Grindwell

Mumbai, India Founded: 1941 • Age: 85 yrs Listed
Abrasives and silicon carbide are manufactured by Grindwell.
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About Grindwell

Grindwell is a publicly listed company based in Mumbai (India) founded in 1941. Abrasives and silicon carbide are manufactured by Grindwell. The company has 4,860 employees. Its Indian entity Grindwell Norton Limited reported revenue of ₹3,168 Cr. Its focus areas include Industrial Goods and Manufacturing and Manufacturing Services.

Company details

Grindwell was established in 1941 and is headquartered in Mumbai, India. Operations focus on the production of abrasives and silicon carbide within the industrial materials sector. Manufacturing processes are conducted to supply these products to various industries, with a presence maintained through the domain grindwellnorton.co.in. Leadership is provided by Managing Director Venugopal Shanbhag, overseeing activities from the base in India.

  • Headquarters Mumbai, India
  • Employees 4,860
  • Stage Public
  • Sectors
    Industrial Goods & Manufacturing
  • Phone
    •••• ••••
  • Website grindwellnorton.co.in
  • Social LinkedIn X
  • Legal Name Grindwell Norton Limited
Operational Areas
Industrial Goods & Manufacturing → Contract & Outsourced Manufacturing
Key Metrics
  • Market Cap
    ₹21,409 Cr

    GRINDWELL · NSE

  • Share Price
    ₹1,950.00

    +0.85% today

  • Revenue
    ₹3,073 Cr

    FY 2025-26 · +9.3% YoY

  • EBITDA
    ₹574 Cr

    Margin 18.7%

  • Net Profit
    ₹387 Cr

    FY 2025-26 · +12.1% YoY

  • P/E (TTM)
    45.0x

    P/B 8.0x

  • ROE
    17.4%

    ROCE 22.4%

  • Debt / Equity
    0.03

    Interest cover 1.7x

  • Employee Count
    4,860

Board of directors of Grindwell Norton Limited (Grindwell)

Grindwell Norton Limited is the primary company behind Grindwell. The board of Grindwell Norton Limited currently have 9 directors; the longest-serving is Sreedhar Natarajan, appointed in 2019. 30 earlier directors have ceased.

DirectorDesignationAppointedTenureEntity
Sreedhar Natarajan
DIN 08320482
Director04 Feb 20197 yrs 8 moGrindwell Norton Limited
Archana Niranjan Hingorani
DIN 00028037
Director01 Apr 20197 yrs 7 moGrindwell Norton Limited
Subodh Satchitanand Nadkarni
DIN 00145999
Director25 Jul 20197 yrs 3 moGrindwell Norton Limited
David Eric Molho
DIN 09326249
Director12 Oct 20215 yrsGrindwell Norton Limited
Aakil Anand Mahajan
DIN 09682529
Director30 Jul 20224 yrs 3 moGrindwell Norton Limited
Kaustubh Govind Shukla
DIN 10580359
Director18 Jul 20242 yrs 3 moGrindwell Norton Limited
Venugopal Ramnath Shanbhag
DIN 08888359
Managing Director01 Apr 20251 yr 7 moGrindwell Norton Limited
Hari Singudasu
DIN 10455516
Whole-time director01 Apr 20251 yr 7 moGrindwell Norton Limited
Stephanie Billet
DIN 11082284
Director10 May 20251 yr 5 moGrindwell Norton Limited

People of Grindwell

8 people are tracked at Grindwell (1 in leadership, 6 in board & advisors, 1 in team); the tracked headcount is 4,860.

NameRoleGroup
Venugopal Shanbhag
Managing DirectorLeadership
Isabelle Hoepfner
Non-Executive DirectorBoard & advisors
Anand Mahajan
Non-Executive DirectorBoard & advisors
Laurent Guillot
Non-Executive DirectorBoard & advisors
Archana Niranjan Hingorani
Independent & Non-Executive DirectorBoard & advisors
Subodh Satchitanand Nadkarni
Independent & Non-Executive DirectorBoard & advisors
Sreedhar Natarajan
Non-Executive DirectorBoard & advisors
Keki M. Elavia
ChairmanTeam
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Complete people profiles for Grindwell

Full employee and board profiles, team structure, tenure and professional contact details require an active premium plan.

