ICICI Direct has given Buy recommendation for Grindwell Norton with a target price of Rs. 1510 in its research report issued on Jul 29, 2021

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


Considering strong growth outlook, margins, we maintain BUY rating We value GNL at Rs 1510 i.e. 48x P/E on FY23E EPS


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