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Consolidated Standalone

Grindwell Norton

₹2162.2 5.8 | 0.3%

Market Cap ₹23939 Cr.

Stock P/E 62.4

P/B 11.6

Current Price ₹2162.2

Book Value ₹ 186.4

Face Value 5

52W High ₹2494.6

Dividend Yield 0.79%

52W Low ₹ 1850.1

Edit Ratio

Grindwell Norton Research see more...

Overview Inc. Year: 1950Industry: Abrasives

Grindwell Norton Ltd is a holding company, which manufactures abrasives. The Company's segments are Abrasives,and Ceramics & Plastics. Its Abrasives section offers bonded abrasives in the form of wheels and other shapes, including phase and sticks, which are used for various packages starting from polishing or lapping to disposing of high quantities of substances. Bonded Abrasives are used in precision programs, inclusive of lapping, honing, superb-finishing, race grinding, thread grinding, fluting, outdoor diameter (OD) grinding, inner and interior diameter (ID) grinding and surface grinding. They are also utilised in tough programs, which includes snagging and weld training. Its Ceramics & Plastics section includes Silicon Carbide, which are used as raw material within the manufacture of Abrasives; High Performance Refractories, which are used for processing ferrous and non-ferrous metals, and Performance Plastics, which produces and markets trendy and custom-made polymer products.

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Grindwell Norton Share Price

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Peer Comparison

Grindwell Norton Quarterly Results

#(Fig in Cr.) Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Net Sales 502 559 638 635 604 665 668 667 660 691
Other Income 17 12 11 15 9 21 15 23 14 17
Total Income 519 570 649 650 613 686 683 690 674 708
Total Expenditure 412 435 509 512 485 536 533 536 532 566
Operating Profit 107 135 140 137 128 150 150 154 142 142
Interest 1 2 1 1 4 2 2 2 2 2
Depreciation 13 13 14 16 16 15 17 17 18 20
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 -0 0
Profit Before Tax 93 120 126 120 108 133 131 135 122 121
Provision for Tax 23 30 32 30 28 34 33 33 30 28
Profit After Tax 70 90 93 91 80 99 98 102 91 93
Adjustments -0 -0 -1 -1 -0 0 -1 -0 1 -1
Profit After Adjustments 70 90 92 90 80 99 97 102 92 93
Adjusted Earnings Per Share 6.3 8.1 8.3 8.1 7.2 9 8.8 9.2 8.3 8.4

Grindwell Norton Profit & Loss

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
Net Sales 947 966 1135 1151 1263 1431 1598 1580 1638 2013 2541 2686
Other Income 12 13 18 23 31 27 35 40 60 56 58 69
Total Income 959 979 1154 1173 1294 1458 1633 1620 1698 2068 2599 2755
Total Expenditure 796 822 955 967 1070 1184 1326 1315 1323 1614 2043 2167
Operating Profit 163 157 198 206 224 274 307 305 375 454 556 588
Interest 3 3 3 2 2 2 1 4 3 4 8 8
Depreciation 24 32 42 43 42 45 45 58 54 53 60 72
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 136 122 154 161 180 227 260 243 317 396 486 509
Provision for Tax 38 37 50 55 59 77 92 59 79 101 124 124
Profit After Tax 97 84 104 106 121 151 169 184 238 295 362 384
Adjustments 0 -0 -1 -1 -1 -1 -1 -1 1 1 0 -1
Profit After Adjustments 97 84 103 105 119 150 167 183 239 296 362 384
Adjusted Earnings Per Share 8.8 7.6 9.3 9.5 10.8 13.5 15.1 16.5 21.6 26.7 32.7 34.7

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR 26% 17% 12% 10%
Operating Profit CAGR 22% 22% 15% 13%
PAT CAGR 23% 25% 19% 14%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 14% 25% 30% 30%
ROE Average 22% 20% 19% 18%
ROCE Average 29% 27% 26% 25%

Grindwell Norton Balance Sheet

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Shareholder's Funds 516 558 616 763 893 991 1098 1187 1365 1568 1806
Minority's Interest 7 8 9 10 11 12 14 14 12 12 11
Borrowings 14 12 6 3 2 0 0 0 0 0 4
Other Non-Current Liabilities 35 41 36 27 42 43 45 49 50 47 69
Total Current Liabilities 211 216 274 286 261 293 289 342 436 488 516
Total Liabilities 784 833 940 1089 1210 1339 1445 1592 1862 2116 2406
Fixed Assets 327 375 360 350 368 342 345 385 370 386 586
Other Non-Current Assets 110 56 64 163 167 221 241 218 245 353 442
Total Current Assets 347 403 516 576 675 776 859 989 1247 1378 1379
Total Assets 784 833 940 1089 1210 1339 1445 1592 1862 2116 2406

