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Grindwell Norton Limited
(GRINDWELL)
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Rating:64Neutral
Price Target:
₹2,007.00
▼(-7.25% Downside)
Action:Downgraded
Date:10/17/26
The score is primarily supported by strong financial health (very low leverage and solid profitability/cash generation), but is held back by recent margin compression. Technical indicators are bearish with the price below key moving averages and negative momentum, and valuation is stretched with a high P/E and only modest yield.
Positive Factors
Conservative balance sheet
Very low leverage gives Grindwell Norton substantial financial flexibility and limits solvency pressure. A conservative balance sheet can support continued investment, customer commitments, and resilience through industrial demand cycles without relying heavily on external financing.
Negative Factors
Margin compression
Recent gross and operating margin compression indicates that growth is producing less profit per unit of revenue than in prior periods. If sustained, weaker pricing, mix, or cost absorption would reduce earnings quality and constrain the benefits of further sales expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Very low leverage gives Grindwell Norton substantial financial flexibility and limits solvency pressure. A conservative balance sheet can support continued investment, customer commitments, and resilience through industrial demand cycles without relying heavily on external financing.
Read all positive factors
Grindwell Norton Limited (GRINDWELL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹205.32B
Dividend Yield1.02%
Average Volume (3M)12.37K
Price to Earnings (P/E)47.0
Beta (1Y)1.45
Revenue Growth12.94%
EPS Growth17.92%
CountryIN
Employees4,863
SectorGeneral
Sector StrengthN/A
IndustryIndustrial - Specialties
Share Statistics
EPS (TTM)39.40
Shares Outstanding110,720,000
10 Day Avg. Volume1,186
30 Day Avg. Volume12,368
Financial Highlights & Ratios
PEG Ratio2.83
Price to Book (P/B)5.91
Price to Sales (P/S)4.88
P/FCF Ratio33.33
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)44.6
Revenue Forecast (FY)₹35.07B
Grindwell Norton Limited Business Overview & Revenue Model
Company Description
Grindwell Norton Limited manufactures and sells abrasives, ceramics, and plastic products in India and internationally. It operates through Abrasives, Ceramics & Plastics, Digital Services, and Others segments. The company offers abrasives, includ...
How the Company Makes Money
GRINDWELL makes money primarily by manufacturing and selling abrasive and engineered material products to industrial customers and distributors. Key revenue streams include: (1) Sale of abrasives products (such as bonded and coated abrasives) used...
Grindwell Norton Limited Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
90
Very Positive
Cash Flow
78
Positive
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 31.70B | 30.73B | 28.12B | 26.87B | 25.41B | 20.13B |
| Gross Profit | 13.59B | 11.94B | 15.23B | 14.65B | 13.65B | 11.11B |
| EBITDA | 6.97B | 6.69B | 5.14B | 5.20B | 5.10B | 4.01B |
| Net Income | 4.36B | 4.16B | 3.69B | 3.84B | 3.62B | 2.96B |
Balance Sheet | ||||||
| Total Assets | 0.00 | 34.38B | 30.57B | 27.70B | 24.12B | 21.13B |
| Cash, Cash Equivalents and Short-Term Investments | 11.56B | 11.58B | 8.81B | 6.58B | 5.75B | 6.09B |
| Total Debt | 0.00 | 607.13M | 835.49M | 825.96M | 513.60M | 150.93M |
| Total Liabilities | -25.50B | 8.88B | 7.87B | 7.03B | 5.95B | 5.39B |
| Stockholders Equity | 25.50B | 25.35B | 22.55B | 20.55B | 18.06B | 15.68B |
Cash Flow | ||||||
| Free Cash Flow | 1.24B | 4.50B | 3.64B | 1.96B | 1.92B | 609.91M |
| Operating Cash Flow | 2.04B | 5.68B | 4.58B | 3.68B | 3.56B | 1.87B |
| Investing Cash Flow | -263.11M | -3.44B | -2.13B | -1.82B | -2.23B | -535.95M |
| Financing Cash Flow | -1.97B | -2.13B | -2.21B | -1.75B | -1.40B | -1.14B |
Grindwell Norton Limited Technical Analysis
Negative
2163.80
Price Trends
1957.80
Negative
2012.80
Negative
1808.13
Positive
Market Momentum
-34.29
Positive
40.08
Neutral
30.42
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:GRINDWELL, the sentiment is Negative. The current price of 2163.8 is above the 20-day moving average (MA) of 1929.58, above the 50-day MA of 1957.80, and above the 200-day MA of 1808.13, indicating a neutral trend. The MACD of -34.29 indicates Positive momentum. The RSI at 40.08 is Neutral, neither overbought nor oversold. The STOCH value of 30.42 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:GRINDWELL.
Grindwell Norton Limited Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | ₹162.81B | 36.18 | ― | 0.53% | 15.94% | 23.70% | |
70 Outperform | ₹257.15B | 75.04 | ― | 0.34% | 18.48% | 11.21% | |
70 Outperform | ₹226.52B | 37.15 | ― | 0.74% | 10.19% | 12.02% | |
65 Neutral | ₹210.63B | 49.97 | ― | 0.18% | 13.01% | -7.32% | |
64 Neutral | ₹205.32B | 46.98 | ― | 1.02% | 12.94% | 17.92% | |
60 Neutral | ₹206.82B | 98.92 | ― | 0.37% | 10.14% | -13.46% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
IN:GRINDWELL
Grindwell Norton Limited
1,854.45
296.28
19.01%
IN:CARBORUNIV
Carborundum Universal Limited
1,085.60
157.33
16.95%
IN:ELGIEQUIP
ELGI Equipments Limited
513.75
11.15
2.22%
IN:GABRIEL
Gabriel India Limited
1,450.95
167.18
13.02%
IN:SUNDRMFAST
Sundram Fasteners Limited
1,078.00
118.40
12.34%
IN:TIMKEN
Timken India Limited
2,800.20
-209.72
-6.97%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.