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  • Team structure
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IPO & Listings of Grindwell

Grindwell is a publicly listed company on the NSE with ticker symbol GRINDWELL in India, operating in the Process industries sector. As a publicly traded entity, the company provides investors with opportunities to participate in its growth story through equity ownership. The listing enables access to capital markets, enhances corporate visibility, and provides liquidity for shareholders while maintaining transparency through regulatory compliance and regular financial disclosures.

  • IPO date11 Sep 2006
  • Listed onNSE: GRINDWELL
  • Listed entityGrindwell Norton Limited
  • Exchange sectorProcess industries
  • ISININE536A01023
  • Share price₹1,953.30 (-0.82% on the day) · 2026-10-14
  • Market capitalisation₹21,783 Cr
  • Price to earnings49.6
  • EPS (diluted, trailing year)₹39.41
  • Dividend yield0.97%
  • Volume (last session)12,583

Financials of Grindwell

Exchange-reported figures of Grindwell Norton Limited, the listed company behind Grindwell (NSE: GRINDWELL).

Financial Highlights

FY 2025-26 · Consolidated
Revenue
₹3,073 Cr
+9.3% YoY
EBITDA
₹574 Cr
+11.8% YoY
Profit After Tax
₹387 Cr
+12.1% YoY
Net Worth
₹2,535 Cr
+12.4% YoY
Total Assets
₹2,662 Cr
+10.6% YoY
Total Debt
₹60.71 Cr
-27.3% YoY

Revenue vs Net Profit ₹ Cr

Margin trends

Financial summary ₹ Cr

MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue3,0732,8122,6872,5412,0131,6381,580
Revenue growth+9.3%+4.7%+5.7%+26.3%+22.9%+3.7%-
EBITDA574513519498400324265
EBITDA margin+18.7%+18.3%+19.3%+19.6%+19.9%+19.8%+16.8%
Profit before tax555492508486396317243
Net profit387345367350282222171
Net profit margin+12.6%+12.3%+13.7%+13.8%+14.0%+13.6%+10.8%
EPS (₹)37.5433.3034.6532.6926.7021.6016.48
Balance sheet
Total assets2,6622,4082,1991,9211,6221,4161,237
Net worth2,5352,2562,0551,8061,5681,3651,187
Total debt60.7183.5582.6051.3615.0912.150.00
Cash & bank49026521313927813014.69
Net working capital711573578468566296233
Cash flow
Cash from operations542458368393187331318
Cash from investing(244)(159)(184)(251)(53.60)(230)(442)
Cash from financing(215)(221)(175)(140)(114)(95.03)(95.06)
ParticularsSep 2026Jun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Revenue884803842753775703710703
Revenue growth (YoY)+14.1%+14.2%+18.7%+7.1%+11.7%-0.3%--
Other income39.9925.0221.2318.8731.0724.0622.9718.30
EBITDA166157164139141130127123
EBITDA margin+18.9%+19.6%+19.6%+18.5%+18.2%+18.6%+18.0%+17.7%
Depreciation27.1726.5325.9126.9726.3325.9124.8923.49
Interest1.691.381.712.142.162.162.502.10
Profit before tax178154158128143126123116
Tax44.4238.8138.4632.8735.8331.4330.0628.19
Net profit13311511995.5710794.4592.8487.97
EPS (₹)11.9910.4310.728.609.658.538.367.84
MetricsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Income statement
Revenue3,0262,7372,6522,5242,0061,6331,552
Revenue growth+10.5%+3.2%+5.1%+25.8%+22.8%+5.2%-
EBITDA565497512500402324252
EBITDA margin+18.7%+18.2%+19.3%+19.8%+20.0%+19.8%+16.2%
Profit before tax550479505491400320239
Net profit384338366352284225171
Net profit margin+12.7%+12.3%+13.8%+14.0%+14.2%+13.8%+11.0%
EPS (₹)37.2732.5934.3933.0526.9121.8616.52
Balance sheet
Total assets2,6312,3762,1761,8981,6041,3941,211
Net worth2,5202,2432,0511,8041,5631,3571,177
Total debt60.1378.2374.7741.5013.5110.370.00
Cash & bank4842632121332681226.92
Net working capital687549563448557279214
Cash flow
Cash from operations530453364398186331307
Cash from investing(313)(212)(176)(257)(55.22)(225)(437)
Cash from financing(214)(219)(174)(140)(114)(94.69)(93.07)
ParticularsSep 2026Jun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Revenue865794829742761694691683
Revenue growth (YoY)+13.6%+14.4%+20.0%+8.5%+13.3%+0.4%--
Other income39.4724.5821.2318.8730.9923.8322.7417.95
Total expenses701637666606624565568565
EBITDA164157163136137129123119
EBITDA margin+19.0%+19.8%+19.7%+18.4%+18.0%+18.7%+17.9%+17.4%
Depreciation26.4425.8125.2026.2525.6225.2124.0522.85
Interest1.551.341.662.032.062.072.321.93
Profit before tax176154157126140126119112
Tax44.1338.8338.1832.4335.0231.4027.9228.19