Grindwell Norton Cash Flow

#(Fig in Cr.) Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Opening Cash & Cash Equivalents 71 54 82 114 110 238 270 232 13 19 38
Cash Flow from Operating Activities 104 106 106 139 170 134 85 318 331 187 356
Cash Flow from Investing Activities -81 -26 -30 -38 -44 -44 -54 -442 -230 -54 -223
Cash Flow from Financing Activities -41 -51 -46 -99 3 -60 -68 -95 -95 -114 -140
Net Cash Inflow / Outflow -18 29 29 2 129 29 -37 -220 7 19 -7
Closing Cash & Cash Equivalent 54 82 112 116 238 271 232 13 19 38 40

Grindwell Norton Ratios

# Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Earnings Per Share (Rs) 8.79 7.58 9.32 9.5 10.78 13.52 15.11 16.49 21.6 26.7 32.69
CEPS(Rs) 10.98 10.5 13.17 13.45 14.73 17.68 19.32 21.83 26.38 31.48 38.08
DPS(Rs) 3.25 3.25 3.25 3.25 4 5 6 7.5 9.5 12 14.5
Book NAV/Share(Rs) 46.29 50.07 55.32 68.48 80.35 88.81 98.37 106.3 122.17 140.42 161.73
Core EBITDA Margin(%) 14.78 13.78 14.76 14.79 14.16 16.98 17.01 16.74 19 19.43 19.22
EBIT Margin(%) 13.53 12.01 12.85 13.18 13.32 15.75 16.39 15.64 19.33 19.49 19.05
Pre Tax Margin(%) 13.24 11.72 12.61 12.98 13.18 15.65 16.3 15.36 19.12 19.29 18.75
PAT Margin (%) 9.49 8.11 8.54 8.57 8.86 10.38 10.56 11.64 14.33 14.38 13.95
Cash Profit Margin (%) 11.87 11.17 11.95 12.01 11.96 13.46 13.39 15.3 17.61 16.98 16.27
ROA(%) 12.73 10.44 11.75 10.48 10.52 11.84 12.12 12.11 13.77 14.84 15.99
ROE(%) 20.03 15.83 17.86 15.52 14.67 16.11 16.28 16.23 18.8 20.3 21.61
ROCE(%) 27.4 22.6 26.16 23.32 21.73 24.3 25.17 21.69 25.19 27.32 29.15
Receivable days 34.14 32.64 32.79 38.64 34.92 38.22 43.71 47.45 44.77 39 36.42
Inventory Days 57.97 60.32 61.29 71.05 67.38 64.96 68.57 73.01 68.86 68.47 64.2
Payable days 56.46 57.26 60.37 63.53 81.93 105.48 96.59 104.18 136.23 131.14 98.42
PER(x) 13.3 18.57 37 35.52 32.8 37.35 39.29 27.87 44.09 67.39 57.36
Price/Book(x) 2.53 2.81 6.23 4.93 4.4 5.69 6.03 4.32 7.8 12.81 11.59
Dividend Yield(%) 2.78 2.31 0.94 0.96 1.13 0.99 1.01 1.63 1 0.67 0.77
EV/Net Sales(x) 1.33 1.54 3.28 3.15 2.91 3.72 3.97 3.21 6.36 9.76 8.12
EV/Core EBITDA(x) 7.74 9.5 18.76 17.61 16.44 19.43 20.63 16.64 27.77 43.23 37.14
Net Sales Growth(%) 4.49 1.96 17.59 1.34 9.8 13.27 11.68 -1.16 3.69 22.89 26.26
EBIT Growth(%) -8.48 -9.8 25.41 4.34 11.14 26.02 14.39 -5.66 29.75 24.73 23.42
PAT Growth(%) -5.53 -13.1 23.42 2.1 13.63 24.81 11.82 8.99 29.28 24.08 22.52
EPS Growth(%) -5.48 -13.76 22.99 1.95 13.46 25.42 11.69 9.13 31.04 23.61 22.41
Debt/Equity(x) 0.04 0.03 0.02 0.02 0.01 0 0 0 0 0 0.01
Current Ratio(x) 1.64 1.87 1.88 2.01 2.58 2.65 2.98 2.89 2.86 2.82 2.67
Quick Ratio(x) 0.89 1.01 1.06 1.11 1.64 1.72 1.84 2 2.12 1.9 1.77
Interest Cover(x) 46.22 40.92 53.77 67.69 90.62 149.43 174.68 55.3 93.8 97.08 63.29
Total Debt/Mcap(x) 0.02 0.01 0 0 0 0 0 0 0 0 0

Grindwell Norton Shareholding Pattern

# Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Promoter 58.08 58.08 58.08 58.08 58.03 58.03 58.03 58.03 58.03 58.03
FII 6.1 7.05 7.44 7.52 8.41 8.27 8.33 8.4 8.42 8.31
DII 16.03 15.7 15.49 15.59 14.91 15.33 15.39 15.32 15.47 15.9
Public 19.79 19.18 19 18.81 18.65 18.37 18.24 18.25 18.09 17.76
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Debtor days have improved from 131.14 to 98.42days.
  • Company is almost debt free.

Cons

  • Stock is trading at 11.6 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Grindwell Norton News

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