Grindwell Norton Ltd.

BSE: GRINDWELL506076ISIN INE536A01023

Industrials
Abrasives & Bearings
BSE 500

Share price

₹1,952.20+20.70 (+1.07%)

as of 4 Nov 2026

Prices adjusted for splits and bonuses; cash dividends excluded. Volume shows actual shares traded.

52W high: ₹2,464.00
52W low: ₹1,330.00
Off 52W high: -20.77%
1M return: -2.54%
3M return: -6.91%
6M return: +18.57%
1Y return: +18.18%
20D avg volume: 17,016
50 DMA: ₹1,942.82
200 DMA: ₹1,826.87

Key ratios Consolidated

Market cap: ₹21,615 Cr
Current price: ₹1,952.20
52W high / low: ₹2,464.00 / ₹1,330.00
Face value: ₹5.00
P/E: 46.64
P/B: 8.31
EPS (TTM): ₹41.85
Book value / share: ₹235.02
ROE: —
ROCE: 21.00%
Operating margin: —
Net margin: —
Debt / equity: 0.02
Net debt: ₹-17.95 Cr
Interest cover: 68.97
Dividend yield: 0.97%
Dividend / share (TTM): ₹19.00
Payout: 45.40%
Cash conversion cycle: 43.2 days

Financials

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	883.67	803.29	842.22	752.78	774.74	703.46	709.51	702.61	693.87	705.60	691.08	659.94
	39.47	24.58	21.23	18.87	30.99	23.82	22.74	17.95	23.41	15.77	17.29	13.83
	923.13	827.87	863.45	771.66	805.73	727.28	732.25	720.56	717.28	721.37	708.37	673.77
	746.07	674.19	705.63	643.00	662.56	601.64	609.58	604.75	589.74	596.36	587.61	551.66
	326.36	278.06	251.99	264.54	254.77	238.83	219.12	226.75	232.35	226.71	213.37	208.69
	116.53	109.05	101.70	82.61	97.50	110.22	82.20	84.69	89.10	90.89	89.71	79.00
	99.78	97.19	91.41	81.73	91.80	85.17	82.57	82.26	82.50	89.67	89.76	78.23
	1.69	1.38	1.71	2.14	2.16	2.17	2.50	2.10	2.29	2.46	1.87	1.92
	27.17	26.53	25.91	26.97	26.33	25.91	24.89	23.49	22.82	21.44	19.66	17.61
	191.93	187.81	188.21	178.74	188.63	169.00	173.54	174.41	175.04	162.42	161.44	163.72
	177.06	153.69	157.82	128.66	143.17	125.64	122.67	115.80	127.54	125.01	120.76	122.11
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.35
	177.06	153.69	157.82	128.66	143.17	125.64	122.67	115.80	127.54	125.01	120.76	121.76
	44.42	38.81	38.46	32.86	35.82	31.43	30.06	28.18	30.42	32.04	27.60	30.30
	133.17	115.32	119.34	95.58	107.43	94.44	92.84	87.97	97.09	93.37	92.68	92.09
	11.99	10.43	10.73	8.60	9.65	8.53	8.36	7.84	8.69	8.42	8.36	8.32
Key metrics
	205.92	181.60	185.44	157.77	171.66	153.72	150.06	141.39	152.65	148.91	142.29	141.29
	23.30%	22.60%	22.00%	21.00%	22.20%	21.90%	21.10%	20.10%	22.00%	21.10%	20.60%	21.40%