Financial Statements

Figures in ₹ Cr; negatives in brackets. Updated 04 Nov 2026
ParticularsSep 2026Jun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Revenue884803842753775703710703
Revenue growth (YoY)+14.1%+14.2%+18.7%+7.1%+11.7%-0.3%--
Other income39.9925.0221.2318.8731.0724.0622.9718.30
EBITDA166157164139141130127123
EBITDA margin+18.9%+19.6%+19.6%+18.5%+18.2%+18.6%+18.0%+17.7%
Depreciation27.1726.5325.9126.9726.3325.9124.8923.49
Interest1.691.381.712.142.162.162.502.10
Profit before tax178154158128143126123116
Tax44.4238.8138.4632.8735.8331.4330.0628.19
Net profit13311511995.5710794.4592.8487.97
EPS (₹)11.9910.4310.728.609.658.538.367.84
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue3,0732,8122,6872,5412,0131,6381,580
Revenue growth+9.3%+4.7%+5.7%+26.3%+22.9%+3.7%-
Other income95.0080.8268.3156.0753.0950.9740.38
Total expenses2,5002,2982,1682,0441,6121,3141,315
Employee cost350337326297251208205
EBITDA574513519498400324265
EBITDA margin+18.7%+18.3%+19.3%+19.6%+19.9%+19.8%+16.8%
Depreciation10592.6570.8860.1553.4754.3657.78
Interest8.179.357.767.804.123.424.47
Profit before tax555492508486396317243
Tax13912112412410179.4758.75
Net profit387345367350282222171
Net profit margin+12.6%+12.3%+13.7%+13.8%+14.0%+13.6%+10.8%
EPS (₹)37.5433.3034.6532.6926.7021.6016.48
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital55.3655.3655.3655.3655.3655.3655.36
Reserves & surplus2,4792,2002,0001,7501,5131,3091,132
Shareholders' funds (net worth)2,5352,2562,0551,8061,5681,3651,187
Minority interest15.1814.0511.5011.0811.5712.1313.57
Secured loans0.000.000.008.950.000.000.00
Unsecured loans60.7183.5582.6042.4115.0912.150.00
Total debt60.7183.5582.6051.3615.0912.150.00
Total liabilities2,6622,4082,1991,9211,6221,4161,237
Assets
Gross block1,4531,3811,163938701646612
Net block887886756586386370385
Capital work in progress51.6226.0312812467.1124.0029.12
Investments999892689642531713583
Inventories481490488464448323303
Sundry debtors397362357280237202205
Cash & bank balances49026521313927813014.69
Loans & advances75.6769.1167.9660.1185.0671.1651.93
Total current assets1,4441,1861,1269431,048725575
Total current liabilities733613548475481430342
Net working capital711573578468566296233
Total assets2,6622,4082,1991,9211,6221,4161,237
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash(4.37)(6.69)39.6138.4019.3012.63232
Net cash from operating activities542458368393187331318
Net cash from investing activities(244)(159)(184)(251)(53.60)(230)(442)
Net cash from financing activities(215)(221)(175)(140)(114)(95.03)(95.06)
Net change in cash83.0377.979.491.2119.106.67(220)
Closing cash49026521313927813014.69
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth+9.3%+4.7%+5.7%+26.3%+22.9%+3.7%-
EBITDA growth+11.8%-1.1%+4.2%+24.3%+23.6%+22.5%-
PBT growth+12.9%-3.2%+4.6%+22.7%+24.8%+30.7%-6.8%
Net income growth+12.1%-5.9%+4.8%+24.4%+26.8%+29.9%-
Revenue CAGR (3Y)+6.5%+11.8%+17.9%+17.2%+8.0%+4.6%+7.7%
EBITDA CAGR (3Y)+4.8%+8.6%+17.0%+23.5%+13.8%+9.5%+11.1%
Profitability & leverage
Net income margin+13.6%+13.2%+14.3%+14.2%+14.7%+14.5%+11.6%
Return on capital employed+22.4%+21.9%+25.2%+28.1%+26.6%+24.5%+21.2%
Return on net worth+17.4%+17.3%+19.9%+21.5%+20.2%+18.7%+16.1%
Debt / equity0.030.040.030.020.010.000.00
Long-term debt / equity0.020.030.020.010.000.000.00
Interest cover1.742.221.731.781.191.272.16
Efficiency & per share
Fixed asset turnover2.172.222.573.113.002.622.82
Inventory turnover6.335.755.655.585.235.235.00
Debtors turnover8.107.818.439.839.188.057.69
EPS (₹)37.5433.3034.6532.6926.7021.6016.48
Dividend per share (₹)19.0017.0017.0014.5012.009.507.50
