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Grindwell Norton Q2 FY27 Share Price & Earnings Call Analysis

₹1,933.60-1.80% today
Market cap
₹21,409 Cr
P/E
49.06
ROE
16.17%
PEG
14.38
Price to sales
6.73
Debt to equity
0.02
52W high / low
₹2,382 / ₹1,353
Sales growth (5Y)
13.41%
EBITDA margin
18.93%
Net profit margin
12.64%
Promoter holding
58.04%
Sales (last year)
₹3,173 Cr

Grindwell Norton Limited is engaged in the business of manufacturing Abrasives, Ceramics & Plastics and providing IT Services. [1]

Potential multibaggers · Q2 FY27

Potential multibaggers in Industrial Products
on management's own guidance

  1. Strong growth
    2
  2. Strong growth
    1
  3. Strong growth
    3
See all potential multibaggersWhere does Grindwell Norton rank?

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Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.

Peers

Industrial Products companies ranked on guidance

#CompanyRevenue guidedMargin guidedMarket capP/E
140%+Up 2%+₹448 Cr17.9
240%+Up 2%+₹413 Cr12.0
340%+Up 2%+₹324 Cr22.7
440%+Up 0–2%₹1,496 Cr32.8
540%+Up 0–2%₹1,079 Cr12.7
640%+Flat₹827 Cr21.4

Sign up free to see every company in the sector ranking and track Grindwell Norton.

Pro shows every company guiding 40%+ revenue growth →Full Industrial Products ranking

Financials of Grindwell Norton

Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.

Shareholder Pattern

Grindwell Norton

Shareholding breakup across reporting periods.

Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Promoters +58.04%58.04%58.04%58.04%58.04%58.04%58.04%58.04%58.04%58.04%58.04%58.04%
FIIs +8.42%8.31%8.63%8.25%6.97%6.75%6.81%6.38%6.39%5.56%5.21%5.34%
DIIs +15.45%15.90%16.14%16.69%18.07%18.33%18.20%18.37%18.35%19.18%19.59%19.66%
Public +18.09%17.76%17.19%17.01%16.91%16.88%16.95%17.22%17.23%17.23%17.17%16.95%
No. of Shareholders52,19947,95447,49350,45550,30046,81047,11048,55749,01046,99445,54544,141

Financials of Grindwell Norton

Quarterly Results

Quarter-by-quarter operating performance

Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales +667660691706694703710703775753842803884
Expenses +536532567572565579582574634614678646717
Operating Profit131128125133129123127130141139164157166
OPM %20%19%18%19%19%18%18%18%18%18%19%20%19%
Other Income +23141716231823243119212540
Interest2222222222212
Depreciation17182021232325262627262727
Profit before tax135122120125128116123126143128158154178
Tax %24%25%23%26%24%24%24%25%25%26%24%25%25%
Net Profit +1029293939788939410796119115133
EPS in Rs9.208.328.368.418.697.848.368.539.658.6010.7210.4311.99

Financials of Grindwell Norton

Profit & Loss

Annual income statement trend

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales +1,1351,1511,2631,4311,5981,5801,6382,0132,5412,6872,8123,0733,282
Expenses +9549661,0701,1831,3261,3151,3141,6122,0402,1672,2972,4972,656
Operating Profit181184193248272265324400501520515576626
OPM %16%16%15%17%17%17%20%20%20%19%18%19%19%
Other Income +172231263540515353677993105
Interest3222243488987
Depreciation4243424545585453607193105107
Profit before tax154161180227260243317396486508492555618
Tax %32%34%33%34%35%24%25%25%26%24%25%25%
Net Profit +104106121151169184238295362384371417463
EPS in Rs9.329.5110.7813.5315.1016.4821.6026.7032.6934.6533.3037.5441.74
Dividend Payout %35%34%37%37%40%46%44%45%44%49%51%51%

Financials of Grindwell Norton

Balance Sheet

Capital structure and asset base

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Sep 2026
Equity Capital28285555555555555555555555
Reserves5887358389351,0431,1321,3091,5131,7502,0002,2002,4792,547
Borrowings +1515800012155183846156
Other Liabilities +309311309349347404485532549628716840909
Total Liabilities9401,0891,2101,3391,4451,5921,8622,1162,4062,7663,0553,4363,567
Fixed Assets +360350368342345385370386586756886887867
CWIP71462543292467124128265248
Investments351351451711835837135316426898929991,018
Other Assets +5385906908028755957551,1331,0541,1931,2511,4981,633
Total Assets9401,0891,2101,3391,4451,5921,8622,1162,4062,7663,0553,4363,567

Financials of Grindwell Norton

Cash Flows

Operating, investing and financing cash movement

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity +10613917013485318331187393368458542
Cash from Investing Activity +-30-38-40-41-54-442-230-54-251-184-159-244
Cash from Financing Activity +-46-1023-60-68-95-95-114-140-175-221-215
Net Cash Flow29-013332-37-220719197883
Free Cash Flow719911796182682836772199366424
CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit87%102%119%83%65%146%126%72%103%97%111%118%

Financials of Grindwell Norton

Ratios

Working capital efficiency and return ratios

Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days424237454747454340494747
Inventory Days171190162159169155163184146148140123
Days Payable67621091149311615813488110122132
Cash Conversion Cycle145171899012387509298866639
Working Capital Days415649547450365144473724
ROCE %25%22%20%23%23%20%23%26%28%25%21%21%
36out of 100

Momentum score · price trend

36 out of 100 — Cooling

Over the past year its share price has done worse than most of the stocks we track.

PeriodShare price changeBetter than … of 1,910 stocks
Last 12 months+16.6%72%
Last 6 months+23.6%78%
Last 3 months−5.7%56%

The price is 31.1% below its all-time high of ₹2,858.25 (5 Jul 2024). Stocks more than 20% below their peak have their score halved, so 71 became 36.

How we calculate it

“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).

The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Grindwell Norton: 0.4 × 72 + 0.4 × 78 + 0.2 × 56 = 71, halved to 36 because the price is more than 20% below its all-time high.

Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.

Full methodology →

This describes only how the share price has moved up to 2 Nov 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.

Continue your research

What Grindwell Norton's management said in earlier quarters

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