Grindwell Norton Limited
NSE: GRINDWELL · Abrasives & Bearings · sector
₹1,836.00NSE close 2026-10-26
Key numbers
Market cap₹20,328 cr
Price₹1,836.00
52w high / low₹2,455 / ₹1,329
P/E46.6xSector median 51.8x
P/B8.0xSector median 6.3x
Book value₹228.9
Dividend yield0.93%Sector median 0.75%
ROE18.2%Sector median 11.2%
ROCE22.8%Sector median 11.2%
OPM18.9%Sector median 9.5%
Debt / equity0.02xSector median 0.01x
EV/EBITDA32.0xSector median 40.0x
Interest cover80.0x
Current ratio2.81x
Sales growth 3y+6.5%Sector median +3.9%
Profit growth 3y+4.7%Sector median -22.2%
PEG9.87x
Last 12 months to Jun 2026, Consolidated. "Sector median" = middle value of 7 companies in Abrasives & Bearings (P/E median leaves out loss-making companies). Tap ? for what a number means.
Things to know
- Cash ₹1,158 cr vs borrowings ₹61 cr (FY26): cash is higher (net cash).
- Operating profit covered interest 80.0x in the last 12 months.
- No promoter shares are pledged.
- Operating cash flow was below net profit in 3 of the last 5 years (FY24, FY23, FY22).
- Revenue was higher than a year earlier in 4 of the last 4 quarters.
- Other income was 22% of net profit in the last 12 months.
- Dividend paid in 5 of the last 5 financial years.
- Price ₹1,836.00 on 2026-10-26: -25.2% from the 52-week high, +38.1% from the 52-week low.
Plain facts from the filings, built by the same fixed rules for every company. A line appears only when the data for it is available. Not a view on the stock.
Charts
Weekly close · high ₹2,466.90 · low ₹1,364.20
RevenueNet profit
RevenueNet profit
Quarterly results
| ₹ cr | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 694 | 703 | 710 | 703 | 775 | 753 | 842 | 803 |
| EBITDA | 129 | 123 | 127 | 130 | 141 | 139 | 164 | 157 |
| OPM % | 18.6% | 17.6% | 17.9% | 18.5% | 18.2% | 18.5% | 19.5% | 19.5% |
| Other income | 23 | 18 | 23 | 24 | 31 | 19 | 21 | 25 |
| Net profit | 97 | 87 | 93 | 94 | 107 | 95 | 119 | 116 |
| EPS (₹) | 8.69 | 7.84 | 8.36 | 8.53 | 9.65 | 8.60 | 10.73 | 10.43 |
| Revenue YoY | +11.7% | +7.1% | +18.7% | +14.2% | ||||
| Profit YoY | +10.1% | +9.6% | +28.3% | +22.3% |
Consolidated figures where filed. Latest quarter Jun 2026.
Profit & loss (yearly)
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 | TTM |
|---|---|---|---|---|---|---|
| Revenue | 2,013 | 2,541 | 2,687 | 2,812 | 3,073 | 3,173 |
| EBITDA | 400 | 500 | 519 | 513 | 574 | 601 |
| Net profit | 296 | 362 | 384 | 369 | 416 | 436 |
| EPS (₹) | 26.70 | 32.69 | 34.65 | 33.30 | 37.54 | 39.41 |
| Revenue growth | +26.3% | +5.7% | +4.6% | +9.3% | +12.9% | |
| Profit growth | +22.4% | +6.0% | -3.9% | +12.7% | +17.6% | |
| Dividend / share (₹) | 9.50 | 12.00 | 14.50 | 17.00 | 17.00 |
| Compounded growth | 3 years | 5 years | Last 12 months |
|---|---|---|---|
| Sales | +6.5% | +13.4% | +12.9% |
| Net profit | +4.7% | +11.7% | +17.6% |
| EPS | +4.7% | +11.7% | – |
| Share price | – | -11.7% (2y) | +12.7% |
Balance sheet
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Shareholders' equity | – | 1,806 | 2,055 | 2,256 | 2,535 |
| Borrowings | – | 18 | 18 | 7 | 61 |
| Cash & equivalents | – | 574 | 660 | 880 | 1,158 |
| Total assets | – | 2,412 | 2,770 | 3,057 | 3,438 |
| Fixed assets | – | 440 | 582 | 792 | 795 |
| Capital work in progress | – | 124 | 127 | 25 | 51 |
| Investments | – | 198 | 227 | 260 | 315 |
| Receivables | – | 280 | 357 | 362 | 397 |
| Inventory | – | 464 | 488 | 490 | 481 |
| Payables | – | 299 | 362 | 425 | 514 |
Year-end figures from the March annual filing.
