NSE: GRAUWEIL · BSE: 505710
GRAUER & WEIL IND LTD
Operates a chemicals-led, diversified business that has been running since 1957, producing surface finishing chemicals, paints, and lubricants, alongside engineering products and a mall/real estate operation. Surface Finishings is the dominant segment, generating Rs 1,083.07 crore in FY26 revenue (cited as 92% of revenue in the company's own results), covering surface treatment chemicals and related coating products sold to industrial customers. The Engineering segment added Rs 109.87 crore in FY26, while Shoppertainment — the mall operation — has been suspended since March 2025 following a Maharashtra Pollution Control Board order, contributing only Rs 0.58 crore, with the company pursuing relief in the Supreme Court. Materials account for 49.2% of revenue, employees 10%, and other operating expenses 25%, with depreciation at 2.1% and capex at 4.5% of revenue in FY26. CARE Ratings has reaffirmed a long-term rating of CARE AA- (Stable) and short-term rating of CARE A1+ on total bank facilities of Rs 185 crore. The Board has recommended a 50% dividend (Rs 0.50 per equity share) for FY26, subject to shareholder approval. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Surface Finishings (92%), Engineering, Shoppertainment, Unallocable. Diversified commodity chemicals business anchored by surface finishing, with a smaller engineering arm and a suspended mall/real estate operation
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 768 | 982 | 1,069 | 1,134 | 1,190 |
| EBITDA (ex other income) | 115 | 155 | 190 | 188 | 193 |
| margin % | 15.0 | 15.7 | 17.8 | 16.6 | 16.3 |
| Owners' profit | 79 | 113 | 146 | 157 | 164 |
| EPS, as reported (₹) | 3.47 | 4.98 | 3.23 | 3.47 | 3.62 |
| ROE % · ROCE % | 13.5 · 17.3 | 16.6 · 21.0 | 18.2 · 23.2 | 16.7 · 21.5 | 15.2 · 19.4 |
| Debt / equity (x) | 0.03 | 0.03 | 0.03 | 0.01 | 0.01 |
| Cash from operations | 44 | 114 | 159 | 144 | 152 |
| Capex | (22) | (15) | (32) | (44) | (54) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 264 | 255 | 275 | 340 | 253 | 291 | 291 | 355 |
| Profit before tax | 67 | 51 | 58 | 34 | 58 | 48 | 44 | 65 |
| Net profit | 51 | 38 | 43 | 26 | 44 | 39 | 32 | 50 |
| EPS (₹) | 1.12 | 0.83 | 0.95 | 0.57 | 0.96 | 0.85 | 0.71 | 1.09 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Surface Finishings | 1,083 | 87.4 |
| Engineering | 110 | 8.9 |
| Shoppertainment | 1 | 0.0 |
| Unallocable | 46 | 3.7 |
| Total, before eliminations | 1,240 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TATA CHEMICALS LTD | 15,351 | — | 0.69 | 139.2 | (7.7) | (5.0) | 7.4 | 14.4 |
| DEEPAK FERTILIZERS & PETR | 14,679 | 14.9 | 1.97 | 11.1 | 9.9 | 8.4 | 14.6 | 26.1 |
| GUJ NAR VAL FER & CHEM L | 7,529 | 7.3 | 0.83 | 5.4 | 8.9 | 10.3 | 8.7 | 22.1 |
| TANFAC INDUSTRIES LTD. | 6,923 | 56.6 | 18.55 | — | 18.8 | 24.3 | — | 16.0 |
| GUJARAT ALKALIES & CHEM | 4,105 | 61.8 | 0.79 | 8.7 | (0.0) | 0.7 | 12.4 | 18.4 |
| GHCL LIMITED | 3,565 | 7.8 | 1.00 | 4.7 | 13.3 | 16.6 | 1.1 | 23.9 |
| GRAUER & WEIL IND LTD ◆ | 3,543 | 21.6 | 3.28 | 14.4 | 15.2 | 19.2 | 14.5 | 20.4 |
| J.G.CHEMICALS LIMITED | 2,179 | 29.0 | 4.03 | 22.2 | 12.7 | 16.9 | — | 11.5 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 21.6 | 17.4 | 33 of 50 | 35% |
| P/B | 3.3 | 1.4 | 45 of 60 | 25% |
| ROCE | 19.1 | 6.0 | 8 of 62 | 89% |
| ROE | 15.2 | 5.0 | 9 of 60 | 86% |
| Debt / Equity | 0.0 | 0.2 | 14 of 60 | 78% |
| EBITDA margin | 20.4 | 13.3 | 12 of 58 | 81% |
| Revenue growth | 4.5 | 6.7 | 32 of 54 | 42% |
| Profit growth | 92.3 | 21.0 | 20 of 64 | 70% |
| Market cap | 3543 | 98 | 7 of 66 | 91% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Board to review September quarter and half-year results | results | low | — | — |
| 24 Oct 2026 · Duplicate certificate notice for 21,750 shares | compliance | minimal | — | — |
| 20 Oct 2026 · Grauer and Weil signs MoU with Germany's RENA Technologies for solar manufacturing JV | strategic transactions | medium | — | — |
| 10 Oct 2026 · Routine SEBI compliance certificate for Q2 FY27 dematerialisation | compliance | minimal | — | — |
| 26 Sept 2026 · Trading window closure from Oct 1, 2026 for Q2 results | compliance | minimal | — | — |
| 21 Sept 2026 · All 8 resolutions pass at 68th AGM; dividend declared for FY26 | board shareholder meetings | low | — | — |
| 18 Sept 2026 · Grauer & Weil 68th AGM: Dividend and Director Reappointments Approved | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Revised FY2025-26 Annual Report Issued After Corrigendum | compliance | minimal | — | — |
| 3 Sept 2026 · Corrigendum to FY25-26 Annual Report fixing typographical errors | compliance | minimal | — | — |
| 28 Aug 2026 · AGM notice, book closure and e-voting schedule published | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.