Grauer & Weil India financials and balance sheet

NSE: GRAUWEILBSE: 505710Chemicals & PetrochemicalsSmall Cap

₹78.03₹0.67 (0.87%)BSE ₹78.00

Share price at the NSE close on 23 Oct 2026. Previous close ₹77.36.

52-week range of BSE trades to 23 Oct 2026

₹49.70Low, 23 Mar 2026₹89.78High, 23 Oct 2025

Market cap: ₹3,538 Cr958th largest listed
P/E: 22.1
P/B: 3.3
Dividend yield: 0.64%
ROE: 15.9%
ROCE: 15.1%
Debt to equity: 0.01
Volume, NSE: 5,02,00537.2% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Grauer & Weil India annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹1,190 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 1.1% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue1,190
Materials and goods−581
Employee costs−119
Other expenses−297
Operating profit193
Depreciation−24
Other income+50
One-off items0.0
Finance costs−2.7
Profit before tax216
Tax−52
Net profit164

What the company owns

Plant, investments and other assets₹635 Cr
Cash and bank₹235 Cr
Current investments₹221 Cr
Inventory₹179 Cr
Receivables₹176 Cr

What pays for it: net worth and liabilities

Net worth₹1,082 Cr
Other liabilities₹196 Cr
Owed to suppliers₹158 Cr
Borrowings₹9 Cr

Grauer & Weil India business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Grauer & Weil India segment results by quarter

Revenue by segment

₹1,194 CrTotal

Surface Finishings₹1,083 Cr90.7% of total
Engineering₹110 Cr9.2% of total
Shoppertainment₹1 Cr0.0% of total

Profit by segment

Surface Finishings₹229 Cr97.5% of total
Engineering₹6 Cr2.5% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Surface Finishings
Revenue, ₹ crore
526
539
532
679
849
880
990
1,083
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
99
97
92
111
135
162
194
229
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Engineering
Revenue, ₹ crore
45
49
63
73
100
157
113
110
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
3
1
13
8
10
28
7
6
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Shoppertainment
Revenue, ₹ crore
34
34
13
20
36
36
34
1
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
24
24
7
13
28
26
18
−15
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	606	623	608	771	986	1,073	1,137	1,194
Company revenue, as in its results	601	619	606	768	982	1,069	1,134	1,190
Revenue	526	539	532	679	849	880	990	1,083
Revenue growth	–	2.4%	−1.4%	27.6%	25.1%	3.7%	12.5%	9.4%
Profit	99	97	92	111	135	162	194	229
Profit growth	–	−2.1%	−4.6%	20.2%	21.6%	20.4%	19.6%	18.3%
Margin	18.7%	17.9%	17.3%	16.3%	15.9%	18.4%	19.6%	21.2%
Assets	–	228	232	267	263	250	256	269
Revenue	45	49	63	73	100	157	113	110
Revenue growth	–	8.7%	28.4%	15.3%	37.3%	56.3%	−27.8%	−3.0%
Profit	3	1	13	8	10	28	7	6
Profit growth	–	−44.2%	792.9%	−33.6%	22.3%	174.8%	−75.1%	−14.6%
Margin	5.5%	2.8%	19.7%	11.4%	10.1%	17.8%	6.1%	5.4%
Assets	–	7	4	6	8	6	11	15
Revenue	34	34	13	20	36	36	34	1
Revenue growth	–	0.1%	−63.4%	55.3%	86.5%	−0.5%	−6.8%	−98.3%
Profit	24	24	7	13	28	26	18	−15
Profit growth	–	−1.7%	−69.9%	76.1%	127.9%	−8.5%	−31.3%	–
Margin	69.8%	68.5%	56.4%	63.9%	78.1%	71.8%	52.9%	−2,598.3%
Assets	–	74	69	62	59	52	44	43
Revenue	7	8	13	11	15	27	43	46
Profit	0	0	0	0	0	0	0	0
Assets	0	0	0	0	0	0	0	0
Liabilities	0	0	0	0	0	0	0	0

