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Model Note · GRINDWELL NORTON LIMITED · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
GRINDWELL NORTON LIMITED Discounted cash flow · base FY26
GRINDWELL NORTON LIMITED
Value per share, this model₹584
CMP 2026-09-10₹1,930.00
Difference(69.8)%
Growth the CMP implies45.0%/yr
This note states the assumptions and the arithmetic of one model of GRINDWELL NORTON LIMITED, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
9.5% a year
FY26 9.3% · 5-yr CAGR 13.4%
EBITDA margin
18.7%
FY26 18.7% · 5-yr average 19.2%
Depreciation · capex, % of revenue
3.4% · 3.9%, fading to 1.2× depreciation
FY26 3.4% · 3.9%
Working capital, % of added revenue · tax
11.8% · 25%
43 working-capital days · effective 25.0%
Discount rate
11.00%
1-yr beta 0.68
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹(18) · ₹0 · ₹0 cr
FY26 net debt ₹(18) cr
Shares
11.07 crore
11.07 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
3,073
3,365
3,685
4,035
4,418
4,838
growth %
9.3
9.5
9.5
9.5
9.5
9.5
EBITDA
574
629
689
755
826
905
Depreciation
(105)
(114)
(125)
(137)
(150)
(164)
NOPAT
351
386
423
463
507
555
less capex
(119)
(131)
(145)
(161)
(178)
(197)
less working-capital build
—
(34)
(38)
(41)
(45)
(50)
Free cash flow to firm
—
335
365
398
434
473
Present value
318
312
307
301
296
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · GRINDWELL NORTON LIMITED · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
1,533
PV of the terminal value (76% of EV)
4,909
Enterprise value
6,443
less net debt
18
less non-controlling interest
0
add non-operating investments
0
Equity value
6,461
÷ 11.07 crore shares
₹584
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
603
647
700
765
846
10.5%
556
593
636
688
752
11.0%
517
547
584
626
677
11.5%
482
508
539
574
616
12.0%
452
475
500
530
565
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
