Grindwell Norton Ltd

₹ 2,031 -3.20%

21 Nov - close price

grindwellnorton.co.in BSE: 506076 NSE: GRINDWELL

About

Grindwell Norton Limited is engaged in the business of manufacturing Abrasives, Ceramics & Plastics and providing IT Services. ^[1]

Key Points

Parentage
The company is one of the subsidiaries of Compagnie de Saint Gobain, a transnational group with its headquarters in Paris with sales of Euro 47.90 billion in 2023. ^[1] As of March 24, it holds ~51% stake in the company. ^[2]

Website BSE NSE

Market Cap ₹ 22,491 Cr.
Current Price ₹ 2,031
High / Low ₹ 2,960 / 1,850
Stock P/E 60.5
Book Value ₹ 185
Dividend Yield 0.84 %
ROCE 24.8 %
ROE 19.0 %
Face Value ₹ 5.00

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Pros

Company is almost debt free.
Company has been maintaining a healthy dividend payout of 46.0%

Cons

Stock is trading at 11.0 times its book value

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Capital Goods-Non Electrical Equipment Industry: Abrasives And Grinding Wheels

Part of BSE Capital Goods Nifty 500 Nifty LargeMidcap 250 Nifty Midcap150 Quality 50 Nifty 500 Multicap 50:25:25 BSE Allcap BSE Industrials BSE SmallCap Select Index BSE 150 MidCap Index BSE SmallCap Nifty MidSmallcap 400 BSE 250 LargeMidCap Index BSE 400 MidSmallCap Index BSE 500 Nifty Total Market Nifty Midcap 150 Nifty MNC

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Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	512	500	556	634	630	600	659	660	658	652	681	691	672
	411	410	434	507	509	481	526	526	529	525	557	560	547
Operating Profit	102	89	122	128	121	119	133	134	130	127	125	131	125
OPM %	20%	18%	22%	20%	19%	20%	20%	20%	20%	19%	18%	19%	19%
	10	17	12	11	15	9	21	15	19	14	17	16	23
Interest	1	1	2	0	1	4	2	2	2	2	2	2	2
Depreciation	13	12	13	13	15	15	15	16	17	17	19	21	22
Profit before tax	99	93	119	125	120	109	138	130	131	122	122	123	124
Tax %	26%	25%	26%	26%	24%	26%	26%	25%	25%	25%	23%	25%	24%
	73	70	89	93	90	81	102	97	98	92	94	92	94
EPS in Rs	6.62	6.34	8.01	8.39	8.16	7.27	9.23	8.77	8.85	8.32	8.44	8.30	8.49
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
	945	942	1,110	1,126	1,236	1,405	1,567	1,552	1,633	2,006	2,524	2,652	2,696
	801	809	945	957	1,056	1,168	1,307	1,300	1,309	1,604	2,023	2,135	2,188
Operating Profit	144	132	165	169	181	237	259	252	324	402	501	517	508
OPM %	15%	14%	15%	15%	15%	17%	17%	16%	20%	20%	20%	19%	19%
	12	14	20	24	33	28	37	46	51	53	55	64	70
Interest	1	0	1	1	1	1	1	4	3	4	8	7	8
Depreciation	19	26	35	37	40	42	42	55	52	51	58	69	79
Profit before tax	136	120	149	155	173	222	253	239	320	400	491	505	491
Tax %	28%	31%	32%	34%	33%	34%	35%	24%	24%	25%	25%	25%
	98	82	101	102	116	147	164	183	242	298	366	381	372
EPS in Rs	8.82	7.44	9.13	9.23	10.48	13.29	14.80	16.52	21.86	26.91	33.05	34.39	33.55
Dividend Payout %	37%	44%	36%	35%	38%	38%	41%	45%	43%	45%	44%	49%

Compounded Sales Growth
10 Years:	11%
5 Years:	11%
3 Years:	18%
TTM:	5%

Compounded Profit Growth
10 Years:	16%
5 Years:	19%
3 Years:	18%
TTM:	-2%

Stock Price CAGR
10 Years:	22%
5 Years:	28%
3 Years:	4%
1 Year:	-3%

Return on Equity
10 Years:	17%
5 Years:	19%
3 Years:	20%
Last Year:	19%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital	28	28	28	28	55	55	55	55	55	55	55	55	55
Reserves	494	534	589	734	833	927	1,031	1,121	1,302	1,508	1,749	1,996	1,994
	0	0	2	3	3	0	0	0	10	14	42	75	74
	231	247	291	299	299	335	336	391	475	516	535	617	677
Total Liabilities	753	808	910	1,063	1,189	1,318	1,423	1,568	1,843	2,093	2,381	2,743	2,801
	286	338	327	322	341	317	321	360	348	366	570	731	831
CWIP	60	4	7	13	6	23	42	29	24	67	119	128	26
Investments	51	55	55	155	166	191	203	603	734	552	665	710	746
	356	411	521	573	676	787	856	576	737	1,108	1,028	1,174	1,198
Total Assets	753	808	910	1,063	1,189	1,318	1,423	1,568	1,843	2,093	2,381	2,743	2,801

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	101	96	98	131	161	124	82	307	331	186	398	364
	-76	-25	-29	-37	-43	-40	-53	-437	-225	-55	-257	-176
	-42	-43	-40	-95	7	-57	-68	-93	-95	-114	-140	-174
Net Cash Flow	-18	29	29	-1	125	28	-39	-223	11	17	1	14

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Debtor Days	37	33	41	41	36	45	47	47	45	43	40	49
Inventory Days	125	150	154	174	149	149	161	147	157	178	141	145
Days Payable	50	61	62	59	104	108	91	114	156	130	86	110
Cash Conversion Cycle	111	123	134	156	82	86	117	80	46	90	96	83
Working Capital Days	34	42	44	57	50	53	73	49	35	51	46	48
ROCE %	28%	22%	25%	22%	20%	23%	23%	20%	24%	26%	28%	25%

Shareholding Pattern

Numbers in percentages

	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
	58.08%	58.08%	58.08%	58.08%	58.04%	58.04%	58.04%	58.04%	58.04%	58.04%	58.04%	58.04%
	6.10%	7.05%	7.44%	7.52%	8.41%	8.28%	8.34%	8.40%	8.42%	8.31%	8.63%	8.25%
	16.03%	15.69%	15.48%	15.58%	14.89%	15.32%	15.38%	15.31%	15.45%	15.90%	16.14%	16.69%
	19.79%	19.18%	19.00%	18.82%	18.66%	18.37%	18.24%	18.25%	18.09%	17.76%	17.19%	17.01%
No. of Shareholders	47,291	45,709	46,477	56,406	53,592	51,996	49,457	51,240	52,199	47,954	47,493	50,455

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
	58.89%	58.36%	58.33%	58.32%	58.32%	58.08%	58.04%	58.04%	58.04%
	4.26%	4.47%	4.36%	3.99%	4.24%	7.05%	8.28%	8.31%	8.25%
	14.01%	14.50%	15.37%	16.58%	16.12%	15.69%	15.32%	15.90%	16.69%
	22.84%	22.67%	21.94%	21.11%	21.31%	19.18%	18.37%	17.76%	17.01%
No. of Shareholders	15,432	14,938	15,551	16,854	18,991	45,709	51,996	47,954	50,455

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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Rating update
29 Dec 2016 from icra

Concalls

May 2023

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