Stock GRINDWELL GRINDWELL NORTON LIMITED
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Financials Grindwell Norton Limited

Equities

GRINDWELL

INE536A01023

Industrial Machinery & Equipment

Market Closed - Bombay S.E.
Other stock markets
 06:00:50 2024-04-26 am EDT 		5-day change 1st Jan Change
2,088 INR -0.42% Intraday chart for Grindwell Norton Limited +2.40% -10.22%
Apr. 16 Grindwell Norton Limited Announces Retirement of Krishna Prasad as Executive Director CI
Apr. 12 Grindwell Norton Commences Engineered Ceramics Plant in Gujarat, India MT

Valuation

Fiscal Period: Maart 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 65,707 50,865 105,450 199,230 207,589 231,194 - -
Enterprise Value (EV) 1 65,707 50,865 104,150 196,471 202,229 224,832 222,686 219,541
P/E ratio 39.3 x 27.9 x 44.1 x 67.4 x 57.4 x 58.1 x 48.2 x 42.4 x
Yield 1.01% 1.63% 1% 0.67% 0.77% 0.79% 0.79% 0.86%
Capitalization / Revenue 4.11 x 3.22 x 6.44 x 9.9 x 8.17 x 8.48 x 7.32 x 6.56 x
EV / Revenue 4.11 x 3.22 x 6.36 x 9.76 x 7.96 x 8.24 x 7.05 x 6.23 x
EV / EBITDA 24.2 x 19.2 x 32.1 x 49 x 40.5 x 41.4 x 33.6 x 30.1 x
EV / FCF 379 x 19 x 36.8 x 322 x 105 x 57.5 x 59.4 x 46.9 x
FCF Yield 0.26% 5.25% 2.72% 0.31% 0.95% 1.74% 1.68% 2.13%
Price to Book 5.98 x 4.29 x 7.73 x 12.7 x 11.5 x 11.5 x 9.5 x 8.57 x
Nbr of stocks (in thousands) 110,720 110,720 110,720 110,720 110,720 110,720 - -
Reference price 2 593.4 459.4 952.4 1,799 1,875 2,088 2,088 2,088
Announcement Date 5/29/19 5/20/20 5/7/21 5/6/22 5/6/23 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Maart 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 15,981 15,796 16,379 20,128 25,413 27,273 31,599 35,258
EBITDA 1 2,718 2,645 3,241 4,014 4,996 5,437 6,630 7,301
EBIT 1 2,266 2,067 2,697 3,479 4,395 4,649 5,655 6,582
Operating Margin 14.18% 13.09% 16.47% 17.28% 17.29% 17.05% 17.89% 18.67%
Earnings before Tax (EBT) 1 2,604 2,426 3,172 3,969 4,859 5,327 6,424 7,306
Net income 1 1,672 1,825 2,392 2,956 3,619 3,981 4,795 5,458
Net margin 10.47% 11.56% 14.6% 14.69% 14.24% 14.6% 15.17% 15.48%
EPS 2 15.11 16.48 21.60 26.70 32.69 35.94 43.32 49.30
Free Cash Flow 1 173.3 2,672 2,829 609.9 1,920 3,910 3,752 4,679
FCF margin 1.08% 16.91% 17.27% 3.03% 7.55% 14.34% 11.87% 13.27%
FCF Conversion (EBITDA) 6.38% 101% 87.31% 15.2% 38.42% 71.92% 56.58% 64.09%
FCF Conversion (Net income) 10.36% 146.37% 118.3% 20.63% 53.04% 98.23% 78.24% 85.73%
Dividend per Share 2 6.000 7.500 9.500 12.00 14.50 16.40 16.40 17.93
Announcement Date 5/29/19 5/20/20 5/7/21 5/6/22 5/6/23 - - -
1INR in Million2INR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Maart 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 4,576 5,088 4,393 5,127 5,019 5,589 6,380 6,347 6,039 6,648 6,684 6,929 6,721 7,181
EBITDA 1 979.7 1,130 869.6 1,010 897.3 1,236 1,289 1,225 1,190 1,293 1,352 1,435 1,331 1,436
EBIT - - - - - - - - - - - - 1,219 1,208
Operating Margin - - - - - - - - - - - - 18.14% 16.82%
Earnings before Tax (EBT) 1 881.5 1,104 863.9 967.8 931 1,200 1,256 1,198 1,085 - 1,310 1,381 1,321 1,350
Net income 1 659.4 805.4 642.3 720 697 897.2 924.3 900.6 801.9 992.3 969.9 1,016 980.2 1,000
Net margin 14.41% 15.83% 14.62% 14.04% 13.89% 16.05% 14.49% 14.19% 13.28% 14.93% 14.51% 14.66% 14.59% 13.93%
EPS 2 5.960 7.270 5.800 6.500 6.300 8.100 8.350 8.130 7.240 - 8.760 9.125 8.800 9.000
Dividend per Share - - - - - - - - - - - - - -
Announcement Date 1/29/21 5/7/21 7/28/21 11/3/21 2/3/22 5/6/22 7/29/22 11/2/22 2/13/23 5/6/23 8/14/23 - - -
1INR in Million2INR
Estimates

Balance Sheet Analysis

Fiscal Period: Maart 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 - - 1,299 2,758 5,360 6,362 8,508 11,653
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 173 2,672 2,829 610 1,920 3,910 3,752 4,679
ROE (net income / shareholders' equity) 16% 16% 18.7% 20.2% 21.5% 20.7% 20.8% 21.1%
ROA (Net income/ Total Assets) 12% 12% - - - - - -
Assets 1 13,965 15,222 - - - - - -
Book Value Per Share 2 99.20 107.0 123.0 142.0 163.0 181.0 220.0 244.0
Cash Flow per Share - - - - - - - -
Capex 1 672 504 483 1,256 1,637 1,106 1,071 831
Capex / Sales 4.21% 3.19% 2.95% 6.24% 6.44% 4.06% 3.39% 2.36%
Announcement Date 5/29/19 5/20/20 5/7/21 5/6/22 5/6/23 - - -
1INR in Million2INR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Grindwell Norton Limited

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
7
Last Close Price
2,088 INR
Average target price
2,232 INR
Spread / Average Target
+6.91%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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