Grindwell Norton financials and balance sheet

NSE: GRINDWELLBSE: 506076Industrial ProductsSmall Cap

₹1,846.90₹30.60 (1.63%)BSE ₹1,847.80

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,877.50.

52-week range of traded prices to 23 Oct 2026

₹1,329.00Low, 23 Mar 2026₹2,455.00High, 16 Jul 2026

Next results date: the board meets on 29 Oct 2026 to consider: financial results.

Market cap: ₹20,449 Cr361st largest listed
P/E: 46.9
P/B: 8.1
Dividend yield: 1.03%
ROE: 18.2%
ROCE: 19.0%
Debt to equity: 0.02
Volume, NSE: 29,86545.0% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Grindwell Norton annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹3,073 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 2.6% 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

Revenue3,073
Materials and goods−1,425
Employee costs−350
Other expenses−725
Operating profit574
Depreciation−105
Other income+95
One-off items0.0
Finance costs−8.2
Profit before tax555
Tax−139
Joint ventures+0.1
Net profit417

What the company owns

Plant, investments and other assets₹1,401 Cr
Current investments₹668 Cr
Cash and bank₹490 Cr
Inventory₹481 Cr
Receivables₹397 Cr

What pays for it: net worth and liabilities

Net worth₹2,550 Cr
Owed to suppliers₹514 Cr
Other liabilities₹313 Cr
Borrowings₹61 Cr

Grindwell Norton 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.Grindwell Norton segment results by quarter

Revenue by segment

₹3,112 CrTotal

Abrasives₹1,491 Cr47.9% of total
Ceramics & Plastics₹1,311 Cr42.1% of total
Digital Services₹223 Cr7.2% of total
Others₹88 Cr2.8% of total

Profit by segment

Abrasives₹192 Cr38.6% of total
Ceramics & Plastics₹231 Cr46.4% of total
Digital Services₹58 Cr11.7% of total
Others₹16 Cr3.3% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Abrasives
Revenue, ₹ crore
975
924
933
1,136
1,275
1,358
1,403
1,491
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
134
107
112
156
180
189
181
192
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Ceramics & Plastics
Revenue, ₹ crore
495
521
551
719
1,058
1,102
1,189
1,311
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
75
79
130
173
228
207
201
231
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Digital Services
Revenue, ₹ crore
126
136
166
189
184
223
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
37
39
41
61
49
58
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
147
152
40
40
65
54
54
88
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
34
38
9
8
13
10
9
16
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	1,618	1,597	1,650	2,030	2,565	2,703	2,829	3,112
Company revenue, as in its results	1,598	1,580	1,638	2,013	2,541	2,687	2,812	3,073
Revenue	975	924	933	1,136	1,275	1,358	1,403	1,491
Revenue growth	–	−5.2%	0.9%	21.7%	12.3%	6.5%	3.3%	6.3%
Profit	134	107	112	156	180	189	181	192
Profit growth	–	−20.7%	5.0%	39.0%	15.4%	5.5%	−4.3%	6.1%
Margin	13.8%	11.5%	12.0%	13.7%	14.1%	13.9%	12.9%	12.9%
Return on capital	38.8%	33.3%	33.2%	32.8%	35.6%	37.0%	39.3%	43.3%
Assets	508	490	578	713	702	794	762	799
Liabilities	162	169	241	239	197	282	301	355
Capital employed	347	321	337	475	504	512	461	444
Revenue	495	521	551	719	1,058	1,102	1,189	1,311
Revenue growth	–	5.1%	5.8%	30.4%	47.3%	4.1%	7.9%	10.3%
Profit	75	79	130	173	228	207	201	231
Profit growth	–	5.3%	63.8%	33.4%	31.8%	−9.1%	−3.3%	15.1%
Margin	15.2%	15.2%	23.6%	24.1%	21.6%	18.8%	16.9%	17.6%
Return on capital	27.3%	36.2%	59.9%	64.1%	52.2%	35.6%	33.5%	37.2%
Assets	356	322	338	457	694	857	888	941
Liabilities	81	104	122	187	257	274	289	320
Capital employed	275	219	217	270	437	583	599	621
Revenue	–	–	126	136	166	189	184	223
Revenue growth	–	–	–	8.0%	21.8%	13.9%	−2.6%	20.9%
Profit	–	–	37	39	41	61	49	58
Profit growth	–	–	–	5.1%	5.1%	51.6%	−20.2%	18.6%
Margin	–	–	29.1%	28.3%	24.4%	32.5%	26.6%	26.1%
Return on capital	–	–	128.0%	182.7%	284.0%	620.7%	135.8%	356.0%
Assets	–	–	45	42	79	80	135	100
Liabilities	–	–	17	21	65	71	99	84
Capital employed	–	–	29	21	14	10	36	16
Revenue	147	152	40	40	65	54	54	88
Revenue growth	–	3.5%	–	−1.4%	64.3%	−17.2%	0.0%	62.5%
Profit	34	38	9	8	13	10	9	16
Profit growth	–	8.8%	–	−8.1%	54.6%	−20.9%	−6.4%	76.1%
Margin	23.5%	24.7%	22.1%	20.6%	19.4%	18.5%	17.3%	18.8%
Return on capital	77.3%	45.3%	124.6%	134.8%	97.8%	32.6%	50.4%	299.8%
Assets	91	131	14	20	35	52	39	31
Liabilities	47	48	7	14	22	21	21	25
Capital employed	45	83	7	6	13	31	19	6