Book value per share (₹)228.63203.41185.33162.79141.36122.97106.93
ParticularsSep 2026Jun 2026Mar 2026Dec 2025Sep 2025Jun 2025Mar 2025Dec 2024
Revenue865794829742761694691683
Revenue growth (YoY)+13.6%+14.4%+20.0%+8.5%+13.3%+0.4%--
Other income39.4724.5821.2318.8730.9923.8322.7417.95
Total expenses701637666606624565568565
EBITDA164157163136137129123119
EBITDA margin+19.0%+19.8%+19.7%+18.4%+18.0%+18.7%+17.9%+17.4%
Depreciation26.4425.8125.2026.2525.6225.2124.0522.85
Interest1.551.341.662.032.062.072.321.93
Profit before tax176154157126140126119112
Tax44.1338.8338.1832.4335.0231.4027.9228.19
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Revenue3,0262,7372,6522,5242,0061,6331,552
Revenue growth+10.5%+3.2%+5.1%+25.8%+22.8%+5.2%-
Other income94.9279.8668.3156.0153.0650.9746.17
Total expenses2,4612,2402,1392,0231,6041,3091,300
Employee cost347334323294248205202
EBITDA565497512500402324252
EBITDA margin+18.7%+18.2%+19.3%+19.8%+20.0%+19.8%+16.2%
Depreciation10289.9168.8358.1151.2451.8954.66
Interest7.828.656.927.533.963.244.28
Profit before tax550479505491400320239
Tax13711812412510277.5656.42
Net profit384338366352284225171
Net profit margin+12.7%+12.3%+13.8%+14.0%+14.2%+13.8%+11.0%
EPS (₹)37.2732.5934.3933.0526.9121.8616.52
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Equity & liabilities
Share capital55.3655.3655.3655.3655.3655.3655.36
Reserves & surplus2,4642,1881,9961,7491,5081,3021,121
Shareholders' funds (net worth)2,5202,2432,0511,8041,5631,3571,177
Secured loans0.000.0011.369.080.000.000.00
Unsecured loans60.1378.2363.4132.4213.5110.370.00
Total debt60.1378.2374.7741.5013.5110.370.00
Total liabilities2,6312,3762,1761,8981,6041,3941,211
Assets
Gross block1,4121,3371,120907662608573
Net block864861731570366348360
Capital work in progress50.8425.8612811966.9123.7928.80
Investments1,019911710665552734603
Inventories467465474451437315294
Sundry debtors391356353277236200201
Cash & bank balances4842632121332681226.92
Loans & advances73.1471.2068.7055.4983.3071.4354.40
Total current assets1,4141,1551,1089171,025708556
Total current liabilities728606545469468429341
Net working capital687549563448557279214
Total assets2,6312,3762,1761,8981,6041,3941,211
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Opening cash69.6848.4534.1632.6715.905.31228
Net cash from operating activities530453364398186331307
Net cash from investing activities(313)(212)(176)(257)(55.22)(225)(437)
Net cash from financing activities(214)(219)(174)(140)(114)(94.69)(93.07)
Net change in cash2.5421.2314.291.4916.7710.59(223)
Closing cash4842632121332681226.92
ParticularsFY 2025-26FY 2024-25FY 2023-24FY 2022-23FY 2021-22FY 2020-21FY 2019-20
Growth
Sales growth+10.5%+3.2%+5.1%+25.8%+22.8%+5.2%-
EBITDA growth+13.6%-2.9%+2.4%+24.6%+24.1%+28.4%-
PBT growth+14.8%-5.2%+2.9%+22.8%+25.0%+33.5%-5.4%
Net income growth+13.8%-7.8%+4.0%+24.0%+26.2%+31.2%-
Revenue CAGR (3Y)+6.2%+10.9%+17.5%+17.6%+8.6%+5.1%+7.9%
EBITDA CAGR (3Y)+4.1%+7.4%+16.5%+25.7%+15.7%+11.1%+11.7%
Profitability & leverage
Net income margin+13.6%+13.2%+14.4%+14.5%+14.9%+14.8%+11.8%
Return on capital employed+22.3%+21.4%+25.2%+28.5%+27.0%+24.9%+21.1%
Return on net worth+17.4%+16.8%+19.8%+21.8%+20.5%+19.2%+16.2%
Debt / equity0.030.040.030.020.010.000.00
Long-term debt / equity0.020.030.020.010.000.000.00
Interest cover1.692.121.561.701.131.192.17
Efficiency & per share
Fixed asset turnover2.212.232.633.233.182.782.97
Inventory turnover6.495.835.735.685.335.375.05
Debtors turnover8.117.738.429.839.208.167.71
EPS (₹)37.2732.5934.3933.0526.9121.8616.52
Dividend per share (₹)19.0017.0017.0014.5012.009.507.50
Book value per share (₹)227.26202.31184.94162.66140.87122.26105.97

