Grindwell Norton share price & results
- Jun 2026
- Sept 2026
Saint-Gobain group maker of Norton abrasives, engineered ceramics, refractories and performance polymers.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 803 | +14.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 20.0 | +2.0 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 115 | +22.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 18.17 | +0.2 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 13.80 | +0.8 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 12.92 | +4.6 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Price
Performance +13.2% 1Y
1Y: ₹1,621.2 on 24 Oct 2025 → ₹1,836. High ₹2,382.3 (16 Jul 2026), low ₹1,353.1 (30 Mar 2026).
- Previous close
- ₹1,846.9
- Market cap
- ₹20.3k Cr
- 52-week range
- ₹1,353.1 – ₹2,382.3
- One year
- +15.88%
- Price to earnings (TTM to Jun 2026)
- 46.73×
- Return on equity (TTM to Jun 2026)
- 18.17%
Overview
- Symbol
- NSE:GRINDWELL
- Sector
- Capital Goods
- Industry
- Industrials
- Exchange
- NSE
- Currency
- INR
What Grindwell Norton Limited does
Based on the company's own presentations, annual report and earnings calls.
Grindwell Norton Limited, part of the global Saint-Gobain group, manufactures Norton-brand bonded, coated and non-woven abrasives used for grinding, cutting and finishing across steel, foundry & forge, automotive, general engineering and consumer applications. Its Ceramics & Plastics business supplies performance ceramics and refractories (including silicon carbide) to the steel industry and performance polymer solutions -- tubing, liners, seals and bearings sold under the Sani-Tech, Meldin, Furon, Rulon and NORGLIDE brands -- to automotive, bio-pharma, semiconductor and industrial customers. A smaller Digital Services & Others segment runs a captive IT development centre (INDEC). The company operates seven manufacturing plants across five states and holds an overseas silicon-carbide manufacturing subsidiary in Bhutan.
Segments
- Abrasives
- Ceramics & Plastics
- Digital Services & Others
- Manufacturing plants
- 7
- Plant locations
- Mora & Ambernath (Maharashtra), Bengaluru (Karnataka), Tirupati (Andhra Pradesh), Nagpur (Maharashtra), Bated/Solan (Himachal Pradesh), Halol (Gujarat)
- Reported business segments
- Abrasives; Ceramics & Plastics; Digital Services & Others
- Parent group
- Saint-Gobain (France)
- Overseas manufacturing subsidiary
- Saint-Gobain Ceramic Material Bhutan Private Limited (wholly-owned; silicon carbide manufacturing)
- Joint venture
- Advanced Synthetic Minerals Private Limited (ASMPL)
Fundamentals
Ratios, each with its period
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
What the filings say
Net profit, year on year: +22% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 694 | 703 | 710 | 703 | 775 | 753 | 842 | 803 |
| Expenses | 565 | 579 | 582 | 574 | 634 | 614 | 678 | 646 |
| Operating profit | 129 | 123 | 127 | 130 | 141 | 139 | 164 | 157 |
| Operating margin | 19.0% | 18.0% | 18.0% | 18.0% | 18.0% | 18.0% | 19.0% | 20.0% |
| Other income | 23 | 18 | 23 | 24 | 31 | 19 | 21 | 25 |
| Interest | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 1 |
| Depreciation | 23 | 23 | 25 | 26 | 26 | 27 | 26 | 27 |
| Profit before tax | 128 | 116 | 123 | 126 | 143 | 128 | 158 | 154 |
| Tax rate | 24.0% | 24.0% | 24.0% | 25.0% | 25.0% | 26.0% | 24.0% | 25.0% |
| Net profit | 97 | 88 | 93 | 94 | 107 | 96 | 119 | 115 |
| EPS (₹ per share) | 8.69 | 7.84 | 8.36 | 8.53 | 9.65 | 8.60 | 10.72 | 10.43 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 2,542 | 2,686 | 2,813 | 3,073 |
| Expenses | 2,044 | 2,169 | 2,298 | 2,500 |
| Operating profit | 498 | 519 | 512 | 574 |
| Other income | 56 | 69 | 80 | 95 |
| Interest | 8 | 8 | 8 | 8 |
| Depreciation | 61 | 72 | 92 | 105 |
| Profit before tax | 486 | 507 | 492 | 555 |
| Net profit | 361 | 384 | 371 | 416 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 55 | 55 | 55 | 55 | 55 | 55 |
| Reserves | 1,513 | 1,750 | 2,000 | 2,200 | 2,226 | 2,479 |
| Borrowings | 15 | 51 | 83 | 84 | 80 | 61 |
| Other liabilities | 532 | 549 | 628 | 716 | 780 | 840 |
| Total liabilities | 2,116 | 2,406 | 2,766 | 3,055 | 3,142 | 3,436 |
| Fixed assets | 386 | 586 | 756 | 886 | 883 | 887 |
| Capital work in progress | 67 | 124 | 128 | 26 | 51 | 52 |
| Investments | 531 | 642 | 689 | 892 | 927 | 999 |
| Other assets | 1,133 | 1,054 | 1,193 | 1,251 | 1,281 | 1,498 |
| Total assets | 2,116 | 2,406 | 2,766 | 3,055 | 3,142 | 3,436 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 331 | 187 | 393 | 368 | 458 | 542 |
| Cash from investing | -230 | -54 | -251 | -184 | -159 | -244 |
| Cash from financing | -95 | -114 | -140 | -175 | -221 | -215 |
| Net cash flow | 7 | 19 | 1 | 9 | 78 | 83 |
| Free cash flow | 283 | 67 | 72 | 199 | 366 | 424 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 45 | 43 | 40 | 49 | 47 | 47 |
| Inventory days | 163 | 184 | 146 | 148 | 140 | 123 |
| Days payable | 158 | 134 | 88 | 110 | 122 | 132 |
| Cash conversion cycle | 50 | 92 | 98 | 86 | 66 | 39 |
| Working capital days | 36 | 51 | 44 | 47 | 37 | 24 |
| Return on capital employed | 23.0% | 26.0% | 28.0% | 25.0% | 21.0% | 21.0% |
| Dividend payout | 44.0% | 45.0% | 44.0% | 49.0% | 51.0% | 51.0% |
Where revenue comes from
The businesses behind the company’s reported revenue.
