āagman

Not investment advice. Data and computed figures, for information only.

Grindwell Norton Ltd

NSE: GRINDWELL
₹1,897.70
−₹55.60 (−2.85%)
NSE · 15 Oct 2026, close
NSE
As of 31 Mar 2026
Market Cap
₹22,040 Cr
CMP
₹1,897.70
52-wk High / Low
₹2,455 / 1,329
P/E
50.5
P/B
8.7
Book Value
₹229.0
Div Yield
0.95%
ROCE
21.0%
ROE
16.2%
Face Value
₹5
D/E
0.02

Price+12.6% over 1Y

āagman read

Computed by āagman
Derived from 12 years and 13 quarters of filings. Not reported by the company.
As of 15 Oct 2026
How we compute these
Piotroski F-Score
6
/ 9
6 of 9 F-score tests passed
Graham Number
₹440
√(22.5 × EPS × book value per share)
ROIC
13.6%
vs 12.3% sector median
Cash flow to profit
1.30
CFO / PAT
Above 1.0 = operating cash flow exceeded reported profit
Margin change
+106
bps OPM YoY
Operating margin vs the same quarter last year
Sustainable growth
8.4%
ROE × earnings retention ratio
ROE stability
1.4
pp σ
Standard deviation of ROE across periods. Lower = more stable
Holder deltas
QoQ
pp
Prom +0.00FII −0.22DII +0.48
Latest quarter vs the previous one
Cash-accrual divergence
−3.9%
of assets
Low = accruals track cash flow
Strengths
+ROCE has stayed above the sector median for 5 consecutive years (weakest: 21% vs the 2025 sector median of 20%)
+Price trades above its 200-day moving average (1.1x)
Watch-outs
−Borrowings are up 306.7% since FY2016 (15 to 61)

Peer comparison

Peers
NameP/EMar Cap ₹ CrROCE %ROE %

Quarterly results

Consolidated basis (as filed) · ₹ Cr · 13 quarters
As of 30 Jun 2026
Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales668667660691706694703710703775753842803
Expenses534536532567572565579582574634614678646
Operating Profit135131128125133129123127130141139164157
OPM %20.2%19.6%19.4%18.1%18.8%18.6%17.5%17.9%18.5%18.2%18.5%19.5%19.6%
Other Income15231417162318232431192125
Interest2222222222221
Depreciation17171820212323252626272627
Profit before tax130135122120125128116123126143128158154
Net Profit971029293939788939410796119115
EPS (₹)8.769.208.328.368.418.697.848.368.539.658.6010.7210.43

Profit & Loss

As of 30 Jun 2026
Consolidated · ₹ Cr · 12 years + TTM
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales1,1351,1511,2631,4311,5981,5801,6382,0132,5412,6872,8123,0733,173
Expenses9549661,0701,1831,3261,3151,3141,6122,0402,1672,2972,4972,572
Operating Profit181184193248272265324400501520515576601
OPM %15.9%16.0%15.3%17.3%17.0%16.8%19.8%19.9%19.7%19.4%18.3%18.7%18.9%
Other Income17223126354051535367799396
Interest3222243488987
Depreciation4243424545585453607193105106
Profit before tax154161180227260243317396486508492555584
Net Profit104106121151169184238295362384371417438
EPS (₹)9.329.5110.7813.5315.1016.4821.6026.7032.6934.6533.3037.5439.40

Balance Sheet

As of 30 Jun 2026
Consolidated · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026Jun 2026
Equity Capital282855555555555555555555—
Reserves5887358389351,0431,1321,3091,5131,7502,0002,2002,479—
Borrowings15158000121551838461—
Other Liabilities309311309349347404485532549628716840—
Total Liabilities9401,0891,2101,3391,4451,5921,8622,1162,4062,7663,0553,436—
Fixed Assets360350368342345385370386586756886887—
CWIP714625432924671241282652—
Investments35135145171183583713531642689892999—
Other Assets5385906908028755957551,1331,0541,1931,2511,498—
Total Assets9401,0891,2101,3391,4451,5921,8622,1162,4062,7663,0553,436—

Cash Flows

As of 31 Mar 2026
Consolidated · ₹ Cr
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from Operating Activity10613917013485318331187393368458542
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 Flow29013332−37−220719197883

