Grindwell Norton Limited (GRINDWELL)

Loading page…

Grindwell Norton Limited (GRINDWELL) · mywealthgrid

About

Grindwell Norton manufactures abrasives and bearings for industrial applications within the Industrials sector. The company has a market capitalization of ₹23,994.23 Cr with recent quarterly revenues around ₹740–840 Cr, positioning it as an established mid-cap producer in its segment.

Face value: ₹5

Market cap

₹21,872 Cr

P/E

50.1×

P/B

8.6×

Dividend yield

1.8%

ROE

17.4%

ROCE

22.1%

Debt / equity

0.02

OPM

18.7%

EPS (TTM)

₹39.4

Book value

₹228.9

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

Valuation risk: PE ratio of 54.99 is elevated; a strong 1-year return of 44.97% means significant momentum already priced in—researcher should verify earnings growth trajectory supports this multiple.

Recent quarter softness: Jun 2026 revenue of ₹793–803 Cr declined from Mar 2026 (₹829–842 Cr), and EPS of 10.43 fell below Mar 2026's 10.76—assess whether this marks a cyclical dip or a trend reversal.

Margin compression exposure: Operating margin swung from 17.97% (Sep 2025) to 19.77% (Jun 2026), indicating sensitivity to cost or volume—determine whether the recent recovery is sustainable or driven by temporary factors.

Generated analysis · source review pending

Growth drivers

Operating margin expansion: OPM improved from 17.97–18.16% in Sep 2025 to 19.55–19.77% in Jun 2026, indicating cost or mix leverage—verify whether pricing power, scale efficiencies, or product mix are driving this.

Consistent cash generation: Regular dividend payments (every 12–13 months per corporate events) and 17.35% ROE suggest stable profitability—researcher should confirm whether free cash flow is growing to fund capacity expansion.

Industrial sector positioning: Abrasives and bearings serve diverse applications (automotive, manufacturing, infrastructure)—researcher should verify demand trends in end-use industries and whether the company is gaining market share.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹1,977.3+3.2%1Y

Quick read

rule-based

Pros

+Strong return on equity of 18.1% (3-yr avg)
+High return on capital employed of 23%
+Almost debt-free (debt/equity 0)
+Comfortable interest coverage of 69×
+Dividend payout of 91.3% of profit

Cons

−Trading at 8.6× book value

Research score

Structured signal from quality, growth, valuation and momentum.

44/100

Business quality: 70
Growth: 46
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY MICROCAP 250 NIFTY TOTAL MARKET

Screen this industry

Loading peers…

Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1,241	1,364	1,454	1,598	1,580	1,638	2,013	2,541	2,687	2,812	3,073
COGS	507	552	624	710	713	721	890	1,162	1,207	1,276	1,425
Gross profit	734	812	830	889	867	917	1,123	1,380	1,480	1,536	1,648
	550	619	583	617	602	593	721	882	961	1,021	1,075
	184	193	247	272	265	324	401	498	519	514	574
OPM %	14.8%	14.2%	17%	17%	16.8%	19.8%	19.9%	19.6%	19.3%	18.3%	18.7%
Depreciation	43	42	45	45	58	54	53	60	71	93	105
Interest	2	2	2	2	4	3	4	8	8	9	8
	23	31	27	35	40	51	52	56	68	80	95
Profit before tax	161	180	227	260	243	317	396	486	508	492	555
Tax	55	59	77	92	59	79	101	124	124	121	139
Tax %	34%	32.7%	33.7%	35.2%	24.2%	25.1%	25.5%	25.6%	24.5%	24.5%	25%
	106	121	151	169	184	238	295	362	384	371	417
PAT margin %	8.6%	8.9%	10.4%	10.6%	11.6%	14.5%	14.7%	14.2%	14.3%	13.2%	13.6%
EPS (₹)	9.6	10.9	13.5	15.1	16.5	21.6	26.7	32.7	34.7	33.3	37.5
EPS adjusted (₹)	9.6	21.8	13.5	15.2	16.5	21.6	26.7	32.7	34.7	33.3	37.5
	67.6%	36.6%	37%	39.7%	45.5%	44%	44.9%	44.4%	49.1%	51.1%	50.6%
Annual report	Annual report for Mar 2016	Annual report for Mar 2017	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	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
Reserves	681	735	935	1,043	1,132	1,309	—	1,750	2,000	2,200	2,479
Minority interest	—	—	12	14	14	12	—	11	11	14	15
	20	15	0	—	—	—	—	18	18	7	61
	257	311	341	338	394	488	—	577	685	780	827
Total equity & liabilities	985	1,089	1,344	1,449	1,595	1,865	—	2,412	2,770	3,057	3,438
	363	350	342	345	362	358	419	535	676	886	887
CWIP	7	14	25	43	29	24	—	124	127	25	51
Investments	83	135	183	183	583	713	—	693	769	892	999
	532	590	794	879	621	769	—	1,061	1,197	1,254	1,501
Total assets	985	1,089	1,344	1,449	1,595	1,865	—	2,412	2,770	3,057	3,438

