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Grindwell Norton Q2 FY27 results: net profit down 34.0% to ₹133.17 crore, revenue down 40.2%
Grindwell Norton Limited reported consolidated revenue of ₹883.67 crore in Q2 FY27, down 40.2% from ₹1,478 crore a year earlier, while net profit fell to ₹133.17 crore from ₹201.87 crore. Against the previous quarter, revenue rose 10.0% and net profit rose 15.5%, with the EBITDA margin at 18.8% against 19.5% in Q1 FY27.
Key points
- Consolidated revenue was ₹883.67 crore in Q2 FY27, down 40.2% from ₹1,478 crore in Q2 FY26 but up 10.0% from ₹803.29 crore in Q1 FY27.
- EBITDA was ₹166.45 crore at a margin of 18.8%, up from ₹157.01 crore and 19.5% in Q1 FY27, and down from ₹270.56 crore and 18.3% a year earlier.
- Net profit was ₹133.17 crore with basic EPS of ₹11.99, against a net profit of ₹201.87 crore and basic EPS of ₹18.18 in the year-ago quarter.
- Other income was ₹39.47 crore, down ₹15.35 crore from ₹54.82 crore a year earlier, and there was no exceptional item.
- The board approved the unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026 on 29 October 2026.
How did Grindwell Norton perform in Q2 FY27?
Grindwell Norton reported consolidated revenue of ₹883.67 crore for the July–September 2026 quarter, down 40.2% from ₹1,478 crore in Q2 FY26. Against Q1 FY27, revenue was higher by ₹80.38 crore, or 10.0%. EBITDA was ₹166.45 crore at an 18.8% margin, compared with ₹157.01 crore and 19.5% in the previous quarter and ₹270.56 crore and 18.3% in the year-ago quarter.
Net profit for the quarter was ₹133.17 crore and basic EPS was ₹11.99, against a net profit of ₹201.87 crore and basic EPS of ₹18.18 in Q2 FY26. Sequentially, net profit rose ₹17.85 crore, or 15.5%, from ₹115.32 crore, and basic EPS rose ₹1.56, or 15.0%, from ₹10.43. Profit before tax was ₹177.06 crore, up from ₹153.69 crore in Q1 FY27 and down from ₹268.81 crore a year earlier.
On a standalone basis, revenue was ₹865.04 crore and net profit was ₹131.41 crore in the quarter, against a standalone net profit of ₹105.12 crore in the year-ago period, a rise of 13.6%. The figures cited in this article are consolidated unless stated otherwise.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 883.67 | 803.29 | 1,478 | −40.2% | +10.0% |
| Other income | 39.47 | 24.58 | 54.82 | −28.0% | +60.6% |
| Total expenses | 746.07 | 674.19 | 1,264 | −41.0% | +10.7% |
| EBITDA | 166.45 | 157.01 | 270.56 | −38.5% | +6.0% |
| EBITDA margin | 18.8% | 19.5% | 18.3% | +0.5 pp | −0.7 pp |
| Profit before tax | 177.06 | 153.69 | 268.81 | −34.1% | +15.2% |
| Tax | 44.42 | 38.81 | 67.25 | −33.9% | +14.5% |
| Net profit | 133.17 | 115.32 | 201.87 | −34.0% | +15.5% |
| EPS (₹) | 11.99 | 10.43 | 18.18 | −34.0% | +15.0% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Grindwell Norton's costs and profit?
Total expenses were ₹746.07 crore in Q2 FY27, down ₹518.13 crore, or 41.0%, from ₹1,264 crore a year earlier. Cost of materials fell ₹167.25 crore, or 33.9%, to ₹326.36 crore; employee cost fell ₹77.18 crore, or 43.6%, to ₹99.78 crore; other expenses fell ₹165.70 crore, or 46.3%, to ₹191.93 crore; depreciation fell ₹25.07 crore, or 48.0%, to ₹27.17 crore; and finance costs fell ₹2.63 crore, or 60.9%, to ₹1.69 crore.
Other income was ₹39.47 crore, down ₹15.35 crore, or 28.0%, from ₹54.82 crore in Q2 FY26. Tax expense was ₹44.42 crore, down ₹22.83 crore, or 33.9%, from ₹67.25 crore. There was no exceptional item in either period, so profit before tax of ₹177.06 crore and net profit of ₹133.17 crore followed the lower expense base and lower other income.
Against Q1 FY27, total expenses were higher by ₹71.88 crore, or 10.7%, with cost of materials up ₹48.30 crore and other expenses up ₹4.12 crore. Other income rose ₹14.89 crore, or 60.6%, to ₹39.47 crore, and tax was higher by ₹5.61 crore, or 14.5%, at ₹44.42 crore. The filing does not state reasons for the year-on-year changes.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 326.36 | 493.61 | −167.25 | −33.9% |
| Employee cost | 99.78 | 176.96 | −77.18 | −43.6% |
| Finance costs | 1.69 | 4.32 | −2.63 | −60.9% |
| Depreciation | 27.17 | 52.24 | −25.07 | −48.0% |
| Other expenses | 191.93 | 357.63 | −165.70 | −46.3% |
| Total expenses | 746.07 | 1,264 | −518.13 | −41.0% |
| Other income | 39.47 | 54.82 | −15.35 | −28.0% |
| Tax | 44.42 | 67.25 | −22.83 | −33.9% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹3,566.56 crore against ₹3,437.86 crore at 31 March 2026, and total equity was ₹2,617.58 crore against ₹2,549.93 crore. Borrowings fell to ₹55.71 crore from ₹60.71 crore, while cash rose to ₹108.48 crore from ₹78.66 crore. Inventories were ₹561.55 crore against ₹481.46 crore, trade receivables ₹420.87 crore against ₹396.77 crore, and trade payables ₹563.53 crore against ₹514.32 crore.
