MarketFriction

Grindwell Norton Ltd

NSE GRINDWELL · BSE 506076 · Abrasives & Bearings
₹1,975.80 -0.92%
NSE close2026-10-01
52 week range1,329.00 - 2,455.00
Market cap₹21,222 Cr.
P/E48.6
Microcap 250 Price band 20% Delivery 47.1%

Price

Drag to pan, scroll or pinch to zoom. Ruler (or Shift + drag) measures a move.Dashed lines: 52 week high and low. Prices adjusted for splits and bonuses.

Financials

Consolidated, Rs crore
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales667660691706694703710703775753842803
Expenses536532567572565579582574634614678646
Operating Profit131128125133129123127130141139164157
OPM %20%19%18%19%19%18%18%18%18%18%19%20%
Other Income231417162318232431192125
Interest222222222221
Depreciation171820212323252626272627
Profit before tax135122120125128116123126143128158154
Tax %24%25%23%26%24%24%24%25%25%26%24%25%
Net Profit1029293939788939410796119115
EPS in Rs9.208.328.368.418.697.848.368.539.658.6010.7210.43
Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,1511,2631,4311,5981,5801,6382,0132,5412,6872,8123,0733,173
Expenses9661,0701,1831,3261,3151,3141,6122,0402,1672,2972,4972,572
Operating Profit184193248272265324400501520515576601
OPM %16%15%17%17%17%20%20%20%19%18%19%19%
Other Income223126354051535367799396
Interest222243488987
Depreciation43424545585453607193105106
Profit before tax161180227260243317396486508492555584
Tax %34%33%34%35%24%25%25%26%24%25%25%
Net Profit106121151169184238295362384371417438
EPS in Rs9.5110.7813.5315.1016.4821.6026.7032.6934.6533.3037.5439.40
Dividend Payout %34%37%37%40%46%44%45%44%49%51%51%
10 Years5 Years3 YearsTTM1 YearLast Year
Compounded Sales Growth10%13%7%13%
Compounded Profit Growth14%12%3%18%
Stock Price CAGR19%6%-3%21%
Return on Equity17%18%17%16%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital282855555555555555555555
Reserves5887358389351,0431,1321,3091,5131,7502,0002,2002,479
Borrowings15158000121551838461
Other Liabilities309311309349347404485532549628716840
Total Liabilities9401,0891,2101,3391,4451,5921,8622,1162,4062,7663,0553,436
Fixed Assets360350368342345385370386586756886887
CWIP714625432924671241282652
Investments35135145171183583713531642689892999
Other Assets5385906908028755957551,1331,0541,1931,2511,498
Total Assets9401,0891,2101,3391,4451,5921,8622,1162,4062,7663,0553,436
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity10613917013485318331187393368458542
Cash from Investing Activity-30-38-40-41-54-442-230-54-251-184-159-244
Cash from Financing Activity-46-1023-60-68-95-95-114-140-175-221-215
Net Cash Flow29-013332-37-220719197883
Free Cash Flow719911796182682836772199366424
CFO/OP87%102%119%83%65%146%126%72%103%97%111%118%
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days424237454747454340494747
Inventory Days171190162159169155163184146148140123
Days Payable67621091149311615813488110122132
Cash Conversion Cycle145171899012387509298866639
Working Capital Days415649547450365144473724
ROCE %25%22%20%23%23%20%23%26%28%25%21%21%
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters58.04%58.04%58.04%58.04%58.04%58.04%58.04%58.04%58.04%58.04%58.04%58.04%
FIIs8.40%8.42%8.31%8.63%8.25%6.97%6.75%6.81%6.38%6.39%5.56%5.21%
DIIs15.31%15.45%15.90%16.14%16.69%18.07%18.33%18.20%18.37%18.35%19.18%19.59%
Public18.25%18.09%17.76%17.19%17.01%16.91%16.88%16.95%17.22%17.23%17.23%17.17%
No. of Shareholders51,24052,19947,95447,49350,45550,30046,81047,11048,55749,01046,99445,545

