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Grindwell Norton Limited
(GRINDWELL)
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Rating:71Outperform
Price Target:
₹2,039.00
▼(-5.77% Downside)
Action:Reiterated
Date:07/17/26
The score is primarily supported by strong financial health (very low leverage and solid profitability/cash flow), which provides resilience. This is partially offset by a premium valuation (high P/E and low yield) and only moderate technical momentum despite the clear longer-term uptrend. Recent margin compression is a key risk to monitor.
Positive Factors
Very low leverage
The exceptionally low debt burden gives Grindwell Norton substantial financial flexibility and limits solvency risk. A conservative balance sheet can support continued investment, protect resilience during industrial slowdowns, and reduce pressure from interest costs over the next several quarters.
Negative Factors
Margin compression
The decline in gross and operating margins signals weaker earnings quality and suggests that pricing, product mix, or cost pressures are absorbing part of the company’s growth. If sustained, margin compression would limit profit expansion and reduce the benefit of future revenue gains.
Read all positive and negative factors
Positive Factors
Negative Factors
Very low leverage
The exceptionally low debt burden gives Grindwell Norton substantial financial flexibility and limits solvency risk. A conservative balance sheet can support continued investment, protect resilience during industrial slowdowns, and reduce pressure from interest costs over the next several quarters.
Read all positive factors
Grindwell Norton Limited (GRINDWELL) vs. iShares MSCI India ETF (INDA)
Market Cap
₹218.92B
Dividend Yield0.96%
Average Volume (3M)4.80K
Price to Earnings (P/E)50.3
Beta (1Y)1.49
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. Volume1,859
30 Day Avg. Volume4,805
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)₹34.87B
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 | 4.94B | 5.04B | 4.99B | 3.92B |
| 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
Positive
2163.80
Price Trends
2014.27
Negative
2001.60
Negative
1777.05
Positive
Market Momentum
-12.27
Negative
51.78
Neutral
55.68
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:GRINDWELL, the sentiment is Positive. The current price of 2163.8 is above the 20-day moving average (MA) of 1928.21, above the 50-day MA of 2014.27, and above the 200-day MA of 1777.05, indicating a neutral trend. The MACD of -12.27 indicates Negative momentum. The RSI at 51.78 is Neutral, neither overbought nor oversold. The STOCH value of 55.68 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 | ₹185.44B | 41.15 | ― | 0.46% | 15.94% | 23.70% | |
71 Outperform | ₹218.92B | 50.25 | ― | 0.96% | 12.94% | 17.92% | |
70 Outperform | ₹233.20B | 67.84 | ― | 0.38% | 18.48% | 11.21% | |
70 Outperform | ₹235.88B | 38.82 | ― | 0.71% | 10.19% | 12.02% | |
65 Neutral | ₹233.27B | 55.20 | ― | 0.16% | 13.01% | -7.32% | |
60 Neutral | ₹236.22B | 113.39 | ― | 0.32% | 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
1,977.25
330.77
20.09%
IN:CARBORUNIV
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1,239.95
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IN:ELGIEQUIP
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585.15
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IN:GABRIEL
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1,315.80
29.79
2.32%
IN:SUNDRMFAST
Sundram Fasteners Limited
1,122.55
105.51
10.37%
IN:TIMKEN
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3,101.25
27.38
0.89%
Grindwell Norton Limited Corporate Events
Grindwell Norton Details Proceedings of 76th Virtual AGM
Jul 25, 2026
Grindwell Norton Limited held its 76th Annual General Meeting on July 24, 2026, conducted via video conferencing and other audio-visual means in line with Ministry of Corporate Affairs and SEBI circulars. The meeting confirmed quorum, introduced t...
Grindwell Norton Files Voting Results and Scrutinizer Report for 76th AGM
Jul 24, 2026
Grindwell Norton Limited informed stock exchanges that it held its 76th Annual General Meeting on July 24, 2026, where all business outlined in the AGM notice was transacted, and four resolutions were passed. The company submitted the statutory vo...
Grindwell Norton Announces 76th AGM, Dividend Details and Record Date
Jun 24, 2026
Grindwell Norton Limited has notified stock exchanges that it has published a newspaper advertisement announcing its 76th Annual General Meeting, along with related dividend information and the record date for determining eligible shareholders. Th...
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.