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Grauer & Weil India quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 18 May	Mar 2020Filed 3 Aug	Mar 2021Filed 8 Jul	Mar 2022Filed 16 Jun	Mar 2023Filed 28 May	Mar 2024Filed 11 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 26 May
Revenue from operations	434	509	601	619	606	768	982	1,069	1,134	1,190
	357	411	496	523	506	656	826	878	945	997
Materials and goods bought	212	253	320	314	314	431	556	557	581	581
Employee costs	53	–	68	74	70	82	94	107	115	119
Other expenses	92	–	108	135	121	143	177	215	249	297
Operating profit before depreciation	77	98	105	97	100	113	155	190	188	193
Operating margin	17.7%	19.3%	17.5%	15.6%	16.5%	14.7%	15.8%	17.8%	16.6%	16.3%
Materials, % of revenue	48.9%	–	53.2%	50.6%	51.9%	56.2%	56.6%	52.1%	51.3%	48.8%
Employee costs, % of revenue	12.3%	–	11.3%	12.0%	11.6%	10.6%	9.6%	10.0%	10.2%	10.0%
Other expenses, % of revenue	21.1%	–	18.0%	21.8%	20.0%	18.6%	18.0%	20.1%	22.0%	25.0%
Depreciation and amortisation	14	15	15	19	18	20	20	21	22	24
Operating profit after depreciation	63	83	90	78	82	93	136	169	166	169
Other income	12	9	12	12	15	14	19	31	46	50
Finance costs	6	2	1	3	2	3	2	4	3	3
Profit before one-off items and tax	69	91	100	87	94	104	153	196	210	216
One-off items	0	0	−6	9	0	2	−1	0	0	0
Profit before tax	69	91	94	95	94	107	152	196	210	216
	19	27	30	20	25	28	39	50	52	52
Current tax	18	26	30	24	25	28	40	50	50	48
Deferred tax	0	1	0	−4	0	0	−1	0	3	4
Share of profit of joint ventures and associates	–	–	–	–	–	0	–	–	–	–
Net profit	50	64	64	76	69	79	113	146	157	164
Other comprehensive income	–	–	0	−1	−1	1	−2	−2	0	0
Total comprehensive income	–	–	64	75	68	80	111	144	157	164
Net margin	11.6%	12.5%	10.6%	12.2%	11.4%	10.3%	11.5%	13.7%	13.9%	13.8%
Net margin without joint ventures and associates	–	–	–	–	–	10.2%	–	–	–	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank. Share of profit of joint ventures and associates is left blank for the year to Mar 2021: the filing states 0 for this share both for the period and for the year so far, which the form also writes for a line it does not fill, while the company's other filings for the same year show it was not 0 over those months.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 18 May	Mar 2020Filed 3 Aug	Mar 2021Filed 8 Jul	Mar 2022Filed 16 Jun	Mar 2023Filed 28 May	Mar 2024Filed 11 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 26 May
	401	445	514	582	679	805	939	1,082
Share capital	23	23	23	23	23	23	45	45
Reserves	379	422	491	560	657	783	894	1,036
	20	19	19	19	19	23	8	9
Repayable after a year	1	0	0	0	0	3	2	4
Repayable within a year	20	19	19	19	19	20	6	5
	127	149	181	191	222	264	297	318
Trade payables	60	82	95	108	117	132	144	158
Other financial liabilities	25	31	29	35	49	62	88	97
Other liabilities	17	12	23	21	28	34	42	34
Provisions	2	2	2	4	5	6	10	8
Tax owed	3	4	13	4	4	10	8	16
	53	48	54	50	53	57	49	46
Other financial liabilities	17	15	19	15	15	13	7	3
Provisions	18	21	23	23	27	31	28	22
Deferred tax	17	12	12	12	11	10	12	16
Total assets	581	642	750	824	954	1,125	1,285	1,445
	255	262	251	272	316	292	349	583
Plant in use, after depreciation	230	240	237	246	239	238	247	270
Plant being built	3	1	4	1	3	14	27	37
Intangible assets	1	1	1	1	5	6	7	7
Investments	1	0	0	0	4	1	0	223
Loans given	0	0	0	0	0	0	0	0
Other financial assets	15	14	5	20	61	22	57	30
Other assets	4	4	4	5	4	11	12	17
	326	380	499	552	638	834	936	861
Inventories	93	108	93	143	127	138	156	179
Trade receivables	112	114	127	130	184	186	199	176
Cash and cash equivalents	39	33	54	118	96	127	108	48
Other bank balances	64	106	200	140	191	296	360	187
Current investments	0	0	0	1	13	48	71	221
Loans given	0	0	0	0	1	1	1	1
Other financial assets	2	1	8	6	9	16	15	19
Other assets	17	17	17	15	17	22	26	31
Net debt	−83	−120	−235	−239	−281	−448	−531	−447

