The company is one of the subsidiaries of Compagnie de Saint Gobain, a transnational group headquartered in Paris that holds ~51% stake in the company. The company is almost debt free with strong dividend payouts. The company's purpose is guided by the principle of 'MAKING THE WORLD A BETTER HOME,' focusing on sustainable development, and it stands as the market leader in India offering the widest range of cutting-edge abrasive products.
Cyborg Score Rationale
Q3 FY26 reported net profit of ₹95.17 crores with year-on-year growth of 9.62%, but shares trade at a premium 47x price-to-earnings multiple with market cap of ₹18,218 crore. While fundamentals show positive YoY growth and strong market position, sequential decline and elevated valuation warrant caution.
Top Insights
Largest producer of abrasive products in India with market-leading brands
Almost debt free with healthy dividend payout of 48.2%
Q3 FY26 net profit showed sequential decline from Q2 despite positive YoY growth
Q2 EBITDA margin slightly compressed to 18.2% from 18.7% YoY
Named Competitors
Bonded & Coated Abrasives — Diversified abrasives and engineered products
Performance Ceramics — Global materials science conglomerate
Industrial Products — Precision abrasives and grinding solutions
Recent Developments
(Feb 2026) Q3 FY26 financials approved; investment of ₹1.1 crore in renewable energy SPV
(Dec 2025) Q3 revenue of ₹7.5B, up from ₹7B YoY
(Dec 2025) Completed updating land records for Halol property purchased for ₹16.1 cr, aiding future business operations
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