GRINDWELL
Grindwell Norton share price & financials
- Price
- ₹2,086.7
- Market cap
- ₹20.9k Cr
- Sector
- Capital Goods
What Grindwell Norton Limited does
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)
Quarterly results
Q1 FY27: revenue up 14.4%, net profit up 23.4% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 672 | 683 | 691 | 694 | 761 +13% | 742 +9% | 829 +20% | 794 +14% |
| EBITDA | 125 | 119 | 123 | 129 | 137 +10% | 136 +14% | 163 +33% | 157 +22% |
| Net profit | 94 | 84 | 91 | 94 | 105 +12% | 94 +12% | 119 +31% | 116 +23% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +15.9% 1Y
1Y: ₹1,627.4 on 10 Sept 2025 → ₹1,885.8. High ₹2,382.3 (16 Jul 2026), low ₹1,353.1 (30 Mar 2026).
Financials, as filed
Revenue grew 6.0% a year over 3 years, FY23 to FY26. Operating margin narrowed to 18.7%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹2.5k Cr | ₹2.7k Cr | ₹2.7k Cr | ₹3.0k Cr |
| Operating profit | ₹498 Cr | ₹516 Cr | ₹498 Cr | ₹565 Cr |
| Operating margin | 19.6% | 19.5% | 18.2% | 18.7% |
| Interest | ₹8 Cr | ₹8 Cr | ₹8 Cr | ₹8 Cr |
| Depreciation | ₹61 Cr | ₹69 Cr | ₹90 Cr | ₹102 Cr |
| Net profit | ₹361 Cr | ₹381 Cr | ₹361 Cr | ₹412 Cr |
| Net margin | 14.2% | 14.4% | 13.2% | 13.6% |
| Cash from operations | ₹398 Cr | ₹364 Cr | ₹453 Cr | ₹530 Cr |
| Free cash flow | ₹84 Cr | ₹201 Cr | ₹361 Cr | ₹414 Cr |
| ROCE | 28.0% | 25.0% | 21.0% | 21.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹55 Cr | ₹55 Cr | ₹55 Cr | ₹55 Cr | ₹55 Cr | ₹55 Cr |
| Reserves | ₹1.3k Cr | ₹1.5k Cr | ₹1.7k Cr | ₹2.0k Cr | ₹2.2k Cr | ₹2.5k Cr |
| Borrowings | ₹10 Cr | ₹14 Cr | ₹42 Cr | ₹75 Cr | ₹80 Cr | ₹60 Cr |
| Other liabilities | ₹475 Cr | ₹516 Cr | ₹535 Cr | ₹617 Cr | ₹780 Cr | ₹821 Cr |
| Total liabilities | ₹1.8k Cr | ₹2.1k Cr | ₹2.4k Cr | ₹2.7k Cr | ₹3.1k Cr | ₹3.4k Cr |
| Fixed assets | ₹348 Cr | ₹366 Cr | ₹570 Cr | ₹731 Cr | ₹883 Cr | ₹864 Cr |
| Capital work in progress | ₹24 Cr | ₹67 Cr | ₹119 Cr | ₹128 Cr | ₹51 Cr | ₹51 Cr |
| Investments | ₹734 Cr | ₹552 Cr | ₹665 Cr | ₹710 Cr | ₹927 Cr | ₹1.0k Cr |
| Other assets | ₹737 Cr | ₹1.1k Cr | ₹1.0k Cr | ₹1.2k Cr | ₹1.3k Cr | ₹1.5k Cr |
| Total assets | ₹1.8k Cr | ₹2.1k Cr | ₹2.4k Cr | ₹2.7k Cr | ₹3.1k Cr | ₹3.4k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −1.60 pp while DIIs added +1.39 pp. The shareholder count shrank 3% to 45,545.
