GRINDWELL

Grindwell Norton (GWN) in which the management highlighted the financial performance of the company for FY25 and their strategic focus on the domestic market amid export uncertainties. Significant front-end investments in Abrasives capacity position the company 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. Outlook The stock is trading at P/E of 47.3x/40.8x on FY26/27E earnings. We roll forward to Mar’27E and downgrade the rating from ‘Accumulate’ to ‘Hold’ with a revised TP of Rs1,739 (Rs1,716 earlier) valuing the stock at a PE of 40x Mar’27E (40x Sep’26E earlier). Downgrade to ‘Hold’.