Grindwell Norton Ltd
Grindwell Norton Ltd (GRINDWELL)

Grindwell Norton Ltd (GRINDWELL)


Key Stats

Day's Price Range
52-Week Price Range
1 Month Return1.69 %
3 Month Return13.4 %
1 Year Return47.28 %

Company Financials

  • Quarterly
  • Annual
Value in ₹ crore

Peer Comparsion

Rank 2
Rank 3
Rank 3
Dividend Yield
Rank 2
Rank 1
Price To Book Ratio
Rank 3
Debt To Asset
Rank 2

Company Information

Grindwell Norton Limited GNL is a subsidiary of Compagnie de SaintGobain SaintGobain a transnational group with its headquarters in Paris. SaintGobain has reorganized its businesses into two broad areas: Construction or Building related businesses that serve Regional markets and businesses that serve Global markets. The businesses that serve Global markets fall within the High Performance Solutions sector of SaintGobain. GNOs businesses are part of the High Performance Solutions sector. Within GNO the businesses are divided into two major segments: Abrasives and Ceramics Plastics. The main businesses in GNL segment are Silicon Carbide High Performance Refractories and Performance Plastics. The Abrasives business has four manufacturing sites: Mora near Mumbai Bengaluru Nagpur and Bated Himachal Pradesh. All the sites are certified under ISO 9001 ISO 14001 and OHSAS 18001. SaintGobain is a major player worldwide in Abrasives. Besides GNO has a contract manufacturing facility.Silicon Carbide SiC is manufactured at GNLs plant located at Tirupati in Andhra Pradesh. SiC is also manufactured by the companys subsidiary SaintGobain Ceramic Materials Bhutan Private Limited at its plant near Phuentsholing in Bhutan. Both the plants are certified under ISO 9001 ISO 14001 and OHSAS 18001.High Performance Refractories HPR has two plants: one is located at Bengaluru and other at Halol near Vadodara in Gujarat. Both the plants are certified under ISO 9001 ISO 14001 and OHSAS 18001.The Performance Plastics business produces and markets more than 800 standard and custommade polymer products through three business segments: Engineered Components ENC Fluid Systems FLS and Composites CMP. GNL has a plant for ENC and FLS products situated at Bengaluru. This plant is certified under ISO 9001 ISO 14001 OHSAS 18001 and TS 1694.Originally registered as a private limited company in the early forties GNL was later converted into a public limited company in 1950. Grindwell Norton is the pioneer in the manufacture of industrial abrasives by setting up the first grindingwheel factory. The company has commissioned its first silicon carbide plant in 1972 and the second one in 1979. In the early 1970s it started manufacturing coated discs sander discs. The zircona aluminium oxide discs are sold under the Zircon brand. In 1983 a jumbo coatedabrasive plant was commissioned. To indigenise production a unit for centralised lubricating systems was set up in 198990 with technical assistance from Lincoln Germany. The company commissioned a small super abrasive resin bond wheel plant at Bangalore in Jan.95. For its forays into industrial and engineered ceramics it has technical collaborations with the SaintGobain group France and SEPR. The fused cast refractory was set up in Mar.95. A new plant for manufacturing nonwoven abrasives was inaugurated in Mar.96 at Bangalore. The expansion of the high performance refractories plant was also completed 199899.The installed capacity of Abrasive Grains refractories have been reduced due to the restructuring of Ceramics Business and discontinuation of manufacturing operations of Fused Cast Refractories. The company has sold its Fused Cast Refractories business to M/s SEPR Refractories India Ltd for a consideration of Rs.68.83 Million during the year 2002.The year 2003 was pretty good for the company in respect of refractories business. The volumes and profit were above the projections. This business was certified under ISO 9001:2000 during the year 2003. During the financial year ended 31 March 2014 Grindwell Nortons Abrasives business took the lead in increasing prices but in a very competitive market where suppliers seemed more concerned with maintaining volumes than margins the improvement in price realization fell significantly short of what was required to offset the cost increases. Under the circumstances the companys management did well to limit the drop in volumes and margins. During the year the new Nonwoven plant in Bangalore was fully commissioned and the Bonded Abrasives expansion project at Nagpur which was slowed down last year was also completed and commissioned.The companys new High Performance Refractories plant in Halol Gujarat stabilized during the year.Production in the grain plant of Grindwell Nortons subsidiary in Bhutan which was commissioned in 2013 stabilized and the subsidiary started selling Silicon Carbide grains directly to its customers.During the year under review Grindwell Norton invested Rs.4.31 crore in the equity capital of SaintGobain Research India Limited SGRI.The Scheme of Amalgamation involving the merger of SEPR Refractories India Ltd. SaintGobain Crystals Detectors India Ltd. and SaintGobain Sekurit India Ltd. which was approved by the Board of Directors on 19 April 2013 was approved by the shareholders in the Court Convened Meeting held on 27 November 2013 with the requisite majority. However as per SEBI Circular dated 4 February 2013 read with Circular dated 21 May 2013 the requisite majority of public shareholders other than Promoter and Promoter group did not approve the Scheme. Consequently the Scheme of Amalgamation was not acted uponDuring the financial year ended 31 March 2015 Grindwell Nortons Abrasives business focused on new products and new markets to reverse the drop in volumes in the past two years. The workers union of Grindwell Nortons Bengaluru plant went on strike for a period of 20 days in November 2015 due to an impasse in the wage negotiations. The management had taken all steps to meet customer requirements during the strike period and there was no major impact on the financial performance of the company due to the strike.Consequent to the approval of the shareholders through postal ballot and evoting on July 7 2016 Grindwell Norton issued 55360000 bonus shares in the ratio of 1:1. The bonus shares were allotted on July 22 2016.Production of Silicon Carbide at the companys Tirupati plant continued to be affected during the financial year ended 31 March 2017 due to reduced power supply from Andhra Pradesh Gas Power Corporation Limited for much of the year. During the year ended 31 March 2018 the companys Abrasives business unit continued to focus on new products and new markets. The Next Level initiative continued to engage the employees at all levels and there was progress on several dimensions.In Silicon Carbide business Grindwell Nortons Tirupati plant benefited from improved availability of power in the first half of the year.During the FY2020 the Company signed a Joint Venture Agreement with Shinagawa Refractories Co. Ltd. Japan and incorporated a Private Limited Company SG Shinagawa Refractories India Private Limited to manufacture tap hole clay for the steel industry. The Company has invested Rs 11.27 crore in SG Shinagawa Refractories India Private Limited and holds 49 of the equity. The project work has started at the Halol Gujarat site of the Company.Consequent to the nationwide lockdown announced by the Government of India the Companys plants and offices were shutdown from March 23 2020 onwards. This has had a significant adverse impact on the operations of the Company. Since the gradual easing of the lockdown from April 6 2020 onwards and in line with the various directives of the Government the Companys plants have commenced operations in a phased manner.SG Shinagawa Refractories India Private Limited is a Joint Venture between Shinagawa Refractories Co. Ltd. Japan and Grindwell Norton Limited set up to manufacture tap hole clay for the steel industry. The project work has concluded at the Halol Gujarat site of the Company and commercial production commenced in April 2021.
OrganisationGrindwell Norton Ltd
IndustryCapital Goods-Non Electrical Equipment