Abrasives & Bearings industry

9 companies · ₹81,364 cr · 7 with AI deep dives · Q1FY27 report

Volume demand accelerates broadly, but concurrent input cost shocks keep margins range-bound at mid-cycle

Mid cyclemargin range-bound near 14.8%

Revenue YoY: -5.8%
EBITDA margin: 14.8%; +80bps YoY
Price, 1 year: -8.4%; 40% of names up
P/E vs own 5y: +6.7%; 57.5x now

Exhibit 1The quarter in numbers

constant panel of 5 companies above ₹500 cr

aggregate revenue (₹ cr)EBITDA margin (right axis)

Metric	Jun 26	Mar 26	QoQ	Jun 25	YoY	Peak	vs peak
Revenue	3,832 cr	3,992 cr	-4.0%	4,067 cr	-5.8%	4,305 cr	-11.0%
EBITDA margin	14.8%	14.9%	-10bps	14.0%	+80bps	19.0%	-420bps

Revenue

Jun 26: 3,832 cr
Mar 26: 3,992 cr
QoQ: -4.0%
Jun 25: 4,067 cr
YoY: -5.8%
Peak: 4,305 cr
vs peak: -11.0%

EBITDA margin

Jun 26: 14.8%
Mar 26: 14.9%
QoQ: -10bps
Jun 25: 14.0%

Sept 26: 1 of 6 reported so far, so it is not in the trend above.

Breadth: 80% of 5 companies grew revenue year on year (was 40% a quarter earlier) and 80% expanded margin (was 20%).

Exhibit 2What it costs

48.69x - 69.28x across the panel today

The median name trades at 57.5x, +6.7% against this industry's own 5-year median of 54.0x, and -27.3% against its own peak of 79.2x.

Exhibit 3Structure

₹81,364 cr

Grindwell Norton Ltd is 25.3% of this industry by market cap. The top 5 are 97.5% and the top 10 are 100%.

mid 4small 2micro 36 above ₹500 cr

Exhibit 4Screen

P/E below the sub-industry median of 57.55x, 5y ROCE above its median of 22.57%, and at least 2 growth triggers stated on the latest earnings call.

Which names clear this screen is premium

The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.

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Exhibit 5Coverage (9 of 9)

Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.

Company	Mcap	P/E	EV/EBITDA	ROCE	Margin	Rev YoY	Read
Grindwell Norton Ltd	₹20,572 cr	47.1x	30.9x	22.8%	18.7%	+14.2%	Unlock
Timken India Ltd	₹20,546 cr

Exhibit 6What managements said

from this industry's latest earnings calls · as of 2026-06-30

tailwindVolume-led demand recovery broad across segments and geographies5 managements

Five companies reported meaningful volume growth, with pricing contributing minimally. CARBORUNIV called standalone growth broad-based across all three segments. SKFINDIA reported…

CARBORUNIV (Q1FY27): “In Q1 FY'27, standalone sales were INR 846 crores compared to INR 698 crores in Q1 FY'26…”

headwind4 managements mixed4 managements

Exhibit 7Outlook

The outlook and what resolves next quarter

Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.

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AppendixThe other 0 companies

1-0

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