Grindwell Norton share price
NSE: GRINDWELLBSE: 506076Industrial ProductsSmall Cap
Grindwell Norton Limited · Face value ₹5 Face value. The nominal value of one share as the company issued it, the unit its share capital is counted in and a dividend can be stated as a percentage of; it has no link to the share price. Face value in the glossary · Listed Feb 1984 on BSE, Sep 2006 on NSE
Last close ₹1,955.20up ₹104.00 (5.62%)BSE ₹1,953.35
Share price at the NSE close on 29 Oct 2026. Previous close ₹1,851.20.
29 Oct: open ₹1,865.00, high ₹1,988.60, low ₹1,827.20
52-week range of traded prices to 29 Oct 2026
₹1,329.00Low, 23 Mar 2026₹2,455.00High, 16 Jul 2026
- Market capMarket capitalisation. Share price times the number of shares: what the whole company is worth at the day's price. The rank is by average market value over the six months to Jun 2026, among listed companies. Market capitalisation: how it is worked out
- ₹21,648 Cr361st largest listed
- P/EPrice to earnings, trailing. Market cap divided by the profit of the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, after the share of the other owners of its subsidiaries: what investors pay for each rupee of a year's profit. Price to earnings, trailing: how it is worked out
- 46.84
- P/BPrice to book. Market cap divided by the net worth that belongs to the company's own shareholders, its assets less everything it owes and less the other owners' share of its subsidiaries, on its latest balance sheet. Price to book: how it is worked out
- 8.32
- Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price.
- 0.97%
- ROEReturn on equity. Profit over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly) that belongs to the company's own shareholders, as a percentage of their net worth, the money they have in the business. Net worth is the average of the latest balance sheet and the one a year before it.
- 18.9%
- ROCEReturn on capital employed. Operating profit after depreciation (revenue less operating expenses and depreciation, without other income and one-off items) as a percentage of all the money the business runs on: the whole group's net worth, the other owners of its subsidiaries included, plus borrowings. Lease liabilities are not counted: the results filings do not state them. The profit is over the last twelve months (the latest four quarters, or two half years for a company that reports half-yearly); net worth and borrowings are on the latest balance sheet.
- 19.5%
- Debt to equityDebt to equity. Borrowings divided by the whole group's net worth, the other owners of its subsidiaries included: rupees borrowed for each rupee of equity in the business. Lease liabilities are not counted: the results filings do not state them. From the balance sheet at the end of Sep 2026.
- 0.02
- Volume, NSEVolume. Shares traded on the last trading day; delivery is the part buyers kept rather than sold again the same day. Volume in the glossary
- 2,55,49817.4% delivered
About Grindwell Norton
Grindwell Norton Limited is a Mumbai-based maker and trader of abrasives, performance polymers and refractory products.1 It serves public and private sector customers in steel, automotive and auto ancillaries, bearings, construction, general engineering, aerospace, life sciences, railways, food processing and the automotive aftermarket.2
It reports its results in 3 segments: Abrasives, Ceramics & Plastics, and Digital Services.3 Its abrasives brands include Norton HITECH Prime for billet grinding, Norton Millinium for roll grinding and Norton BLU precision grinding wheels.456 Its Performance Polymer Solutions business runs 5 sub-businesses, EQYO, Omniseal Solutions, Life Sciences, Tape Solutions and Performance Film Solutions, with plants in Bengaluru and Ambernath.7
