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Saint-Gobain's Indian listed subsidiary, manufacturing abrasives, ceramics and industrial materials.
Saint-Gobain's Indian listed subsidiary, manufacturing abrasives, ceramics and industrial materials.
Abrasives are consumables that wear out and are bought again by workshops and factories, so sales follow industrial activity rather than one-off equipment orders. Ceramic and silicon carbide products serve steel and other heavy industry. French group Saint-Gobain controls it and supplies technology, which keeps a local maker close to global products.
Moat: narrow (brand, process know-how). Saint-Gobain's global abrasives technology localized to a long-established Indian manufacturing base.
Headquarters: Mumbai, India · Founded: 1941 · Employees: 5,100
Size Grindwell Norton (GRINDWELL.NS) is an India Materials company (Industrial Specialties) with a market value of $2.25B, the 349th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,919 on 6 Nov 2026.
Performance Over six months the shares gained 15.7%, against -2.8% for the median peer and 0.0% for the India market (cap-weighted) — 6th highest of 20 in its peer set.
Growth Revenue grew 13.6% over the last twelve months (peer median +11.4%); the operating margin is 15.8% (peer median 10.1%).
Valuation It trades at 39.5× forward earnings against a peer median of 26.2× (4th most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 38% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is +24 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 9.6 points above its cost of capital (15.7% WACC).
Next results Next results expected around 29 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹32.8B | ₹30.7B | ₹28.1B | ₹26.9B | ₹25.4B |
| Revenue growth | — | +9% | +5% | +6% | — |
| Gross profit | ₹12.7B | ₹8.44B | ₹7.64B | ₹7.63B | ₹7.34B |
| EBITDA | ₹6.27B | ₹6.00B | ₹5.24B | ₹5.28B | ₹5.17B |
| Net income | ₹4.62B | ₹4.16B | ₹3.69B | ₹3.84B | ₹3.62B |
| Free cash flow | n/a | ₹4.50B | ₹3.87B | ₹2.14B | ₹802M |
| Capital expenditure | n/a | ₹1.19B | ₹941M | ₹1.72B | ₹3.22B |
| Total debt | ₹557M | ₹607M | ₹835M | ₹826M | ₹514M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Grindwell Norton GRINDWELL.NS | $2.25B | +16% | +14% | 16% | 39.5× | 37.8% |
| Carborundum Universal CARBORUNIV.NS | $2.10B | +4% | +12% | 7% | 44.5× | 43.4% |
| 3M India 3MINDIA.NS | $3.29B | -16% | +16% | 17% | 39.8× | 28.0% |
| Imerys NK.PA | $2.41B | +11% | -2% | 6% | 15.4× | 7.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | GRINDWELL.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.9% | -15.1% | 6th highest of 21 |
| 6-month return | +15.7% | -2.8% | 6th highest of 20 |
| Distance from 52-week high | -21.8% | -37.4% | 3rd highest of 21 |
| Revenue growth (TTM) | +13.6% | +11.4% | 8th highest of 21 |
| Operating margin | 15.8% | 10.1% | 5th highest of 21 |
| Forward P/E | 39.5× | 26.2× | 4th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 37.8% | 19.7% | 4th most demanding of 15 |
| Growth delivered (Del g) | +13.4% | +12.0% | 7th highest of 15 |
| Hurdle (Req g minus delivered) | +24.4 pp | +0.7 pp | 4th most demanding of 15 |
| ROIC minus cost of capital | +9.6 pp | -0.1 pp | 2nd highest of 21 |
| EV / EBITDA | 32.2× | 9.3× | 3rd most expensive of 11 |
| Net debt / EBITDA | -1.8× | 1.7× | least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Grindwell Norton GRINDWELL.NS | India | $2.25B | +16% | +14% | 16% | 39.5× | 37.8% | +13.4% |
| Henan Huanghe Whirlwind 600172.SS | China | $2.27B | +29% | +13% | -30% | n/a | n/a | n/a |
| Jiangsu Shemar Electric 603530.SS | China | $2.23B | -44% | +17% | 29% | 26.2× | 23.4% | +21.1% |
| Zhejiang Fulai New Material 605488.SS | China | $2.21B | +47% | +19% | 2% | 134.6× | 31.8% | +17.6% |
| Zeon 4205.T | Japan | $2.34B | +6% | +4% | 11% | 9.1× | -1.5% | +6.4% |
| UFP Technologies UFPT | United States | $2.35B | +32% | +9% | 15% | 28.3× | 17.8% | +27.4% |
| Pamica Technology 001359.SZ | China | $2.41B | -1% | +23% | 23% | 36.2× | 38.0% | +12.1% |
| Carborundum Universal CARBORUNIV.NS | India | $2.10B | +4% | +12% | 7% | 44.5× | 43.4% | +14.6% |
| Anhui Jiangnan Chemical Industry 002226.SZ | China | $2.07B | -3% | +13% | 11% | 16.8× | -3.0% | +20.5% |
| Sichuan Yahua Industrial 002497.SZ | China | $2.48B | -56% | +69% | 18% | 6.2× | n/a | n/a |
| Quanzhou Jiadeli Electronic Materials 603435.SS | China | $2.49B | n/a | +4% | 38% | n/a | n/a | n/a |
| Shaanxi Huaqin Technology Industry 688281.SS | China | $2.50B | -18% | +31% | 15% | 34.7× | 27.5% | +24.7% |
| Xizang Gaozheng Civil Explosives 002827.SZ | China | $2.53B | +92% | -1% | 12% | 108.9× | n/a | n/a |
| Olin OLN | United States | $1.97B | -36% | -1% | 0% | n/a | 44.0% | +3.3% |
| Shenzhen Leading Semiconductor Industry 603991.SS | China | $2.60B | +12% | +996% | 10% | n/a | 21.7% | +12.0% |
| KCC 002380.KS | South Korea | $1.91B | -34% | 0% | 6% | 2.1× | 3.8% | +5.0% |
| DIC 4631.T | Japan | $2.68B | +25% | +6% | 7% | 9.3× | -1.0% | +8.5% |
| H.B. Fuller FUL | United States | $2.68B | -19% | +1% | 11% | 9.5× | 3.5% | +4.5% |
| GCL Technology 3800.HK | Hong Kong | $2.71B | -30% | +25% | -22% | n/a | n/a | n/a |
| Lintec 7966.T | Japan | $1.87B | -14% | +3% | 8% | 12.2× | 1.5% | +6.2% |
| Gansu Energy Chemical 000552.SZ | China | $1.86B | -19% | +11% | 3% | 33.4× | n/a | n/a |