Grindwell Norton Limited (GRINDWELL) AI Stock Analysis

• Market Cap: ₹179.79B
• Dividend Yield: 1.06%
• Average Volume (3M): 1.76K
• Price to Earnings (P/E): 45.5
• Beta (1Y): 1.41
• Revenue Growth: 5.08%
• EPS Growth: 1.75%
• Country: IN
• Employees: 2,524
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Construction
• EPS (TTM): 8.70
• Shares Outstanding: 110,720,000
• 10 Day Avg. Volume: 1,335
• 30 Day Avg. Volume: 1,762
• PEG Ratio: -13.15
• Price to Book (P/B): 8.37
• Price to Sales (P/S): 6.72
• P/FCF Ratio: 51.83
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 41
• Revenue Forecast (FY): ₹30.34B

• Rating: 69 Neutral
• Price Target: ₹1,840.00 ▲(17.92% Upside)
• Action: Downgraded Date: 10/31/25
• Date: Action: Downgraded 10/31/25

Grindwell Norton Limited's strong financial performance is the most significant factor, supported by robust revenue growth, profitability, and financial stability. Technical analysis indicates a positive trend but with potential short-term weakness. The valuation suggests the stock is relatively expensive, which slightly offsets the overall score.

Positive Factors

Revenue Growth

Consistent revenue growth indicates expanding market presence and effective demand capture across key sectors, supporting long-term business sustainability.

Balance Sheet Health

A low debt-to-equity ratio enhances financial stability and flexibility, allowing the company to navigate economic fluctuations with reduced risk.

Cash Flow Generation

Strong cash flow generation supports reinvestment in growth opportunities and provides a buffer for operational needs, enhancing long-term resilience.

Negative Factors

Earnings Growth

A dip in net income could signal challenges in maintaining earnings growth, potentially impacting investor confidence and future profitability.

Earnings Per Share Decline

A decline in EPS growth suggests potential challenges in profit expansion, which may affect shareholder returns and market perception over time.

Market Valuation Concerns

High valuation metrics can limit stock price appreciation potential and may lead to increased scrutiny from investors regarding growth sustainability.

Grindwell Norton Limited Business Overview & Revenue Model

Company Description

Grindwell Norton Limited manufactures and sells abrasives, ceramics, and plastic products in India. The company offers bonded abrasives in the form of wheels and other shapes, such as segments, sticks, etc. for various applications, including lapping, honing, super-finishing, thread grinding, fluting, OD grinding, ID grinding, and surface grinding, as well as for rough applications comprising snagging, cutting-off, burr removal, and weld preparation. It also provides coated abrasives products in various shapes, such as discs, belts, wheels, and sheets and rolls for material removal and surface preparation; non-woven abrasives; super abrasives for precision applications, including diamond and cubic boron nitride; thin wheels used for cutting, deburring, and weld-removal; and cutting-edge abrasive products. In addition, the company offers silicon carbide grains primarily for use as raw material in the manufacture of abrasives and refractories, as well as for stone polishing; and performance ceramics and refractories for use in sanitary-ware, table-ware, ballistic armor protection, wear resistance systems, etc. Further, it produces and markets performance plastics comprising bearings, seals, tubing and hoses, films, fabrics, and foams for use in the automotive, oil and gas, life sciences, construction, energy, and general industrial applications. The company also exports its products. The company was founded in 1941 and is based in Mumbai, India. Grindwell Norton Limited is a subsidiary of Compagnie de Saint-Gobain.

How the Company Makes Money

Grindwell Norton Limited generates revenue primarily through the sale of its abrasives and related products. The company's revenue model is based on direct sales to various industries, including automotive, construction, and manufacturing. Key revenue streams include the sale of bonded and coated abrasives, which are essential for cutting, grinding, and finishing materials. Additionally, GRINDWELL benefits from long-term partnerships with major players in the automotive and construction sectors, which contribute to stable demand for its products. The company also focuses on innovation and product development, which helps to maintain a competitive edge and attract new customers.

