Grindwell Norton Limited Earnings Summary — Q4 FY2026
Grindwell Norton Delivers Record Quarterly Revenue and Double-Digit Profit Growth
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue declined 4.6% sequentially in Q1 FY2027.
- Revenue of ₹803 Cr is 14.2% higher year-on-year.
- Revenue has compounded at 6.9% annualised over the last 10 quarters.
- Net profit of ₹116 Cr is 22.3% above the same quarter last year.
- Profit growth is outpacing revenue growth, pointing to positive operating leverage.
- Net profit has compounded at 10.3% annualised across the period.
- Operating margin stands at 19.6% in Q1 FY2027.
- Operating margin expanded by 109 bps year-on-year.
- Over the last two years operating margin has expanded by 68 bps.
- PBT margin is 19.2%.
- Expense growth of 12.7% remained below revenue growth of 14.2%.
- Operating profit of ₹157 Cr is 20.9% higher year-on-year.
- Operating leverage continues to improve.
- 5 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 71/100 (Strong) on the latest 10 quarters.
- Business momentum remains positive heading into the next quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Stable | 803 | 842 | 753 | 775 | 703 | 710 | 703 | 694 | 706 | 691 |
| Expenses | Stable | 646 | 678 | 614 | 634 | 574 | 582 | 579 | 565 | 572 | 567 |
| Operating Profit | Stable | 157 | 164 | 139 | 141 | 130 | 127 | 123 | 129 | 133 | 125 |
| Operating Margin | Stable | 19.6% | 19.5% | 18.4% | 18.2% | 18.5% | 17.9% | 17.6% | 18.6% | 18.9% | 18.0% |
| Other Income | Improving | 25 | 21 | 19 | 31 | 24 | 23 | 18 | 23 | 16 | 17 |
| Interest | Stable | 1 | 2 | 2 | 2 | 2 | 3 | 2 | 2 | 2 | 2 |
| Depreciation | Improving | 27 | 26 | 27 | 26 | 26 | 25 | 23 | 23 | 21 | 20 |
| Profit Before Tax | Improving | 154 | 158 | 128 | 143 | 126 | 123 | 116 | 128 | 125 | 120 |
| Tax | Improving | 39 | 38 | 33 | 36 | 31 | 30 | 28 | 30 | 32 | 28 |
| Net Profit | Improving | 116 | 119 | 95 | 107 | 94 | 93 | 87 | 96 | 93 | 93 |
| Net Margin | Stable | 14.4% | 14.1% | 12.6% | 13.8% | 13.4% | 13.0% | 12.4% | 13.9% | 13.2% | 13.4% |
Key Takeaways
- Grindwell Norton achieved its highest-ever quarterly sales of ₹842 crores in Q4 FY2026.
- Net profit saw a significant sequential jump of nearly 24% to ₹119 crores, driven by improved operating leverage.
- Operating margins expanded by 100 basis points compared to the previous four quarters, returning to 19%.
- Overall annual revenue for FY2026 crossed the ₹3,000 crore milestone for the first time.
- The balance sheet remain robust with net debt-to-equity at negligible levels despite ongoing capital expenditures.
- The company continues to benefit from its strong parentage under Saint-Gobain, facilitating access to global R&D.
- Effective tax rate for the quarter moderated slightly to 24% compared to 26% in the preceding quarter.
Management Guidance
Management emphasizes a long-term strategic vision focused on premiumization and digital transformation across the Abrasives and Ceramics segments.
Sentiment Shift
Improving
After several quarters of stagnant 18% margins, the company demonstrated a strong recovery in both top-line growth and margin expansion in the final quarter of the fiscal year.
Outlook
The outlook remains healthy with a focus on specialized industrial solutions and sustainability, though management monitors raw material volatility and cyclical industrial exposure.
From the Annual Report (Key Quotes)
“Transitioned from a heavy industrial supplier to a specialized solutions provider.”
“Maintained high efficiency in capital utilization with ROCE generally staying above 20%.”
“Sustained high double-digit margins and superior capital return ratios through multiple economic cycles.”
Official Quarterly Documents
This summary is AI-generated from Grindwell Norton Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.