Fundamentals

Market Cap₹ 21,222 Cr.
Current Price₹ 1,917
Stock P/E48.6
Book Value₹ 229
ROCE21.2 %
ROE16.2 %
Dividend Yield0.99 %
Face Value₹ 5.00
Compounded Sales Growth (TTM)13%
Compounded Profit Growth (TTM)18%
Consolidated figures.
Valuation
Market capRs 21,876 Cr
Enterprise valueRs 21,447 Cr
P/E (TTM)50.14x
Price to book8.63x
Price to sales6.89x
EV / EBITDA30.78x
EV / EBIT36.29x
EV / sales6.76x
Price to cash flow40.35x
Earnings yield1.99%
Dividend yield0.96%
P/E, 3-year average47.28x
P/B, 3-year average8.16x
P/E, 5-year average53.35x
P/B, 5-year average9.74x
Profitability
Operating margin (excl. other income)18.74%
Operating margin (incl. other income)21.76%
EBITDA margin21.96%
Pre-tax margin18.39%
Net profit margin13.75%
Net margin, latest quarter14.38%
ROE17.35%
ROCE22.84%
ROA12.81%
ROE, 3-year average18.11%
ROCE, 3-year average23.69%
ROA, 3-year average13.44%
ROE, 5-year average19.19%
ROCE, 5-year average25.36%
ROA, 5-year average14.24%
ROIC (approx.)21.07%
Tax rate24.95%
Other income / net worth3.66%
Growth
Sales growth (latest year)9.30%
Profit growth (latest year)12.73%
Sales CAGR, 3 years6.54%
Sales CAGR, 5 years13.41%
Profit CAGR, 3 years4.72%
Profit CAGR, 5 years11.69%
Sales growth QoQ-4.62%
Profit growth QoQ-2.72%
Sales growth YoY (latest quarter)14.19%
Profit growth YoY (latest quarter)22.30%
Per share
EPS (TTM)Rs 39.41
EPS (latest year)Rs 37.54
EPS (latest quarter)Rs 10.43
EPS, 3-year averageRs 35.16
EPS, 5-year averageRs 32.98
Book value per shareRs 228.93
Sales per shareRs 286.58
Cash flow per shareRs 48.97
Free cash flow per shareRs 38.29
Dividend per share (latest year)Rs 19.00
Dividend per share, 3-year averageRs 17.67
Dividend per share, 5-year averageRs 15.90
Dividends
Dividend payout50.61%
Dividend payout, 3-year average50.24%
Dividend payout, 5-year average48.00%
Efficiency
Asset turnover0.89x
Fixed asset turnover3.47x
Inventory turnover3.49x
Inventory days105 days
Debtor days47 days
Debtors turnover7.75x
Creditor days132 days
Cash conversion cycle39 days
Working capital days24 days
Leverage
Total debtRs 61 Cr
Cash and bankRs 490 Cr
Net debtRs -429 Cr
Debt to equity0.02x
Net debt / EBITDA-0.62x
Interest coverage79.97x
Current ratio (filing 2026-03-31)2.81x
Quick ratio (filing 2026-03-31)2.17x
Trade payables (filing 2026-03-31)Rs 514 Cr
Owners' fund to total sources73.78%
Debt to assets1.77%
Cash flow
Cash from Operating Activity (latest year)Rs 542 Cr
Cash from Investing Activity (latest year)Rs -244 Cr
Cash from Financing Activity (latest year)Rs -215 Cr
Net Cash Flow (latest year)Rs 83 Cr
Free cash flow (latest year)Rs 424 Cr
FCFE (approx.: FCF + change in debt)Rs 401 Cr
Cash from ops / profit, 5 years1.07x
Sales to cash flow5.67x
Statement figures
Net sales (TTM)Rs 3,173 Cr
Net sales (latest year)Rs 3,073 Cr
Sales (latest quarter)Rs 803 Cr
Operating profit excl. other income (latest year)Rs 576 Cr
