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Swing Capital

Grindwell Norton Ltd

NSE: GRINDWELL BSE: 506076IT / Software

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

₹1,873
52W: ₹1329 — ₹1907
PE 50.2 · Book ₹228 · +721% vs book
Market Cap₹20,736 Cr
Stock P/E50.2Price to Earnings
ROCE22.8%Return on Capital
ROE17.3%Return on Equity
Div. Yield0.92%Face Value ₹5

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company has been maintaining a healthy dividend payout of 50.9%

Weaknesses

  • −Stock is trading at 8.21 times its book value
  • −Working capital days have increased from 61.6 days to 103 days

Shareholding Pattern

Promoters58.04%
FIIs5.56%
DIIs19.18%
Public17.23%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters58.04%58.04%58.04%58.04%58.04%58.04%58.04%58.04%
FIIs8.63%8.25%▼0.46.97%▼1.36.75%▼0.26.81%▲0.16.38%▼0.46.39%▲0.05.56%▼0.8
DIIs16.14%16.69%▲0.618.07%▲1.418.33%▲0.318.2%▼0.118.37%▲0.218.35%▼0.019.18%▲0.8
Public17.19%17.01%▼0.216.91%▼0.116.88%▼0.016.95%▲0.117.22%▲0.317.23%▲0.017.23%

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales652681691672683691694761742829
Expenses525557560547565568565624606666
Operating Profit127125131125119123129137136163
OPM %19%18%19%19%17%18%19%18%18%20%
Net Profit9294929484919410594119
EPS ₹8.328.448.38.497.558.258.539.498.4910.76

AI Insights

Revenue Trend

Mar 2026 revenue at ₹3,026Cr, up 10.6% YoY. OPM at 19%.

Debt Position

Borrowings at ₹60Cr. Debt-to-equity ratio: 0.02x. Healthy balance sheet.

Capex Cycle

CWIP at ₹50Cr (6% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 19.18% (+3.80pp change). FIIs: 5.56% (-2.78pp change). Promoters hold 58.04%.

Margin & Efficiency

ROCE declining from 25% (Mar 2015) to 23% (Mar 2026). Working capital days: 103.

Valuation

PE 50.2x with 22.8% ROCE. Price is 721% above book value of ₹228. Dividend yield: 0.92%.

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