External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Prabhudas Lilladher's research report onGrindwell Norton Grindwell Norton (GWN) reported a muted quarter with revenue growing 4.0% YoY and EBITDA margin dipping 136bps YoY to 18.1%.</li><li>During FY24, Abrasives revenue rose 6.5% YoY to Rs13.6bn with EBIT margin of 13.9% (vs 14.1% in FY23).</li><li>Ceramics &amp; Plastics segment reported 3.9% YoY revenue growth in FY24 to Rs9.4bn, while EBIT margin declined by 328bps YoY to 19.6%.</li></ul><p><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></p>

Prabhudas Lilladher's research report onGrindwell Norton Grindwell Norton (GWN) reported a muted quarter with revenue growing 4.0% YoY and EBITDA margin dipping 136bps YoY to 18.1%.During FY24, Abrasives revenue rose 6.5% YoY to Rs13.6bn with EBIT margin of 13.9% (vs 14.1% in FY23).Ceramics &amp; Plastics segment reported 3.9% YoY revenue growth in FY24 to Rs9.4bn, while EBIT margin declined by 328bps YoY to 19.6%.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.

Grindwell Norton (GWN IN) - Soft Quarter; Margins Decline Across Segments

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

ICICI Securities Limited

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. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<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).

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Grindwell Norton (GWN IN)