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Grindwell Norton Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹1,220.46Overvalued by 24.20%vs CMP ₹1,610.00

P/E (45.8) × ROE (16.0%) × BV (₹206.00) × DY (1.06%)

₹592.03Overvalued by 63.23%vs CMP ₹1,610.00
MoS: -171.9% (Negative)Confidence: 68/100 (Moderate)Models: All 9: Overvalued
ModelCategoryValueWeightSignal
PE-ROEEarnings₹1,289.3822%Over (-19.9%)
Graham NumberEarnings₹403.5816%Over (-74.9%)
Earnings PowerEarnings₹272.5413%Over (-83.1%)
DCFCash Flow₹483.1213%Over (-70%)
Net Asset ValueAssets₹206.047%Over (-87.2%)
EV/EBITDAEnterprise₹651.809%Over (-59.5%)
Earnings YieldEarnings₹351.407%Over (-78.2%)
ROCE CapitalReturns₹398.639%Over (-75.2%)
Revenue MultipleRevenue₹381.005%Over (-76.3%)
Consensus (9 models)₹592.03100%Overvalued
Key Drivers: Wide model spread (₹206–₹1,289) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 5.6%

*Investments are subject to market risks

Analyst Summary

Grindwell Norton Ltd operates in the Abrasives And Grinding Wheels segment, current market price is ₹1,610.00, market cap is 17,824 Cr.. At a glance, stock P/E is 45.8, ROE is 16.0 %, ROCE is 20.9 %, book value is 206, dividend yield is 1.06 %. The latest intrinsic value estimate is ₹592.03, around 63.2% below the current price, so expectations may already be running ahead of this modelled fair value. On operating trend, latest reported sales are about ₹2,812 Cr versus the prior period change of 4.7%, while latest net profit is about ₹371 Cr with a prior-period change of -3.4%. The 52-week range shown on this page is 1,884/1,329, which helps frame where the current quote sits within its recent trading band. Business context: About the Company - Qualitative AnalysisGrindwell Norton Ltd. is a Public Limited Listed company incorporated on 31/07/1950 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is…

This summary is generated from the stock page data available for Grindwell Norton Ltd: Intrinsic Value & Share Price Analysis and is refreshed automatically when the underlying metrics change.

Investment Snapshot

73
Grindwell Norton Ltd scores 73/100 (Strong)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health87/100 · Strong
ROCE 20.9% ExcellentROE 16.0% GoodD/E 0.00 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money50/100 · Moderate
FII holding stable No changePromoter holding at 58.0% Stable
Earnings Quality60/100 · Moderate
OPM stable around 19% SteadyWorking capital: 37 days (improving) Efficient
Quarterly Momentum68/100 · Strong
Revenue (4Q): +5% YoY GrowingProfit (4Q): +2% YoY Positive
Industry Rank90/100 · Strong
P/E 45.8 vs industry 71.9 Cheaper than peersROCE 20.9% vs industry 15.4% Above peersROE 16.0% vs industry 10.9% Above peers3Y sales CAGR: 12% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Share Price and Basic Stock Data

Last Updated: April 25, 2026, 10:44 pm

Market Cap 17,824 Cr.
Current Price 1,610
Intrinsic Value₹592.03
High / Low 1,884/1,329
Stock P/E45.8
Book Value 206
Dividend Yield1.06 %
ROCE20.9 %
ROE16.0 %
Face Value 5.00
PEG Ratio8.11

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Grindwell Norton Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Grindwell Norton Ltd 17,824 Cr. 1,610 1,884/1,32945.8 2061.06 %20.9 %16.0 % 5.00
Carborundum Universal Ltd 17,642 Cr. 926 1,070/73573.1 1970.43 %16.1 %10.8 % 1.00
Wendt India Ltd 1,410 Cr. 7,051 13,000/5,84296.9 1,2690.71 %9.16 %5.85 % 10.0
Industry Average12,292.00 Cr3,195.6771.93557.330.73%15.39%10.88%5.33

All Competitor Stocks of Grindwell Norton Ltd

Quarterly Result

MetricSep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025
Sales 635604665668667660691706694703710703775
Expenses 513485536534536532567572565579582574634
Operating Profit 122119129135131128125133129123127130141
OPM % 19%20%19%20%20%19%18%19%19%18%18%18%18%
Other Income 1592115231417162318232431
Interest 1422222222222
Depreciation 16161517171820212323252626
Profit before tax 120108133130135122120125128116123126143
Tax % 25%26%26%26%24%25%23%26%24%24%24%25%25%
Net Profit 9080989710292939397889394107
EPS in Rs 8.137.248.968.769.208.328.368.418.697.848.368.539.65

