Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
post
Last Updated on: 22 February, 2024|Author: Getaka | Social: X Twitter Profile

Fundamental Analysis of Grindwell Norton Ltd

About the Company - Grindwell Norton Ltd

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 refractory products. Company’s Total Operating Revenue is Rs. 2005.62 Cr. and Equity Capital is Rs. 55.36 Cr. for the Year ended 31/03/2022.
INDUSTRYADDRESSCONTACT
Abrasives And Grinding Wheels5th Level, Leela Business Park, Andheri-Kurla Road, Mumbai Maharashtra 400059sharecmpt.gno@saint-gobain.com
http://www.grindwellnorton.co.in
Management
NamePosition Held
Mr. Keki ElaviaChairman
Mr. B SanthanamManaging Director
Mr. Aakil Anand MahajanDirector
Mr. Krishna PrasadDirector
Mr. David MolhoDirector
Mr. Jean-Claude LasserreDirector
Mr. Sreedhar NatarajanDirector
Dr. Archana HingoraniDirector
Mr. Subodh NadkarniDirector

Grindwell Norton Ltd. Share Price Update

Share PriceValue
Today₹2,221.55
Previous Day₹2,176.70

Basic Stock Data of Grindwell Norton Ltd

Market Cap 23,650 Cr.
Current Price 2,136
High / Low2,495/1,718
Stock P/E60.7
Book Value 167
Dividend Yield0.67 %
ROCE27.6 %
ROE20.7 %
Face Value 5.00

Data Source: screener.in

Grindwell Norton Ltd Quarterly Results

MonthDec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
Sales458509439513502559638635604665668667660
Expenses360396353412412435510513485536534536532
Operating Profit981138710189124128122119129135131128
OPM %21%22%20%20%18%22%20%19%20%19%20%20%19%
Other Income512141017121115921152314
Interest1111121142222
Depreciation14141413131314161615171718
Profit before tax88110869793120125120108133130135122
Tax %26%28%26%26%25%25%26%25%26%26%26%24%25%
Net Profit658064727090939080989710292
EPS in Rs5.967.275.806.506.308.108.358.137.248.968.769.208.32

Grindwell Norton Ltd Quarterly Chart

Grindwell Norton Ltd Profit & Loss

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023TTM
Sales9069479661,1351,1511,2631,4311,5981,5801,6382,0132,5412,604
Expenses7457948219549661,0701,1831,3261,3151,3141,6122,0402,091
Operating Profit161153145181184193248272265324400501513
OPM %18%16%15%16%16%15%17%17%17%20%20%20%20%
Other Income11101217223126354051535368
Interest33332222434810
Depreciation21243242434245455854536064
Profit before tax148136122154161180227260243317396486507
Tax %31%28%31%32%34%33%34%35%24%25%25%26%
Net Profit1039784104106121151169184238295362378
EPS in Rs9.308.797.589.329.5110.7813.5315.1016.4821.6026.7032.6934.16
Dividend Payout %35%37%43%35%34%37%37%40%46%44%45%44%

Grindwell Norton Ltd Profit & Loss Yearly Chart

Grindwell Norton Ltd Growth

Compounded Sales Growth
10 Years:10%
5 Years:12%
3 Years:17%
TTM:9%
Compounded Profit Growth
10 Years:14%
5 Years:20%
3 Years:27%
TTM:11%
Stock Price CAGR
10 Years:34%
5 Years:35%
3 Years:41%
1 Year:6%
Return on Equity
10 Years:17%
5 Years:18%
3 Years:19%
Last Year:21%

Grindwell Norton Ltd Balance Sheet

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Sep 2023
Equity Capital28282828285555555555555555
Reserves4344895305887358389351,0431,1321,3091,5131,7501,789
Borrowings1922161515800012155165
Other Liabilities263245259309311309349347404485532549632
Total Liabilities7437848339401,0891,2101,3391,4451,5921,8622,1162,4062,541
Fixed Assets232327375360350368342345385370386586616
CWIP8562671462543292467124172
Investments28313535135145171183583713531642539
Other Assets3983644185385906908028755957551,1331,0541,213
Total Assets7437848339401,0891,2101,3391,4451,5921,8622,1162,4062,541

Grindwell Norton Ltd Reserves and Borrowings Chart

Grindwell Norton Ltd Cash Flow

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Cash from Operating Activity 11910410610613917013485318331187356
Cash from Investing Activity -96-81-26-30-38-40-41-54-442-230-54-214
Cash from Financing Activity -44-41-51-46-1023-60-68-95-95-114-140
Net Cash Flow-22-182929-013332-37-2207191

Grindwell Norton Ltd Financial Efficiency Indicators

MonthMar 2012Mar 2013Mar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023
Debtor Days383734424237454747454340
Inventory Days162140163171190162159169155163184146
Days Payable69526267621091149311615813494
Cash Conversion Cycle132125135145171899012387509292
Working Capital Days283440446051547450375245
ROCE %33%27%22%25%22%20%23%23%20%23%26%28%

Grindwell Norton Ltd Financial Efficiency Indicators Chart

Grindwell Norton Ltd Share Holding Pattern

MonthDec 2020Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023
Promoters58.32%58.32%58.32%58.08%58.08%58.08%58.08%58.08%58.04%58.04%58.04%58.04%
FIIs3.92%4.24%4.57%4.99%6.10%7.05%7.44%7.52%8.41%8.28%8.34%8.40%
DIIs16.26%16.12%17.43%17.24%16.03%15.69%15.48%15.58%14.89%15.32%15.38%15.31%
Public21.50%21.31%19.68%19.69%19.79%19.18%19.00%18.82%18.66%18.37%18.24%18.25%
No. of Shareholders17,39618,99130,24632,57847,29145,70946,47756,40653,59251,99649,45751,240