- Promoters
- 58.0%
- FIIs
- 5.2%
- DIIs
- 19.6%
- Public
- 17.2%
Since Jun 2025
- FIIs −1.60 pp
- DIIs +1.39 pp
- Public +0.22 pp
How it drifted, 12 quarters
Over this window DIIs went from 15.3% to 19.6% — +4.3 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 58.0%, FIIs 8.4%, DIIs 15.3%, Public 18.3%.Dec '23: Promoters 58.0%, FIIs 8.4%, DIIs 15.4%, Public 18.1%.Mar '24: Promoters 58.0%, FIIs 8.3%, DIIs 15.9%, Public 17.8%.Jun '24: Promoters 58.0%, FIIs 8.6%, DIIs 16.1%, Public 17.2%.Sep '24: Promoters 58.0%, FIIs 8.3%, DIIs 16.7%, Public 17.0%.Dec '24: Promoters 58.0%, FIIs 7.0%, DIIs 18.1%, Public 16.9%.Mar '25: Promoters 58.0%, FIIs 6.8%, DIIs 18.3%, Public 16.9%.Jun '25: Promoters 58.0%, FIIs 6.8%, DIIs 18.2%, Public 16.9%.Sep '25: Promoters 58.0%, FIIs 6.4%, DIIs 18.4%, Public 17.2%.Dec '25: Promoters 58.0%, FIIs 6.4%, DIIs 18.4%, Public 17.2%.Mar '26: Promoters 58.0%, FIIs 5.6%, DIIs 19.2%, Public 17.2%.Jun '26: Promoters 58.0%, FIIs 5.2%, DIIs 19.6%, Public 17.2%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Invesco India Manufacturing Fund Mutual fund newly disclosed 1.15% held
- Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund +0.44 pp 1.64% held
The same filing shows 2 holders trimming and 0 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Grindwell Norton Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Saint Gobain Abrasives Inc | 26.77% | unchanged |
| Spafi-Societe De Participations Financieres Et Industrielles | 24.56% | unchanged |
| SBI Midcap Fund Mutual fund | 9.31% | unchanged |
| UTI-Flexi Cap Fund Mutual fund | 2.51% | −0.06 pp |
| Vera Anand Mahajan | 1.71% | unchanged |
| Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund | 1.64% | +0.44 pp |
| Khursheed M Narang | 1.34% | unchanged |
| Invesco India Manufacturing Fund Mutual fund | 1.15% | newly disclosed |
| ICICI Prudential Smallcap Fund Mutual fund | 1.05% | −0.56 pp |
| Ashaita Mahajan | 0.95% | unchanged |
| Danesh M Narang | 0.95% | unchanged |
| Aakil Anand Mahajan | 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 Aug 2026
0 new, 0 added, 2 trimmed, 0 sold out — net −0.42 L shares (−0.3%).
- Held by funds
- ₹2.4k Cr
- 18 schemes
- Biggest holder
- SBI Midcap Fund
- ₹506 Cr · 2.1% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Midcap Fund SBI Mutual Fund | ₹506 Cr | held | Oct '22 |
| SBI ELSS Tax Saver Fund SBI Mutual Fund | ₹382 Cr | held | Aug '22 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹368 Cr | held | Mar '21 |
| SBI Contra Fund SBI Mutual Fund | ₹303 Cr | held | Dec '23 |
| SBI MNC Fund SBI Mutual Fund | ₹165 Cr | −0.26 L | Aug '21 |
| SBI Infrastructure Fund SBI Mutual Fund | ₹142 Cr | held | Jul '24 |
| SBI Dividend Yield Fund SBI Mutual Fund | ₹136 Cr | held | Mar '23 |
| SBI Conservative Hybrid Fund SBI Mutual Fund | ₹97 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 Aug 2026
0 added, 2 trimmed — net −41,680 shares (−0.3%)
- Funds are sitting on
- +5%
- vs est. average cost
- Held by funds
- ₹2.4k Cr
- 18 schemes · ≈ 12% of the company
- Biggest holder
- SBI Midcap Fund
- ₹506 Cr · 2.1% of that fund
- Longest holder
- Nippon India Small Cap Fund
- 5y 6m · since Mar '21
Shares held by these funds +117%
Aug '23 1.19 cr shares Jul '26
What the price assumes
Growth trapTo justify its price of ₹1886, this stock must grow earnings at 31% every year for 7 years. Our analysis caps realistic growth at ~4%. At that growth it is worth ₹468 — downside of 75%.
- Growth the price implies
- 31.4% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 4.5% a year
- net profit, FY23–FY26 · EPS 4.5%
- The gap
- 0.3 pp
- -75% downside if it only repeats history
Learn to analyse Grindwell Norton Limited
Guides on how to read this kind of business and the numbers that matter.