Web traffic of Grindwell

The website of Grindwell (grindwellnorton.co.in) receives about 7.4K visits a month.

  • Monthly visits
    7.4K

    ▲ 22.5% vs previous month

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Top companies in Contract & Outsourced Manufacturing

3 companies that operate in the same segment as Grindwell (Contract & Outsourced Manufacturing) in India, ranked by their profile score on The Company Check.

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Craftsman Automation
Industrial components, mould bases, and storage solutions are manufactured globally.
1986Coimbatore, Tamil Nadu, IndiaUSD 28 MUSD 853.09 M3,060
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Single- and three-phase transformers are manufactured in Mumbai.
1993Mumbai, Maharashtra, IndiaUSD 114.37 M618
Gokaldas Exports
Apparel and clothing are manufactured and exported on contract.
1979Bengaluru, Karnataka, IndiaUSD 400 M40,280
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Frequently Asked Questions about Grindwell

Grindwell was founded in 1941.

Grindwell is headquartered in Mumbai, India. It is registered at Mumbai, Maharashtra, India.

Grindwell has 4,860 employees.

The primary company behind Grindwell, Grindwell Norton Limited, reported revenue of ₹3,168 Cr for FY 2026, up 9% year on year.

Grindwell was established in 1941 and is headquartered in Mumbai, India. Operations focus on the production of abrasives and silicon carbide within the industrial materials sector. Manufacturing processes are conducted to supply these products to various industries, with a presence maintained through the domain grindwellnorton.co.in. Leadership is provided by Managing Director Venugopal Shanbhag, overseeing activities from the base in India.

Yes, Grindwell is publicly traded on NSE under the ticker symbol GRINDWELL.

Grindwell operates through Grindwell Norton Limited.

The legal entities of Grindwell currently have 11 directors, including Aakil Anand Mahajan, David Eric Molho, Sreedhar Natarajan and others.

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