Grindwell Norton Limited Financial Statement Overview

Summary

Grindwell Norton Limited demonstrates strong financial performance with consistent revenue growth, high profit margins, and robust cash flow generation. The balance sheet shows low leverage and strong equity, indicating financial stability and minimal risk.

Income Statement

Grindwell Norton Limited has shown strong and consistent growth in revenue over the years, with a notable revenue growth rate of 4.65% from 2024 to 2025. The company maintains a healthy gross profit margin of 54.61% for 2025 and a solid net profit margin of 13.11%. Stability in EBIT margin at 42.63% further highlights operational efficiency. Despite a slight dip in net income from the previous year, overall profitability remains robust with high EBITDA margins.

Balance Sheet

The balance sheet reflects a strong financial position with a low debt-to-equity ratio of 0.04, indicating minimal leverage and financial risk. The equity ratio of 73.78% suggests a high level of asset financing through equity, enhancing financial stability. Return on equity stands at 16.34%, demonstrating efficient use of equity to generate profits. The company's strong equity base provides a buffer against potential financial fluctuations.

Cash Flow

Grindwell Norton Limited exhibits a healthy cash flow position with a significant free cash flow growth rate of 86.33% from 2024 to 2025. The operating cash flow to net income ratio of 1.24 indicates effective conversion of earnings into cash. However, the free cash flow to net income ratio of 0.99 suggests that most of the net income is converted into free cash flow, highlighting efficient capital expenditure management.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	28.09B	28.12B	26.87B	25.41B	20.13B	16.38B
Gross Profit	15.22B	15.23B	14.65B	13.65B	11.11B	9.11B
EBITDA	4.86B	4.94B	5.04B	4.99B	3.92B	3.15B
Net Income	3.70B	3.69B	3.84B	3.62B	2.96B	2.39B
Balance Sheet
Total Assets	0.00	30.57B	27.70B	24.12B	21.13B	18.65B
Cash, Cash Equivalents and Short-Term Investments	8.78B	8.81B	6.58B	5.75B	6.09B	6.51B
Total Debt	0.00	835.49M	825.96M	513.60M	150.93M	121.48M
Total Liabilities	-22.70B	7.87B	7.03B	5.95B	5.39B	4.88B
Stockholders Equity	22.70B	22.55B	20.55B	18.06B	15.68B	13.65B
Cash Flow
Free Cash Flow	0.00	3.64B	1.96B	1.92B	609.91M	2.83B
Operating Cash Flow	0.00	4.58B	3.68B	3.56B	1.87B	3.31B
Investing Cash Flow	0.00	-2.13B	-1.82B	-2.23B	-535.95M	-2.30B
Financing Cash Flow	0.00	-2.21B	-1.75B	-1.40B	-1.14B	-950.34M

Grindwell Norton Limited Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 1560.35
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:GRINDWELL, the sentiment is Neutral. The current price of 1560.35 is below the 20-day moving average (MA) of 1654.18, below the 50-day MA of 1602.14, and below the 200-day MA of 1631.89, indicating a neutral trend. The MACD of 16.88 indicates Positive momentum. The RSI at 48.21 is Neutral, neither overbought nor oversold. The STOCH value of 53.75 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for IN:GRINDWELL.

Grindwell Norton Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GRINDWELL	69 Neutral	₹179.79B	45.49	―	1.06%	5.08%	1.75%
ASTRAL	69 Neutral	₹448.97B	86.58	―	0.26%	4.66%	-3.12%
KAJARIACER	69 Neutral	₹149.09B	43.96	―	1.15%	-0.24%	-4.87%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
FINPIPE	61 Neutral	₹111.62B	23.17	―	1.19%	-3.53%	-40.09%
SUPREMEIND	56 Neutral	₹502.25B	69.47	―	1.05%	1.68%	-22.27%