Last Updated: January 1, 2026, 1:46 pm

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 6:46 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 9661,1351,1511,2631,4311,5981,5801,6382,0132,5412,6872,8122,940
Expenses 8219549661,0701,1831,3261,3151,3141,6122,0402,1672,2972,404
Operating Profit 145181184193248272265324400501520515537
OPM % 15%16%16%15%17%17%17%20%20%20%19%18%18%
Other Income 12172231263540515353677997
Interest 3322224348899
Depreciation 324243424545585453607193104
Profit before tax 122154161180227260243317396486508492520
Tax % 31%32%34%33%34%35%24%25%25%26%24%25%
Net Profit 84104106121151169184238295362384371390
EPS in Rs 7.589.329.5110.7813.5315.1016.4821.6026.7032.6934.6533.3035.14
Dividend Payout % 43%35%34%37%37%40%46%44%45%44%49%51%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)23.81%1.92%14.15%24.79%11.92%8.88%29.35%23.95%22.71%6.08%-3.39%
Change in YoY Net Profit Growth (%)0.00%-21.89%12.23%10.64%-12.87%-3.04%20.47%-5.40%-1.24%-16.63%-9.46%

Grindwell Norton Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:9%
5 Years:12%
3 Years:12%
TTM:3%
Compounded Profit Growth
10 Years:13%
5 Years:15%
3 Years:7%
TTM:-3%
Stock Price CAGR
10 Years:16%
5 Years:25%
3 Years:-10%
1 Year:-34%
Return on Equity
10 Years:17%
5 Years:18%
3 Years:18%
Last Year:16%

Last Updated: September 5, 2025, 5:25 am

Balance Sheet

Last Updated: December 4, 2025, 1:19 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 28282855555555555555555555
Reserves 5305887358389351,0431,1321,3091,5131,7502,0002,2002,226
Borrowings 1615158000121551838480
Other Liabilities 259309311309349347404485532549628716780
Total Liabilities 8339401,0891,2101,3391,4451,5921,8622,1162,4062,7663,0553,142
Fixed Assets 375360350368342345385370386586756886883
CWIP 6714625432924671241282651
Investments 3535135145171183583713531642689892927
Other Assets 4185385906908028755957551,1331,0541,1931,2511,281
Total Assets 8339401,0891,2101,3391,4451,5921,8622,1162,4062,7663,0553,142

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 10610613917013485318331187393368458
Cash from Investing Activity + -26-30-38-40-41-54-442-230-54-251-184-215
Cash from Financing Activity + -51-46-1023-60-68-95-95-114-140-175-221
Net Cash Flow 2929-013332-37-2207191922
Free Cash Flow 81719911796182682836772199366
CFO/OP 97%87%102%119%83%65%146%126%72%103%97%111%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow129.00166.00169.00185.00248.00272.00265.00312.00385.00450.00437.00431.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 344242374547474543404947
Inventory Days 163171190162159169155163184146148140
Days Payable 6267621091149311615813488110122
Cash Conversion Cycle 1351451718990123875092988666
Working Capital Days 394156495474503651444737
ROCE %22%25%22%20%23%23%20%23%26%28%25%21%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
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 8.28%8.34%8.40%8.42%8.31%8.63%8.25%6.97%6.75%6.81%6.38%6.39%
DIIs 15.32%15.38%15.31%15.45%15.90%16.14%16.69%18.07%18.33%18.20%18.37%18.35%
Public 18.37%18.24%18.25%18.09%17.76%17.19%17.01%16.91%16.88%16.95%17.22%17.23%
No. of Shareholders 51,99649,45751,24052,19947,95447,49350,45550,30046,81047,11048,55749,010

Shareholding Pattern Chart

No. of Shareholders

Grindwell Norton Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
SBI Midcap Fund 2,900,000 2 447.592,753,6712026-02-23 03:29:495.31%
SBI ELSS Tax Saver Fund 1,909,590 0.93 294.73N/AN/AN/A
UTI Flexi Cap Fund 1,474,580 0.97 227.591,469,1802026-01-26 06:33:270.37%
Nippon India Small Cap Fund 1,333,272 0.31 205.781,083,2722025-12-08 01:18:3523.08%
SBI Infrastructure Fund 1,000,000 3.4 154.34N/AN/AN/A
SBI MNC Fund 1,000,000 2.75 154.34N/AN/AN/A
Axis Small Cap Fund 895,775 0.54 138.251,133,9832025-12-08 01:18:35-21.01%
SBI Contra Fund 796,647 0.25 122.95N/AN/AN/A
UTI Mid Cap Fund 732,600 0.98 113.07N/AN/AN/A
ICICI Prudential Smallcap Fund 720,661 1.37 111.23717,9412026-02-23 08:37:390.38%

