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GRINDWELL - Grindwell Norton

📊 NSE: GRINDWELL 🏢 Abrasives And Grinding Wheels 📅 Last Updated: 12/13/2025 22:36

📢 Recent Corporate Announcements

Grindwell Norton Receives ESG Rating of 65.8 from SES ESG Research

🟡 NEUTRAL ⭐ 4/10

REGULATORY 📅 13 Mar 2026, 02:46 PM

Grindwell Norton Limited has been assigned an Environmental, Social, and Governance (ESG) rating of 65.8 by SES ESG Research Private Limited. The rating was independently assigned based on the company's publicly available information for the financial year 2024-25. The company clarified that it did not formally engage SES for this assessment, making it an unsolicited third-party rating. This disclosure reflects the increasing transparency requirements regarding sustainability metrics for listed Indian companies.

SES ESG Research assigned an ESG score of 65.8 to the company.
The rating is based on data from the FY 2024-25 public disclosures.
Grindwell Norton confirmed it did not engage or commission SES for this rating.
The disclosure was made under Regulation 30 of SEBI LODR Regulations.

💡 Investors should use this score as a benchmark for the company's sustainability performance relative to peers. No immediate action is required as this is an independent third-party assessment.

Grindwell Norton Receives Order Dropping Tax Demand of ₹22.6 Lakh to Nil

🟢 POSITIVE ⭐ 3/10

LEGAL 📅 01 Mar 2026, 04:15 PM

Grindwell Norton Limited has received a favorable order from the Office of the Assistant Commissioner of Commercial Taxes, Bengaluru, regarding a previous tax dispute. A Show Cause Notice that originally alleged a tax demand of ₹22,59,706 has been resolved with the demand now reduced to 'Nil'. The order, dated February 27, 2026, was issued following the company's formal reply to the initial notice. Management has stated that this resolution will have no material impact on the company's financial or operational activities.

Tax demand of ₹22,59,706 successfully reduced to Nil by Bengaluru tax authorities.
Order received on February 28, 2026, under Section 73 of the KGST Act and relevant CGST/IGST provisions.
The proceedings were dropped following the company's response to a Show Cause Notice dated January 28, 2026.
Management confirms zero material impact on the company's financial or operational performance.

💡 Investors should view this as a routine but positive administrative resolution of a minor tax matter. No specific action is required as the amount involved is not significant relative to the company's scale.

Grindwell Norton Receives Favorable Order; ₹7.98 Lakh Tax Demand Dropped to Nil

🟢 POSITIVE ⭐ 2/10

LEGAL 📅 20 Feb 2026, 05:08 PM

Grindwell Norton Limited has successfully contested a tax demand before the Customs, Excise & Service Tax Appellate Tribunal (CESTAT). The tribunal has dropped a demand for service tax and penalties amounting to ₹7.98 lakhs to nil. The dispute originated from service tax credits related to job work invoices for the financial year 2016-17. While the outcome is favorable, the company has clarified that this development has no material impact on its financial or operational activities.

CESTAT dropped a service tax demand and penalty of ₹7.98 lakhs to Nil.
The dispute involved service tax credits against job work invoices for the period 2016-17.
The order sets aside a previous demand from the Commissioner of Central Goods and Services Tax - Thane Rural.
Management confirmed there is no material impact on the company's financial or operational performance.

💡 No action is required as the amount involved is immaterial to the company's overall financials. This is a routine resolution of a legacy tax matter.

Grindwell Norton Updates KMP Authorized for Materiality Disclosures Effective Feb 8, 2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Feb 2026, 03:07 PM

Grindwell Norton Limited has updated its list of Key Managerial Personnel (KMP) authorized to determine the materiality of events under SEBI Regulation 30(5). Effective February 8, 2026, Managing Director Mr. Venugopal Shanbhag and Company Secretary Mr. Girish T. Shajani are the designated officials. This is a standard regulatory update to ensure compliance with listing obligations and disclosure requirements. The announcement does not reflect any change in business operations or financial outlook.

Updated KMP list for materiality determination effective from February 8, 2026
Managing Director Mr. Venugopal Shanbhag is authorized for determining materiality
Company Secretary Mr. Girish T. Shajani is authorized for making disclosures to exchanges
Compliance update submitted under Regulation 30(5) of SEBI LODR Regulations, 2015

💡 No action is required as this is a routine administrative update regarding regulatory compliance. Investors should continue to monitor the company's operational performance and quarterly results.