It was incorporated on 31 Jul 1950.8 It is a subsidiary of Compagnie de Saint-Gobain, a Paris-based group with sales of €46.5 billion in 2025, which holds 26.77% of the company through Saint-Gobain Abrasives Inc and 24.56% through SPAFI.910 Its Indian promoters are the families of V.A. Mahajan and K.M. Narang.11 Its subsidiary Saint-Gobain Ceramic Materials Bhutan makes silicon carbide at a plant near Phuentsholing, and it holds 49% of the joint venture Advanced Synthetic Minerals.1213 Its associate Cleanwin Energy supplies wind power to its Mora plant.14 Subodh Nadkarni is chairman, and Venugopal Shanbhag has been managing director since 1 Apr 2025.15 It had 2,385 permanent employees at the end of March 2026.16
Grindwell Norton key points
Results
- In the year to Mar 2026, consolidated revenue from operations rose 9.3% and consolidated operating profit (what the business earns from its operations before interest and tax) rose 12.4%.17
- Consolidated operating profit margin was 18.3% in the year to Mar 2026, against 17.8%; net profit margin was 13.6%, against 13.2%; return on net worth (profit as a share of shareholders' equity) was 16.4%, against 16.3%.18
- Consolidated profit before tax was ₹55,536.37 lakh in the year to Mar 2026, against ₹49,196.34 lakh a year earlier.19
Market position
Business segments
- Abrasives. Bonded abrasives, thin wheels, coated and non-woven abrasives, superabrasives, construction products, and sealants and adhesives. Abrasives segment revenue was ₹1,49,079.22 lakh in the year to Mar 2026, against ₹1,40,251.27 lakh.2223
- Ceramics & Plastics. In the year to Mar 2026, consolidated Ceramics & Plastics sales rose 10% and operating profit 15%. Silicon carbide sales and operating profit fell on price pressure from cheap imports, and refractories exports declined.24
- Digital Services. A captive IT centre (INDEC) of around 650 employees serves the Saint-Gobain group at cost plus a margin. INDEC revenue grew 20% in the year to Mar 2026; the company says future growth can come only from cost inflation.2526
Revenue mix
- Share of standalone turnover, main products only27
Item year to Mar 2026 Abrasives 49% Refractory products, including silicon carbide 21% Performance polymers 20% - Exports, including services, were 15.78% of standalone turnover in the year to Mar 2026; the company serves 67 countries, and 27 states and 6 union territories in India.28
- No single customer or group has more than 10% of revenue, and in Abrasives the dependence on any single industry is less than 15%.2930
Plants and capacity
- Grindwell Norton has 8 manufacturing facilities in India, 2 of them at Ambernath. Its abrasives business has 4 manufacturing sites, Mora, Bengaluru, Nagpur and Baddi, plus contract manufacturing and sourcing in India and abroad.3132
- In bonded abrasives, the company makes over 15,000 different products a year; in coated abrasives, a new paper maker and a new non-woven line have been commissioned, adding production capacity.33
- At the Halol plant in Gujarat, the company added production of silicon impregnated and reaction-bonded silicon carbide (engineered ceramic materials), and it bought freehold land at Halol in the year to Mar 2026.3435
Research and development
What the company expects
- The company stated in its annual report for the year to Mar 2026 that it expects to benefit from demand in automotive, steel, infrastructure and general manufacturing, while expanding in electronics, semiconductors, defence and aerospace.39
- The company stated in its annual report for the year to Mar 2026 that Performance Polymer Solutions' new products for the year to Mar 2027 include industrial tapes from Ambernath, a new tubing developed in India and a ramp-up of its new single-use bag plant.40
- The company stated in its annual report for the year to Mar 2026 that it expects silicon carbide buyers to rely more on local makers in the year to Mar 2027, and that it plans to maximise output from both its plants.41
Recent events
- On 27 May 2026, the company signed agreements with Sunsure Energy and Murli Solar Enery to source renewable energy, after the board approved on 6 Feb 2026 an investment in a Sunsure Energy special purpose vehicle (a company set up for one project).4243
