Grindwell Norton Limited (GRINDWELL)
₹1,879.90 -0.94% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Grindwell Norton's revenue was ₹803 Cr (+14.2% year on year, -4.6% on the previous quarter), and net profit ₹115 Cr (+22.3% year on year); the operating margin was 19.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹803 | +14.2% | -4.6% |
| Operating profit | ₹157 | +20.8% | -4.3% |
| Net profit | ₹115 | +22.3% | -3.4% |
| EPS (₹) | 10.43 | +22.3% | -2.7% |
| Operating margin | 19.6% | — | — |
GRINDWELL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 43.66% of the GRINDWELL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 55.94%. That is lower than usual for this stock. Volume was 0.5 times its average, well below normal.
Delivery in the last 5 sessions: 45.6% · 93.0% · 45.1% · 47.0% · 43.7%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Grindwell Norton Limited has disclosed receiving an overall Environmental, Social, and Governance (ESG) rating of '64' from NSE Sustainability Ratings & Analytics Limited (NSRAL). The assessment was conducted independently by NSRAL using publicly available data for FY 2025-26 without formal engagement from the company. The disclosure is administrative and has no direct impact on the company's financial operations or near-term earnings.
- Overall ESG rating assigned: '64' by NSE Sustainability Ratings & Analytics Limited (NSRAL)
- Rating assessment period: FY 2025-26 public disclosures
- Independent assessment: Grindwell Norton did not solicit or engage NSRAL for this rating
- Filing made pursuant to Regulation 30 of SEBI Listing Regulations on September 3, 2026
Grindwell Norton Limited has notified stock exchanges of a scheduled physical one-on-one institutional investor meeting with Monarch Networth Capital Ltd. The meeting is set for Wednesday, September 2, 2026, at 3:00 p.m. IST at the company's Registered Office in Mumbai. Management noted that discussions will strictly be based on publicly available information without any unpublished price-sensitive information (UPSI).
- One-on-one physical meeting scheduled with Monarch Networth Capital Ltd
- Meeting date set for Wednesday, September 2, 2026, at 3:00 p.m. IST
- Venue is the Registered Office of Grindwell Norton in Mumbai
- Discussions restricted strictly to publicly available information
Grindwell Norton has announced a physical one-on-one meeting with Monarch Networth Capital Ltd scheduled for Wednesday, September 2, 2026, at 3:00 p.m. IST. The interaction will take place at the company's Registered Office in Mumbai. The company clarified that discussions will be strictly based on publicly available information, with no unpublished price-sensitive information (UPSI) to be shared.
- One-on-one physical meeting scheduled with Monarch Networth Capital Ltd
- Meeting date set for Wednesday, September 2, 2026, at 3:00 p.m. IST
- Venue is the Registered Office in Mumbai
- Discussions strictly restricted to publicly available information with no UPSI
Grindwell Norton Limited has informed the stock exchanges regarding a scheduled one-on-one analyst/institutional investor meeting. The physical meeting is scheduled with Dolat Capital Market Private Limited on Thursday, August 20, 2026, at 4:00 p.m. IST at the company's registered office in Mumbai. The company affirmed that discussions will focus strictly on publicly available information without sharing any unpublished price sensitive information (UPSI).
- One-on-one meeting scheduled with Dolat Capital Market Private Limited
- Meeting date set for Thursday, August 20, 2026, at 4:00 p.m. IST
- Physical meeting to take place at the Registered Office in Mumbai
- No unpublished price sensitive information (UPSI) to be discussed
Grindwell Norton Limited has scheduled a physical one-on-one meeting with Aditya Birla Sun Life Mutual Fund for August 11, 2026, at its Mumbai office. The meeting is part of routine investor relations and will focus on publicly available information. With a market capitalization of ₹23,380 Cr and TTM revenue of ₹3,073 Cr, the company continues to engage with major institutional investors. No unpublished price-sensitive information (UPSI) is intended to be discussed during this interaction.
- One-on-one meeting scheduled with Aditya Birla Sun Life Mutual Fund on August 11, 2026.
- Physical meeting to be held at the company's Registered Office in Mumbai at 4:00 p.m.
- Company maintains a strong financial profile with TTM PAT of ₹416 Cr and ROCE of 23.0%.
- Discussions will be strictly limited to publicly available information as per SEBI regulations.