	15.10%	14.40%	14.20%	12.70%	13.90%	13.40%	13.10%	12.50%	14.00%	13.20%	13.40%	14.00%
	6.50%	—	5.90%	—	6.00%	—	5.20%	—	—	—	—	—
	14.10%	14.20%	18.70%	7.10%	11.70%	-0.30%	2.70%	6.50%	—	—	—	—
	24.00%	22.10%	28.50%	8.70%	10.60%	1.10%	0.20%	-4.50%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Income statement
	3,282	3,073	2,812	2,687	2,541	2,013	1,638	1,580	1,598	1,454
	104.15	94.92	79.88	68.31	56.07	53.09	50.97	40.37	35.36	26.95
	3,386	3,168	2,891	2,755	2,597	2,066	1,689	1,620	1,633	1,481
	2,769	2,613	2,400	2,246	2,110	1,669	1,372	1,377	1,373	1,253
	1,121	1,010	904.93	883.56	923.77	702.76	521.98	593.04	628.92	510.45
	409.89	392.03	346.88	333.32	267.08	258.55	165.30	122.37	109.12	106.41
	370.11	350.11	337.00	325.79	297.36	250.69	207.77	204.84	192.58	176.79
	6.92	8.17	9.35	7.76	7.80	4.12	3.42	4.47	1.50	1.53
	106.58	105.12	92.65	70.88	60.14	53.47	54.36	57.78	45.23	—
	746.69	724.58	685.42	634.89	582.66	470.76	317.70	313.50	342.36	313.74
	617.23	555.29	491.02	509.11	487.76	396.87	317.27	242.63	260.44	227.47
	0.00	0.00	0.00	-0.35	0.00	-0.98	0.00	0.00	0.00	0.00
	617.23	555.29	491.02	508.76	487.76	395.89	317.27	242.63	260.44	227.47
	154.55	138.57	120.70	124.38	124.38	100.81	79.46	58.75	91.72	76.59
	463.41	416.79	371.27	383.96	361.52	295.08	237.74	183.89	168.72	150.88
	41.75	37.54	33.30	34.65	32.69	26.70	21.60	16.48	15.11	—
Key metrics
	730.73	668.58	593.02	587.40	555.70	453.48	375.05	304.88	307.17	229.00
	22.27%	21.80%	21.10%	21.90%	21.90%	22.50%	22.90%	19.30%	19.20%	15.80%
	14.12%	13.60%	13.20%	14.30%	14.20%	14.70%	14.50%	11.60%	10.60%	10.40%
	—	21.00%	20.70%	—	—	—	—	—	—	—
	13.55%	9.30%	4.60%	5.70%	26.30%	22.90%	3.70%	-1.20%	9.90%	—
	21.10%	12.30%	-3.30%	6.20%	22.50%	24.10%	29.30%	9.00%	11.80%	—
	—	423.23	364.43	—	—	—	—	—	—	—
	—	1.30	1.23	—	—	—	—	—	—	—
	—	0.02	0.00	—	—	—	—	—	—	—
	—	-17.95	-63.96	—	—	—	—	—	—	—
	—	43.2	55.5	—	—	—	—	—	—	—
Balance sheet
	—	3,438	3,057	—	—	—	—	—	—	—
	—	2,112	1,810	—	—	—	—	—	—	—
	—	78.66	71.28	—	—	—	—	—	—	—
	—	396.77	362.43	—	—	—	—	—	—	—
	—	481.46	489.88	—	—	—	—	—	—	—
	—	—	41.16	—	—	—	—	—	—	—
	—	795.20	792.24	—	—	—	—	—	—	—
	—	514.32	425.28	—	—	—	—	—	—	—
	—	752.61	635.78	—	—	—	—	—	—	—
	—	60.71	7.32	—	—	—	—	—	—	—
	—	19.32	6.31	—	—	—	—	—	—	—
	—	41.39	1.01	—	—	—	—	—	—	—
	—	2,550	2,270	—	—	—	—	—	—	—
Cash flow
	—	542.14	458.49	—	—	—	—	—	—	—
	—	-315.39	-212.75	—	—	—	—	—	—	—
	—	-215.00	-223.58	—	—	—	—	—	—	—
	—	118.91	94.06	—	—	—	—	—	—	—