- On 12 Dec 2025, the board raised its approved investment in JRTPL, the company behind a Jamnagar wind-solar hybrid project, from ₹77 lakh to up to ₹86 lakh, to source green energy for the Halol plant.4445
Last updated
All 45 sources, each with its page
- 1. Annual report, 30 Jun 2026, page 87
- 2. Annual report, 30 Jun 2026, page 88
- 3. Annual report, 30 Jun 2026, page 61
- 4. Annual report, 30 Jun 2026, page 23
- 5. Annual report, 30 Jun 2026, page 24
- 6. Annual report, 30 Jun 2026, page 53
- 7. Annual report, 30 Jun 2026, page 58
- 8. Annual report, 30 Jun 2026, page 218
- 9. Annual report, 30 Jun 2026, page 55
- 10. Annual report, 30 Jun 2026, page 89
- 11. Annual report, 30 Jun 2026, page 81
- 12. Annual report, 30 Jun 2026, page 60
- 13. Annual report, 30 Jun 2026, page 89
- 14. Annual report, 30 Jun 2026, page 26
- 15. Annual report, 30 Jun 2026, page 36
- 16. Annual report, 30 Jun 2026, page 61
- 17. Annual report, 30 Jun 2026, page 61
- 18. Annual report, 30 Jun 2026, page 61
- 19. Annual report, 30 Jun 2026, page 215
- 20. Annual report, 30 Jun 2026, page 56
- 21. Annual report, 30 Jun 2026, page 60
- 22. Annual report, 30 Jun 2026, page 55
- 23. Annual report, 30 Jun 2026, page 266
- 24. Annual report, 30 Jun 2026, page 26
- 25. Annual report, 30 Jun 2026, page 60
- 26. Annual report, 30 Jun 2026, page 26
- 27. Annual report, 30 Jun 2026, page 88
- 28. Annual report, 30 Jun 2026, page 88
- 29. Annual report, 30 Jun 2026, page 266
- 30. Annual report, 30 Jun 2026, page 57
- 31. Annual report, 30 Jun 2026, page 125
- 32. Annual report, 30 Jun 2026, page 55
- 33. Annual report, 30 Jun 2026, page 56
- 34. Annual report, 30 Jun 2026, page 59
- 35. Annual report, 30 Jun 2026, page 27
- 36. Annual report, 30 Jun 2026, page 35
- 37. Annual report, 30 Jun 2026, page 57
- 38. Annual report, 30 Jun 2026, page 58
- 39. Annual report, 30 Jun 2026, page 27
- 40. Annual report, 30 Jun 2026, page 58
- 41. Annual report, 30 Jun 2026, page 60
- 42. Exchange filing, 27 May 2026, page 1
- 43. Exchange filing, 6 Feb 2026, page 1
- 44. Exchange filing, 12 Dec 2025, page 1
- 45. Exchange filing, 12 Dec 2025, page 3
Results
Consolidated; ₹ crore.Grindwell Norton quarterly results
- Revenue growth, 12 monthsRevenue growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- +13.6%
- Net profit growth, 12 monthsNet profit growth, 12 months. The last twelve months against the twelve before them. Left empty where the earlier figure was nought or a loss: growth out of a loss has no percentage.
- +21.4%
Quarter to Sep 2026, against the quarter before
- RevenueRevenue. The pill is the change in revenue against the quarter before: this period's figure divided by that one's, less one, in per cent.
- ₹884 Crup 10.01%
- Net profitNet profit. The pill is the change in net profit against the quarter before: this period's figure divided by that one's, less one, in per cent. Net profit in the glossary
- ₹133 Crup 15.48%
- Net marginNet margin. Net profit as a percentage of revenue: how much of each rupee of sales is left after every cost, interest and tax. Net margin in the glossary
- 15.1%
Revenue by quarter
Peak revenue ₹884 Cr, quarter to Sep 2026; lowest ₹703 Cr, quarter to Dec 2024
Net profit by quarter, a loss in red
| ₹ crore | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 703 | 710 | 703 | 775 | 753 | 842 | 803 | 884 |
| Net profit | 88 | 93 | 94 | 107 | 96 | 119 | 115 | 133 |
| Net margin | 12.5% | 13.1% | 13.4% | 13.9% | 12.7% | 14.2% | 14.4% | 15.1% |
Consolidated. The last eight quarters. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.
Year to Mar 2026, against the year before
- RevenueRevenue. The pill is the change in revenue against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹3,073 Crup 9.30%
- Net profitNet profit. The pill is the change in net profit against the year before: this period's figure divided by that one's, less one, in per cent.
