Grindwell Norton (GWN) reported a muted performance for the quarter, with revenue growing modestly by 2.7% YoY and EBITDA margins remaining largely stable at 17.9%. The domestic demand shown resilience across both the Abrasives and Ceramics segments. However, export demand remained subdued, likely due to persistent pressure from Chinese dumping and overall weak global demand. Looking ahead, growth in the Abrasives segment is expected to be supported by emerging opportunities such as edge grinding for solar glass, rising demand for high-productivity solutions. Ceramics profitability is expected to improve with recovery in export demand and favorable product mix. Nonetheless, the escalating tariff wars raises concerns over a potential increase in Chinese dumping, which could impact volumes in both domestic and export markets. We await further commentary from the management in the annual investor meet of GWN.
OutlookThe stock is trading at a P/E of 41.0x/34.7x on FY26/27E earnings. We maintain ‘Accumulate’ rating with a TP of Rs1,716 (same as earlier) valuing the stock at a PE of 40x Sep’26E (same as earlier).
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