Grindwell Norton (GWN IN) – Analyst Meet Update – Leveraging Capacity, Innovation and New-Age End Markets – ACCUMULATE
Published on 01 Jun 2026
While Chinese competition, geopolitical uncertainties and export market volatility remain key near-term monitorables, we remain positive on GWN's long-term prospects driven by (1) continuous new product development across businesses, (2) increasing exposure to high-growth sectors such as semiconductors, EVs, electronics, aerospace and life sciences, (3) expansion in specialty Ceramics, Refractories and PPS offerings, and (4) benefits from recent capacity additions across abrasives, engineered ceramics and life sciences. The stock is trading at a P/E of 42.4x/36.8x on FY27/28E earnings. We maintain our ‘Accumulate’ rating on the stock valuing the stock at a PE of 40x Mar’28E (38x Mar’28E earlier) factoring better growth outlook in abrasives and C&P along with some margin profile improvement, arriving at a TP of Rs2,002 (INR1,887 earlier).