- ₹417 Crup 12.26%
- Net margin
- 13.6%
Revenue by year
Peak revenue ₹3,073 Cr, year to Mar 2026; lowest ₹1,364 Cr, year to Mar 2017
Net profit by year, a loss in red
| ₹ crore | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,364 | 1,454 | 1,598 | 1,580 | 1,638 | 2,013 | 2,541 | 2,687 | 2,812 | 3,073 |
| Net profit | 121 | 151 | 169 | 184 | 238 | 295 | 362 | 384 | 371 | 417 |
| Net margin | 8.9% | 10.4% | 10.6% | 11.6% | 14.5% | 14.7% | 14.2% | 14.3% | 13.2% | 13.6% |
Consolidated. Years to March. The latest is shaded. Net profit is the whole group's, the other owners of its subsidiaries included; P/E and ROE use the company's own share.
Business segments
Share of revenue, year to Mar 2026, consolidated.Segment revenue and profit
- AbrasivesAbrasives, share of revenue. The segment's revenue as a percentage of the revenue of all the company's reported business segments together, leaving out eliminations between them and unallocated items.₹1,491 Crup 6.29%47.9%
- Ceramics & PlasticsCeramics & Plastics, share of revenue. The segment's revenue as a percentage of the revenue of all the company's reported business segments together, leaving out eliminations between them and unallocated items.₹1,311 Crup 10.25%42.1%
- Digital ServicesDigital Services, share of revenue. The segment's revenue as a percentage of the revenue of all the company's reported business segments together, leaving out eliminations between them and unallocated items.₹223 Crup 20.87%7.2%
- OthersOthers, share of revenue. The segment's revenue as a percentage of the revenue of all the company's reported business segments together, leaving out eliminations between them and unallocated items.₹88 Crup 62.53%2.8%
The pill is the change in revenue on the year before; the share is of all the businesses together.
Valuation
Today, against the company's own history.Grindwell Norton PE ratio and valuation
Price to earnings
At or below today's level on 48% of 2,479 trading days over the last 10 years.
LowestHighest
Its median47.57Industry median19.42
Price to book
At or below today's level on 42% of 1,978 trading days since Nov 2018.
LowestHighest
Its median9.06Industry median1.92
Dividend yieldDividend yield. Dividends paid per share in the twelve months to the day, as a percentage of the day's share price. When a year's dividend goes ex later than the year before's, the yield reads zero for the days between; a run of under 60 such trading days is left out of the yield's medians and percentiles. The ex-date is the day from which a buyer of the share no longer gets the dividend.
At or below today's level on 66% of 2,461 trading days over the last 10 years.
LowestHighest
Its median0.84%Industry median0.50%
Where the return came from
Yearly rates to Mar 2026, per-share figures restated for splits and bonuses.
| Over | Return a year | Earnings growth | Change in P/E | Dividend yield |
|---|---|---|---|---|
| 1 year | −18.8% | +12.7% | −29.3% | 1.4% |
| 3 years | −9.3% | +4.7% | −14.4% | 1.1% |
| 5 years | +8.2% | +11.7% | −3.9% | 0.9% |
Return is price growth plus the average dividend yield. Change in P/E is (1 + price growth) / (1 + earnings growth) - 1, so the parts compound rather than add.
Mutual fund holdings
72 funds disclosed a holding for Sep 2026. What they did in Sep 2026, against each fund's month before. 10 of the 15 funds that added or cut are index funds, ETFs or arbitrage funds: an index fund or ETF holds what its index holds, and an arbitrage fund holds the share against a sale of its future.All 72 funds holding Grindwell Norton
- Bought for the first timeBought for the first time. Funds that held it at the month's end and had not held it in any month on record before.
- 2
- AddedAdded. Funds that held more shares than at the end of the month before.
- 5
- CutCut. Funds that held fewer shares than at the end of the month before.
- 10
- Held unchangedHeld unchanged. Funds that held the same number of shares as at the end of the month before.