Grindwell Norton Limited has been assigned an overall Environmental, Social, and Governance (ESG) rating of 'Crisil ESG 60' by CRISIL ESG Ratings & Analytics Limited. The rating is based on the company's public disclosures for the financial year 2025-26. Notably, this was an independent assessment by CRISIL and not a company-commissioned engagement. For a company with a market cap of Rs 23,235 Cr and high ROCE of 23%, such ratings are increasingly relevant for institutional investor compliance.
- Overall ESG Rating assigned is 'Crisil ESG 60' for the period FY 2025-26
- Rating was prepared independently by CRISIL using data available in the public domain
- Company did not specifically engage CRISIL for this rating process
- Grindwell Norton maintains a strong financial profile with TTM revenue of Rs 3,073 Cr and OPM of 18.7%
Grindwell Norton Limited concluded its 76th Annual General Meeting on July 24, 2026, with all four proposed resolutions passed by a significant majority. Shareholders approved the audited standalone and consolidated financial statements for FY26 and the declaration of a dividend. The voting process saw a high turnout of 84.10%, representing 9.31 crore votes out of a total 11.07 crore shares. The re-appointment of Director Mr. Sreedhar Natarajan was also ratified with 99.82% support.
- Total of 4 resolutions passed including adoption of FY26 financials and dividend declaration
- 84.10% voter turnout recorded with 9,31,11,600 votes polled out of 11,07,20,000 total shares
- Dividend declaration resolution received 99.9991% votes in favor
- 45,754 shareholders were on record as of the July 17, 2026 cut-off date
- Re-appointment of Director Mr. Sreedhar Natarajan approved with 99.82% votes in favor
Grindwell Norton's shareholders have approved all four resolutions proposed at the 76th AGM held on July 24, 2026. Key approvals include the adoption of FY26 audited financial statements and the declaration of a dividend. The voting saw high participation, with 93.11 million votes polled out of 110.72 million total shares (approximately 84%). All resolutions passed with overwhelming support, exceeding 99.8% in favor, reflecting strong shareholder alignment with management.
- Total of 4 resolutions passed by the requisite majority during the 76th AGM
- Dividend for FY26 approved with 99.9991% votes in favor (93,110,788 votes)
- Re-appointment of Director Mr. Sreedhar Natarajan approved with 99.82% support
- 84.10% of total shares (93.11 million votes) were polled across resolutions
Grindwell Norton's board approved the unaudited financial results for the quarter ended June 30, 2026, in a meeting held on July 24, 2026. The company enters this period with a trailing twelve-month (TTM) revenue of Rs 3,073 Cr and a healthy PAT of Rs 416 Cr. With a market capitalization of Rs 22,430 Cr and a low debt-to-equity ratio of 0.02, the company maintains a strong financial position. Investors should monitor the detailed results for progress on the 15% expected growth target and the impact of global trade dynamics on exports.
- Board meeting concluded at 1:45 p.m. IST on July 24, 2026, after a 75-minute session.
- Approval of both standalone and consolidated unaudited financial results for the quarter ended June 30, 2026.
- Company maintains a high ROCE of 23.0% and an operating profit margin of 18.7% as per TTM data.
- Previous year's corresponding quarter (June 2025) revenue was Rs 703.46 Cr, providing a baseline for year-on-year comparison.
- Promoter holding remains stable at 58.04% as of the latest March 2026 filing.
Grindwell Norton has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The document confirms that the company has processed and reported all security dematerialization and rematerialization requests for the quarter ended June 30, 2026. This is a standard administrative filing required for all listed entities to ensure the accuracy of shareholding records between the company and depositories like NSDL and CDSL. There is no impact on the company's financial performance or business operations.
- Compliance certificate issued for the quarter ended June 30, 2026
- Filing submitted to exchanges on July 7, 2026
- Confirms adherence to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
- Details furnished to both BSE Limited and National Stock Exchange of India Limited
Grindwell Norton has scheduled its 76th Annual General Meeting (AGM) for July 24, 2026, and released its Annual Report for FY 2025-26. The company reported a TTM revenue of Rs 3,073 Cr and a PAT of Rs 416 Cr, with a strong ROCE of 23.0%. While the Business Assets Turnover Ratio improved to 2.52 in FY 2024-25, the Return on Business Assets (ROI) saw a decline to 39.5% from 41.2% in the previous year. The report will likely detail the progress of the 'Unleash Growth in GNO' initiative and the performance of its captive Digital Services unit.
