ICICI Securities Ltd | Retail Equity Research Grindwell Norton (GNL) reported strong Q2FY18 numbers, which were above our estimates. This was mostly on account of higher growth of 14.9% YoY in the ceramics segment (our estimate 12% YoY) coupled with strong EBIT margins of 13.8% (9% in Q2FY17). The abrasives segment contributed 62% of topline while the ceramics segment contributed ~30% to the topline Revenues came in at | 344.4 crore up 10.6% YoY, above our...