For the first half of FY27, operating cash flow was ₹205.97 crore, compared with ₹204.49 crore in H1 FY26. Investing cash flow was ₹42.43 crore against an outflow of ₹26.31 crore, and financing cash flow was an outflow of ₹218.59 crore against an outflow of ₹196.15 crore. Capital expenditure was ₹30.4 crore, below ₹80.63 crore in the year-ago half.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 3,567 | 3,438 |
| Total equity | 2,618 | 2,550 |
| Borrowings | 55.71 | 60.71 |
| Cash and equivalents | 108.48 | 78.66 |
| Inventories | 561.55 | 481.46 |
| Trade receivables | 420.87 | 396.77 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 205.97 | 204.49 |
| Cash from investing | 42.43 | −26.31 |
| Cash from financing | −218.59 | −196.15 |
| Capital expenditure | 30.40 | 80.63 |
Source: Company's results filing (XBRL).
How has Grindwell Norton done over the last 8 quarters?
Revenue across the reported quarters moved from ₹702.61 crore in Q3 FY25 to ₹1,478.19 crore in Q2 FY26, then eased to ₹752.78 crore in Q3 FY26 before recovering to ₹803.29 crore in Q1 FY27 and ₹883.67 crore in Q2 FY27. Net profit followed a similar pattern, from ₹87.97 crore in Q3 FY25 to ₹201.87 crore in Q2 FY26, down to ₹95.58 crore in Q3 FY26 and then up to ₹133.17 crore in Q2 FY27.
The EBITDA margin bottomed at 17.6% in Q3 FY25 and reached 19.5% in both Q4 FY26 and Q1 FY27. It eased to 18.8% in Q2 FY27, the latest quarter in the series. In the latest reported quarter, revenue and net profit were both higher than in the preceding quarter, while the EBITDA margin was lower than the 19.5% recorded in each of the previous two quarters.
Which businesses drove the quarter?
Abrasives reported revenue of ₹421.47 crore in Q2 FY27 against ₹717.87 crore a year earlier, a fall of 41.3%, with EBIT of ₹55.9 crore and an EBIT margin of 13.3%. Ceramics & Plastics reported revenue of ₹392.71 crore against ₹629.36 crore, a fall of 37.6%, with EBIT of ₹75.23 crore and an EBIT margin of 19.2%.
Digital Services reported revenue of ₹59.44 crore against ₹105.09 crore, a fall of 43.4%, with EBIT of ₹13.75 crore and an EBIT margin of 23.1%. The Others segment reported revenue of ₹20.5 crore against ₹43.09 crore, a fall of 52.4%, with EBIT of ₹4.31 crore and an EBIT margin of 21.0%. Each of the four reported segments recorded lower revenue than in Q2 FY26.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Abrasives | 421.47 | −41.3% | 55.90 | 13.3% |
| Ceramics & Plastics | 392.71 | −37.6% | 75.23 | 19.2% |
| Digital Services | 59.44 | −43.4% | 13.75 | 23.1% |
| Others | 20.50 | −52.4% | 4.31 | 21.0% |
Source: Company's results filing (XBRL segment data).
How did Grindwell Norton shares react?
The filing appeared during market hours. Grindwell Norton moved 1.6% in the first five minutes after the filing and 1.4% at both 15 minutes and 30 minutes. On the reaction day, the stock closed 4.6% above its pre-results close of ₹1,860.00, against a median move of 0.3% for the other Abrasives & Bearings stocks, a difference of 4.3 percentage points.
| After the filing | Stock | Abrasives & Bearings median |
|---|---|---|
| 5 minutes | +1.6% | |
| 15 minutes | +1.4% | |
| 30 minutes | +1.4% | |
| Reaction day | +4.6% | +0.3% |
| Next day | +1.3% | −1.6% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 24 July 2026 | +0.3% |
| 8 May 2026 | +7.5% |
| 6 February 2026 | −1.6% |
| 30 October 2025 | +7.6% |
| 25 July 2025 | −7.1% |
| 9 May 2025 | +2.1% |
| 13 February 2025 | −1.6% |
| 30 October 2024 | +1.9% |
Source: MarketPing price-reaction measurement.
Quick answers
What was Grindwell Norton's revenue in Q2 FY27?
Revenue from operations was ₹883.67 crore, down 40.2% from ₹1,478 crore in Q2 FY26 (consolidated).
Did Grindwell Norton make a profit in Q2 FY27?
Yes. Net profit was ₹133.17 crore, against a net profit of ₹201.87 crore in Q2 FY26.
What was Grindwell Norton's EPS in Q2 FY27?
Basic earnings per share were ₹11.99, against ₹18.18 in Q2 FY26.
How did Grindwell Norton shares react to the Q2 FY27 results?
On the reaction day the stock moved +4.6% from the previous close; the median Abrasives & Bearings stock moved +0.3%.
When did Grindwell Norton announce its Q2 FY27 results?
On 29 October 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for Approval Of The Unaudited Standalone And Consolidated Financial Results Of The Company For The Quarter And Half Year Ended September 30, 2026 (BSE, 19 October 2026) · PDF
- Board Meeting Outcome for The Meeting Held On October 29, 2026 (BSE, 29 October 2026) · PDF
- Unaudited Financial Results For The Quarter And Half Year Ended September 30, 2026, Along With The Limited Review Reports (BSE, 29 October 2026) · PDF
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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