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 8 Jul	Mar 2022Filed 16 Jun	Mar 2023Filed 28 May	Mar 2024Filed 11 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 26 May
	117	44	114	159	144	152
	133	82	167	231	236	191
	32	−40	−14	6	0	−9
Receivables	−13	−5	−56	−7	−18	22
Inventories	15	−50	16	−11	−19	−23
Payables	15	12	10	14	11	14
Other working capital	15	3	16	9	25	−23
Tax paid	−16	−38	−39	−45	−54	−38
Capital spending	18	22	15	32	44	54
Free cash flow	98	23	99	127	100	98
	−93	−17	−111	−108	−120	−184
Plant and property sold	3	0	1	0	5	2
Interest received	9	11	10	19	33	33
	−3	−15	−24	−20	−42	−28
Borrowings raised	0	1	0	0	0	3
Borrowings repaid	0	−1	−1	−1	0	0
Interest paid	−2	−3	−2	−4	−3	−3
Lease payments	0	−1	−1	−2	−2	−3
Dividends paid	0	11	15	18	23	23
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	21	13	−21	31	−19	−60

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Grauer & Weil India dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 18 May	Mar 2020Filed 3 Aug	Mar 2021Filed 8 Jul	Mar 2022Filed 16 Jun	Mar 2023Filed 28 May	Mar 2024Filed 11 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 26 May
	₹1.11	₹1.41	₹1.41	₹1.68	₹1.52	₹1.74	₹2.49	₹3.23	₹3.47	₹3.62
As stated that year	₹2.21	₹2.81	₹2.82	₹3.35	₹3.04	₹3.47	₹4.98	₹3.23	₹3.47	₹3.62
	₹1.11	₹1.41	₹1.41	₹1.68	₹1.52	₹1.74	₹2.49	₹3.23	₹3.47	₹3.62
As stated that year	₹2.21	₹2.81	₹2.82	₹3.35	₹3.04	₹3.47	₹4.98	₹3.23	₹3.47	₹3.62
	₹0.20	₹0.30	₹0.30	₹0.25	₹0.25	₹0.33	₹0.40	₹0.50	₹0.50	₹0.50
As declared that year	₹0.40	₹0.60	₹0.60	₹0.50	₹0.50	₹0.65	₹0.80	₹0.50	₹0.50	₹0.50
	–	–	₹8.85	₹9.81	₹11.34	₹12.85	₹14.98	₹17.76	₹20.72	₹23.86
On that year's share count	–	–	₹17.70	₹19.62	₹22.67	₹25.69	₹29.96	₹35.52	₹20.72	₹23.86
Dividend payout	18.1%	21.3%	21.3%	14.9%	16.5%	18.7%	16.1%	15.5%	14.4%	13.8%
Shareholder yield	–	–	–	–	0.0%	0.9%	0.7%	0.5%	0.6%	0.9%
Market cap at the year end (₹ crore)	929	1,260	1,115	767	889	1,327	2,233	4,002	3,719	2,461

