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Grindwell Norton Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹1,560.62Overvalued by 23.98%vs CMP ₹2,053.00

P/E (52.1) × ROE (16.2%) × BV (₹229.00) × DY (0.93%)

₹692.65Overvalued by 66.26%vs CMP ₹2,053.00
MoS: -196.4% (Negative)Confidence: 68/100 (Moderate)Models: All 9: Overvalued
ModelCategoryValueWeightSignal
PE-ROEEarnings₹1,620.0022%Over (-21.1%)
Graham NumberEarnings₹450.5616%Over (-78.1%)
Earnings PowerEarnings₹286.0013%Over (-86.1%)
DCFCash Flow₹504.5613%Over (-75.4%)
Net Asset ValueAssets₹228.857%Over (-88.9%)
EV/EBITDAEnterprise₹732.539%Over (-64.3%)
Earnings YieldEarnings₹394.007%Over (-80.8%)
ROCE CapitalReturns₹438.069%Over (-78.7%)
Revenue MultipleRevenue₹416.305%Over (-79.7%)
Consensus (9 models)₹692.65100%Overvalued
Key Drivers: Wide model spread (₹229–₹1,620) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 3.8%

*Investments are subject to market risks

Analyst Summary

Grindwell Norton Ltd operates in the Abrasives And Grinding Wheels segment, current market price is ₹2,053.00, market cap is 22,732 Cr.. At a glance, stock P/E is 52.1, ROE is 16.2 %, ROCE is 21.2 %, book value is 229, dividend yield is 0.93 %. The latest intrinsic value estimate is ₹692.65, around 66.3% below the current price, so expectations may already be running ahead of this modelled fair value. On operating trend, latest reported sales are about ₹3,073 Cr versus the prior period change of 9.3%, while latest net profit is about ₹417 Cr with a prior-period change of 12.4%. The 52-week range shown on this page is 2,464/1,329, 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

72
Grindwell Norton Ltd scores 72/100 (Strong)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health87/100 · Strong
ROCE 21.2% ExcellentROE 16.2% GoodD/E 0.00 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money45/100 · Moderate
FII holding down -1.17% (6mo) SellingDII holding up 1.22% MF buyingPromoter 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 Rank85/100 · Strong
P/E 52.1 vs industry 78.4 Cheaper than peersROCE 21.2% vs industry 13.2% Above peersROE 16.2% vs industry 9.3% Above peers3Y sales CAGR: 7% Slow

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily.

Share Price and Basic Stock Data

Last Updated: August 25, 2026, 6:42 am

Market Cap 22,732 Cr.
Current Price 2,053
Intrinsic Value₹692.65
High / Low 2,464/1,329
Stock P/E52.1
Book Value 229
Dividend Yield0.93 %
ROCE21.2 %
ROE16.2 %
Face Value 5.00
PEG Ratio13.69

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 22,732 Cr. 2,053 2,464/1,32952.1 2290.93 %21.2 %16.2 % 5.00
Carborundum Universal Ltd 21,379 Cr. 1,122 1,307/73585.2 2050.36 %10.5 %6.92 % 1.00
Wendt India Ltd 1,657 Cr. 8,286 10,341/5,84297.8 1,2690.36 %7.82 %4.89 % 10.0
Industry Average15,256.00 Cr3,820.3378.37567.670.55%13.17%9.34%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: August 25, 2026, 2:30 am

MetricMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales 1,1351,1511,2631,4311,5981,5801,6382,0132,5412,6872,8123,0733,173
Expenses 9549661,0701,1831,3261,3151,3141,6122,0402,1672,2972,4972,572
Operating Profit 181184193248272265324400501520515576601
OPM % 16%16%15%17%17%17%20%20%20%19%18%19%19%
Other Income 17223126354051535367799396
Interest 3222243488987
Depreciation 4243424545585453607193105106
Profit before tax 154161180227260243317396486508492555584
Tax % 32%34%33%34%35%24%25%25%26%24%25%25%
Net Profit 104106121151169184238295362384371417438
EPS in Rs 9.329.5110.7813.5315.1016.4821.6026.7032.6934.6533.3037.5439.40
Dividend Payout % 35%34%37%37%40%46%44%45%44%49%51%51%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-20252025-2026
YoY Net Profit Growth (%)1.92%14.15%24.79%11.92%8.88%29.35%23.95%22.71%6.08%-3.39%12.40%
Change in YoY Net Profit Growth (%)0.00%12.23%10.64%-12.87%-3.04%20.47%-5.40%-1.24%-16.63%-9.46%15.78%

Grindwell Norton Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2015-2016 to 2025-2026.

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: September 4, 2026, 6:00 am

MonthMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital 282855555555555555555555
Reserves 5887358389351,0431,1321,3091,5131,7502,0002,2002,479
Borrowings 15158000121551838461
Other Liabilities 309311309349347404485532549628716840
Total Liabilities 9401,0891,2101,3391,4451,5921,8622,1162,4062,7663,0553,436
Fixed Assets 360350368342345385370386586756886887
CWIP 714625432924671241282652
Investments 35135145171183583713531642689892999
Other Assets 5385906908028755957551,1331,0541,1931,2511,498
Total Assets 9401,0891,2101,3391,4451,5921,8622,1162,4062,7663,0553,436

Reserves and Borrowings Chart

Cash Flow

MonthMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity + 10613917013485318331187393368458542
Cash from Investing Activity + -30-38-40-41-54-442-230-54-251-184-159-244
Cash from Financing Activity + -46-1023-60-68-95-95-114-140-175-221-215
Net Cash Flow 29-013332-37-220719197883
Free Cash Flow 719911796182682836772199366424
CFO/OP 87%102%119%83%65%146%126%72%103%97%111%118%

Free Cash Flow

MonthMar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Free Cash Flow166.00169.00185.00248.00272.00265.00312.00385.00450.00437.00431.00515.00

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

MonthSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
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 8.40%8.42%8.31%8.63%8.25%6.97%6.75%6.81%6.38%6.39%5.56%5.21%
DIIs 15.31%15.45%15.90%16.14%16.69%18.07%18.33%18.20%18.37%18.35%19.18%19.59%
Public 18.25%18.09%17.76%17.19%17.01%16.91%16.88%16.95%17.22%17.23%17.23%17.17%
No. of Shareholders 51,24052,19947,95447,49350,45550,30046,81047,11048,55749,01046,99445,545

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

[display_about_company_data title=”About the Company – Qualitative Analysis”]

FAQ

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

As of 09 September 2026, Grindwell Norton Ltd's intrinsic value is ₹692.65, which is 66.26% lower than the current market price of ₹2,053.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (16.2 %), book value (₹229), dividend yield (0.93 %), 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 ₹2,053.00 as of 09 September 2026, with a FY2026-2027 high of ₹2,464 and low of ₹1,329. The stock is currently in the middle of its 52-week range. Market cap stands at ₹22,732 Cr..

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

Grindwell Norton Ltd has a P/E ratio of 52.1, which is below the industry average of 78.37. 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 21.2 % indicates efficient capital utilization; ROE of 16.2 % shows strong shareholder returns. Dividend yield is 0.93 %.

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

Grindwell Norton Ltd reported a net profit of ₹417 Cr in Mar 2026 on revenue of ₹3,073 Cr. Compared to ₹362 Cr in Mar 2023, the net profit shows an improving trend.

Does Grindwell Norton Ltd pay dividends?

Grindwell Norton Ltd has a dividend yield of 0.93 % at the current price of ₹2,053.00. The company pays dividends, though the yield is modest.

Last Updated: August 25, 2026, 6:42 am
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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