Grindwell Norton Limited

NSE: GRINDWELL · Capital Goods

₹1,919.10-0.55%06 Nov 2026

Ask the data

Instant answers about Grindwell Norton Limited — computed from its filings, no language model

Market cap₹21,248 cr

Current price₹1,919.10

High / Low₹2,382 / ₹1,353

P/E46.0

P/B8.17

Book value₹235.0

ROE17.8%

ROCE23.5%

Debt / equity0.02

Dividend yield0.89%

EPS (TTM)₹41.74

Face value₹5

Price & valuation

split & bonus adjusted · pick a metric and range

Annual performance

annual · ₹ crore · line = operating margin

showing latest 6 of 8 periods

	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY26
Revenue	1,454	1,598	1,580	1,638	2,013	2,541	2,687	3,073
EBITDA	247	272	265	324	401	500	519	574
Operating margin	17.0%	17.0%	16.7%	19.8%	19.9%	19.7%	19.3%	18.7%
Interest	2	2	4	3	4	8	8	8
Depreciation	45	45	58	54	53	60	71	105
Profit before tax	227	260	243	317	396	488	509	555
Tax	77	92	59	79	101	124	124	139
Net profit	150	169	183	239	296	362	384	416
EPS ₹	13.52	15.11	16.48	21.60	26.70	32.69	34.65	37.54
Operating cash flow	—	—	—	—	186	356	368	542
Capex	—	—	—	—	126	164	172	119
Dividend paid	—	—	—	—	105	133	161	188
Total assets	—	—	—	—	—	2,412	2,770	3,438
Equity	—	—	—	—	—	1,806	2,055	2,535

Quarterly performance

last 30 quarters · ₹ crore

showing latest 8 of 30 periods

	MAR '18	SEP '18	DEC '18	MAR '19	JUN '19	SEP '19	DEC '19	MAR '20	JUN '20	SEP '20	DEC '20	MAR '21	JUN '21	SEP '21	DEC '21	MAR '22	SEP '22	MAR '23	JUN '23	SEP '23	DEC '23	MAR '24	JUN '24	SEP '24	DEC '24	SEP '25	DEC '25	MAR '26	JUN '26	SEP '26
Revenue	384	417	395	405	411	392	410	366	232	439	458	509	439	513	502	559	635	665	668	667	660	691	706	694	703	775	753	842	803	884
Operating profit	73	71	64	68	70	65	69	60	20	94	98	113	87	101	90	124	122	129	135	131	128	125	133	129	123	141	139	164	157	166
Operating margin	18.9%	17.0%	16.2%	16.7%	17.0%	16.6%	16.9%	16.5%	8.4%	21.3%	21.4%	22.2%	19.8%	19.7%	17.9%	22.1%	19.3%	19.4%	20.2%	19.7%	19.4%	18.1%	18.9%	18.6%	17.6%	18.2%	18.5%	19.5%	19.5%	18.8%
Other income	6	5	11	11	11	10	9	10	26	8	5	12	14	10	17	12	15	21	15	23	14	17	16	23	18	31	19	21	25	39
Interest	0	0	0	1	1	1	1	1	1	1	1	1	1	1	1	2	1	2	2	2	2	2	2	2	2	2	2	2	1	2
Depreciation	11	11	12	11	14	15	15	14	13	14	14	14	14	13	13	13	16	15	17	17	18	20	21	23	23	26	27	26	27	27
Profit before tax	68	64	63	66	66	60	62	54	32	87	88	111	87	97	93	120	120	133	131	135	122	121	125	128	116	143	129	158	154	177
Tax	23	23	22	23	23	8	16	12	4	22	23	31	23	25	23	30	30	34	33	33	30	28	32	30	28	36	33	38	39	44
Net profit	44	40	41	43	43	52	46	41	28	64	66	81	64	72	70	90	90	99	97	102	92	93	93	0	87	107	95	119	116	133
EPS ₹	3.97	3.64	3.73	3.84	3.86	4.70	4.18	3.74	2.57	5.81	5.96	7.27	5.80	6.50	6.30	8.10	8.13	8.96	8.76	9.20	8.32	8.36	8.42	8.69	7.84	9.65	8.60	10.73	10.43	11.99
Revenue YoY	—	—	—	5.7%	—	-5.9%	3.9%	-9.7%	-43.5%	11.9%	11.6%	39.1%	89.0%	16.8%	9.7%	9.8%	23.8%	19.0%	—	5.2%	—	4.0%	5.6%	4.0%	6.5%	11.7%	7.1%	—	—	14.1%
Profit YoY	—	—	—	-2.7%	—	29.2%	12.2%	-3.3%	-33.5%	23.4%	42.5%	94.4%	126.1%	12.0%	5.7%	11.4%	25.1%	10.6%	—	13.1%	—	-6.7%	-3.9%	-100.0%	-5.8%	—	9.6%	—	—	24.2%