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

Consolidated, years to March.Grauer & Weil India PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 18 May	Mar 2020Filed 3 Aug	Mar 2021Filed 8 Jul	Mar 2022Filed 16 Jun	Mar 2023Filed 28 May	Mar 2024Filed 11 Jun	Mar 2025Filed 12 Jun	Mar 2026Filed 26 May
Revenue growth	2.0%	17.4%	18.0%	3.0%	−2.2%	26.8%	27.8%	8.9%	6.1%	5.0%
Operating profit growth	−0.1%	28.2%	7.0%	−8.1%	3.6%	12.6%	37.9%	22.6%	−1.1%	2.7%
Net profit growth	19.2%	27.1%	0.1%	18.7%	−9.3%	14.4%	43.4%	29.5%	7.5%	4.4%
Earnings per share growth	–	27.1%	0.4%	18.8%	−9.3%	14.1%	43.5%	29.7%	7.4%	4.3%
	–	–	15.9%	17.9%	14.4%	14.4%	17.9%	19.7%	18.0%	16.2%
	–	–	–	2.0 pts	−3.6 pts	0.0 pts	3.5 pts	1.8 pts	−1.7 pts	−1.8 pts
From the net margin	–	–	–	2.4 pts	−1.3 pts	−1.4 pts	1.8 pts	3.4 pts	0.3 pts	−0.1 pts
From asset turnover	–	–	–	−0.4 pts	−2.3 pts	1.6 pts	2.1 pts	−1.5 pts	−1.7 pts	−1.3 pts
From borrowing	–	–	–	0.0 pts	0.1 pts	−0.2 pts	−0.3 pts	−0.1 pts	−0.2 pts	−0.4 pts
Return on capital employed	–	–	21.2%	16.7%	15.3%	15.5%	19.4%	20.4%	17.5%	15.5%
Cash conversion	–	–	–	–	169.6%	56.4%	100.5%	108.8%	91.6%	92.6%
Interest cover	10.5	46.0	111.9	29.7	37.8	37.1	72.9	41.1	60.6	63.1
Debt to equity	–	–	0.05	0.04	0.04	0.03	0.03	0.03	0.01	0.01
Receivable days	–	–	68	67	77	62	68	63	64	54
Inventory days	–	–	106	126	108	121	83	90	98	112
Payable days	–	–	68	95	110	91	77	86	90	99
Cash conversion cycle, days	–	–	106	98	74	92	75	67	72	67
Working capital days	–	–	70	65	50	58	50	41	34	29
Asset turnover	–	–	1.03	1.01	0.87	0.98	1.10	1.03	0.94	0.87
Assets per rupee of net worth	–	–	1.45	1.45	1.45	1.44	1.41	1.40	1.38	1.35
Sales per rupee of plant	–	–	2.61	2.58	2.55	3.13	4.11	4.50	4.59	4.41
Capital spending to depreciation	–	–	–	–	1.00	1.10	0.73	1.50	1.97	2.19
Plant being built, % of plant in use	–	–	1.3%	0.6%	1.5%	0.4%	1.3%	6.0%	10.9%	13.7%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 12.0%
Cash from operations against operating profit: 78.5%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	10.8%	14.5%	6.6%
Profit growth, yearly rate	14.6%	19.0%	13.2%
Return on equity, average	–	17.2%	18.0%
Return on capital employed, average	–	17.7%	17.8%
Operating margin, average	16.8%	16.2%	16.9%
Net margin, average	12.1%	12.6%	13.8%
Asset turnover, average	–	0.98	0.95
Cash conversion cycle, days, average	–	75	69
Interest cover, average	51.1	54.9	54.9
Debt to equity, average	–	0.02	0.02

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	613	455	152
Cash from investing	−540	−412	−184
Cash from financing	−129	−90	−28
Capital spending	165	129	54
Dividends paid	90	64	23
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	3	3	3
Borrowings repaid	2	1	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	6	6	7	7	4	4
Altman Z-scorePublished threshold 1.81	–	–	6.61	5.16	4.92	6.14	7.92	10.62	9.44	6.84
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.83	−1.84	−1.55	−2.75	−2.09	−2.65
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	6.51	6.47	12.43	9.17	11.09	14.36
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.05	0.94	1.00	0.97
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−1.14	13.65	−24.52	13.61	−7.75	0.94	−16.66
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	18.57	−14.55	16.88	−40.13	8.24	9.16	14.50
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.07	0.98	−0.59	0.58	1.11	0.32	0.75
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.05	0.23	0.04	0.24	0.70	0.85	0.78
Effective tax ratePublished threshold 17.16 per cent	27.07	29.65	32.14	20.51	26.97	26.28	25.67	25.45	25.01	24.03
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−9.23	−0.30	2.42	−0.73	6.26

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
30 Mar 2026	CARE Ratings Limited (opens in a new tab)	Non-fund-based - ST-BG/LC	CARE A1+Review, Re-affirm		45
30 Mar 2026	CARE Ratings Limited (opens in a new tab)	Fund-based - LT-Cash Credit	CARE AA-Review, Re-affirm	Stable	140

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.