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	865.04	793.86	829.19	741.60	761.22	693.86	691.23	683.21	671.98	690.94	681.45	651.64
	39.47	24.58	21.23	18.87	30.99	23.82	22.74	17.95	23.40	15.77	17.29	13.83
	904.51	818.44	850.42	760.48	792.21	717.68	713.98	701.16	695.38	706.71	698.74	665.47
	728.97	664.08	693.16	634.05	652.08	591.89	594.73	589.42	570.92	583.51	577.20	543.37
	319.71	273.08	259.50	259.43	248.87	239.23	215.98	218.93	223.61	221.34	215.62	206.36
	116.53	109.05	101.70	82.61	97.50	110.22	82.20	84.69	89.10	90.89	89.70	79.00
	98.91	96.39	90.68	80.99	90.97	84.21	81.63	81.44	81.75	88.96	89.02	77.49
	1.55	1.34	1.66	2.03	2.06	2.07	2.32	1.93	2.11	2.29	1.67	1.72
	26.44	25.81	25.20	26.25	25.62	25.21	24.05	22.85	22.18	20.83	18.91	16.99
	183.46	181.29	182.21	168.54	182.18	163.00	166.56	164.55	165.56	155.84	158.94	157.35
	175.54	154.35	157.26	126.43	140.13	125.80	119.25	111.74	124.46	123.20	121.54	122.10
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	175.54	154.35	157.26	126.43	140.13	125.80	119.25	111.74	124.46	123.20	121.54	122.10
	44.12	38.82	38.18	32.43	35.01	31.40	27.92	28.18	30.42	31.29	28.04	30.01
	131.41	115.53	119.09	94.00	105.12	94.39	91.33	83.55	94.04	91.91	93.50	92.09
	11.87	10.43	10.76	8.49	9.49	8.53	8.25	7.55	8.49	8.30	8.44	8.32
Key metrics
	203.53	181.50	184.12	154.71	167.81	153.08	145.62	136.52	148.75	146.32	142.12	140.81
	23.50%	22.90%	22.20%	20.90%	22.00%	22.10%	21.10%	20.00%	22.10%	21.20%	20.90%	21.60%
	15.20%	14.60%	14.40%	12.70%	13.80%	13.60%	13.20%	12.20%	14.00%	13.30%	13.70%	14.10%
	6.50%	—	6.00%	—	5.90%	—	5.10%	—	—	—	—	—
	13.60%	14.40%	20.00%	8.50%	13.30%	0.40%	1.40%	4.80%	—	—	—	—
	25.00%	22.40%	30.40%	12.50%	11.80%	2.70%	-2.30%	-9.30%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Income statement
	3,230	3,026	2,737	2,652	2,369	2,006	1,633	1,552	1,567	1,428
	104.15	94.92	79.86	68.31	51.32	53.06	50.97	46.17	37.67	29.01
	3,334	3,121	2,817	2,720	2,420	2,059	1,684	1,599	1,605	1,457
	2,720	2,571	2,339	2,212	1,951	1,659	1,364	1,359	1,351	1,235
	1,112	1,007	879.86	873.24	844.44	711.17	535.62	607.12	647.48	531.03
	409.89	392.03	346.88	333.31	267.08	258.55	165.30	122.37	109.12	106.41
	366.97	346.86	333.77	322.91	273.89	248.12	205.42	201.81	189.54	174.26
	6.58	7.82	8.65	6.92	6.66	3.96	3.24	4.28	1.48	1.05
	103.70	102.28	89.91	68.83	54.86	51.24	51.89	54.66	42.22	42.18
	715.50	695.93	652.51	616.37	529.16	458.07	312.68	302.09	327.53	299.45
	613.58	549.62	478.64	508.03	469.18	399.62	319.64	239.37	253.10	222.11
	0.00	0.00	0.00	-3.20	—	—	—	—	—	—
	613.58	549.62	478.64	504.83	469.18	399.62	319.64	239.37	253.10	222.11
	153.55	137.02	117.81	124.11	118.49	101.62	77.56	56.42	89.26	74.95
	460.03	412.60	360.83	380.72	350.69	298.00	242.08	182.95	163.84	147.16
	41.55	37.27	32.59	34.39	31.67	26.91	21.86	16.52	14.80	—
Key metrics
	723.86	659.72	577.20	580.58	530.70	454.82	374.77	298.31	296.80	265.34
	22.41%	21.80%	21.10%	21.90%	22.40%	22.70%	23.00%	19.20%	18.90%	18.60%
	14.24%	13.60%	13.20%	14.40%	14.80%	14.90%	14.80%	11.80%	10.50%	10.30%
	—	21.00%	20.40%	—	—	—	—	—	—	—
	14.14%	10.50%	3.20%	11.90%	18.10%	22.80%	5.20%	-0.90%	9.70%	—
	22.87%	14.30%	-5.20%	8.60%	17.70%	23.10%	32.30%	11.70%	11.30%	—
	—	412.83	359.76	—	—	—	—	—	—	—
	—	1.28	1.26	—	—	—	—	—	—	—
	—	0.02	0.00	—	—	—	—	—	—	—
	—	-12.09	-66.73	—	—	—	—	—	—	—
	—	42.0	53.4	—	—	—	—	—	—	—
Balance sheet
	—	3,401	3,018	—	—	—	—	—	—	—
	—	2,082	1,780	—	—	—	—	—	—	—
	—	72.22	69.68	—	—	—	—	—	—	—
	—	390.58	355.63	—	—	—	—	—	—	—
	—	466.91	465.35	—	—	—	—	—	—	—
	—	42.90	40.64	—	—	—	—	—	—	—
	—	772.60	767.43	—	—	—	—	—	—	—
	—	509.07	420.30	—	—	—	—	—	—	—
	—	746.37	624.24	—	—	—	—	—	—	—
	—	60.13	2.95	—	—	—	—	—	—	—
	—	18.86	1.94	—	—	—	—	—	—	—
	—	41.27	1.01	—	—	—	—	—	—	—
	—	2,520	2,243	—	—	—	—	—	—	—
Cash flow
	—	530.07	452.93	—	—	—	—	—	—	—
	—	-313.24	-212.50	—	—	—	—	—	—	—
	—	-214.29	-219.20	—	—	—	—	—	—	—
	—	117.24	93.17	—	—	—	—	—	—	—