Operating profit (latest quarter)Rs 157 Cr
Other income (TTM)Rs 96 Cr
EBITDA (TTM)Rs 697 Cr
PBDT (TTM)Rs 689 Cr
Profit before tax (TTM)Rs 584 Cr
Tax (latest year)Rs 139 Cr
Net profit (TTM)Rs 436 Cr
Net profit (latest year)Rs 416 Cr
Net profit (latest quarter)Rs 116 Cr
Depreciation (TTM)Rs 106 Cr
Depreciation (latest quarter)Rs 27 Cr
Interest (TTM)Rs 7 Cr
Cost of goods sold (latest year)Rs 1,678 Cr
Total expenditure (latest year)Rs 2,497 Cr
Total income (latest year)Rs 3,166 Cr
Share capitalRs 55 Cr
ReservesRs 2,479 Cr
Shareholders' fundsRs 2,535 Cr
Total assetsRs 3,436 Cr
Net blockRs 887 Cr
Capital work in progressRs 52 Cr
InvestmentsRs 999 Cr
ReceivablesRs 397 Cr
InventoryRs 481 Cr
Other liabilitiesRs 840 Cr
Shares outstanding (crore)11.07
Ownership
Promoter holding58.04% (+0.00 in a year)
Computed by MarketFriction from the consolidated statements. Returns use average balances.
P/E 50.1 is at the 48th percentile of its own 9.4-year range (median 50.6, low 29.2, high 88.7).
P/B 8.63 is at the 51th percentile (median 8.49).
Monthly. Market cap from split-adjusted price; profit and book value as reported by that month. A low percentile means cheap versus its own history, not cheap versus peers.
PeriodGRINDWELLNifty 50Difference
1 week-0.3%-2.8% +2.5 pts
1 month-0.4%-6.8% +6.4 pts
3 months-5.4%-7.6% +2.2 pts
6 months+46.0%+0.4% +45.6 pts
1 year+23.5%-9.9% +33.5 pts
2 years-15.9%-13.6% -2.4 pts
3 years-4.9%+14.2% -19.1 pts
5 years+38.7%+27.9% +10.8 pts
78 mutual fund schemes hold about ₹4,988 Cr. Over three months 18 bought more and 40 sold (share counts, price move removed).
FundWeightEst. Cr3m shares
SBI Midcap Fund2.06%506 -17%
SBI Midcap Fund2.06%502 -17%
SBI ELSS Tax Saver Fund1.20%382 -2%
Nippon India Small Cap Fund0.45%368 -6%
SBI Contra Fund0.64%303 +85%
UTI Flexi Cap Fund1.13%272 -6%
Axis Small Cap Fund0.58%181 -8%
SBI MNC Fund2.45%165 -25%
UTI Mid Cap Fund1.19%152 -6%
SBI Infrastructure Fund2.94%142 -30%
SBI Dividend Yield Fund1.59%136 -2%
ICICI Pru Small Cap Fund1.34%131 -8%
ICICI Pru Small Cap Fund1.34%127 -8%
Sundaram Mid Cap Fund0.68%101 -9%
Sundaram Mid Cap Fund0.68%99 -9%
SBI Conservative Hybrid Fund(Q0.95%97 -2%
Invesco India Smallcap Fund0.60%94 -16%
SBI Flexicap Fund0.35%81 -4%
SBI Innovative Opportunities Fund1.47%77 -7%
Invesco India Large & Mid Cap Fund0.53%63 -11%
ICICI Pru Mid Cap Fund0.72%61 -8%
Invesco India Infrastructure Fund3.81%59 -1%
Aditya Birla SL MNC Fund1.77%58 -7%
ICICI Pru Mid Cap Fund0.72%58 -8%
UTI Small Cap Fund1.08%57 -6%

Red flags

F-score 7 of 8
No red flags in the latest statements and filings.
Checks on the latest reported years: cash vs profit, accruals, receivables and inventory vs sales, dilution, debt, interest cover, equity, other income, losses, and auditor, top-management, insolvency and regulator filings in the last 12 months. A flag asks for an explanation; it is not a verdict.