- 55
| Fund | |||
|---|---|---|---|
 SBI Midcap FundSBI Mutual Fund | 25,00,000 | 2.14% | ₹498.5 Cr |
| SBI ELSS Tax Saver FundSBI Mutual Fund | 18,87,280 | 1.25% | ₹376.3 Cr |
 Nippon India Small Cap FundNippon India Mutual Fund | 18,17,531 | 0.45% | ₹362.4 Cr |
| SBI Contra FundSBI Mutual Fund | 14,96,647 | 0.66% | ₹298.4 Cr |
 UTI Flexi Cap FundUTI Mutual Fund | 13,46,368 | 1.19% | ₹268.5 Cr |
 Axis Small Cap FundAxis Mutual Fund | 8,95,775 | 0.58% | ₹178.6 Cr |
| SBI MNC FundSBI Mutual Fund | 8,00,000 | 2.50% | ₹159.5 Cr |
| UTI Mid Cap FundUTI Mutual Fund | 7,50,000 | 1.25% | ₹149.6 Cr |
| SBI Infrastructure FundSBI Mutual Fund | 7,00,000 | 2.97% | ₹139.6 Cr |
| SBI Dividend Yield FundSBI Mutual Fund | 6,72,644 | 1.66% | ₹134.1 Cr |
Portfolios disclosed for Sep 2026. Weight is the holding as a share of the fund's assets.
Grindwell Norton competitors and peers
Industrial Products, 507 listed companies, priced on 29 Oct 2026. The table lists the 8 companies closest to Grindwell Norton in market cap.Capital goods stocks
Where the company sits among the companies nearest its size
| Company | ||||||||
|---|---|---|---|---|---|---|---|---|
 Shyam Metalics and EnergySHYAMMETL | 31,866 | – | 2.77 | +22.8% | – | – | 11.8% | 0.39% |
 Kirloskar Oil EnginesKIRLOSENG | 27,508 | 50.99 | 7.60 | +22.7% | +14.4% | 16.1% | 13.6% | 0.37% |
 R R KabelRRKABEL | 24,011 | 35.73 | 7.90 | +45.4% | +66.4% | 25.0% | 26.3% | 0.45% |
 HBL EngineeringHBLENGINE | 22,612 | 28.96 | 10.21 | +63.0% | +129.6% | 42.2% | 45.0% | 0.37% |
 Timken IndiaTIMKEN | 21,481 | 47.38 | 6.85 | – | – | 14.5% | 18.7% | 0.09% |
 Carborundum UniversalCARBORUNIV | 20,693 | 98.89 | 5.31 | +10.1% | −13.4% | 5.6% | 7.9% | 0.37% |
 Finolex CablesFINCABLES | 17,825 | 22.28 | 2.93 | +26.5% | +29.2% | 13.8% | 10.8% | 0.77% |
 INOX IndiaINOXINDIA | 17,264 | 67.75 | 15.45 | +19.9% | +8.8% | 25.6% | 25.9% | 0.11% |
Market cap in ₹ crore. Growth is the last twelve months against the twelve before. A figure is left empty where it would rest on a loss or the company has under a year of results on record. ROE is the shareholders' profit over their net worth. ROCE is profit before interest and tax over the whole group's net worth plus borrowings, as in the figures at the top of the page.
Dividends
Per share, by the year it was paid for, and the latest payments.Grindwell Norton dividend history
Dividend per share, ₹, restated for later splits and bonuses
Dividend per share. The dividends declared for the year, each restated to today's share count by the splits and bonuses after its own ex-date, added up. Dividend per share in the glossaryHighest ₹19.00 a share, year to Mar 2026.
| Ex-date | Type | Per share |
|---|---|---|
| 10 Jul 2026 | FinalFinal dividend. Called final by its date: the company did not say which kind it was, and it went ex within six months after the company's year end, the time in which the annual general meeting that declares the final dividend must be held. Final dividend in the glossary | ₹19.00 |
| 15 Jul 2025 | Final | ₹17.00 |
| 9 Jul 2024 | Final | ₹17.00 |
| 4 Aug 2023 | Final | ₹14.50 |
| 19 Jul 2022 | Final | ₹12.00 |
| 19 Jul 2021 | Final | ₹9.50 |
Latest payments, as declared, by ex-date.