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

Profit and loss

Consolidated, ₹ crore, years to March.Grindwell Norton quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 30 May	Mar 2020Filed 21 May	Mar 2021Filed 8 May	Mar 2022Filed 7 May	Mar 2023Filed 8 May	Mar 2024Filed 16 May	Mar 2025Filed 10 Jun	Mar 2026Filed 9 May
Revenue from operations	1,364	1,454	1,598	1,580	1,638	2,013	2,541	2,687	2,812	3,073
	–	1,207	1,326	1,315	1,314	1,611	2,042	2,167	2,298	2,500
Materials and goods bought	553	624	710	713	721	890	1,162	1,207	1,276	1,425
Employee costs	–	–	193	205	208	251	297	326	337	350
Other expenses	–	–	424	397	385	471	583	635	685	725
Operating profit before depreciation	–	247	272	265	324	401	500	519	513	574
Operating margin	–	17.0%	17.0%	16.7%	19.8%	19.9%	19.7%	19.3%	18.3%	18.7%
Materials, % of revenue	–	–	44.4%	45.1%	44.0%	44.2%	45.7%	44.9%	45.4%	46.4%
Employee costs, % of revenue	–	–	12.1%	13.0%	12.7%	12.5%	11.7%	12.1%	12.0%	11.4%
Other expenses, % of revenue	–	–	26.5%	25.1%	23.5%	23.4%	22.9%	23.6%	24.4%	23.6%
Depreciation and amortisation	–	45	45	58	54	53	60	71	93	105
Operating profit after depreciation	–	202	227	207	270	348	439	449	420	469
Other income	31	27	35	40	51	53	56	68	80	95
Finance costs	2	2	2	4	3	4	8	8	9	8
Profit before one-off items and tax	180	227	260	243	317	397	488	509	491	555
One-off items	0	0	0	0	0	−1	0	0	0	0
Profit before tax	180	227	260	243	317	396	488	509	491	555
	59	77	92	59	79	101	124	124	121	139
Current tax	61	80	90	68	80	108	127	122	115	138
Deferred tax	−2	−3	1	−9	0	−7	−3	2	5	0
Share of profit of joint ventures and associates	–	–	–	0	0	–	−2	0	1	0
	121	151	169	184	238	295	362	384	371	417
Belonging to the company's shareholders	121	151	169	183	239	296	362	384	369	416
Belonging to outside owners of subsidiaries	–	–	–	1	−1	−1	0	0	3	1
Other comprehensive income	–	–	5	−15	20	12	7	25	18	48
Total comprehensive income	–	–	174	169	257	307	368	409	389	465
Net margin	8.9%	10.4%	10.6%	11.6%	14.5%	14.7%	14.2%	14.3%	13.2%	13.6%
Net margin without joint ventures and associates	–	–	–	11.6%	14.5%	–	14.3%	14.3%	13.2%	13.6%