Ratios

As of 31 Mar 2026
12 periods
Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %25.022.020.023.023.020.023.026.028.025.021.021.0
ROE %———————————16.2
EPS (₹)9.329.5110.7813.5315.1016.4821.6026.7032.6934.6533.3037.54
Book Value (₹)———————————229.0
Face Value (₹)———————————5
P/E———————————50.5
Div Yield %———————————0.95
NPM %9.09.09.410.410.311.414.114.314.013.912.813.2
OPM %16.016.015.017.017.017.020.020.020.019.018.019.0
D/E0.020.020.010.000.000.000.010.010.030.040.040.02
P/B———————————8.7

Growth

As of 11 Oct 2026
Compounded sales growth
10 years+10.0%
5 years+13.0%
3 years+7.0%
TTM+13.0%
Compounded profit growth
10 years+14.0%
5 years+12.0%
3 years+3.0%
TTM+18.0%
Stock price CAGR
10 years+19.0%
5 years+6.0%
3 years−3.0%
Last year+18.0%
Return on equity
10 years17.0%
5 years18.0%
3 years17.0%
Last year16.0%

Shareholding pattern

As of 30 Jun 2026
Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters58.89%58.89%58.36%58.33%58.32%58.32%58.08%58.04%58.04%58.04%58.04%58.04%
FIIs4.26%4.26%4.47%4.36%3.99%4.24%7.05%8.28%8.31%6.75%5.56%5.34%
DIIs14.01%14.01%14.50%15.37%16.58%16.12%15.69%15.32%15.90%18.33%19.18%19.66%
Government————————————
Public22.84%22.84%22.67%21.94%21.11%21.31%19.18%18.37%17.76%16.88%17.23%16.95%
No. of shareholders15,43215,43214,93815,55116,85418,99145,70951,99647,95446,81046,99444,141
Change since Sep 2023 (pp)
Promoters −0.85FIIs +1.08DIIs +5.65Public −5.89

Documents

As of 11 Oct 2026
Announcements
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018Announcement under Regulation 30 (LODR)-Newspaper PublicationClosure of Trading WindowDisclosure Under Regulation 30 Of The SEBI (LODR) Regulations, 2015Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
Annual reports
Annual Report 2026Annual Report 2025Annual Report 2024Annual Report 2023Annual Report 2022
Credit ratings
Rating update
Concalls
May 2026PPTMay 2025PPTMay 2023PPTMay 2022PPTMay 2021PPT

Corporate actions

As of 10 Jul 2026
10 Jul 2026DIVIDENDDividend - Rs 19 Per Share—
15 Jul 2025DIVIDENDDividend - Rs 17 Per Share—
9 Jul 2024DIVIDENDAnnual General Meeting/Dividend - Rs 17 Per Share—
4 Aug 2023DIVIDENDAnnual General Meeting/Dividend - Rs 14.50 Per Share—
19 Jul 2022DIVIDENDAnnual General Meeting/Dividend - Rs 12 Per Share—
19 Jul 2021DIVIDEND Annual General Meeting/Dividend - Rs 9.50 Per Share—
16 Jul 2020DIVIDEND Annual General Meetingdividend - Rs 7.50 Per Share—
17 Jul 2019DIVIDEND Annual General Meeting/Dividend - Rs 6 Per Share—
18 Jul 2018DIVIDEND Annual General Meeting/Dividend- Rs 5 Per Share—
17 Jul 2017DIVIDEND Annual General Meeting/Dividend - Rs 4/- Per Share—
14 Jul 2016BONUS Bonus 1:1—
22 Mar 2016DIVIDEND Interim Dividend - Rs 6.50/- Per Share (Purpose Revised)—
24 Jul 2015DIVIDENDAnnual General Meeting/ Dividend - Rs 6.50/- Per Share—
11 Jul 2014DIVIDENDAnnual General Meeting / Final Dividend Rs.6.50/- Per Equity Share—
14 Jun 2013DIVIDENDAnnual General Meeting / Final Dividend Rs.6.50/- Per Equity Share—
15 Jun 2012DIVIDENDAnnual General Meeting/Dividend Rs 6.50 Per Share—
17 Jun 2011DIVIDENDAnnual General Meeting/Dividend - Rs.6/- Per Share—
18 Jun 2010DIVIDENDAnnual General Meeting And Dividend Rs.6/- Per Share—
Fundamentals from a third-party compiler of exchange filings; prices from the exchanges. Not investment advice.© 2026 āagman