Cash flow
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations | 186 | 356 | 368 | 458 | 542 |
| Cash from investing | -54 | -223 | -182 | -213 | -315 |
| Cash from financing | -114 | -132 | -177 | -224 | -215 |
| Capex | 126 | 164 | 172 | 94 | 119 |
| Free cash flow | 60 | 192 | 196 | 364 | 423 |
Free cash flow = cash from operations − capex.
Ratios by year
| ₹ cr | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| ROE % | – | 20.0% | 18.7% | 16.3% | 16.4% |
| ROCE % | – | 27.2% | 24.9% | 22.1% | 21.7% |
| Debtor days | – | 40 | 49 | 47 | 47 |
| Inventory days | – | 146 | 147 | 140 | 123 |
| Payable days | – | 94 | 110 | 122 | 132 |
| Cash conversion cycle (days) | – | 92 | 86 | 65 | 38 |
| Working capital days | – | 124 | 136 | 152 | 161 |
Shareholding
| Holder | % (2026-09-30) |
|---|---|
| Promoters | 58.03% |
| FIIs | 5.34% |
| DIIs | 19.67% |
| of which Mutual funds | 18.57% |
| of which Insurance | 1.07% |
| Public (non-institutions) | 16.96% |
| Quarter | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Promoters % | 58.03% | 58.03% | 58.03% | 58.03% | 58.03% | 58.03% | 58.03% | 58.03% |
| Promoter group | % |
|---|---|
| Saint Gobain Abrasives Inc | 26.77% |
| Spafi-Societe De Participations Financieres Et Industrielles | 24.56% |
| Vera Anand Mahajan | 1.71% |
| Khursheed M Narang | 1.34% |
| Ashaita Mahajan | 0.95% |
| Danesh M Narang | 0.95% |
| Aakil Anand Mahajan | 0.90% |
| Anand Yashavant Mahajan | 0.46% |
| Saint Gobain India Private Limited | 0.27% |
| Malvinder C Narang | 0.12% |
| Mikhil M Narang | 0.00% |
| Public holders above 1% | % |
|---|---|
| SBI Midcap Fund | 9.07% |
| UTI-Flexi Cap Fund | 2.50% |
| Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund | 1.64% |
| Invesco India Manufacturing Fund | 1.24% |
| ICICI Prudential Smallcap Fund | 1.24% |
44,141 shareholders. Pledged: 0.00% of promoter shares.
