Shares of this abrasives company doubled investors' wealth in the last 2 years!

An investment of Rs 1 lakh in the shares of this company two years ago would have turned to Rs 2.05 lakh today.

Grindwell Norton Ltd, an S&P BSE 500 company, has delivered multibagger returns to its shareholders in the last two years. During this period, the company’s share price jumped from Rs 875.95 on 22 April 2021 to Rs 1803 on 28 February 2023, an increase of 105% in the two-year holding period.

An investment of Rs 1 lakh in the shares of this company two years ago would have turned to Rs 2.05 lakh today.

Quarterly performance highlights

In the recent quarter Q3FY23, on a consolidated basis, the company’s net revenue increased by 20.03% YoY to Rs 599.87 crore. Similarly, the profit after tax (PAT) increased by 14.95% YoY to Rs 80.42 crore.

The company is currently trading at a TTM PE of 56.65x against the industry PE of 56.52x. In FY22, the company delivered an ROE & ROCE of 20.3% and 27.3%, respectively. The company is a constituent of Group A stocks and commands a market capitalization of Rs 20,131.11 crore.

Share price movements  

Today, the scrip opened at Rs 1846.95 and has touched a high and low of Rs 1,846.95 and Rs 1,814.80, respectively. So far 456 shares have been traded on the bourses.

At 12 pm, the shares of Grindwell Norton Ltd were trading at Rs 1832.40, an increase of 1.63% from the previous day’s closing price of Rs 1803 on BSE. The stock has a 52-week high & low of Rs 2,325 and Rs 1452.80, respectively on BSE.

Company profile 

Grindwell Norton (GNO), pioneered the manufacture of grinding wheels in India in 1941. In 1990, Saint-Gobain acquired Norton Company, USA, worldwide and thereby became a shareholder in GNO. Today, GNO’s businesses include: Abrasives, Ceramic Materials Businesses (Silicon Carbide and Performance Ceramics & Refractories), Performance Plastics and ADFORS. GNO’s subsidiary, Saint-Gobain Ceramic Materials Bhutan Pvt. Ltd., manufactures Silicon Carbide.