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Prices as of 8 Oct 2026 close · Not investment advice

Grindwell Norton Limited

NSE: GRINDWELLAbrasives & Bearings

Share price

₹2,007.00

-0.55% close of 8 Oct 2026

Market cap ₹22,077 CrP/E 50.5

Business score

How strong the business is, in one number. The parts behind it are in Pro.

71

out of 100 · worked out 8 Oct 2026

Your ratios

The numbers you want to see first. Tap Edit to change them.

Market cap

₹22,077 Cr

P/E ratio

50.5

P/B ratio

8.8

ROCE

21.2%

ROE

16.2%

Dividend yield

0.9%

Price & valuation chart

How the share price and its valuation have moved. Hover over the chart to see any day. Prices as of the last close.

Prices as of 8 Oct 2026 close52-week high ₹2,382.3052-week low ₹1,353.10

Answers

Simple answers to the questions investors ask most, from the company's own numbers.

How fast it has been growing

Sales grew 12.9% over the past year, and 11.1% a year over its longer record. Meanwhile what it keeps of every 100 rupees of sales slipped from 19.9% to 18.9% over the last four years.

Whether it grew faster than its sector

It grew 11.1% a year against a sector median of 10.6% — 0.5 percentage points faster.

Room to re-rate, or risk of de-rating

At 50.5× earnings it costs 2.1× the market, which pays 23.9× across 2199 companies we can price. Its own industry sits at 61.8×, across 5 companies. It is against its own five-year median of 64.5×, the 23rd percentile of its own range.

Whether growth justifies the valuation

Priced at 16.8 times its growth rate, on earnings growth of 3%.

Profit growthPrice per ₹1 profitPer 1% growth
Grindwell Norton Limited — this one3%/yr50.5×₹16.8
Carborundum Universal Limited-14%/yr91.5×—
Timken India Limited—53.0×—
SKF India (Industrial) Limited—61.8×—
SKF India Limited-18%/yr29.7×—
Wendt (India) Limited-32%/yr90.7×—

Compared with companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

How it compares with its peers

Against companies the exchange files under the same label (Abrasives & Bearings), it ranks 3 of 7 on returns, 2 of 6 on growth, 1 of 7 on margin. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

What makes it hard to beat — and is that still true?

A narrow advantage: it earns 21.2% on capital, ahead of 57% of companies filed under the same label. That grouping comes from the exchange's filing category, so some of them may not be real rivals.

Whether its growth pays for itself

Yes — Over the last five years it made ₹1948 crore of cash from the business, spent ₹820 crore on plant and equipment, and returned ₹865 crore to lenders and shareholders. And the profit is real: of every 100 rupees it reported over 12 years, about 111 arrived as cash (before interest, which is why it can exceed the profit). Its cash comes back faster than it used to: it went from being waiting 51 days for its cash to waiting 24 days for its cash.

Profit reality check

Is the profit real cash? Simple checks on the accounts. Facts only, not advice.

8 of 9 checks clear · 89%

Latest result

What the last results showed. Whether management kept its word is in Pro.

Results are expected soon.

Checklist before you investPRO

Points for and against, in one list.

Key numbers & peers

The main numbers grouped by topic, and how the company compares with similar ones.

Price

Market cap
₹22,077 Cr
Prev close
₹2,007.00
52w High
₹2,455
52w Low
₹1,329
Enterprise value
₹21,795 Cr
Beta
0.8
Price CAGR 1y
22.0%
Price CAGR 3y
-1.0%
Price CAGR 5y
7.0%
Price CAGR 10y
20.0%

Ratios

Return on assets
12.1%
PEG ratio
17.0
P/E ratio
50.5
P/B ratio
8.8
EV / EBITDA
38.7
Industry P/E
52.1
ROCE
21.2%
ROCE 5y average
24.2%
ROE
16.2%
Debt / Equity
0.0
Interest coverage
70.4
Dividend yield
0.9%
ROE 3y average
17.0%
ROE last year
16.0%

Annual P&L

Annual revenue
₹3,073 Cr
Annual profit
₹417 Cr
Operating margin
19.0%
Net profit margin
13.6%
EBITDA margin
18.7%
Sales growth 3y
6.5%
Sales growth 5y
13.4%
Profit growth 3y
3.0%
Profit growth 5y
12.0%
EPS
₹37.5
Sales growth TTM
13.0%
Profit growth TTM
18.0%
Dividend payout
51.0%