Grindwell Norton Q3 Net Profit Rises 12.5% YoY to ₹94 Cr; Invests in Renewable Energy SPV

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 06 Feb 2026, 02:51 PM

Grindwell Norton reported a steady performance for Q3 FY26, with revenue from operations growing 8.5% YoY to ₹741.6 crore. Net profit for the quarter increased to ₹94 crore, up from ₹83.6 crore in the same period last year. The company also announced a strategic investment of up to ₹1.1 crore in a Special Purpose Vehicle (SPV) of Sunsure Energy to source renewable solar power. Additionally, the board appointed Mr. Girish T. Shajani as the new Company Secretary and Compliance Officer effective February 8, 2026.

Revenue from operations increased 8.5% YoY to ₹741.6 crore in Q3 FY26.
Net profit for the quarter rose 12.5% YoY to ₹94 crore.
Nine-month (9M FY26) net profit reached ₹293.5 crore, compared to ₹269.5 crore in 9M FY25.
Board approved an investment of up to ₹1.1 crore in Sunsure Energy's SPV for solar power sourcing.
Basic and Diluted EPS for the quarter improved to ₹8.49 from ₹7.55 YoY.

💡 Investors should take note of the consistent year-on-year growth in both revenue and profitability. The move towards renewable energy sourcing is a positive ESG step that may help manage long-term power costs.

Grindwell Norton Q3 Net Profit Rises 12.5% YoY to ₹94 Cr; Appoints New CS

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 06 Feb 2026, 02:48 PM

Grindwell Norton reported a steady performance for Q3 FY26, with revenue from operations growing 8.5% YoY to ₹741.6 crore. Net profit for the quarter increased by 12.5% YoY to ₹94 crore, supported by operational efficiencies despite a slight sequential dip from the previous quarter. The company also announced a strategic investment of up to ₹1.1 crore in a renewable energy SPV to source solar power. Additionally, Mr. Girish T. Shajani, a seasoned professional with over 20 years of experience, has been appointed as the new Company Secretary and Compliance Officer.

Revenue from operations grew 8.5% YoY to ₹741.6 crore for the quarter ended December 31, 2025.
Net profit increased by 12.5% YoY to ₹94 crore, with Basic EPS rising to ₹8.49 from ₹7.55.
Board approved an investment of up to ₹1.1 crore in Sunsure Energy's SPV for renewable energy sourcing.
Nine-month profit for FY26 stands at ₹293.5 crore, up from ₹269.5 crore in the previous year period.
Appointment of Mr. Girish T. Shajani as CS & Compliance Officer effective February 8, 2026.

💡 The company continues to demonstrate consistent earnings growth and a commitment to ESG through its renewable energy investment. Investors should maintain a positive outlook given the steady financial performance and strong governance profile.

Grindwell Norton Q3 Net Profit Rises 12.5% YoY to ₹94 Cr; Appoints New Company Secretary

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 06 Feb 2026, 02:45 PM

Grindwell Norton reported a steady Q3 FY26 performance with standalone revenue growing 8.5% YoY to ₹741.6 crore and net profit increasing 12.5% to ₹94 crore. The company also approved a strategic investment of up to ₹1.1 crore in a Sunsure Energy SPV to source renewable solar power, aligning with sustainability goals. Additionally, Mr. Girish T. Shajani, a seasoned professional from the Saint-Gobain group, has been appointed as the new Company Secretary and Compliance Officer. The financial results show healthy margins despite a slight sequential dip in revenue compared to the previous quarter.

Standalone Revenue from Operations grew 8.5% YoY to ₹74,160.30 lakhs for the quarter ended December 31, 2025.
Net Profit for the quarter increased by 12.5% YoY to ₹9,399.98 lakhs, with EPS rising to ₹8.49 from ₹7.55.
Approved an investment of up to ₹1.1 crore in a solar power SPV of Sunsure Energy for renewable energy sourcing.
Appointed Mr. Girish T. Shajani as Company Secretary and Compliance Officer, effective February 8, 2026.
Nine-month (9M) net profit stands at ₹29,351.23 lakhs, reflecting an 8.9% growth over the previous year's corresponding period.

💡 Investors should view the steady earnings growth and the shift towards renewable energy as positive indicators of operational efficiency. Maintain a long-term outlook given the company's consistent performance and strong parentage under the Saint-Gobain group.