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Abrasives	1,490.79	192.35	798.95	354.55	444.4	43.28
Ceramics & Plastics	1,310.58	230.9

Loading financials…

Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	55.6%	54.9%	56%	55.8%	54.3%	55.1%	54.6%	53.6%
EBITDA margin %	17%	16.8%	19.8%	19.9%	19.7%	19.3%	18.3%	18.7%
EBIT margin %	14.2%	13.1%	16.5%	17.3%	17.3%	16.7%	15%	15.2%
PAT margin %	10.6%	11.6%	14.5%	14.7%	14.2%	14.3%	13.2%	13.6%
Working capital
Receivable days	47	47	45	—	40	49	47	47
Inventory days	169	155	163	—	146	147	140	123
Payable days	93	116	158	—	94	110	122	132
NWC days	123	87	50	—	92	86	66	39
Leverage
Current ratio	2.98	2.89	2.86	—	2.67	2.76	2.85	2.81
Debt to EBITDA	—	—	—	—	0.04	0.03	0.01	0.11
Debt to equity	—	—	—	—	0.01	0.01	0	0.02
Interest coverage	174.6	55.3	93.8	97.3	63.5	66.6	53.5	69
Asset turnover	1.1	0.99	0.88	—	1.05	0.97	0.92	0.89
Return ratios
Return on assets %	11.6%	11.5%	12.7%	—	15%	13.9%	12.1%	12.1%
Return on capital employed %	23.7%	20.5%	23.9%	—	26.1%	25.2%	21.7%	22.1%
Return on equity %	15.4%	15.5%	17.4%	—	20%	18.7%	16.5%	16.4%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

Loading ratios…

Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	58.03%	58.03%	58.03%	58.03%	58.03%	58.03%	58.03%	58.03%	58.03%	58.03%	58.03%	58.03%
	8.4%	8.42%	8.31%	8.63%	8.26%	6.97%	6.75%	6.82%	6.39%	6.39%	5.56%	5.21%
	15.31%	15.46%	15.9%	16.15%	16.7%	18.08%	18.34%	18.2%	18.37%	18.35%	19.18%	19.59%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
	18.26%	18.09%	17.76%	17.19%	17.01%	16.92%	16.88%	16.95%	17.21%	17.23%	17.23%	17.17%
No. of shareholders	—	—	—	—	—	—	—	—	48,557	49,010	46,994	45,545

Promoter holding up 0 percentage points since Sep 2023.

