Grindwell Norton Ltd(GRINDWELL)

NSE: GRINDWELLBSE: 506076

₹ 1,858-1.04%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 20,572 crNext results: 29 Oct 2026Website: www.grindwellnorton.co.inUpdated: 24 Oct 2026

About

Grindwell Norton Limited is an Indian manufacturer of abrasives, advanced ceramics, plastics, and related industrial products, operating as a Saint-Gobain group company. It reported revenue from operations of Rs 3,073 cr in FY26, a 9.3% increase year-on-year, with a six-year revenue CAGR of 11.7% outpacing nominal GDP CAGR of 9.5%. The company operates four segments - Abrasives, Ceramics & Plastics, Digital Services, and Others - serving end markets spanning steel, automotive, life sciences, and electronics.^[1][2][3]

Business segments

Abrasives: 47.9% of revenue (Rs 1,490.79 cr) in FY26, contributing Rs 192.35 cr EBIT at a 12.9% margin; revenue grew 6.3% YoY.^[3][2]
Ceramics & Plastics: 42.1% of revenue (Rs 1,310.58 cr) in FY26, contributing Rs 230.9 cr EBIT at a 17.6% margin; revenue grew 10.3% YoY.^[3][2]
Digital Services: 7.2% of revenue (Rs 222.52 cr) in FY26, contributing Rs 58.05 cr EBIT at a 26.1% margin; captive IT centre (~650 employees) operating on a cost-plus model.^[3][4]
Others: 2.8% of revenue (Rs 87.89 cr) in FY26, contributing Rs 16.5 cr EBIT at an 18.8% margin.^[3]
Ceramics & Plastics has gained 13.5 percentage points of group revenue share between FY18 and FY26, while Abrasives has shed 14.0 pp over the same window.^[3]

Products and brands

Abrasives portfolio includes branded ranges: Norton Xpert, Norton Spitfire, Norton Massa, Norton Hitech Prime, Norton Supreme MaxLife Whiteners, and Norton Alkon Narrow Belts.^[2][5]
Ceramics & Plastics (PCR) products include silicon carbide (SiC) refractories for iron & steel, secondary metals, and petrochemical markets.^[4]
Performance Plastics & Solutions (PPS) products span Sani-Tech STHT-LT tubing, Meldin ball joint liners, single-use bags and assemblies, cold storage bags, Rulon fluoropolymers, and C-Flex extrusion lines for life sciences and automotive.^[2]
Tape Solutions within PPS target automotive applications including battery pack solutions and electrical insulation tapes for EVs.^[5][4]
New products launched in FY26 span Steel/Foundry, Life Sciences, Automotive, High-Precision, Petrochemical and Sanitary Ware end markets.^[2]

Operations and capacity

SiC manufacturing operates from two sites: one domestic plant and one in Bhutan; both increased output in FY25 with the Bhutan plant reaching its highest operational level.^[4]
PCR Halol expansion: Phase 1 completed in 2024; Phase 2 remains work-in-progress as of FY26 reporting with no completion date specified.^[2]
Non-woven new abrasives line commenced in 2024; C-Flex PPS extrusion line commenced 2023; Coated Paper Maker at Bangalore completed in 2022.^[5]
Capital commitments for property, plant and equipment contracted but not yet recognised stood at Rs 5,067.55 lakhs at end of FY25, up from Rs 2,009.33 lakhs the prior year.^[4]

Key operating numbers

EBIT margin recovered to 18.3% in FY26 from 17.8% in FY25 (which had fallen from 19.2% in FY24 due to higher depreciation).^[2]
Return on Business Assets (EBIT excl. investment income / business assets) improved to 45.8% in FY26 from 39.5% in FY25.^[2]
Business assets turnover ratio rose to 2.83x in FY26 from 2.52x in FY25.^[2]
Domestic revenue CAGR of 13.4% from FY20 - FY25 outpaced export CAGR of 6.8% over the same period, reflecting domestic demand-led growth.^[5]

Customers and distribution

Abrasives end markets include steel, foundry, automotive, solar glass, and sanitary ware; C&P refractories focus on domestic Iron & Steel and Secondary Metals with limited export visibility to Europe and North America.^[4][2]
Export markets face headwinds: visibility for Europe and North America is low for PCR; EV battery pack export outlook for PPS Tape Solutions is challenging as of FY25 outlook.^[4]
Risk flagged: Chinese imports growing in the power-tool accessory segment of abrasives.^[4]

Expansion and capex

Cumulative capex over FY21 - FY26 totalled ~Rs 794 cr, maintained at approximately 6% of revenue across the five-year period.^[2]
PCR Halol Phase 2 capacity expansion is ongoing (work-in-progress); no target date or investment quantum disclosed.^[2]
C-Flex extrusion line capacity expansion for Life Sciences PPS remains ongoing.^[2]

New end-market development

Company presented solutions at the Defence Manufacturing Conclave 2025, targeting India's defence manufacturing ecosystem.^[2]
Solutions showcased for rail infrastructure and for semiconductor and electronics manufacturing at dedicated events in FY26.^[2]
Life Sciences domestic demand showing signs of revival entering FY26, per FY25 annual report outlook.^[4]

Recent developments

76th AGM held on July 24, 2026 via video conferencing; FY26 annual report published on the company website.^[6]
Board proposed a dividend of Rs 25 per share for FY25-26, subject to shareholder approval at the AGM, up from Rs 19 per share in FY25.^[2]

Market Cap

₹20,572 Cr

High / Low

₹2,464 / 1,330

Stock P/E

47.7

Price / Book

8.2

Book Value

₹229

EPS

₹37.5

No. of Shares

11.07 Cr

ROCE

22.8%

ROE

17.3%

OPM

17.8%

Debt / Equity

0.02

Sales

₹3,073 Cr

Net Profit

₹417 Cr

Promoter holding

58.0%

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Grindwell Norton Ltd(GRINDWELL)

About

Business segments

Products and brands

Operations and capacity

Key operating numbers

Customers and distribution

Expansion and capex

New end-market development

Recent developments

Signal history

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