Abrasives contributes 47.6% of reported segment revenue.
Quarter ended 30 Jun 2026 · Consolidated
- Abrasives 47.6%
₹386.89 crore
- Ceramics & Plastics 43.6%
₹353.90 crore
- Digital Services 7.2%
₹58.78 crore
- Others 1.6%
₹12.71 crore
| Business segment | Revenue · ₹ crore | Share |
|---|---|---|
| Abrasives | 386.89 | 47.6% |
| Ceramics & Plastics | 353.90 | 43.6% |
| Digital Services | 58.78 | 7.2% |
| Others | 12.71 | 1.6% |
Share = segment revenue ÷ total segment revenue, before intersegment adjustments.
How these numbers add up
- Total segment revenue
- ₹812.29 crore
- Intersegment adjustment
- ₹8.99 crore
- Net segment revenue
- ₹803.29 crore
Intersegment transactions are between the company’s own businesses. Net segment revenue can differ from income-statement revenue because reporting definitions differ.
Source: FinEdge · Last checked 19 Sept 2026. Reported segment names are kept as supplied.
How the mix has moved
Abrasives shrank from 50% to 48% of revenue over the last two years.
| Segment | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Abrasives | 50% | 48% | 50% | 49% | 47% | 47% | 48% | 48% | +10.0% |
| Ceramics & Plastics | 41% | 43% | 41% | — | 42% | 42% | 42% | 44% | — |
| Digital Services | 7% | 6% | 7% | 7% | 7% | 7% | 7% | 7% | +15.5% |
| Others | 2% | 2% | 2% | 2% | 4% | 3% | 2% | 2% | +16.1% |
Share of reported segment revenue by quarter, consolidated basis, as filed. A quarter the company did not report is left blank, never carried forward.
See how segments are shifting across companies → Segment Shift
What the price assumes
Growth trapTo justify its price of ₹1836, this stock must grow earnings at 31% every year for 7 years. Our analysis caps realistic growth at ~5%. At that growth it is worth ₹477 — downside of 74%.
- Growth the price implies
- 30.7% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 4.8% a year
- net profit, FY23–FY26 · EPS 4.7%
- The gap
- 0.3 pp
- -74% downside if it only repeats history
Ownership
Who owns it
Promoters hold 58.04% as of Sept 2026; institutions added 0.20 pts since Jun 2026.
- Promoters 58.04%
- Foreign institutions 5.34%
- Domestic institutions 19.66%
- Public 16.95%
Who bought this quarter
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Mutual fund +0.19 pp 1.24% held
- Mutual fund +0.09 pp 1.24% held
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Sep 2026 filing
Every holder of Grindwell Norton Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 26.77% | unchanged | |
| 24.56% | unchanged | |
| Mutual fund | 9.07% | −0.24 pp |
| Mutual fund | 2.50% | unchanged |
| 1.71% | unchanged | |
| Mutual fund | 1.64% | unchanged |
| 1.34% | unchanged | |
| Mutual fund | 1.24% | +0.09 pp |
| Mutual fund | 1.24% | +0.19 pp |
| 0.95% | unchanged | |
| 0.95% | unchanged | |
| 0.90% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in GRINDWELL
Filings to Sep 2026
0 new, 0 added, 1 trimmed, 0 sold out — net −0.14 L shares (−0.1%).
- Held by funds
- ₹2.4k Cr
- 18 schemes
- Biggest holder
- SBI Midcap Fund
- ₹499 Cr · 2.1% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Midcap Fund SBI Mutual Fund | ₹499 Cr | held | Oct '22 |
| SBI ELSS Tax Saver Fund SBI Mutual Fund | ₹376 Cr | held | Aug '22 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹362 Cr | held | Mar '21 |
| SBI Contra Fund SBI Mutual Fund | ₹298 Cr | held | Dec '23 |
| SBI MNC Fund SBI Mutual Fund | ₹160 Cr | −0.14 L | Aug '21 |
| SBI Infrastructure Fund SBI Mutual Fund | ₹140 Cr | held | Jul '24 |
| SBI Dividend Yield Fund SBI Mutual Fund | ₹134 Cr | held | Mar '23 |
| SBI Conservative Hybrid Fund SBI Mutual Fund | ₹96 Cr | held | Oct '24 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Sep 2026
0 added, 1 trimmed — net −14,320 shares (−0.1%)
- Funds are sitting on
- -8%
- vs est. average cost
- Held by funds
- ₹2.4k Cr
- 18 schemes · ≈ 11% of the company
- Biggest holder
- SBI Midcap Fund
- ₹499 Cr · 2.1% of that fund
- Longest holder
- Nippon India Small Cap Fund
- 5y 7m · since Mar '21
Shares held by these funds +114%
Oct '23 1.19 cr shares Sep '26
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