Earlier results (standalone, Sep '07 – Dec '17)

₹ crore · from BSE, before the NSE XBRL filings begin

Grindwell Norton Limited reports consolidated figures above. Quarterly consolidated results only became mandatory in India in 2019, so the earlier history available is the standalone company only (excluding subsidiaries). It is shown separately so the two bases are never mixed.

Full years

showing latest 8 of 9 periods

	FY09†	FY10†	FY11†	FY12†	FY13†	FY14†	FY15†	FY16†	FY17†
Revenue	501	588	781	891	945	942	1,110	1,158	1,337
Operating profit	74	100	115	136	144	131	165	167	181
Operating margin	14.7%	17.0%	14.7%	15.3%	15.2%	14.0%	14.9%	14.4%	13.5%
Other income	18	20	27	30	13	15	20	23	33
Interest	1	0	—	0	1	0	1	1	1
Depreciation	14	14	16	17	19	26	35	36	40
Profit before tax	77	113	126	149	136	120	149	153	173
Tax	23	37	40	45	38	38	48	51	57
Net profit	54	76	86	104	98	82	101	102	116

Quarters

showing latest 8 of 42 periods

	SEP '07†	DEC '07†	MAR '08†	JUN '08†	SEP '08†	DEC '08†	MAR '09†	JUN '09†	SEP '09†	DEC '09†	MAR '10†	JUN '10†	SEP '10†	DEC '10†	MAR '11†	JUN '11†	SEP '11†	DEC '11†	MAR '12†	JUN '12†	SEP '12†	DEC '12†	MAR '13†	JUN '13†	SEP '13†	DEC '13†	MAR '14†	JUN '14†	SEP '14†	DEC '14†	MAR '15†	JUN '15†	SEP '15†	DEC '15†	MAR '16†	JUN '16†	SEP '16†	DEC '16†	MAR '17†	JUN '17†	SEP '17†	DEC '17†
Revenue	107	123	118	131	139	117	114	127	137	152	172	179	184	192	226	201	227	222	241	233	236	242	234	225	236	232	249	261	284	274	291	289	278	276	316	327	329	331	350	353	340	357
Operating profit	16	22	16	20	22	15	16	22	24	25	28	29	24	26	35	30	33	31	43	36	36	36	35	35	32	30	34	39	40	41	44	42	39	37	49	47	43	41	50	49	55	62
Operating margin	14.8%	17.5%	13.9%	15.6%	15.9%	12.9%	14.3%	17.1%	17.8%	16.5%	16.5%	16.1%	13.3%	13.7%	15.6%	14.7%	14.4%	13.8%	18.1%	15.5%	15.3%	15.0%	14.9%	15.5%	13.6%	13.2%	13.6%	15.0%	14.2%	15.1%	15.2%	14.5%	14.1%	13.4%	15.4%	14.4%	13.0%	12.5%	14.2%	13.9%	16.2%	17.3%
Other income	7	5	6	5	4	5	4	4	4	6	6	6	6	8	8	9	7	10	4	3	2	3	4	2	4	3	5	5	6	4	5	5	7	5	6	6	9	9	8	7	8	7
Interest	—	0	0	0	0	0	0	0	0	0	0	—	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1	0	0	0
Depreciation	3	3	3	3	4	4	3	3	4	4	4	4	4	4	4	4	4	4	4	4	4	5	6	6	6	7	7	8	9	8	9	9	9	9	10	10	10	10	11	10	10	11
Profit before tax	20	24	19	21	22	17	17	22	25	27	39	30	27	30	39	34	35	36	43	35	34	34	33	31	29	27	32	35	37	37	40	38	37	33	45	43	42	41	47	45	53	58
Tax	-72	8	6	7	7	4	5	7	8	10	12	10	8	10	12	10	11	11	13	10	10	10	8	10	9	8	10	11	12	12	13	13	12	11	16	15	13	14	14	16	18	19
Net profit	91	16	13	15	15	12	12	15	17	17	26	21	18	20	26	24	24	25	30	24	24	24	25	22	20	19	22	24	25	25	27	26	25	22	29	28	28	27	33	29	35	39
EPS ₹	16.49	2.80	2.28	2.66	2.79	2.22	2.15	2.68	3.06	3.15	4.77	3.72	3.29	3.70	4.76	4.28	4.42	4.56	5.46	4.38	4.34	4.35	4.58	3.92	3.67	3.35	3.93	4.31	4.53	4.53	4.88	4.64	4.47	3.97	5.26	2.55	2.57	2.40	2.96	2.64	3.15	3.56
Revenue YoY	—	—	—	—	29.9%	-5.1%	-2.9%	-2.6%	-1.6%	29.8%	50.5%	40.2%	34.6%	26.2%	31.6%	12.6%	23.3%	15.8%	6.3%	15.7%	4.1%	9.0%	-2.6%	-3.4%	0.2%	-4.2%	6.1%	16.1%	20.2%	18.1%	17.3%	10.8%	-2.4%	0.9%	8.4%	13.1%	18.6%	19.9%	10.8%	8.2%	3.3%	7.9%
Profit YoY	—	—	—	—	-83.1%	-20.7%	-5.7%	1.1%	9.7%	41.9%	122.2%	38.8%	7.6%	17.4%	-0.3%	14.8%	34.3%	23.3%	14.8%	2.3%	-1.8%	-4.7%	-16.1%	-10.4%	-15.4%	-22.9%	-14.3%	9.8%	23.4%	35.3%	24.3%	7.7%	-1.3%	-12.4%	7.7%	9.8%	15.1%	21.0%	12.5%	3.7%	22.4%	48.1%