28 deals · 25 Aug 2021 – 20 Dec 2023

Date	Client	Type	Venue	Side	Quantity	Price	Value
20 Dec 2023	SBI MUTUAL FUND	Bulk	NSE	Buy	12,13,384	₹2,160.25	₹262.12 Cr
20 Dec 2023	SBI MUTUAL FUND	Bulk	NSE	Sell	12,13,230	₹2,160.25	₹262.09 Cr
25 Oct 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	1,19,090	₹2,045.90	₹24.36 Cr
25 Oct 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	BSE	Sell	1,19,090	₹2,045.90	₹24.36 Cr
25 Oct 2022	ISHARES MSCI INDIA SMALL-CAP ETF	Block	BSE	Buy	17,742	₹2,045.90	₹3.63 Cr
25 Oct 2022	ISHARES INDIA SC MAURITIUS COMPANY	Block	BSE	Sell	17,742	₹2,045.90	₹3.63 Cr
17 Oct 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	1,18,973	₹2,049.00	₹24.38 Cr
17 Oct 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	BSE	Sell	1,18,973	₹2,049.00	₹24.38 Cr
17 Oct 2022	ISHARES MSCI INDIA SMALL-CAP ETF	Block	BSE	Buy	17,723	₹2,049.00	₹3.63 Cr
17 Oct 2022	ISHARES INDIA SC MAURITIUS COMPANY	Block	BSE	Sell	17,723	₹2,049.00	₹3.63 Cr

1–10 of 28

1 / 3

Mr. SUBODH SATCHITANAND NADKARNINon-Executive - Independent Director-Chairperson
Ms. ARCHANA NIRANJAN HINGORANINon-Executive - Independent Director
Mr. SREEDHAR NATARAJANNon-Executive - Nominee Director
Mr. VENUGOPAL RAMNATH SHANBHAGExecutive Director-MD
Mr. DAVID ERIC MOLHONon-Executive - Non Independent Director
Mr. AAKIL MAHAJANNon-Executive - Non Independent Director
Mr. KAUSTUBH GOVIND SHUKLANon-Executive - Independent Director
Mr. HARI SINGUDASUExecutive Director
Ms. STEPHANIE BILLETNon-Executive - Non Independent Director
Mr. Prakash SabaradChief Financial Officer
Mr. Girish T ShajaniCompany Secretary & Compliance Officer

Loading shareholding…

F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

Loading f&o…

Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 8 fund houses

Held by these funds

13.33%

of the company's equity

All mutual funds

18.47%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

32 schemes · 8 fund houses

		Shares
Midcap Fund	SBI Mutual Fund	25 L	505.75	2.06%	2.258%	-0
ELSS Tax Saver Fund	SBI Mutual Fund	18.87 L	381.8	1.2%	1.705%	-0
SMALL CAP FUND	Nippon India Mutual Fund	18.18 L	367.69	0.45%	1.642%	-0
Contra Fund	SBI Mutual Fund	14.97 L	302.77	0.64%	1.352%	-0
Small Cap Fund	Axis Mutual Fund	8.96 L	181.22	0.58%	0.809%	-0
MNC Fund	SBI Mutual Fund	8.14 L	164.74	2.45%	0.736%	-25,680
Infrastructure Fund	SBI Mutual Fund	7 L	141.61	2.94%	0.632%	-0
Dividend Yield Fund	SBI Mutual Fund	6.73 L	136.08	1.59%	0.608%	-0

1–8 of 32

1 / 4

Loading fund holders…

Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Loading documents…

Events

Upcoming dates and the company’s corporate-action history.

