External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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Equity Bottom-Up

<ul><li>Grindwell Norton (GNL) is the market leader in the India abrasive market with ~26% market share.</li><li>The segments include abrasives (contributing ~57%), ceramics &amp; plastics (33%) and IT services &amp; others (10%).</li><li>Target Price and Valuation: We value GNL at Rs 2035 i.e. 55x P/E on FY24E EPS</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Grindwell Norton (GNL) is the market leader in the India abrasive market with ~26% market share.The segments include abrasives (contributing ~57%), ceramics &amp; plastics (33%) and IT services &amp; others (10%).Target Price and Valuation: We value GNL at Rs 2035 i.e. 55x P/E on FY24E EPSContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<p>About the stock: Grindwell Norton (GNL) is the market leader in the India abrasive market with ~26% market share. The segments include abrasives (contributing ~57%), ceramics &amp; plastics (33%) and IT services &amp; others (10%).</p><ul><li>GNL has witnessed strong &amp; positive free cash flows consistently over more than a decade irrespective of the macro environment</li><li>It has consistently operated with high (&gt;16%) margins &amp; return ratios</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

About the stock: Grindwell Norton (GNL) is the market leader in the India abrasive market with ~26% market share. The segments include abrasives (contributing ~57%), ceramics &amp; plastics (33%) and IT services &amp; others (10%).GNL has witnessed strong &amp; positive free cash flows consistently over more than a decade irrespective of the macro environmentIt has consistently operated with high (&gt;16%) margins &amp; return ratiosContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Grindwell Norton: Decent Performance Across Key Segments

India

Grindwell Norton Limited manufactures abrasive products, including bonded and coated abrasives. The Company also manufactures silicon carbide and aluminum oxide, as well as industrial ceramics. Grindwell Norton also operates through a joint venture which manufactures a wide range of centralized lubrication systems (CLS).

Grindwell Norton (GWN IN)

Grindwell Norton: Mixed Performance

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general...

ICICI Securities Limited

Grindwell Norton: Decent Performance Across Key Segments

Grindwell Norton (GNL) is the market leader in the India abrasive market with ~26% market share. The segments include abrasives (contributing...

ICICI Securities Limited