- 76th Annual General Meeting scheduled for July 24, 2026, at 3:00 p.m. IST via Video Conferencing.
- TTM Revenue reached Rs 3,073 Cr with a trailing PAT of Rs 416 Cr as of March 2026.
- Business Assets Turnover Ratio improved to 2.52 in FY 2024-25 compared to 2.37 in FY 2023-24.
- Return on Business Assets (ROI on business EBIT) declined to 39.5% in FY 2024-25 from 41.2% in FY 2023-24.
- Digital Services unit now employs 650 people, serving the Saint-Gobain group globally.
Grindwell Norton has filed its Business Responsibility & Sustainability Report (BRSR) for FY 2025-26, a mandatory disclosure for top Indian listed companies. The filing includes an Independent Reasonable Assurance Statement, confirming the accuracy of the ESG data provided. This is a procedural requirement and does not impact the company's financial operations, which currently show a TTM revenue of ₹3,073 Cr and a strong ROCE of 23.0%. The report is part of the broader Annual Report for the fiscal year ending March 2026.
- Submission of the mandatory BRSR for the financial year 2025-26.
- Includes an Independent Reasonable Assurance Statement for non-financial metrics.
- Company maintains a low Debt-to-Equity ratio of 0.02 as per latest financial context.
- TTM Revenue stands at ₹3,073 Cr with an Operating Profit Margin of 18.7%.
Grindwell Norton has announced its 76th Annual General Meeting (AGM) for July 24, 2026, to be held via video conferencing. The company reported a TTM revenue of Rs 3,073 crore and a PAT of Rs 416 crore, supported by a healthy ROCE of 23.0%. The meeting will involve the review of the FY 2025-26 Annual Report and discussions on the 'Unleash Growth in GNO' initiative. This is a standard procedural filing for the company's annual governance cycle.
- 76th Annual General Meeting scheduled for July 24, 2026, at 3:00 p.m. IST
- TTM Revenue of Rs 3,073 crore reported for the period ending March 2026
- Business Assets Turnover Ratio improved to 2.52 in FY 2024-25 from 2.37 in the previous year
- Return on Business Assets (ROI) stood at 39.5% for FY 2024-25
- Company maintains a low debt-to-equity ratio of 0.02 with a net worth of Rs 2,519 crore
Grindwell Norton Limited has announced the closure of its trading window for all specified persons starting July 1, 2026. This move is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the declaration of financial results. The window will remain closed until 48 hours after the unaudited financial results for the quarter ending June 30, 2026, are made public. This is a standard administrative procedure for listed companies in India.
- Trading window closure effective from July 1, 2026
- Closure relates to the unaudited financial results for the quarter ending June 30, 2026
- Window will reopen 48 hours after the public announcement of results
- Compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015
Grindwell Norton Limited has announced a one-on-one physical meeting with Edelweiss Mutual Fund scheduled for June 30, 2026. The meeting will take place at 3:30 p.m. at the company's registered office in Mumbai. The company has explicitly stated that no unpublished price sensitive information (UPSI) will be discussed, adhering to SEBI transparency norms. This meeting is part of the company's regular engagement with institutional investors to discuss publicly available information.
- One-on-one physical meeting with Edelweiss Mutual Fund scheduled for June 30, 2026.
- The meeting is set to commence at 3:30 p.m. at the Mumbai Registered Office.
- Discussions will be based solely on publicly available information to ensure compliance.
- Disclosure made pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015.
Financial Performance
Revenue Growth by Segment
Consolidated revenue from operations grew 4.6% YoY to INR 2,812 Cr in FY 2024-25 compared to INR 2,687 Cr in FY 2023-24. Standalone revenue increased by 3.2%. Segments include Abrasives, Ceramics & Plastics, and Digital Services.
Geographic Revenue Split
Not disclosed in available documents, though the company operates as part of the Saint-Gobain transnational group with global IT service delivery.
Profitability Margins
Consolidated net profit margin witnessed a fall from 14.3% to 13.2% in FY 2024-25. Standalone Return on Net Worth decreased from 18.6% to 16.1%, while consolidated Return on Net Worth fell from 18.6% to 16.4%.
EBITDA Margin
EBIT margin (on Net Revenue) declined from 19.2% in FY 2023-24 to 17.8% in FY 2024-25. Consolidated operating profit decreased by 3.2% YoY, while standalone operating profit fell by 5.4%.