Grindwell Norton Ltd Shareholding Pattern Chart

No. of Grindwell Norton Ltd Shareholders

Grindwell Norton Ltd Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)
Axis Midcap Fund15221171.49326.4
UTI Flexi Cap Fund14774591.3316.83
SBI Small Cap Fund14413991.46309.09
Axis Small Cap Fund11339831.49243.17
Nippon India Small Cap Fund10832720.62232.3
SBI Magnum Global Fund10737943.76230.26
HSBC Small Cap Fund - Regular Plan10188221.89218.48
Sundaram Mid Cap Fund8306422.1178.12
Sundaram Mid Cap Fund - Institutional Plan8306422.1178.12
SBI Magnum Midcap Fund8247041.34176.85

Grindwell Norton Ltd ROCE Trend

Grindwell Norton Ltd EPS Trend

Grindwell Norton Ltd Key Financial Ratios

MonthMar 23Mar 22Mar 21Mar 20Mar 19
FaceValue5.005.005.005.005.00
Basic EPS (Rs.)32.6926.7021.6016.4815.11
Diluted EPS (Rs.)32.6926.7021.6016.4815.11
Cash EPS (Rs.)38.2531.5726.3921.8319.32
Book Value[Excl.RevalReserv]/Share (Rs.)163.79142.40124.36108.46100.41
Book Value[Incl.RevalReserv]/Share (Rs.)164.10142.70124.36108.46100.41
Revenue From Operations / Share (Rs.)229.53181.79147.93142.66144.33
PBDIT / Share (Rs.)50.1941.0533.8727.5427.74
PBIT / Share (Rs.)44.7636.2228.9622.3223.66
PBT / Share (Rs.)44.0535.8428.6621.9123.52
Net Profit / Share (Rs.)32.8226.7421.4816.6115.24
NP After MI And SOA / Share (Rs.)32.6926.7021.6016.4815.11
PBDIT Margin (%)21.8622.5722.8919.3019.22
PBIT Margin (%)19.4919.9219.5715.6416.39
PBT Margin (%)19.1919.7119.3715.3616.29
Net Profit Margin (%)14.2914.7014.5111.6410.55
NP After MI And SOA Margin (%)14.2414.6814.6011.5510.46
Return on Networth / Equity (%)20.0718.8817.5215.3715.23
Return on Capital Employeed (%)26.1324.5822.4319.7222.57
Return On Assets (%)15.0013.9812.8211.4411.53
Total Debt / Equity (X)0.010.000.000.000.00
Asset Turnover Ratio (%)1.071.010.941.031.13
Current Ratio (X)2.672.862.862.892.98
Quick Ratio (X)1.771.932.122.001.84
Inventory Turnover Ratio (X)1.931.871.731.952.19
Dividend Payout Ratio (NP) (%)36.7135.5734.7136.3933.10
Dividend Payout Ratio (CP) (%)31.4830.1228.2827.6426.05
Earning Retention Ratio (%)63.2964.4365.2963.6166.90
Cash Earning Retention Ratio (%)68.5269.8871.7272.3673.95
Interest Coverage Ratio (X)71.24110.30109.7268.23204.84
Interest Coverage Ratio (Post Tax) (X)47.5872.8670.5742.15113.51
Enterprise Value (Cr.)20648.4919658.6810427.175085.366350.41
EV / Net Operating Revenue (X)8.139.776.373.223.97
EV / EBITDA (X)37.1643.2627.8016.6820.67
MarketCap / Net Operating Revenue (X)8.179.906.443.224.11
Retention Ratios (%)63.2864.4265.2863.6066.89
Price / BV (X)11.5212.737.734.285.98
Price / Net Operating Revenue (X)8.179.906.443.224.11
EarningsYield0.010.010.020.030.02

Grindwell Norton Ltd Profitability Ratios (%)

Grindwell Norton Ltd Liquidity Ratios

Grindwell Norton Ltd Liquidity Ratios (%)

Grindwell Norton Ltd Interest Coverage Ratios (%)

Grindwell Norton Ltd Valuation Ratios

Fair Value of Grindwell Norton Ltd Stock

Fair Value: ₹2112.40

The stock is overvalued by 1.11% compared to the current price ₹2136

*Investments are subject to market risks

Strength and Weakness of Grindwell Norton Ltd Stock

StrengthWeakness
  1. The stock has a high average ROCE of 24.33%, which is a positive sign.
  2. The company has higher reserves (1,006.54 cr) compared to borrowings (18.31 cr), indicating strong financial stability.
  3. The company has shown consistent growth in sales (217.85 cr) and profit (256.69 cr) over the years.
  1. The stock is trading at a high valuation with an average P/B ratio of 31.18 and average Dividend Yield of 18.20%.
  2. The stock has a high average Working Capital Days of 47.42, which may not be favorable.
  3. The stock has a high average Cash Conversion Cycle of 110.92, which may not be favorable.

About the Author

Author Avatar
Getaka

Getaka, CFA, a financial analyst with 15 years of experience in the industry. Getaka holds an MBA degree and the Chartered Financial Analyst designation, demonstrating his profound understanding of financial analysis and investment management. Throughout his career, he has conducted numerous financial analyses and due diligence processes for companies in the industry, and has a strong track record of identifying key trends and opportunities. He leverages his expertise to deliver a thorough financial analysis of a company, encompassing its financial performance, key ratios, future prospects, and risks. Getaka is committed to providing accurate, reliable, and trustworthy information to help readers make informed decisions about their finances and investments.

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