Compounded growth

Standalone

Sales CAGR 3Y: +8.50%
Sales CAGR 5Y: +13.13%
Profit CAGR 3Y: +5.57%
Profit CAGR 5Y: +11.25%
Sales YoY (TTM): +14.14%
Profit YoY (TTM): +22.87%

Consolidated

Sales CAGR 3Y: +6.54%
Sales CAGR 5Y: +13.41%
Profit CAGR 3Y: +4.86%
Profit CAGR 5Y: +11.88%
Sales YoY (TTM): +13.55%
Profit YoY (TTM): +21.10%

Compounded from reported annual figures. We publish no share-price CAGR: our prices are as-traded, so one would be wrong across every split and bonus issue.

Shareholding as of 30 Sep 2026

Promoter holding: 58.03%

Quarter	September 2026	June 2026
Promoter %	58.03%	58.03%

Holder	Type	Holding	Previous	Change
Saint Gobain Abrasives Inc	Promoter Group	26.77%	26.77%	0.00%
Spafi-Societe De Participations Financieres Et Industrielles	Promoter Group	24.56%	24.56%	0.00%
SBI Midcap Fund	Public	9.07%	9.31%	-0.24%
UTI-Flexi Cap Fund	Public	2.50%	2.51%	-0.01%
Vera Anand Mahajan	Promoter	1.71%	1.71%	0.00%
Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund	Public	1.64%	1.64%	0.00%
Khursheed M Narang	Promoter	1.34%	1.34%	0.00%
Invesco India Manufacturing Fund	Public	1.24%	1.15%	+0.09%
ICICI Prudential Smallcap Fund	Public	1.24%	1.05%	+0.19%
Danesh M Narang	Promoter	0.95%	0.95%	0.00%
Ashaita Mahajan	Promoter	0.95%	0.95%	0.00%
Aakil Anand Mahajan	Promoter	0.90%	0.90%	0.00%
Anand Yashavant Mahajan	Promoter	0.46%	0.46%	0.00%
Saint Gobain India Private Limited	Promoter Group	0.27%	0.27%	0.00%
Malvinder C Narang	Promoter	0.12%	0.12%	0.00%

Public shareholders are disclosed individually only above 1%.