Insider trades

NSE insider and takeover-code disclosures
DateWhoRoleSideSharesValueHow
2023-08-08Danesh M. NarangPromotersother430,000Gift
2023-08-08Mikhil M. NarangPromotersother430,000Gift
2022-02-28Rajani SeshadriImmediate relativebuy4,000Rs 0.64 CrMarket Purchase
2021-08-11K. M. NARANGPromoterssell4,124Rs 0.50 CrMarket Sale
2021-08-10KHURSHEED M NARANGKPromoterssell1,607Rs 0.19 CrMarket Sale
2021-02-22Rajani SeshadriImmediate relativebuy1,200Rs 0.10 CrMarket Purchase
2020-12-07Rajani SeshadriImmediate relativebuy773Rs 0.05 CrMarket Purchase
2020-12-04Rajani SeshadriImmediate relativebuy446Rs 0.03 CrMarket Purchase
2020-12-03Rajani SeshadriImmediate relativebuy781Rs 0.05 CrMarket Purchase
2020-12-02Rajani SeshadriImmediate relativebuy2,000Rs 0.12 CrMarket Purchase
2020-12-01Rajani SeshadriImmediate relativebuy1,000Rs 0.06 CrMarket Purchase
2020-09-25Rajani SeshadriImmediate relativebuy693Rs 0.04 CrMarket Purchase
Latest disclosed trades by insiders, promoters and large holders. Grants, option exercises and pledges show as "other". A filing is a fact, not a signal on its own.

Latest quarter

Jun 2026
Sales ₹803 Cr +14.2% vs Jun 2025. Net profit ₹115 Cr +22.3%.