Capital Expenditure
The company approved an investment of up to INR 0.86 Cr (increased from INR 0.77 Cr) in Jamnagar Renewables Two Private Limited for green energy sourcing. Higher depreciation was cited as a major reason for the drop in EBIT.
Credit Rating & Borrowing
ICRA suspended the [ICRA]AA(stable) and [ICRA]A1+ ratings for INR 27.0 Cr fund-based facilities, INR 34.0 Cr non-fund based facilities, and INR 25.0 Cr short-term debt due to non-cooperation/lack of information.
Operational Drivers
Raw Materials
Abrasive grains, resins, and ceramic materials (implied by segment names); specific chemical names not disclosed in available documents.
Import Sources
Not disclosed in available documents; however, the company notes volatility in prices due to global geopolitical situations.
Capacity Expansion
Business Assets Turnover Ratio stood at 2.52 in FY 2024-25 compared to 2.37 in FY 2023-24. Specific MTPA capacity figures were not disclosed.
Raw Material Costs
Raw material and finished goods prices are reported as volatile due to geopolitical dynamics; specific cost as a % of revenue is not disclosed.
Manufacturing Efficiency
Return on Business Assets (ROI on business EBIT) was 39.5% in FY 2024-25, a decline from 41.2% in FY 2023-24 and 47.6% in FY 2022-23.
Strategic Growth
Expected Growth Rate
15%
Growth Strategy
Growth is driven by the 'Unleash Growth in GNO' initiative focusing on outperforming market benchmarks, maximizing growth through the High-Performance Solutions (HPS) sector, and leveraging the captive Digital Services unit (650 employees) for global Saint-Gobain IT needs.
Products & Services
Abrasives (grinding wheels, etc.), Ceramics, Plastics, and Digital Services (Application development, infrastructure management, and cybersecurity).
Brand Portfolio
Norton, Grindwell, Saint-Gobain.
New Products/Services
Expansion into green energy sourcing to improve sustainability profile; Digital Services growth is currently limited to cost inflation adjustments.
Market Expansion
Focus on the High-Performance Solutions (HPS) sector catering to global markets through the Saint-Gobain network.
Strategic Alliances
Subsidiary of Compagnie de Saint-Gobain (France); collaboration with Jamnagar Renewables Two Private Limited for power.
External Factors
Industry Trends
Shift towards High-Performance Solutions and green energy adoption; the IT services industry is moving toward captive cost-plus models for transnational groups.
Competitive Landscape
Operates in a global market for HPS; faces competition in Abrasives and Ceramics from both domestic and international players.
Competitive Moat
Strong moat derived from being part of the Saint-Gobain group (Euro 46.60 billion sales) and the long-standing 'Norton' brand association since the 1960s.
Macro Economic Sensitivity
Sensitive to India's industrial sector growth (recorded at 8.3% in Q1) and overall GDP growth estimated at 6.4%-6.5%.
Geopolitical Risks
Evolving geopolitical dynamics and US tariffs are cited as primary risks to trade and price stability.
Regulatory & Governance
Industry Regulations
Subject to SEBI Listing Obligations and Disclosure Requirements (LODR) 2015; follows Accounting Standards on Segment reporting for Abrasives, Ceramics & Plastics, and Digital Services.
Environmental Compliance
Investing in renewable energy (JRTPL) to comply with green energy sourcing goals.
Taxation Policy Impact
Received tax orders from the Office of the Deputy Commissioner of Commercial Taxes, Bengaluru, and the State Tax Officer, Kerala (Tripunithura) in December 2025.
Legal Contingencies
Pending tax orders from Bengaluru and Kerala authorities as disclosed in December 2025; specific INR values for these disputes were not provided in the announcements.
Risk Analysis
Key Uncertainties
Volatility in raw material prices and global trade uncertainty due to US tariffs could impact margins by more than the 3.2% operating profit drop seen this year.
Geographic Concentration Risk
High dependence on the Indian economic environment for manufacturing, while Digital Services are concentrated on the global Saint-Gobain group.
Third Party Dependencies
Captive IT unit dependency on Saint-Gobain group for 100% of its revenue.
Technology Obsolescence Risk
Digital Services unit manages cybersecurity and infrastructure to mitigate tech risks for the parent group.