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. Operating expenses, operating profit before depreciation and operating profit after depreciation are left blank for the year to Mar 2017: the statement does not state its depreciation, which operating profit is worked out from, so operating profit is not given. Share of profit of joint ventures and associates is left blank for the year to Mar 2022: 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 30 May	Mar 2020Filed 21 May	Mar 2021Filed 8 May	Mar 2022Filed 7 May	Mar 2023Filed 8 May	Mar 2024Filed 16 May	Mar 2025Filed 10 Jun	Mar 2026Filed 9 May
	1,112	1,201	1,377	1,580	1,817	2,067	2,270	2,550
	1,098	1,186	1,365	1,568	1,806	2,055	2,255	2,535
Share capital	55	55	55	55	55	55	55	55
Reserves	1,043	1,130	1,309	1,513	1,750	2,000	2,200	2,479
Belonging to outside owners of subsidiaries	14	15	12	12	11	11	14	15
	0	0	0	7	18	18	7	61
Repayable after a year	0	0	0	0	4	6	1	41
Repayable within a year	0	0	0	7	14	12	6	19
	289	342	436	483	516	570	636	753
Trade payables	181	226	312	328	299	362	425	514
Other financial liabilities	50	59	63	63	99	105	114	108
Other liabilities	32	28	32	43	54	48	52	64
Provisions	16	24	23	27	25	35	29	36
Tax owed	9	6	7	14	25	8	10	11
	49	52	52	51	79	133	151	135
Other financial liabilities	0	13	6	8	26	54	60	–
Other liabilities	1	1	1	1	0	0	4	4
Provisions	20	23	26	27	34	50	50	48
Deferred tax	27	15	19	16	16	22	36	42
Total assets	1,449	1,595	1,865	2,113	2,412	2,770	3,057	3,438
	590	606	618	734	1,033	1,196	1,246	1,326
Plant in use, after depreciation	344	361	361	363	440	582	792	795
Plant being built	43	29	24	66	124	127	25	51
Intangible assets	1	0	9	10	48	47	47	45
Goodwill	0	0	0	0	47	47	47	47
Intangible assets being developed	0	–	0	1	1	0	1	0
Property held to earn rent	0	23	0	–	51	80	0	0
Investments	171	169	192	190	198	227	260	315
Stakes in joint ventures and associates	0	–	0	10	9	15	16	16
Loans given	13	12	10	4	6	8	13	17
Other financial assets	0	0	0	36	50	29	21	29
Deferred tax	4	3	3	3	6	4	2	2
Other assets	15	8	19	51	54	30	23	8
	859	989	1,247	1,379	1,379	1,573	1,810	2,112
Inventories	329	303	323	448	464	488	490	481
Trade receivables	206	205	202	237	280	357	362	397
Cash and cash equivalents	232	13	19	38	40	49	71	79
Other bank balances	2	2	111	240	99	164	193	411
Current investments	12	414	521	330	435	447	616	668
Loans given	2	3	1	1	1	2	2	30
Other financial assets	21	8	14	15	9	22	26	46
Tax paid in advance	0	–	0	0	0	0	8	–
Other assets	56	40	57	71	50	45	41	–
Net debt	−246	−429	−651	−601	−557	−642	−873	−1,097

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 May	Mar 2022Filed 7 May	Mar 2023Filed 8 May	Mar 2024Filed 16 May	Mar 2025Filed 10 Jun	Mar 2026Filed 9 May
	331	186	356	368	458	542
	410	285	479	505	585	692
	67	−143	−45	−31	37	80
Receivables	7	−36	−44	−77	−7	−36
Inventories	−19	−125	−16	−24	−2	8
Payables	84	16	−28	83	62	92
Other working capital	−4	2	43	−12	−15	16
Tax paid	−79	−100	−123	−137	−114	−138
Capital spending	48	126	164	172	94	119
Free cash flow	283	60	192	196	364	423
	−230	−54	−223	−182	−213	−315
Plant and property sold	0	6	1	3	2	1
Interest received	0	6	9	12	15	16
Dividends received	17	3	6	9	12	12
	−95	−114	−132	−177	−224	−215
Borrowings raised	0	2	12	8	2	0
Borrowings repaid	0	0	−5	−6	−10	−2
Interest paid	−3	−4	−8	−3	−9	−8
Lease payments	−9	−7	−6	−9	−15	−17
Dividends paid	83	105	133	161	188	188
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	7	18	1	9	22	12

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.Grindwell Norton dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 30 May	Mar 2020Filed 21 May	Mar 2021Filed 8 May	Mar 2022Filed 7 May	Mar 2023Filed 8 May	Mar 2024Filed 16 May	Mar 2025Filed 10 Jun	Mar 2026Filed 9 May
Earnings per share	₹10.78	₹13.52	₹15.11	₹16.48	₹21.60	₹26.70	₹32.69	₹34.65	₹33.30	₹37.54
Diluted earnings per share	₹10.78	₹13.52	₹15.11	₹16.48	₹21.60	₹26.70	₹32.69	₹34.65	₹33.30	₹37.54
Dividend per share	₹4.00	₹5.00	₹6.00	₹7.50	₹9.50	₹12.00	₹14.50	₹17.00	₹17.00	₹19.00
Book value per share	–	–	₹99.16	₹107.09	₹123.27	₹141.66	₹163.10	₹185.63	₹203.71	₹228.93
Dividend payout	36.6%	36.7%	39.4%	45.5%	44.0%	44.9%	44.4%	49.1%	51.0%	50.6%
Shareholder yield	–	–	–	–	0.8%	0.5%	0.6%	0.8%	1.0%	1.3%
Market cap at the year end (₹ crore)	3,936	5,589	6,598	5,051	10,543	19,929	20,798	21,047	18,786	14,982

