Buy Grindwell Norton; target of Rs 1908: ICICI Direct

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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 change our rating on the stock from HOLD to BUY. We value GNL at Rs 1908 i.e. 50x P/E on FY24E EPS.

For all recommendations report, click here

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