Returns & margins

trailing-twelve-month, per quarter

showing latest 8 of 19 periods

	JUN '19	SEP '19	DEC '19	MAR '20	JUN '20	SEP '20	DEC '20	MAR '21	JUN '21	SEP '21	DEC '21	MAR '22	DEC '23	MAR '24	JUN '24	SEP '24	DEC '24	JUN '26	SEP '26
ROE	—	—	—	—	—	—	—	—	—	—	—	—	21.2%	18.7%	18.5%	13.5%	13.3%	17.2%	17.8%
ROCE	—	—	—	—	—	—	—	—	—	—	—	—	28.3%	24.9%	24.6%	24.3%	24.0%	22.8%	23.5%
Net margin	10.3%	11.2%	11.4%	11.6%	12.0%	12.5%	13.4%	14.6%	14.9%	14.7%	14.6%	14.7%	14.7%	14.3%	13.9%	10.1%	9.8%	13.8%	14.1%
EBITDA margin	16.7%	16.6%	16.8%	16.7%	15.3%	16.8%	18.2%	19.8%	21.2%	20.8%	19.9%	19.9%	19.7%	19.3%	19.0%	18.7%	18.3%	18.9%	19.1%
Debt / equity	—	—	—	—	—	—	—	—	—	—	—	—	0.01	0.01	0.01	0.01	0.01	0.02	0.02
Interest coverage	114.89	86.16	70.41	55.28	50.20	59.81	69.67	93.77	118.32	122.43	123.21	97.32	68.44	66.56	63.38	58.97	57.09	79.94	90.20
Asset turnover	—	—	—	—	—	—	—	—	—	—	—	—	1.05	0.97	0.98	0.97	0.98	0.92	0.92

Balance sheet

equity vs borrowings over time · ₹ crore

showing latest 6 of 8 periods

	SEP '22	MAR '23	SEP '23	MAR '24	SEP '24	SEP '25	MAR '26	SEP '26
Share capital	55	55	55	55	55	55	55	55
Other equity / reserves	1,562	1,750	1,789	2,000	2,002	2,226	2,479	2,547
Total equity	1,618	1,806	1,844	2,055	2,057	2,282	2,535	2,602
Borrowings	16	18	23	18	17	12	61	56
Current liabilities	548	516	588	570	642	703	753	817
Non-current liabilities	68	79	97	132	128	143	135	132
Total assets	2,246	2,412	2,541	2,770	2,840	3,142	3,438	3,567
Property, plant & equipment	416	440	457	582	683	711	795	775
Capital work-in-progress	42	124	172	127	26	51	51	48
Investments	651	642	539	689	726	927	999	1,018
Inventories	496	464	482	488	497	511	481	562
Receivables	254	280	319	357	407	408	397	421
Cash & equivalents	28	40	117	49	35	53	79	108

