Grindwell Norton Ltd. share price target

Grindwell Norton (GWN) delivered a subdued performance for the quarter, with revenue remaining largely flat YoY at Rs7.0bn and EBITDA margin contracting by 40bps YoY to 18.5%. The Abrasives segment reported negligible growth, while margins weakened furtherlikely impacted by continued Chinese dumping. The Ceramics & Plastics (C&P) segment also posted a decline...

to cater to a broader customer base, while the Ceramics & Plastics segment continues to benefit from healthy domestic demand across precision grinding, glass grinding, defence, and industrial applications. Management's focus on application engineering, technical servicing, & innovation will position GWN favorably among competitors. However, persistent Chinese dumping in Abrasives and subdued export demand in the C&P segment remain key nearterm headwinds....

Abrasives/Digital Services EBIT margin fell by 97/418bps YoY to 13.4%/23.8% in Q4FY25 while Ceramics EBIT margin grew by 104bps YoY to 17.3%. Grindwell Norton (GWN) reported a muted performance for the quarter, with revenue growing modestly by 2.7% YoY and EBITDA margins remaining largely stable at 17.9%. The domestic demand shown resilience across both the Abrasives and Ceramics segments. However, export demand remained subdued, likely due to persistent pressure from Chinese dumping and overall...

We revise our FY26/27E EPS estimates by -13.6%/-14.8% factoring in possibility of intense Chinese dumping impacting revenue, and slower exports. We downgrade the rating to Accumulate' from Buy', with a revised TP of Rs1,890 (Rs Rs2,511 earlier). Grindwell Norton (GWN) reported a muted quarter with revenue growing by 6.5% YoY and EBITDA margin declining by 180bps to 17.6%. During 9MFY25, Abrasives segment revenue grew by 5.1% YoY to Rs10.4bn while EBIT margin dipped to 12.8% (vs 13.8% in 9MFY25). Growth in abrasives will be driven by demand for high-productivity solutions in steel and...

Grindwell Norton (GWN) Q1FY24 reported a subdued set of numbers with consolidated revenue/EBITDA/PAT growing 4.8%/4.9%/4% YoY respectively. Revenue growth was led mainly by ceramics & plastics and IT businesses of the company. Abrasives revenue was flat YoY (CUMI Abrasives grew 5% YoY in Q1FY24), impacted by increased Chinese dumping and weak export demand, which are key monitorables for the near team.

Grindwell Norton (GWN) delivered a steady set of numbers in Q4FY23 driven by revival in industrial demand and the company’s recent acquisition, PRS Permacel. Consolidated quarterly revenues grew 19% YoY to Rs6.6bn (I-Sec: Rs6.7bn) led by 27% YoY growth in ceramics & plastics, 6% in abrasives and 47% in digital services.

Grindwell Norton (GWN) delivered a healthy performance in Q3FY23 benefiting from revival in industrial demand and its recent acquisition, PRS Permacel. Consolidated revenues grew 20.3% YoY to Rs6bn in Q3FY23 – led by 39% YoY growth in ceramics & plastics (lower base), and 9% in abrasives.

Grindwell Norton (GWN) has delivered a healthy performance, benefiting from revival in industrial demand.