NSE: GRINDWELL · BSE: 506076
GRINDWELL NORTON LIMITED
Manufactures and sells industrial products across four reported segments, generating Rs 3,073.19 crore in FY26 revenue. Abrasives is the largest line at 47.9% of segment revenue, followed by Ceramics & Plastics at 42.1%, Digital Services at 7.2%, and Others at 2.8%. On a Q1 FY27 basis, standalone revenue from operations was Rs 793.86 crore, up 14.4% year-on-year, with net profit of Rs 115.53 crore (up 22.4%), driven primarily by a 45% jump in Ceramics & Plastics segment profit and 8.5% growth in Abrasives. The biggest input cost is materials at 32.9% of revenue, followed by other operating expenses at 23.6% and employee costs at 11.4%. Capex was Rs 118.91 crore in FY26, or 3.9% of revenue, against depreciation of Rs 105.12 crore. The debt-to-equity ratio is 0.02, indicating a largely equity-funded balance sheet. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Abrasives (48%), Ceramics & Plastics (42%), Digital Services (7%), Others (3%). Industrial-products maker with four diversified segments; asset-light balance sheet (debt-to-equity 0.02) and steady double-digit margin profile.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,013 | 2,541 | 2,687 | 2,812 | 3,073 |
| EBITDA (ex other income) | 400 | 500 | 519 | 513 | 574 |
| margin % | 19.9 | 19.7 | 19.3 | 18.3 | 18.7 |
| Owners' profit | 296 | 362 | 384 | 369 | 416 |
| EPS, as reported (₹) | 26.70 | 32.69 | 34.65 | 33.30 | 37.54 |
| ROE % · ROCE % | 18.7 · 24.5 | 19.9 · 26.1 | 18.6 · 23.5 | 16.4 · 20.7 | 16.3 · 21.0 |
| Debt / equity (x) | 0.00 | 0.01 | 0.01 | 0.00 | 0.02 |
| Cash from operations | 186 | 356 | 368 | 458 | 542 |
| Capex | (126) | (164) | (172) | (94) | (119) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 694 | 703 | 710 | 703 | 1,478 | 753 | 842 | 803 |
| Profit before tax | 128 | 116 | 123 | 126 | 269 | 129 | 158 | 154 |
| Net profit | 97 | 88 | 93 | 94 | 202 | 96 | 119 | 115 |
| EPS (₹) | 8.69 | 7.84 | 8.36 | 8.53 | 18.18 | 8.60 | 10.73 | 10.43 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Abrasives | 1,842 | 48.2 |
| Ceramics & Plastics | 1,311 | 34.3 |
| Digital Services | 273 | 7.2 |
| Others | 99 | 2.6 |
| Ceramics and Plastics | 298 | 7.8 |
| Total, before eliminations | 3,823 | 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. % |
|---|---|---|---|---|---|---|---|---|
| TIMKEN INDIA LTD. | 21,206 | 63.8 | 7.28 | 31.6 | 14.2 | 18.4 | — | 20.0 |
| CARBORUNDUM UNIVERSAL LTD | 20,669 | 98.0 | 5.16 | 39.3 | 4.2 | 5.9 | 14.6 | 12.6 |
| GRINDWELL NORTON LIMITED ◆ | 20,594 | 38.8 | 8.08 | 30.8 | 16.3 | 20.7 | 13.4 | 22.6 |
| SKF IND (INDUSTRIAL) LTD | 11,964 | 91.3 | 8.10 | — | 14.7 | 14.9 | — | 10.1 |
| WENDT (INDIA) LIMITED | 1,368 | 80.8 | 5.39 | 35.7 | 5.7 | 8.9 | 11.6 | 17.6 |
| GALAXY BEARINGS LTD. | 318 | 85.8 | 2.89 | — | 3.0 | 4.1 | — | 29.7 |
| NRB INDUS. BEARINGS LTD. | 68 | — | — | — | 53.4 | (75.7) | 6.0 | (4.0) |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 38.8 | 17.6 | 261 of 337 | 23% |
| P/B | 8.1 | 1.9 | 290 of 316 | 8% |
| ROCE | 20.7 | 9.7 | 41 of 373 | 89% |
| ROE | 16.4 | 8.7 | 47 of 322 | 86% |
| Debt / Equity | 0.0 | 0.2 | 74 of 320 | 77% |
| EBITDA margin | 22.6 | 11.9 | 58 of 317 | 82% |
| Revenue growth | 14.2 | 13.7 | 152 of 311 | 51% |
| Profit growth | 22.1 | 25.5 | 164 of 314 | 48% |
| Market cap | 20594 | 203 | 16 of 383 | 96% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · Board Meeting on Oct 29 to consider Q2/H1 FY26-27 results | results | low | — | — |
| 5 Oct 2026 · Routine quarterly demat compliance certificate filed with exchanges | compliance | minimal | — | — |
| 28 Sept 2026 · Newspaper ad on special window for share dematerialisation | compliance | minimal | — | — |
| 25 Sept 2026 · Trading Window Closure from October 1, 2026 ahead of Q2 results | compliance | minimal | — | — |
| 3 Sept 2026 · Grindwell Norton gets ESG rating of 64 from NSE Sustainability Ratings | business updates | medium | — | — |
| 27 Aug 2026 · Grindwell Norton schedules meetings with Aberdeen Investments and SBI Mutual Fund | board shareholder meetings | low | — | — |
| 27 Aug 2026 · Grindwell Norton to meet Monarch Networth Capital on Sept 2 | board shareholder meetings | low | — | — |
| 6 Aug 2026 · Grindwell Norton to meet Aditya Birla Sun Life MF on Aug 11 | board shareholder meetings | low | — | — |
| 5 Aug 2026 · Newspaper notice on special window to dematerialise physical shares | compliance | minimal | — | — |
| 4 Aug 2026 · Grindwell Norton receives Crisil ESG rating of 60 for FY26 | credit debt | medium | — | — |
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.