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 60.1
Book Value ₹ 186
Dividend Yield 0.84 %
ROCE 24.6 %
ROE 19.0 %
Face Value ₹ 5.00

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Pros

Company is almost debt free.
Company has delivered good profit growth of 18.6% CAGR over last 5 years
Company has been maintaining a healthy dividend payout of 46.1%

Cons

Stock is trading at 10.9 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

Consolidated Figures in Rs. Crores / View Standalone

	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
	513	502	559	638	635	604	665	668	667	660	691	706	694
	412	412	435	510	513	485	536	534	536	532	567	572	565
Operating Profit	101	89	124	128	122	119	129	135	131	128	125	133	129
OPM %	20%	18%	22%	20%	19%	20%	19%	20%	20%	19%	18%	19%	19%
	10	17	12	11	15	9	21	15	23	14	17	16	23
Interest	1	1	2	1	1	4	2	2	2	2	2	2	2
Depreciation	13	13	13	14	16	16	15	17	17	18	20	21	23
Profit before tax	97	93	120	125	120	108	133	130	135	122	120	125	128
Tax %	26%	25%	25%	26%	25%	26%	26%	26%	24%	25%	23%	26%	24%
	72	70	90	93	90	80	98	97	102	92	93	93	97
EPS in Rs	6.50	6.30	8.10	8.35	8.13	7.24	8.96	8.76	9.20	8.32	8.36	8.42	8.69
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	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
	947	966	1,135	1,151	1,263	1,431	1,598	1,580	1,638	2,013	2,541	2,687	2,750
	794	821	954	966	1,070	1,183	1,326	1,315	1,314	1,612	2,040	2,167	2,236
Operating Profit	153	145	181	184	193	248	272	265	324	400	501	520	515
OPM %	16%	15%	16%	16%	15%	17%	17%	17%	20%	20%	20%	19%	19%
	10	12	17	22	31	26	35	40	51	53	53	67	71
Interest	3	3	3	2	2	2	2	4	3	4	8	8	9
Depreciation	24	32	42	43	42	45	45	58	54	53	60	71	82
Profit before tax	136	122	154	161	180	227	260	243	317	396	486	508	496
Tax %	28%	31%	32%	34%	33%	34%	35%	24%	25%	25%	26%	24%
	97	84	104	106	121	151	169	184	238	295	362	384	375
EPS in Rs	8.79	7.58	9.32	9.51	10.78	13.53	15.10	16.48	21.60	26.70	32.69	34.65	33.79
Dividend Payout %	37%	43%	35%	34%	37%	37%	40%	46%	44%	45%	44%	49%

Compounded Sales Growth
10 Years:	11%
5 Years:	11%
3 Years:	18%
TTM:	6%

Compounded Profit Growth
10 Years:	16%
5 Years:	19%
3 Years:	18%
TTM:	-1%

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

Consolidated Figures in Rs. Crores / View Standalone

	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	489	530	588	735	838	935	1,043	1,132	1,309	1,513	1,750	2,000	2,002
	22	16	15	15	8	0	0	0	12	15	51	83	80
	245	259	309	311	309	349	347	404	485	532	549	628	703
Total Liabilities	784	833	940	1,089	1,210	1,339	1,445	1,592	1,862	2,116	2,406	2,766	2,840
	327	375	360	350	368	342	345	385	370	386	586	756	855
CWIP	62	6	7	14	6	25	43	29	24	67	124	128	26
Investments	31	35	35	135	145	171	183	583	713	531	642	689	726
	364	418	538	590	690	802	875	595	755	1,133	1,054	1,193	1,234
Total Assets	784	833	940	1,089	1,210	1,339	1,445	1,592	1,862	2,116	2,406	2,766	2,840

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
	104	106	106	139	170	134	85	318	331	187	393	368
	-81	-26	-30	-38	-40	-41	-54	-442	-230	-54	-251	-184
	-41	-51	-46	-102	3	-60	-68	-95	-95	-114	-140	-175
Net Cash Flow	-18	29	29	-0	133	32	-37	-220	7	19	1	9

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	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	34	42	42	37	45	47	47	45	43	40	49
Inventory Days	140	163	171	190	162	159	169	155	163	184	146	148
Days Payable	52	62	67	62	109	114	93	116	158	134	88	110
Cash Conversion Cycle	125	135	145	171	89	90	123	87	50	92	98	86
Working Capital Days	34	40	44	60	51	54	74	50	37	52	47	50
ROCE %	27%	22%	25%	22%	20%	23%	23%	20%	23%	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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