Grindwell Norton Q3 PAT Rises 12.5% YoY to ₹94 Crore; Approves Solar Power Investment

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 06 Feb 2026, 02:43 PM

Grindwell Norton reported a steady performance for Q3 FY26, with revenue from operations growing 8.5% year-on-year to ₹741.6 crore. Net profit for the quarter increased by 12.5% to ₹94 crore, reflecting strong operational efficiency despite inflationary pressures. The company also announced a strategic investment of ₹1.1 crore in a Sunsure Energy SPV to source renewable solar power. Furthermore, the board appointed Mr. Girish T. Shajani as the new Company Secretary and Compliance Officer to lead governance functions.

Q3 FY26 Revenue from Operations stood at ₹741.6 crore, up from ₹683.2 crore in Q3 FY25.
Net Profit for the quarter rose 12.5% YoY to ₹94 crore, with Basic EPS increasing to ₹8.49 from ₹7.55.
Nine-month PAT for the period ending December 2025 reached ₹293.5 crore, an 8.9% YoY increase.
Approved a ₹1.1 crore investment in a renewable energy SPV for solar power sourcing via an intra-state system.
Recognized an estimated incremental obligation of ₹100.27 lakhs related to the new Government of India Labour Codes.

💡 Investors should view these results as a sign of continued stability and growth in the industrial consumables sector. The company's move toward renewable energy sourcing is a positive ESG step that may also optimize long-term power costs.

Grindwell Norton Q3 Net Profit Rises 12.5% YoY to ₹94 Crore; Revenue Up 8.5%

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 06 Feb 2026, 02:41 PM

Grindwell Norton reported a steady performance for Q3 FY26, with standalone revenue from operations growing 8.5% YoY to ₹741.6 crore. Net profit for the quarter increased by 12.5% YoY to ₹94 crore, supported by operational efficiencies despite a slight sequential dip in revenue compared to Q2. The company also announced a strategic investment of ₹1.1 crore in a renewable energy SPV to source solar power. Additionally, a new Company Secretary and Compliance Officer, Girish T. Shajani, has been appointed to strengthen governance.

Standalone Revenue from Operations grew 8.5% YoY to ₹741.6 crore in Q3 FY26.
Net Profit for the quarter stood at ₹94 crore, a 12.5% increase from ₹83.6 crore in the previous year's quarter.
Earnings Per Share (EPS) improved to ₹8.49 from ₹7.55 in the same period last year.
Board approved a ₹1.1 crore investment in Sunsure Energy's SPV for renewable energy sourcing.
Nine-month net profit reached ₹293.5 crore, up from ₹269.5 crore in the corresponding period of FY25.

💡 The company shows consistent YoY growth and a commitment to ESG through renewable energy investments. Investors should maintain a positive outlook while monitoring the impact of new labor codes mentioned in the financial notes.

Grindwell Norton Receives GST Show Cause Notice of ₹22.6 Lakh for FY 2020-21

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 28 Jan 2026, 06:35 PM

Grindwell Norton Limited has received a Show Cause Notice from the Assistant Commissioner of Commercial Taxes, Bangalore, regarding Input Tax Credit for the financial year 2020-21. The total demand amounts to ₹22,59,706, which includes a tax component of ₹11.24 lakh, interest of ₹9.67 lakh, and a penalty of ₹1.69 lakh. The company has stated its intention to file a formal reply against the notice to contest the allegations. Management has clarified that this notice will not have any material impact on the company's financial or operational activities.

Total tax demand including interest and penalty amounts to ₹22,59,706
Specific breakdown includes tax of ₹11,24,201, interest of ₹9,66,875, and penalty of ₹1,68,630
The notice pertains to Input Tax Credit (ITC) discrepancies for the FY 2020-21
Authority involved is the Assistant Commissioner of Commercial Taxes (Audit-5.2), Bangalore
Company confirms no material impact on operations or financial performance

💡 This is a routine regulatory matter involving a negligible amount relative to the company's scale. Investors should treat this as a minor administrative update with no impact on long-term fundamentals.

Grindwell Norton Receives Customs Order for ₹22.86 Lakh Anti-Dumping Duty and Penalties

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 12 Jan 2026, 08:03 PM

Grindwell Norton Limited has received an order from the Commissioner of Customs, Chennai II, for the payment of Anti-Dumping Duty on imported goods. The total demand includes ₹18,36,190 in duty and IGST, along with a redemption fine of ₹3,00,000 and a penalty of ₹1,50,000. The company is currently evaluating legal options, including filing an appeal against the order. Management has clarified that this development has no material impact on the company's financial or operational activities.