Quarter P&L

Sales latest quarter
₹803 Cr
Profit latest quarter
₹115 Cr
YoY quarterly sales growth
14.2%
YoY quarterly profit growth
22.3%
OPM latest quarter
19.6%

Balance Sheet

Book Value
₹230
Face Value
₹5.0
Total debt
₹61 Cr
Total cash
₹490 Cr
Borrowings
₹61 Cr
Reserves / Equity
45.1

Cash Flow

Operating cash flow
₹542 Cr
Free cash flow
₹424 Cr
FCF yield
1.9%
Net cash flow
₹83 Cr

Shareholding

Promoter holding
58.0%
FII holding
5.3%
DII holding
19.7%
Public holding
16.9%

Peer comparison

CompanyPrice ₹P/EMkt cap ₹ CrDiv yield %Profit qtr ₹ CrProfit var %Sales qtr ₹ CrSales var %ROCE %
Carborundum Uni.1,256.7095.523,9410.3280.323.41,426.617.010.5
Timken India3,132.0057.623,5590.08115.110.5929.114.918.3
Grindwell Norton2,018.2051.222,3460.94115.322.3803.314.221.2
SKF India Indus.2,745.1035.313,5710.7361.9-13.8970.818.329.9
SKF India1,428.9047.67,0642.8061.832.3587.827.113.3
Wendt India7,991.0094.31,5980.386.263.571.336.67.8
Galaxy Bearings1,000.6085.83180.003.015.416.0-5.65.2
Median1,723.5571.710,3180.3561.918.9695.515.912.4

Competes with: Carborundum Universal Limited, NRB Industrial Bearings Limited, SKF India (Industrial) Limited, SKF India Limited, Timken India Limited, Wendt (India) Limited

Quarterly results

Sales and profit for each of the last 13 quarters. Newest on the right. ₹ crore.

Consolidated · to 30 Jun 2026
Line itemJun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales668667660691706694703710703775753842803
Expenses534536532567572565579582574634614678646
Material Cost255265252278
Change in Inventories1.376.2745-26
Purchases of Stock-in-Trade9883102109
Employee Cost92829197
Other Expenses189179188188
Operating Profit135131128125133129123127130141139164157
OPM %20201918191918181818181920
Other Income15231417162318232431192125
Exceptional items (within Other Income)0000
Interest2222222222221
Depreciation17171820212323252626272627
Profit before tax130135122120125128116123126143128158154
Tax %26242523262424242525262425
Net Profit971029293939788939410796119115
EPS in Rs8.769.208.328.368.418.697.848.368.539.658.601110
Diluted EPS in Rs9.658.601110

Profit & loss

Yearly sales, costs and profit for 12 years, plus the last 12 months (TTM). ₹ crore.

Consolidated · to 31 Mar 2026
Line itemMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,1351,1511,2631,4311,5981,5801,6382,0132,5412,6872,8123,0733,173
Expenses9549661,0701,1831,3261,3151,3141,6122,0402,1672,2972,4972,572
Material Cost1,010
Change in Inventories23
Purchases of Stock-in-Trade392
Employee Cost350
Other Expenses725
Operating Profit181184193248272265324400501520515576601
OPM %16161517171720202019181919
Other Income17223126354051535367799396
Exceptional items (within Other Income)0
Interest322224348898.177
Depreciation4243424545585453607193105106
Profit before tax154161180227260243317396486508492555584
Tax %323433343524252526242525
Net Profit104106121151169184238295362384371417438
EPS in Rs9.329.511114151622273335333839
Diluted EPS in Rs38
Dividend Payout %353437374046444544495151

Compounded growth

Average yearly growth over different spans, as stored. A span can cross a demerger or an acquisition.

Compounded sales growth

10 years
10%
5 years
13%
3 years
7%
TTM
13%

Compounded profit growth

10 years
14%
5 years
12%
3 years
3%
TTM
18%

Stock price CAGR

10 years
20%
5 years
7%
3 years
-1%
1 year
22%

Return on equity

10 years
17%
5 years
18%
3 years
17%
Last year
16%

Balance sheet

What the company owns and what it owes, at the end of each year. ₹ crore.

Consolidated
Line itemMar 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
Minority Interest15
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 Assets9401,0891,2101,3391,4451,5921,8622,1162,4062,7663,0573,438

Cash flows

Real money coming in and going out each year — from the business, from investments and from loans. ₹ crore.

Consolidated
Line itemMar 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

Ratios

How fast customers pay, how long stock sits, and how well capital earns — year by year.