Peers in Abrasives & Bearings
| Company | Market cap | P/E | P/B | ROE | ROCE | OPM | Sales 3y | Div yield |
|---|---|---|---|---|---|---|---|---|
| CARBORUNIV | ₹21,511 cr | 102.0x | 5.5x | 5.6% | 7.2% | 8.5% | +3.8% | 0.47% |
| TIMKEN | ₹20,757 cr | 49.2x | 7.1x | 14.7% | 19.6% | 18.4% | +7.4% | 1.30% |
| GRINDWELL | ₹20,328 cr | 46.6x | 8.0x | 18.2% | 22.8% | 18.9% | +6.5% | 0.93% |
| SKFINDUS | ₹11,839 cr | 54.4x | 8.0x | 14.7% | 15.0% | 5.6% | – | – |
| WENDT | ₹1,428 cr | 72.3x | 5.4x | 7.7% | 11.2% | 14.6% | +4.0% | 0.56% |
| GALXBRG | ₹310 cr | 38.7x | 2.8x | 3.4% | 5.6% | 9.5% | -17.1% | – |
| NIBL | ₹70 cr | – | – | – | -22.1% | -16.2% | -2.1% | – |
Business segments (FY26)
| Segment | Revenue | Share | EBIT | Margin |
|---|---|---|---|---|
| Abrasives | ₹1,491 cr | 47.9% | ₹192 cr | 12.9% |
| Ceramics & Plastics | ₹1,311 cr | 42.1% | ₹231 cr | 17.6% |
| Digital Services | ₹222 cr | 7.2% | ₹58 cr | 26.1% |
| Others | ₹88 cr | 2.8% | ₹16 cr | 18.8% |
Dividends & corporate actions
| Ex-date | Action | Detail |
|---|---|---|
| 2026-07-10 | Dividend | Dividend - Rs 19 Per Share |
| 2025-07-15 | Dividend | Dividend - Rs 17 Per Share |
| 2024-07-09 | Dividend | Annual General Meeting/Dividend - Rs 17 Per Share |
| 2023-08-04 | Dividend | Annual General Meeting/Dividend - Rs 14.50 Per Share |
| 2022-07-19 | Dividend | Annual General Meeting/Dividend - Rs 12 Per Share |
| 2021-07-19 | Dividend | Annual General Meeting/Dividend - Rs 9.50 Per Share |
| 2020-07-16 | Dividend | Annual General Meetingdividend - Rs 7.50 Per Share |
| 2019-07-17 | Dividend | Annual General Meeting/Dividend - Rs 6 Per Share |
| 2018-07-18 | Dividend | Annual General Meeting/Dividend- Rs 5 Per Share |
| 2017-07-17 | Dividend | Annual General Meeting/Dividend - Rs 4/- Per Share |
| 2016-07-14 | Bonus | Bonus 1:1 |
| 2016-03-22 | Dividend | Interim Dividend - Rs 6.50/- Per Share (Purpose Revised) |
| 2015-07-24 | Dividend | Annual General Meeting/ Dividend - Rs 6.50/- Per Share |
| 2014-07-11 | Dividend | Annual General Meeting / Final Dividend Rs.6.50/- Per Equity Share |
| 2013-06-14 | Dividend | Annual General Meeting / Final Dividend Rs.6.50/- Per Equity Share |
| 2012-06-15 | Dividend | Annual General Meeting/Dividend Rs 6.50 Per Share |
| 2011-06-17 | Dividend | Annual General Meeting/Dividend - Rs.6/- Per Share |
| 2010-06-18 | Dividend | Annual General Meeting And Dividend Rs.6/- Per Share |
| 2009-03-20 | Other | Agm/Div-Rs.4/- Per Share |
| 2008-03-19 | Other | Agm/Div-Rs4 Per Share |
Documents
- Annual report FY26
- Annual report FY25
- Annual report FY24
- Annual report FY23
- Annual report FY22
- Announcements NSE filings
- BRSR FY26
- Latest results (data file) XBRL
- Announcements BSE filings
Links go to the original files on the exchange website.
About the company
- Manufacturing and Trading: Manufacturing and trading of Abrasives , Performance Plastics and Refractory Products
| Sector | Industrials |
| Industry | Abrasives & Bearings |
| Sub-industry | Abrasives & Bearings |
| Symbol | GRINDWELL |
| BSE code | 506076 |
| ISIN | INE536A01023 |
| Face value | ₹5.0 |
| Incorporated | 1950-07-31 |
| Website | www.grindwellnorton.co.in |
| Plants (India / abroad) | 8 / 0 |
From the company's filings (BRSR FY26).
Data built 2026-10-23 from NSE company filings (XBRL: Integrated Filing - Financials + financial results), NSE shareholding & pledge data; price = NSE close 2026-10-26.