Order received from Commissioner of Customs, Chennai II for Anti-Dumping Duty on imported goods
Total quantifiable demand includes ₹18.36 lakh in duty/IGST, ₹3 lakh redemption fine, and ₹1.5 lakh penalty
The order was dated January 7, 2026, and received by the company on January 12, 2026
Company is evaluating an appeal against the order to contest the charges
Management confirms no material impact on the company's overall financial or operational performance

💡 No action is required as the financial liability is negligible compared to the company's scale. This is a routine regulatory matter with no impact on long-term fundamentals.

Grindwell Norton Receives Customs Order for ₹22.86 Lakh Anti-Dumping Duty and Penalties

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 12 Jan 2026, 06:50 PM

Grindwell Norton Limited has received an order from the Commissioner of Customs, Chennai II, regarding the payment of Anti-Dumping Duty on imported goods. The total quantifiable demand includes ₹18.36 lakhs in duty and IGST, a redemption fine of ₹3 lakhs, and a penalty of ₹1.5 lakhs. The company is currently evaluating legal options, including the possibility of filing an appeal against the order. Management has clarified that this development will not have a material impact on the company's financial or operational activities.

Order issued by Commissioner of Customs, Chennai II for Anti-Dumping Duty on imports.
Total demand includes ₹18,36,190 in duty and IGST plus interest.
Additional charges include a redemption fine of ₹3,00,000 and a penalty of ₹1,50,000.
Company is evaluating the option of filing an appeal against the order.
Management confirms no material impact on financial or operational activities.

💡 No immediate action is required as the financial liability is negligible relative to the company's size. Investors should treat this as a routine regulatory update with no impact on long-term fundamentals.

Grindwell Norton Receives ESG Rating of 62 from NSE Sustainability Ratings for FY 2024-25

🟢 POSITIVE ⭐ 4/10

OTHER 📅 08 Jan 2026, 07:43 PM

Grindwell Norton Limited has been assigned an overall Environmental, Social, and Governance (ESG) rating of 62 by NSE Sustainability Ratings and Analytics Ltd. (NSRAL). This rating is based on the company's disclosures for the financial year 2024-25. Notably, the rating was conducted independently by NSRAL using publicly available data, as the company did not formally engage the agency for this assessment. This disclosure provides institutional investors with a standardized metric to evaluate the company's sustainability performance.

Assigned an overall ESG rating of 62 for the financial year 2024-25
Rating issued independently by NSE Sustainability Ratings and Analytics Ltd. (NSRAL)
Assessment based on data available in the public domain without company engagement
Disclosure made under Regulation 30 of SEBI (LODR) Regulations, 2015

💡 Investors should consider this rating as a benchmark for the company's sustainability and governance standards, which is increasingly relevant for institutional mandates. Compare this score of 62 against industry peers to determine the company's relative ESG standing.

Grindwell Norton Submits SEBI Regulation 74(5) Compliance for Q3 FY2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 07 Jan 2026, 05:56 PM

Grindwell Norton Limited has filed its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The filing confirms that the company has processed all dematerialization and rematerialization requests for the quarter ended December 31, 2025. This information has been duly furnished to both the BSE and the National Stock Exchange of India. Such filings are mandatory administrative procedures to ensure the accuracy of the company's share registry.

Compliance certificate submitted for the quarter ended December 31, 2025
Adherence to Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018
Confirmation of reporting dematerialized securities to BSE and NSE
Official filing completed on January 7, 2026, by the Company Secretary

💡 No action is required from investors as this is a routine regulatory filing. Monitor the company for upcoming quarterly financial results for material performance updates.

Grindwell Norton GST Demand Reduced to ₹4.17 Cr from ₹23.57 Cr

🟢 POSITIVE ⭐ 4/10

REGULATORY 📅 01 Jan 2026, 12:09 PM

Grindwell Norton Limited has received a favorable order from the GST Authority reducing a previous tax demand. The initial Show Cause Notice of ₹23.57 crores has been lowered to ₹4.17 crores, including interest and penalties, following the company's representation. While the demand is significantly reduced, the company plans to appeal the remaining amount as they believe it is not maintainable. Management expects no material impact on the company's financial or operational performance from this development.

GST Authority reduced the tax demand from ₹23.57 crores to ₹4.17 crores
The revised demand of ₹4.17 crores includes both interest and penalty
Company intends to file a further appeal against the remaining demand amount
Management states there is no material impact on financial or operational activities

💡 Investors should view this as a positive development as it significantly reduces a potential tax liability. No immediate portfolio changes are necessary given the non-material nature of the remaining amount.

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💰 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.