Grindwell Norton Limited (GNO) is a pioneering Indian company that began manufacturing grinding wheels in 1941. In 1990, when Saint-Gobain acquired Norton Company USA worldwide, it became a shareholder in GNO. By 1996, Saint-Gobain increased its equity stake, making GNO its first majority-owned subsidiary in India. The company is currently one of the subsidiaries of Compagnie de Saint Gobain, a transnational group headquartered in Paris with sales of Euro 47.90 billion in 2023, holding approximately 51% stake in the company as of March 2024 (and 58.04% as of March 2025).
GNO is the largest producer of abrasive products in India and is known for its popular brands such as Norton, Carborundum, and Saint-Gobain. Established in 1941, Grindwell Norton has evolved into a leading force in abrasives, adhesives and sealants, life sciences, performance plastics, and ceramics, playing a crucial role in technological advancements across various industries.
The Abrasives business in India markets and manufactures a full range of Abrasives including Bonded, Coated, Non-Woven, Superabrasives, and Thin Wheels. The business provides highly engineered, high performance value-adding abrasive solutions, thanks to its continual investment in R&D and close collaboration with customers. GNO's Abrasives Business operates manufacturing plants near Mumbai, Bangalore, Nagpur, and Himachal Pradesh.
- The Performance Ceramics & Refractories (PCR) business offers complete solutions with expertise in design, engineering and manufacturing refractory systems for high temperature, ballistic and wear applications. The HPR plants are located in Bangalore and Halol (Gujarat).
- The Silicon Carbide business manufactures Silicon Carbide crude and grains at Tirupati (Andhra Pradesh) and near Phuentsholing (Bhutan) and is a major supplier to all leading Refractory, Metallurgy and Abrasives manufacturers in India.
- The Performance Plastics business creates products with high-performance properties used to produce energy and reduce consumption, provide protection, improve comfort and sustain the environment. It produces and markets products through three businesses: Engineered Components, Composites, and Life Sciences. The Performance Plastics business has a manufacturing facility in Bangalore.
INDEC (the captive India IT Development Centre for the Saint-Gobain Group globally) is also a part of GNO. INDEC is the offshore IT Development Centre of the Saint-Gobain Group. It provides various digital services, such as application development, infrastructure management, and cybersecurity to the Saint-Gobain group globally.
Grindwell Norton Ltd has a market capitalization of ₹17,252 Crore as reported in recent financial data. The P/E ratio of Grindwell Norton Ltd is 46.50 times as on May 7, 2025, representing a 1% premium to its peers' median range of 45.96 times.
Revenue stood at ₹705.90 Crore as on March 2025 (Q4 FY25) with Net Profit at ₹92.84 Crore as on March 2025 (Q4 FY25). On a consolidated basis, Grindwell Norton reported a profit of ₹87.97 Crore on a total income of ₹720.91 Crore for the quarter ended 2024. For the year ended 2024, the company had posted a profit of ₹383.96 Crore on a total income of ₹2,686.77 Crore.
Key financial metrics for recent performance:
- Q4 FY25 consolidated revenues decreased 1.7% quarter-on-quarter but witnessed 3.3% growth year-on-year.
- Net profit increased 5.4% QoQ and the earnings per share (EPS) stood at 8.4 during Q4 FY25.
- Company is almost debt-free.
Grindwell Norton announced a ₹17 dividend for FY 2025, subject to AGM approval. Company has been maintaining a healthy dividend payout of 48.2%.
Venugopal Shanbhag will assume the role of managing director following the retirement of B. Santhanam, the company's current managing director, effective from close of business on March 31, 2025. Venugopal Shanbhag joined Grindwell Norton Limited in 1991 and has worked in multiple functions and locations of Abrasives and Mobility businesses of Saint Gobain group in India. He had one year stint at Grinding Technology Centre at Saint-Gobain USA during 1995-96 and was on an expatriation assignment as Managing Director of Saint-Gobain Sekurit Thailand till August 2020.
Promoter holding in Grindwell Norton Ltd has remained stable at 58.04% as of March 2025 (unchanged from June 2024). The Mutual Fund Shareholding in Grindwell Norton was 17.55% at the end of June 2025.
Looking ahead, Grindwell Norton expects robust demand from the electric vehicle segment to drive its composites business. The company is also expanding its presence in existing and new markets for performance plastics and increasing capacity for its performance ceramics segment.
The company focuses on domestic markets amid export challenges but faces headwinds from Chinese dumping and subdued export demand. Despite these challenges, domestic resilience is noted in recent performance reviews.
The Grindwell Norton Ltd's 52-week high share price is ₹2,959.45 and 52-week low share price is ₹1,360.05. 50% of analysts recommend a 'BUY' rating for Grindwell Norton Ltd with an average target price of ₹1831.25.
Grindwell Norton Limited stands as a significant player in India's industrial materials sector, backed by the global expertise of Saint-Gobain Group while maintaining its position as a leading manufacturer of abrasives and specialty industrial products across multiple high-growth segments.