Consolidated
Line itemMar 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 %252220232320232628252121

Shareholding pattern

Who owns the company — founders (promoters), foreign funds, Indian funds and the public. In %.

Consolidated · to 30 Sep 2026
Line itemDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters585858585858585858585858
FIIs8.428.318.638.256.976.756.816.386.395.565.215.34
DIIs151616171818181818192020
Public181817171717171717171717
No. of Shareholders52,19947,95447,49350,45550,30046,81047,11048,55749,01046,99445,54544,141

Price trend

The price as a Renko brick chart: small moves drop out so the bigger path stands out.

Change over 1 year +19.6% (₹1,677.40 → ₹2,007.00)Brick size ₹59.47 (fixed)Bricks 38
₹1,500₹2,007Nov '25Mar '26May '26Jul '26Sep '26
Price moved up one brickPrice moved down one brickLast close ₹2,007.00 on 8 Oct 2026

Every brick is the same size, about one typical day's move. A new brick needs a full brick's move; turning the other way needs two. Bricks show where the price went, not where it will go.

Open interestPRO

Where option traders are positioned on this stock.

Industry numbers

The numbers that matter most in this industry, from the company's own filings.

1 when an audit qualification is filed as repetitive

0.00flag

2026-03-31

the company's own unlisted debt securities in default at period end

0.00cr

2026-06-30

exports as % of revenue

16.49

the company's own loans / revolving facilities in default at period end (standalone filing)

0.00cr

2026-06-30

guarantees / comfort given for promoter, promoter group, directors and KMP

0.00cr

2026-09-30

loans outstanding to promoter, promoter group, directors and KMP (governance filing)

0.00cr

2026-09-30

security given for the borrowing of promoter, promoter group, directors and KMP

0.00cr

2026-09-30

FY revenue / permanent employees + workers, same basis (calc)

1,26,87,086inr

2026-03-31

News

News and filings about Grindwell Norton Limited. Open one to see why it matters.

No recent news for this company.

Supply chain

Who it buys from, sells to and competes with — as recorded in our map of company links.

Competes with

Uses as raw material

  • abrasive grains (alumina / aluminium oxide)
  • diamond & CBN (superabrasive grits)
  • organic / vitrified bonding resins
  • paper / cloth / synthetic backing
  • polymer raw materials (performance plastics)
  • recycled / specialty ceramics feedstock
  • silicon carbide grains

Depends on the price of

  • aluminium
  • fuel

Sells to

  • Aerospace & defence · precision abrasives & engineered components
  • Electronics · performance plastics, ceramics, engineered components
  • Foundries / metal fabrication · abrasives, refractories (silicon carbide ceramics)
  • General engineering / construction & industrial maintenance · abrasives, grinding wheels
  • Indian Railways · abrasives, grinding products
  • Life sciences / pharma · performance plastics, engineered components
  • Oil & gas · ceramics, performance plastics, abrasives

Buys from

About

What the company is, from our own records: where it sits, where it makes things, and what it is made of.

Sector
Capital Goods
Industry
Abrasives & Bearings
Classification
Capital Goods › Abrasives & Bearings
ISIN
INE536A01023

Business segments

  • Abrasives · 48%
  • Ceramics & Plastics · 42%
  • Digital Services · 7%
  • Others · 3%

Plants

  • Bengaluru plant
  • Halol complex
  • Himachal Pradesh (Baddi) plant
  • Mora unit
  • Nagpur plant
  • Saint-Gobain Ceramic Materials Bhutan (SiC plant)
  • Tirupati Silicon Carbide plant

News impact

Big market events that reach Grindwell Norton Limited, and how the effect spreads.

No recent market events reach this company.

Dividends, splits & big trades

Money paid out, share splits and buybacks, and big buys or sells by funds and insiders.

Dividends

10 Jul 2026unspecified₹19
15 Jul 2025unspecified₹17
9 Jul 2024unspecified₹17
4 Aug 2023unspecified₹14.5
19 Jul 2022unspecified₹12
19 Jul 2021unspecified₹9.5
17 Jul 2019unspecified₹6
18 Jul 2018unspecified₹5

Splits, bonuses & buybacks

  • daily-prices repair: 13 rows from NSE's archive (replace 5, delete 1, insert 7), 2016-02-12..2026-02-01 (docs/flat_day_repair.md)1× · 12 Feb 2016

Documents

Annual reports, results presentations and earnings calls, straight from the source.

Facts from company filings and exchange data. Not investment advice: nothing here tells you to buy or sell.