Peer comparison

Company	Mkt cap (₹ Cr)	Price (₹)	P/E	ROCE	Sales YoY	Profit YoY	1Y return
Timken India Ltd S	23,025	3,061.10	52.83	17.40%	+17.00% TTM	-4.18% TTM	+0.30%
Grindwell Norton Ltd.	21,615	1,952.20	46.64	21.00%	+13.55% TTM	+21.10% TTM	+18.18%
Carborundum Universal Ltd.	20,812	1,092.45	165.79	6.40%	+11.93% TTM	-37.97% TTM	+22.03%
SKF INDIA (INDUSTRIAL) LIMITED S	12,061	2,439.60	—	14.90%	—	—	—
Wendt (India) Ltd.	1,419	7,092.80	71.86	8.90%	+14.14% TTM	-28.45% TTM	-17.11%
Galaxy Bearings Ltd. S	378	1,189.20	51.44	6.10%	-3.81% TTM	+20.49% TTM	+56.27%
NRB INDUSTRIAL BEARINGS LIMITED	72	29.70	-2.34	-42.60%	+14.63% TTM	-238.32% TTM	-0.90%

Filings & corporate actions

Recent announcements

Please find attached the Unaudited Financial Results for the quarter and half year ended September 30, 202629 Oct 2026 · Result / Financial Results
Please find attached the outcome of the board meeting held today i.e. October 29, 202629 Oct 2026 · Board Meeting / Outcome of Board Meeting
Grindwell Norton Ltd-has informed BSE that the meeting of the Board of Directors of the Company is scheduled on 29/10/2026 ,inter alia, to consider and approve the unaudited standalone ....19 Oct 2026 · Board Meeting / Board Meeting
Please find attached the Certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended September 30, 20265 Oct 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Please find attached the Newspaper Advertisements regarding Special Window for transfer requests and dematerialisation of physical shares28 Sep 2026 · Company Update / Newspaper Publication
Please find attached the intimation of Trading Window Closure25 Sep 2026 · Insider Trading / SAST / Closure of Trading Window
Please find attached the ESG Rating from NSE Sustainability Ratings & Analytics Limited3 Sep 2026 · Company Update / General
Please find attached the intimation of Analyst/Institutional Investor Meeting27 Aug 2026 · Company Update / Analyst / Investor Meet
Please find attached the intimation of Analyst/Institutional Investor Meeting27 Aug 2026 · Company Update / Analyst / Investor Meet
Please find attached the intimation of Analyst/Institutional Investor Meeting14 Aug 2026 · Company Update / Analyst / Investor Meet
Please find attached the intimation of the Analyst/Institutional Investor Meeting6 Aug 2026 · Company Update / Analyst / Investor Meet
Please find attached the Newspaper Advertisements regarding Special Window for transfer requests and dematerialisation of physical shares5 Aug 2026 · Company Update / Newspaper Publication
Please find attached the ESG Rating from Crisil ESG Rating and Analytics Limited4 Aug 2026 · Company Update / General
The 76th Annual General Meeting ("AGM") of the Company was held on July 24, 2026, and the business outlined in the Notice dated May 8, 2026, was transacted. In this regard please find attached ....25 Jul 2026 · AGM/EGM / AGM
The 76th Annual General Meeting of the Company was held on July 24, 2026, and the business mentioned in the Notice dated May 8, 2026, were transacted. In this regard, please find attached ....25 Jul 2026 · AGM/EGM / AGM
Please find attached Unaudited Financial Results for the quarter ended June 30, 202624 Jul 2026 · Result / Financial Results
Please find attached the outcome of the Board meeting held today i.e. July 24, 202624 Jul 2026 · Board Meeting / Outcome of Board Meeting
Grindwell Norton Ltd-has informed BSE that the meeting of the Board of Directors of the Company is scheduled on 24/07/2026 ,inter alia, to consider and approve the unaudited standalone ....14 Jul 2026 · Board Meeting / Board Meeting
Please find attached the Certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018, for the quarter ended June 30, 20267 Jul 2026 · Company Update / Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