Cash flow

annual · ₹ crore · line = free cash flow

	FY22	FY23	FY24	FY26
Cash from operations	186	356	368	542
Cash from investing	-54	-223	-182	-315
Cash from financing	-114	-132	-177	-215
Capex	126	164	172	119
Free cash flow	60	192	196	423
Dividends paid	105	133	161	188

Where the assets sit

Sep '26 · ₹ crore

Fixed assets (PPE)

₹775 cr22%

CWIP

₹48 cr1%

Investments

₹1,018 cr29%

Inventories

₹562 cr16%

Receivables

₹421 cr12%

Cash & equivalents

₹108 cr3%

Other assets

₹634 cr18%

Peer comparison

largest in Capital Goods · this company in bold

Company	Market cap ₹cr	Price	P/E	P/B	ROE
Hindustan Aeronautics Ltd.	3,33,052	4,980.00	35.7	8.12	22.7%
Bharat Electronics Ltd.	2,89,468	396.00	45.2	11.02	24.4%
Tata Motors Ltd.	1,56,797	425.50	24.8	10.26	41.3%
Bharat Heavy Electricals Ltd.	1,45,828	418.80	50.7	5.45	10.8%
ABB India Ltd.	1,43,541	6,774.00	55.7	15.37	27.6%
Siemens Ltd.	1,26,736	3,560.00	28.2	8.02	28.4%
Hitachi Energy India Ltd.	1,23,988	27,800.00	107.8	23.95	22.2%
CG Power and Industrial Solutions Ltd.	1,21,786	773.00	89.1	13.94	15.6%
Polycab India Ltd.	1,18,610	7,871.00	37.6	9.06	24.1%
Cummins India Ltd.	1,12,233	4,048.80	49.8	13.52	27.1%
Grindwell Norton Limited	21,248	1,919.10	46.0	8.17	17.8%

StoxGud checklist: Bullish setup · 9/10

Price above 50-day average
Price above 200-day average
50-day average above 200-day (uptrend)
RSI in healthy 40–70 zone
Positive 1-year return
Return on equity above 15%
Debt to equity below 1
Revenue growing year on year
Net profit margin above 10%
P/E below industry median

A rules-based screen of trend, momentum, quality and valuation. Educational only — not a buy or sell recommendation.

Returns & technicals

1 month-4.9%

6 months+15.7%

1 year+22.0%

3Y CAGR-3.3%

5Y CAGR+2.5%

10Y CAGR+19.5%

50-day avg₹1,938.35

200-day avg₹1,830.29

RSI (14)54

FAQs

What is the share price of Grindwell Norton Limited?

Grindwell Norton Limited (GRINDWELL) closed at ₹1,919.10 on NSE on 06 Nov 2026.

What is the market cap of Grindwell Norton Limited?

₹21,248 crore at the latest close.

What is the P/E ratio of Grindwell Norton Limited?

46.0, on trailing-twelve-month earnings from its filings.

How fast is Grindwell Norton Limited growing?

Grindwell Norton Limited: revenue has compounded at 15.2% a year over three years; net profit at 12.0% a year. Latest-quarter revenue is up 14.1% year on year, profit up 24.2%.

How profitable is Grindwell Norton Limited?

On a trailing-twelve-month basis return on equity is 17.8%, return on capital employed 23.5%, operating margin 19.1%, net margin 14.1%.

How much debt does Grindwell Norton Limited have?

Grindwell Norton Limited is debt-free: debt to equity is 0.02 with borrowings of ₹56 cr against cash of ₹108 cr (balance sheet of 2026-09-30). Operating profit covers interest 90.2 times.

Financials parsed from Grindwell Norton Limited's own XBRL filings to NSE (consolidated), ₹ crore unless marked. Quarterly from MAR '18, annual from FY18, balance sheet from Sep '22. * = derived (full year or half year minus earlier quarters). Information only, not investment advice.