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Grindwell Norton
Abrasives + ceramics duopoly (Saint-Gobain). Steady 19% OPM, 21% ROCE, net cash — quiet quality.
Order book · Steady industrial consumables demand
Hold / Watchlist
₹2,125
Mkt cap ₹23.5K Cr
P/E
60.7x
P/B
9.3x
ROCE
21.2%
ROE
16.2%
Div yield
0.93%
52W high
₹2,464
52W low
₹1,329
Promoter
58.0%
Score bridge (derived from real data)
Fundamental
60
Valuation
55
Technical
82
Moat (curated)
72
Fundamental = ROCE/ROE/OPM/growth/cash-conversion/leverage from Screener statements. Valuation = P/E, EV/EBITDA, P/B and distance-from-high. Technical = position in real 52-week range (full OHLCV indicators need a market-data API). Decision = weighted engine over all four.
52-week position
₹1,329now ₹2,125₹2,464
70/100
Technical rating A
Price · 2 years · SMA 50/200 · as of 2026-07-20
Strong UpMACD BearishGolden cross
RSI-14
RSI-14
53
vs SMA-50
6.2%
vs SMA-200
26.1%
1Y return
19.2%
Ann. vol
35%
Max DD 1Y
-25%
Annual trend · sales, PAT, OPM
Quarterly run-rate
Peer set · Consumables & Wear Parts
| Company | Mkt cap | P/E | OPM | ROCE | Sales 3Y | PAT 3Y | D/E | Composite |
|---|---|---|---|---|---|---|---|---|
| AIA Engineering | ₹43.6K Cr | 34.2x | 28% | 21.1% | -3.4% | 6.3% | 0.00x | 67 |
| Grindwell Norton ◄ | ₹23.5K Cr | 60.7x | 19% | 21.2% | 6.5% | 4.8% | 0.02x | 66 |
| Carborundum Universal | ₹20.7K Cr | 80.9x | 11% | 10.5% | 3.8% | -27.6% | 0.11x | 55 |
Financial statements
Source: Screener.inSales 3Y CAGR
6.5%
PAT 3Y CAGR
4.8%
OPM (latest)
19.0%
PAT margin
13.6%
D / E
0.02x
CFO / PAT
1.30x
EV / EBITDA
41.0x
FCF yield
1.3%
Ratio history · computed per year
| Ratio | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|
| Sales growth YoY % | — | 26.2% | 5.7% | 4.7% | 9.3% |
| PAT growth YoY % | — | 22.7% | 6.1% | -3.4% | 12.4% |
| OPM % | 20% | 20% | 19% | 18% | 19% |
| PAT margin % | 14.7% | 14.2% | 14.3% | 13.2% | 13.6% |
| ROE % (PAT / net worth) | 18.8% | 20.1% | 18.7% | 16.5% | 16.5% |
| D / E (x) | 0.01 | 0.03 | 0.04 | 0.04 | 0.02 |
| Asset turnover (x) | 0.95 | 1.06 | 0.97 | 0.92 | 0.89 |
| CFO / PAT (x) | 0.63 | 1.09 | 0.96 | 1.23 | 1.30 |
Annual P&L · ₹ Cr
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Sales | 2,013 | 2,541 | 2,687 | 2,812 | 3,073 |
| Operating profit | 400 | 501 | 520 | 515 | 576 |
| OPM % | 20% | 20% | 19% | 18% | 19% |
| Net profit | 295 | 362 | 384 | 371 | 417 |
| EPS ₹ | 26.70 | 32.69 | 34.65 | 33.30 | 37.54 |
Quarterly · ₹ Cr
| Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | |
|---|---|---|---|---|
| Sales | 703 | 710 | 703 | 775 |
| OPM % | 18% | 18% | 18% | 18% |
| PAT | 88 | 93 | 94 | 107 |
Balance sheet · ₹ Cr
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Equity | 55 | 55 | 55 | 55 | 55 |
| Reserves | 1,513 | 1,750 | 2,000 | 2,200 | 2,479 |
| Borrowings | 15 | 51 | 83 | 84 | 61 |
| Total assets | 2,116 | 2,406 | 2,766 | 3,055 | 3,436 |
Cash flow · ₹ Cr
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|
| Operating | 187 | 393 | 368 | 458 | 542 |
| Investing | -54 | -251 | -184 | -159 | -244 |
| Financing | -114 | -140 | -175 | -221 | -215 |
Shareholding
Promoters
58.0%
FII
5.2%
DII
19.6%
Public
17.2%
Mkt cap
₹23.5K Cr
P/E
60.7x
52W range
₹1,329–2,464