Please find attached newspaper advertisement titled "76th Annual General Meeting and e-Voting information".2 Jul 2026 · Company Update / Newspaper Publication
Please find attached the communication to those shareholders who have not registered their email addresses against their demat account/folio number1 Jul 2026 · Company Update / General
Attached please find the BRSR of the Company for FY 2025-2630 Jun 2026 · Others / Business Responsibility and Sustainability Reporting (BRSR)
Attached please find the Annual Report of Grindwell Norton Limited for FY 2025-26.30 Jun 2026 · Others / Reg. 34 (1) Annual Report
Attached please find Notice of the 76th AGM of the Company, which will be held on Friday, July 24, 2026 at 3:00 p.m. IST through VC/OAVM30 Jun 2026 · AGM/EGM / AGM
Please find attached intimation of Trading Window Closure25 Jun 2026 · Insider Trading / SAST / Closure of Trading Window
Please find attached the intimation of the Analyst/Institutional Investor Meeting24 Jun 2026 · Company Update / Analyst / Investor Meet
Please find attached newspaper advertisement titled "Notice of 76th Annual General Meeting, Dividend Information and Record Date".24 Jun 2026 · Company Update / Newspaper Publication
Please find attached the intimation regarding reminder letter sent to holders of physical shares to update the KYC details and to dematerialise their shares9 Jun 2026 · Company Update / General
Please find attached the intimation regarding the Analyst/Investor Meet Recording.29 May 2026 · Company Update / Analyst / Investor Meet
Please find attached the intimation regarding the Analyst/Investor Meet Recording.29 May 2026 · Company Update / Analyst / Investor Meet
Please find attached the Analyst/Investor Meeting Presentation.29 May 2026 · Company Update / Investor Presentation
In continuation of our disclosure dated February 6, 2026, we wish to inform you that the Company has executed the Share Subscription and Shareholders'' Agreement with Sunsure Energy Private ....27 May 2026 · Company Update / General
In compliance with Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose the following: - Copies of the newspaper ....26 May 2026 · Company Update / Newspaper Publication
Please find attached the intimation of the Analyst/Institutional Investor Meeting scheduled to be held on Friday, May 29, 2026.22 May 2026 · Company Update / Analyst / Investor Meet
Please find attached the Newspaper Advertisements regarding Second 100-Day "Saksham Niveshak" Campaign and Special Window for transfer requests and dematerialisation of physical shares.22 May 2026 · Company Update / Newspaper Publication
Attached please find the Secretarial Compliance Report for the year ended March 31, 20268 May 2026 · Company Update / Reg.24(A)-Annual Secretarial Compliance
Please find attached the intimation regarding the date of payment of dividend for the financial year ended March 31, 2026. If the Dividend, as recommended by the Board of Directors, ....8 May 2026 · Corp Action / Date of payment of Dividend
Please find attached intimation regarding Dividend, record date and payment date.8 May 2026 · Corp Action / Dividend Updates
Please find attached herewith the intimation of 76th Annual General meeting of the Company to be held on Friday, July 24, 2026.8 May 2026 · AGM/EGM / AGM
Please find attached intimation regarding record date.8 May 2026 · Corp. Action / Record Date

Corporate actions

Purpose	Ex date	Record date	Payment date
Dividend - Rs. - 19.0000	10 Jul 2026	10 Jul 2026	—
Final Dividend - Rs. - 17.0000	15 Jul 2025	15 Jul 2025	—
Final Dividend - Rs. - 17.0000	9 Jul 2024	—	—

Board meetings

29 Oct 2026 Board Meeting - Financial Results
24 Jul 2026 Board Meeting - Financial Results