Ratios

Consolidated, years to March.Grindwell Norton PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 30 May	Mar 2020Filed 21 May	Mar 2021Filed 8 May	Mar 2022Filed 7 May	Mar 2023Filed 8 May	Mar 2024Filed 16 May	Mar 2025Filed 10 Jun	Mar 2026Filed 9 May
Revenue growth	15.3%	6.6%	9.9%	−1.2%	3.7%	22.9%	26.3%	5.7%	4.6%	9.3%
Operating profit growth	–	–	10.1%	−2.7%	22.5%	23.8%	24.5%	4.0%	−1.2%	11.8%
Net profit growth	15.6%	24.8%	11.8%	9.0%	29.3%	24.1%	22.5%	6.2%	−3.3%	12.3%
Earnings per share growth	–	25.4%	11.8%	9.1%	31.1%	23.6%	22.4%	6.0%	−3.9%	12.7%
	–	–	15.4%	16.0%	18.8%	20.2%	21.5%	19.9%	17.1%	17.4%
	–	–	–	0.6 pts	2.8 pts	1.4 pts	1.3 pts	−1.6 pts	−2.8 pts	0.2 pts
From the net margin	–	–	–	1.5 pts	4.2 pts	0.1 pts	−0.6 pts	0.1 pts	−1.6 pts	0.5 pts
From asset turnover	–	–	–	−1.0 pts	−1.8 pts	1.3 pts	2.1 pts	−1.6 pts	−1.3 pts	−0.3 pts
From borrowing	–	–	–	0.2 pts	0.3 pts	0.0 pts	−0.2 pts	0.0 pts	0.1 pts	0.1 pts
Return on capital employed	–	–	20.4%	17.2%	19.6%	21.9%	24.0%	21.5%	18.5%	17.9%
Cash conversion	–	–	–	–	139.3%	62.9%	98.4%	95.8%	123.5%	130.1%
Interest cover	–	132.1	151.1	46.2	78.9	84.4	56.3	57.8	45.0	57.4
Debt to equity	–	–	0.00	0.00	0.00	0.00	0.01	0.01	0.00	0.02
Receivable days	–	–	47	47	45	43	40	49	47	47
Inventory days	–	–	169	155	163	184	146	147	140	123
Payable days	–	–	93	116	158	134	94	110	122	132
Cash conversion cycle, days	–	–	123	87	50	92	92	86	66	39
Working capital days	–	–	74	50	36	54	43	48	39	26
Asset turnover	–	–	1.10	1.04	0.95	1.01	1.12	1.04	0.97	0.95
Assets per rupee of net worth	–	–	1.32	1.33	1.36	1.36	1.34	1.34	1.35	1.36
Sales per rupee of plant	–	–	4.64	4.38	4.54	5.55	5.77	4.62	3.55	3.86
Capital spending to depreciation	–	–	–	–	0.89	2.35	2.72	2.43	1.02	1.13
Plant being built, % of plant in use	–	–	12.5%	8.1%	6.6%	18.3%	28.0%	21.9%	3.2%	6.4%

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: 12.8%
Cash from operations against operating profit: 94.5%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	10.0%	13.4%	6.5%
Profit growth, yearly rate	14.8%	11.7%	4.7%
Return on equity, average	–	19.2%	18.1%
Return on capital employed, average	–	20.8%	19.3%
Operating margin, average	18.5%	19.2%	18.8%
Net margin, average	12.6%	14.0%	13.7%
Asset turnover, average	–	1.02	0.98
Cash conversion cycle, days, average	–	75	64
Interest cover, average	78.8	60.2	53.4
Debt to equity, average	–	0.01	0.01

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	1,910	1,369	542
Cash from investing	−986	−710	−315
Cash from financing	−861	−615	−215
Capital spending	675	385	119
Dividends paid	775	537	188
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	24	10	0
Borrowings repaid	23	18	2

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	5	5	5	6	5
Altman Z-scorePublished threshold 1.81	–	–	14.91	10.67	15.92	25.50	24.15	21.00	17.25	13.04
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.86	−1.48	−1.88	−2.26	−2.81	−2.61
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	7.86	8.20	10.11	7.63	4.31	5.85
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	0.98	0.87	1.06	1.17
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	0.87	−5.25	−5.53	−7.97	21.85	−3.26	0.17
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−8.16	5.23	15.31	−26.89	1.23	−5.29	−13.38
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	−1.77	1.33	0.76	−1.06	0.28	0.34	−0.98
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.39	0.44	1.20	0.90	0.60	0.08	0.47
Effective tax ratePublished threshold 17.16 per cent	32.74	33.67	35.22	24.21	25.04	25.46	25.50	24.45	24.58	24.96
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	0.28	0.25	−2.57	1.28	0.03

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