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.
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
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.