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 5.005.005.005.005.00
Basic EPS (Rs.) 33.3034.6532.6926.7021.60
Diluted EPS (Rs.) 33.3034.6532.6926.7021.60
Cash EPS (Rs.) 41.8141.1238.2531.5726.39
Book Value[Excl.RevalReserv]/Share (Rs.) 203.41186.36163.79142.40124.36
Book Value[Incl.RevalReserv]/Share (Rs.) 203.71186.67164.10142.70124.36
Revenue From Operations / Share (Rs.) 253.94242.66229.53181.79147.93
PBDIT / Share (Rs.) 53.5653.0850.1941.0533.87
PBIT / Share (Rs.) 45.1946.6844.7636.2228.96
PBT / Share (Rs.) 44.3545.9544.0535.8428.66
Net Profit / Share (Rs.) 33.4534.7232.8226.7421.48
NP After MI And SOA / Share (Rs.) 33.3034.6532.6926.7021.60
PBDIT Margin (%) 21.0921.8721.8622.5722.89
PBIT Margin (%) 17.7919.2319.4919.9219.57
PBT Margin (%) 17.4618.9319.1919.7119.37
Net Profit Margin (%) 13.1714.3014.2914.7014.51
NP After MI And SOA Margin (%) 13.1114.2714.2414.6814.60
Return on Networth / Equity (%) 16.3718.6920.0718.8817.52
Return on Capital Employeed (%) 20.6623.5026.1324.5822.43
Return On Assets (%) 12.0613.8515.0013.9812.82
Total Debt / Equity (X) 0.000.010.010.000.00
Asset Turnover Ratio (%) 0.961.041.071.010.94
Current Ratio (X) 2.832.762.672.862.86
Quick Ratio (X) 2.061.901.771.932.12
Inventory Turnover Ratio (X) 5.751.861.931.871.73
Dividend Payout Ratio (NP) (%) 51.0441.8436.7135.5734.71
Dividend Payout Ratio (CP) (%) 40.7935.3231.4830.1228.28
Earning Retention Ratio (%) 48.9658.1663.2964.4365.29
Cash Earning Retention Ratio (%) 59.2164.6868.5269.8871.72
Interest Coverage Ratio (X) 63.4475.7571.24110.30109.72
Interest Coverage Ratio (Post Tax) (X) 40.6250.5947.5872.8670.57
Enterprise Value (Cr.) 18426.8920843.3520648.4919658.6810427.17
EV / Net Operating Revenue (X) 6.557.768.139.776.37
EV / EBITDA (X) 31.0735.4637.1643.2627.80
MarketCap / Net Operating Revenue (X) 6.647.838.179.906.44
Retention Ratios (%) 48.9558.1563.2864.4265.28
Price / BV (X) 8.2910.2511.5212.737.73
Price / Net Operating Revenue (X) 6.647.838.179.906.44
EarningsYield 0.010.010.010.010.02

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Grindwell Norton Ltd. is a Public Limited Listed company incorporated on 31/07/1950 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L26593MH1950PLC008163 and registration number is 008163. Currently Company is involved in the business activities of Manufacture of other non-metallic mineral products. Company's Total Operating Revenue is Rs. 2737.36 Cr. and Equity Capital is Rs. 55.36 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Abrasives And Grinding Wheels5th Level, Leela Business Park, Andheri-Kurla Road, Mumbai Maharashtra 400059Contact not found
Management
NamePosition Held
Mr. Subodh NadkarniChairman
Mr. Venugopal ShanbhagManaging Director
Dr. Archana HingoraniDirector
Mr. Aakil Anand MahajanDirector
Mr. David Eric MolhoDirector
Mr. Sreedhar NatarajanDirector
Mr. Kaustubh Govind ShuklaDirector
Ms. Stephanie BilletDirector
Mr. Hari SingudasuDirector

FAQ

What is the intrinsic value of Grindwell Norton Ltd and is it undervalued?

As of 29 April 2026, Grindwell Norton Ltd's intrinsic value is ₹592.03, which is 63.23% lower than the current market price of ₹1,610.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (16.0 %), book value (₹206), dividend yield (1.06 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Grindwell Norton Ltd?

Grindwell Norton Ltd is trading at ₹1,610.00 as of 29 April 2026, with a FY2026-2027 high of ₹1,884 and low of ₹1,329. The stock is currently in the middle of its 52-week range. Market cap stands at ₹17,824 Cr..

How does Grindwell Norton Ltd's P/E ratio compare to its industry?

Grindwell Norton Ltd has a P/E ratio of 45.8, which is below the industry average of 71.93. This is broadly in line with or below the industry average.

Is Grindwell Norton Ltd financially healthy?

Key indicators for Grindwell Norton Ltd: ROCE of 20.9 % indicates efficient capital utilization; ROE of 16.0 % shows strong shareholder returns. Dividend yield is 1.06 %.

Is Grindwell Norton Ltd profitable and how is the profit trend?

Grindwell Norton Ltd reported a net profit of ₹371 Cr in Mar 2025 on revenue of ₹2,812 Cr. Compared to ₹295 Cr in Mar 2022, the net profit shows an improving trend.

Does Grindwell Norton Ltd pay dividends?

Grindwell Norton Ltd has a dividend yield of 1.06 % at the current price of ₹1,610.00. The company pays dividends, though the yield is modest.

Last Updated: April 25, 2026, 10:44 pm
Author: Getaka|Social: XLinkedIn
Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Grindwell Norton Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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