ICICI Direct's research report on Grindwell Norton
Grindwell Norton (GNL) is the market leader in the India abrasive market with ~26% market share. The segments include abrasives (contributing ~57%), ceramics & plastics (33%) and IT services & others (10%). GNL has witnessed strong & positive free cash flows consistently over more than a decade irrespective of the macro environment • It has consistently operated with high (>16%) margins & return ratios.
Outlook
We remain long term positive and maintain our BUY rating on the stock. We value GNL at Rs 2110 i.e. 55x P/E on FY24E EPS.
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