Grindwell Norton Limited (GRINDWELL.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-44.1%

₹1,090.64

vs ₹1,949.40 price

Levered DCF

₹2,043.76

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

15.72

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	36.04×	51.22×	56.24×	57.46×	67.41×	44.08×	27.68×	39.77×
P/B	5.91×	8.37×	10.5×	11.52×	12.71×	7.72×	4.25×	6.06×
P/S	4.88×	6.72×	8.03×	8.18×	9.9×	6.44×	3.2×	4.16×
EV / EBITDA	22.38×	36.38×	41.59×	40.78×	49.66×	32.51×	19.2×	23.63×
Gross margin	38.9%	54.2%	54.5%	53.7%	55.2%	55.6%	54.4%	55.0%
Operating margin	15.3%	41.8%	42.0%	41.6%	42.0%	42.5%	41.1%	43.0%
Net margin	13.5%	13.1%	14.3%	14.2%	14.7%	14.6%	11.6%	10.5%
Current ratio	2.81×	2.83×	2.76×	2.77×	2.82×	2.86×	2.89×	2.98×
Debt / equity	0.02×	0.04×	0.04×	0.03×	0.01×	0.01×	0.04×	0×
Interest coverage	57.49×	125.78×	145.28×	135.45×	205.38×	203.44×	145.44×	457.83×
Dividend yield	1.3%	1.0%	0.7%	0.6%	0.5%	0.8%	1.6%	0.8%
Payout ratio	45.3%	51.0%	41.8%	36.7%	35.6%	34.7%	43.9%	33.1%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	16.4%	16.3%	18.7%	20.0%	18.8%	17.5%	15.4%	15.2%
Return on invested capital	13.0%	36.3%	38.3%	40.6%	38.6%	36.3%	38.4%	38.3%
Return on assets	12.1%	12.1%	13.9%	15.0%	14.0%	12.8%	11.4%	11.5%
Free cash flow yield	3.0%	1.9%	0.9%	0.9%	0.3%	2.7%	5.3%	0.3%
Earnings yield	2.8%	2.0%	1.8%	1.7%	1.5%	2.3%	3.6%	2.5%
Enterprise value	₹149.6B	₹187B	₹216.1B	₹208.1B	₹199.1B	₹105.4B	₹50.8B	₹64.2B
Net debt / EBITDA	-0.03×	-0.35×	0.06×	0.02×	-0.06×	-0.02×	0.11×	-0.85×
Cash conversion cycle (days)	41	65	86	98	92	50	86	126