508	492	492
Tax %	32.73	33.67	35.22	24.21	25.05	25.46	25.60	24.47	24.53	24.39
Net Profit	121	151	169	184	238	295	362	384	371	372
EPS in Rs	9.45	13.51	15.12	16.48	21.61	26.70	32.68	34.64	33.31	34.38
Dividend Payout %	37.11	36.98	39.71	45.51	43.98	44.94	44.36	49.06	51.05	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	28	55	55	55	55	55	55	55	55	55
Reserves	735	838	935	1,043	1,132	1,309	1,513	1,750	2,000	2,200
Borrowings	15	7.76	0.04	0.00	0.00	12	15	51	83	84
Other Liabilities	311	314	353	351	408	488	536	553	632	718
Total Liabilities	1,089	1,215	1,344	1,449	1,595	1,865	2,119	2,410	2,770	3,057
Fixed Assets	350	368	342	345	385	370	386	586	756	886
CWIP	14	6.21	25	43	29	24	67	124	128	26
Investments	135	145	171	183	583	713	531	642	689	892
Other Assets	590	695	806	879	599	757	1,136	1,058	1,197	1,254
Total Assets	1,089	1,215	1,344	1,449	1,595	1,865	2,119	2,410	2,770	3,057

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	139	170	134	85	318	331	187	393	368	458
Cash from Investing Activity	-38	-40	-44	-55	-442	-230	-54	-251	-184	-215
Cash from Financing Activity	-102	2.89	-60	-68	-95	-95	-114	-140	-175	-221
Net Cash Flow	-0.28	133	30	-38	-220	6.67	19	1.21	9.49	22

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	58.03%	58.03%	58.03%	58.03%	58.03%	58.03%	58.03%	58.03%	58.03%	58.03%	58.03%	58.03%
FIIs	8.41%	8.27%	8.34%	8.40%	8.42%	8.31%	8.63%	8.26%	6.97%	6.75%	0.15%	6.39%
DIIs	14.90%	15.33%	15.39%	15.31%	15.46%	15.90%	16.15%	16.70%	18.08%	18.34%	24.87%	18.37%
Public	18.65%	18.37%	18.24%	18.25%	18.09%	17.76%	17.19%	17.01%	16.92%	16.88%	16.95%	17.21%
Total Shareholders	53,592	51,996	49,457	51,240	52,199	47,954	47,493	50,455	50,300	46,810	47,110	48,557

Market Transactions

Date	Party	Category	Type	Avg Price (₹)	Total Value (₹)	Quantity	Percent Traded
Dec 20, 2023	Sbi mutual fund	Bulk	Sell	2,160.25	262.09 Cr	12,13,230	1.09
Dec 20, 2023	Sbi mutual fund	Bulk	Buy	2,160.25	262.12 Cr	12,13,384	1.09
Aug 10, 2023	Danesh m. narang	Insider - Promoter	Acquisition	—	—	4,30,000	0.39
Aug 10, 2023	Mikhil m. narang	Insider - Promoter	Disposal	—	—	4,30,000	0.38
Aug 10, 2023	Danesh m. narang revised	Insider - Promoter	Acquisition	—	—	4,30,000	0.39
Aug 10, 2023	Mikhil m. narang revised	Insider - Promoter	Disposal	—	—	4,30,000	0.38

Projection

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Announcements

Last 7 days

Newest

Sentiment

Board Meeting Outcome

3 days ago

Investment Enhancement in JRTPL

The Board has approved an investment increase in Jamnagar Renewables Two Private Limited from ₹77 lakhs to ₹86 lakhs for green energy sourcing, reflecting the company's commitment to sustainability.

Board Meeting Outcome

3 days ago

Board Meeting Outcome: Resignation and Investment Approval

The Board of Directors accepted the resignation of Mr. Krishnaswamy Visweswaran as Company Secretary effective February 6, 2026, and approved increased investment in Jamnagar Renewables Two Private Limited.

Board Meeting Outcome

3 days ago

Board Meeting Outcomes on Investment and Resignation

The Board approved an increased investment in Jamnagar Renewables Two Private Limited and accepted the resignation of Mr. Krishnaswamy Visweswaran from Company Secretary role.

Regulatory Filing

4 days ago

Disclosure of State Tax Order

Grindwell Norton Limited disclosed the receipt of an order from the Kerala State Goods & Services Tax Department regarding a demand drop to nil for ITC claims from FY 2021-22.

Regulatory Filing

4 days ago

Disclosure of Tax Order from GST Authority

The company has received a tax order from the Deputy Commissioner of Commercial Taxes, Bengaluru, amounting to ₹9.77 lakhs regarding Input Tax Credit for FY 2021-22.

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q4 FY25

Investor Presentation

Q4 FY23

Investor Presentation

Q4 FY22

Investor Presentation

Q4 FY21

Investor Presentation

Q4 FY20

Investor Presentation

Q4 FY19

Investor Presentation

Q4 FY19

Investor Presentation

Q4 FY18

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