Activity

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No bulk or block deals on record.
Ex-dateActionFactor
2026-07-10Dividend - Rs 19 Per Share
2025-07-15Dividend - Rs 17 Per Share
2024-07-09Annual General Meeting/Dividend - Rs 17 Per Share
2023-08-04Annual General Meeting/Dividend - Rs 14.50 Per Share
2022-07-19Annual General Meeting/Dividend - Rs 12 Per Share
2021-07-19 Annual General Meeting/Dividend - Rs 9.50 Per Share
2020-07-16 Annual General Meetingdividend - Rs 7.50 Per Share
2019-07-17 Annual General Meeting/Dividend - Rs 6 Per Share
2018-07-18 Annual General Meeting/Dividend- Rs 5 Per Share
2017-07-17 Annual General Meeting/Dividend - Rs 4/- Per Share
2016-07-14 Bonus 1:10.5000
2016-03-22 Interim Dividend - Rs 6.50/- Per Share (Purpose Revised)
2015-07-24Annual General Meeting/ Dividend - Rs 6.50/- Per Share
2014-07-11Annual General Meeting / Final Dividend Rs.6.50/- Per Equity Share
2013-06-14Annual General Meeting / Final Dividend Rs.6.50/- Per Equity Share
2012-06-15Annual General Meeting/Dividend Rs 6.50 Per Share
2011-06-17Annual General Meeting/Dividend - Rs.6/- Per Share
2010-06-18Annual General Meeting And Dividend Rs.6/- Per Share
2009-03-20Agm/Div-Rs.4/- Per Share
2008-03-19Agm/Div-Rs4 Per Share
2007-12-19Spl Int Div - Rs.4 Per Sh
2007-03-22Agm/Int Div-Rs3.50 Per Sh
DateTypeWhat it says
2026-09-03General UpdatesPlease find attached the ESG Rating from NSE Sustainability Ratings & Analytics Limited
2026-08-27Concall / analyst meetSchedule of meet
2026-08-27Concall / analyst meetSchedule of meet
2026-08-14Concall / analyst meetSchedule of meet
2026-08-06Concall / analyst meetSchedule of meet
2026-08-04General UpdatesPlease find attached the ESG Rating from Crisil ESG Rating and Analytics Limited
2026-07-25Shareholder meetingProceedings of Annual General Meeting held on July 24, 2026
2026-07-25Shareholder meetingVoting results.
2026-07-24Board meeting outcomePlease find attached the Unaudited Financial Results for the quarter ended June 30, 2026
2026-07-24Board meeting outcomePlease find attached the outcome of the board meeting held today i.e. July 24, 2026
2026-07-01General UpdatesCommunication to shareholders - Notice of 76th Annual General Meeting and Annual Report for FY 2025-26
2026-06-30General UpdatesAttached please find Business Responsibility & Sustainability Report for FY 2025-26
2026-06-30Shareholder meetingNotice of Annual General Meeting to be held on Friday, July 24, 2026
2026-06-24Concall / analyst meetSchedule of meet
2026-06-17Disclosure under SEBI TakeovGrindwell Norton Limited has Submitted to the Exchange a copy of Disclosure under Regulation 31(4) of the Securities and Exchange Board of India (Subs...
2026-06-09General UpdatesPlease find attached the intimation regarding reminder letter sent to holders of physical shares to update the KYC details and to dematerialize their ...
2026-05-29Concall / analyst meetLink of Recording
2026-05-29Investor PresentationInvestor Presentation
2026-05-27General UpdatesIn continuation of our disclosure dated February 6, 2026, we wish to inform you that the Company has executed the Share Subscription and Shareholders ...
2026-05-22Concall / analyst meetSchedule of meet
2026-05-08General UpdatesIf the Dividend, as recommended by the Board of Directors, is approved at the AGM, payment of such dividend will be made on or from Tuesday, July 28, ...
2026-05-08Shareholder meetingNotice of Annual General Meeting to be held on July 24, 2026
2026-05-08Record DateRecord date for the purpose of Dividend is 10-Jul-2026.
2026-05-08DividendBoard of Directors at its meeting held on May 08, 2026, recommended Final Dividend of Rs. 19 per equity share.
2026-05-08Board meeting outcomeGrindwell Norton Limited has submitted to the Exchange, the financial results for the period ended March 31, 2026.
Company filings to NSE, newest first. Routine notices (trading window, newspaper copies) are left out. Click a row for the filing.
No short selling reported to NSE in our files.
Short sales disclosed by brokers to NSE, by trade date. Collected since late September 2026.
Order dateForumCase
2019-03-11NCLTM/s. Grindwell Engineers Vs M/s. Tecpro System Ltd
Orders from NCLT, NCLAT and CESTAT naming the company. Click a row for the order.
Scrip PE is greater than 50 (4 trailing quarters)

Quick answers

What is the market cap of Grindwell Norton Ltd?

Grindwell Norton Ltd (GRINDWELL) has a market capitalisation of Rs 21,222 Cr. at the 2026-10-01 close.

What is the P/E ratio of Grindwell Norton Ltd?

Grindwell Norton Ltd trades at a P/E of 48.6 on trailing twelve-month profit, at the 2026-10-01 close.

What were Grindwell Norton Ltd's latest quarterly results?

In the Jun 2026 quarter, Grindwell Norton Ltd sales was Rs 803 Cr (+14.2% vs Jun 2025) and net profit was Rs 115 Cr.

What is the 52-week high and low of Grindwell Norton Ltd?

The 52-week high is Rs 2,455.00 and the 52-week low is Rs 1,329.00.

Data: NSE and BSE daily reports, company filings. Numbers only, not investment advice, not a SEBI-registered research service.AboutMethodologyFAQResearchContactTermsPrivacyDisclaimerUpdated 2026-10-03