Latest announcements
Routine notices left out.Grindwell Norton announcements
Oct 2026
19 Oct · Board meeting
Sep 2026
3 Sep · General Updates
Aug 2026
27 Aug · Analysts
27 Aug · Analysts
Grindwell Norton share price by year
Each calendar year to 2025.Grindwell Norton share price history
| Year | Close at year end | Change | Highest close | Lowest close |
|---|---|---|---|---|
| 2025 | 1,564.10 | −18.5% | 1,948.80 | 1,406.05 |
| 2024 | 1,919.90 | −17.6% | 2,950.95 | 1,895.05 |
| 2023 | 2,329.10 | +30.6% | 2,439.50 | 1,756.40 |
| 2022 | 1,783.65 | −7.0% | 2,299.60 | 1,491.35 |
| 2021 | 1,917.00 | +167.2% | 1,917.00 | 675.45 |
| 2020 | 717.40 | +19.2% | 740.05 | 420.80 |
| 2019 | 601.90 | +7.3% | 656.40 | 510.20 |
| 2018 | 561.10 | +2.5% | 564.60 | 479.20 |
| 2017 | 547.65 | +66.1% | 547.65 | 316.25 |
| 2016 | 329.65 | −14.3% | 375.23 | 297.68 |
₹ per share, adjusted for splits and bonuses since. Change is on the close at the end of the year before.
Recent sessions
The 9 trading days to 28 Oct 2026, as traded on NSE; the latest is at the top of the page.
| Date | Open | High | Low | Close | Average price | Volume | Delivery |
|---|---|---|---|---|---|---|---|
| 28 Oct 2026 | 1,839.00 | 1,868.90 | 1,820.90 | 1,851.20 | 1,847.55 | 25,666 | 60.2% |
| 27 Oct 2026 | 1,836.00 | 1,859.00 | 1,806.00 | 1,847.80 | 1,844.03 | 36,110 | 61.4% |
| 26 Oct 2026 | 1,839.80 | 1,845.00 | 1,786.30 | 1,836.00 | 1,821.75 | 25,010 | 47.8% |
| 23 Oct 2026 | 1,877.00 | 1,877.00 | 1,791.00 | 1,846.90 | 1,834.53 | 29,865 | 45.0% |
| 22 Oct 2026 | 1,870.00 | 1,899.90 | 1,815.10 | 1,877.50 | 1,857.54 | 24,964 | 44.7% |
| 21 Oct 2026 | 1,826.80 | 1,890.00 | 1,805.10 | 1,873.10 | 1,837.70 | 21,540 | 48.7% |
| 19 Oct 2026 | 1,879.90 | 1,897.80 | 1,816.20 | 1,826.80 | 1,840.68 | 17,194 | 54.6% |
| 16 Oct 2026 | 1,900.00 | 1,920.00 | 1,872.30 | 1,879.90 | 1,889.96 | 17,890 | 43.7% |
| 15 Oct 2026 | 1,953.30 | 1,967.90 | 1,888.00 | 1,897.70 | 1,918.69 | 15,815 | 47.0% |
Prices in ₹ per share as traded, not adjusted.
Price adjustments
What the price chart is corrected for, so it reads as one share held throughout.Bonus share history
| Ex-date | Event | Price factor | What happened |
|---|---|---|---|
| 14 Jul 2016 | Bonus | 0.5000 | Holders received 1 bonus share for every 1 held. |
Earlier prices are multiplied by the factor, so the chart reads as one share held throughout.
Company details
- NSE symbol
- GRINDWELL
- BSE code
- 506076
- ISIN
- INE536A01023
- Industry
- Industrial Products
- Website
- www.grindwellnorton.co.in
- CIN
- L26593MH1950PLC008163
- Corporate identity number, the registrar of companies' code for it
- Incorporated
- 1950
- Registered office
- 5th Level, Leela Business Park, Andheri-Kurla Road, Marol, Andheri East, Mumbai 400059, Maharashtra
- Share registrar
- MUFG Intime India Pvt. Ltd
- Keeps the register of shareholders and handles transfers and dividend payments