Loading events…

Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

40 announcementsExport CSV

28 Sept 2026, 2:35 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication

Loading announcements…

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	55.6%	54.9%	56%	55.8%	54.3%	55.1%	54.6%	53.6%
EBITDA margin %	17%	16.8%	19.8%	19.9%	19.7%	19.3%	18.3%	18.7%
EBIT margin %	14.2%	13.1%	16.5%	17.3%	17.3%	16.7%	15%	15.2%
PAT margin %	10.6%	11.6%	14.5%	14.7%	14.2%	14.3%	13.2%	13.6%
Working capital
Receivable days	47	47	45	—	40	49	47	47
Inventory days	169	155	163	—	146	147	140	123
Payable days	93	116	158	—	94	110	122	132
NWC days	123	87	50	—	92	86	66	39
Leverage
Current ratio	2.98	2.89	2.86	—	2.67	2.76	2.85	2.81
Debt to EBITDA	—	—	—	—	0.04	0.03	0.01	0.11
Debt to equity	—	—	—	—	0.01	0.01	0	0.02
Interest coverage	174.6	55.3	93.8	97.3	63.5	66.6	53.5	69
Asset turnover	1.1	0.99	0.88	—	1.05	0.97	0.92	0.89
Return ratios
Return on assets %	11.6%	11.5%	12.7%	—	15%	13.9%	12.1%	12.1%
Return on capital employed %	23.7%	20.5%	23.9%	—	26.1%	25.2%	21.7%	22.1%
Return on equity %	15.4%	15.5%	17.4%	—	20%	18.7%	16.5%	16.4%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Carborundum Universal LimitedCARBORUNIVCARBORUNIV	₹23,616 Cr	₹23,921 Cr	₹5,414 Cr	₹593 Cr	11.1%	₹209 Cr	3.2%	9.9%	5.2%	187
Timken India LimitedTIMKENTIMKEN	₹23,303 Cr	₹23,303 Cr	₹3,478 Cr	₹632 Cr	18.2%	₹415 Cr	11.9%	18.6%	14.3%	116
Grindwell Norton LimitedGRINDWELLGRINDWELL	₹21,872 Cr	₹21,933 Cr	₹3,173 Cr	₹601 Cr	18.7%	₹436 Cr	13.6%	22.1%	17.4%	39
Skf India (Industrial) LimitedSKFINDUSSKFINDUS	₹13,507 Cr	₹13,507 Cr	₹3,440 Cr	₹390 Cr	11.3%	₹218 Cr	6.3%	29.7%	15.6%	56
Wendt (India) LimitedWENDTWENDT	₹1,623 Cr	₹1,623 Cr	₹255 Cr	₹36 Cr	13.6%	₹17 Cr	6.2%	9.1%	5.8%	168
Galaxy Bearings LtdGALXBRGGALXBRG	₹310 Cr	₹328 Cr	₹63 Cr	₹12 Cr	9.5%	₹8 Cr	4.9%	6.2%	3.1%	371
Nrb Industrial Bearings LimitedNIBLNIBL	₹76 Cr	₹212 Cr	₹76 Cr	₹-11 Cr	-13.5%	₹-31 Cr	-39%	-31.8%	—	32

Date	Category	Subject	Filing
28 Sept 2026, 2:35 pm	Company Update Newspaper Publication	Announcement under Regulation 30 (LODR)-Newspaper Publication	PDF
3 Sept 2026, 1:10 pm	Company Update General	Disclosure Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015	PDF
27 Aug 2026, 5:53 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
27 Aug 2026, 5:48 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
14 Aug 2026, 6:39 pm	Company Update Analyst / Investor Meet	Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation	PDF
25 Jul 2026, 2:08 am	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Outcome of AGM	PDF
25 Jul 2026, 1:11 am	AGM/EGM AGM	Shareholder Meeting / Postal Ballot-Scrutinizer''s Report	PDF
24 Jul 2026, 2:03 pm	Result Financial Results	Outcome Of The Board Meeting - Approval Of Unaudited Financial Results For The Quarter Ended June 30, 2026, Along With The Limited Review Reports	PDF

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	85	318	331	186	356	368	458	542
	-54	-442	-230	-54	-223	-182	-213	-315
	-68	-95	-95	-114	-132	-177	-224	-215
Net cash flow	-37	-220	7	18	1	9	22	12
Free cash flow	17	267	283	60	192	196	364	423
CFO / Operating profit %	31.1%	120.1%	102.2%	46.2%	71.2%	70.8%	89.4%	94.5%

Grindwell Norton Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

20

1

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Abrasives · revenue

Grindwell Norton Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Events

Announcements

Not in the F&O segment

Ratio timeline

Quarterly record

Bulk & block deals

Board and management

Announcements

Annual reports

Credit ratings

Investor Presentation and earnings call

Dividends20

Board meetings1

Bonus issues1

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Abrasives · revenue

20

1

1