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HDFC Securities Retail Research
Grindwell Norton Ltd. is a part of the high performance materials division, which is a part of the innovative materials sector of the Saint-Gobain Group.
Grindwell Norton holds ~25% of the abrasives market share in India and derives 56% of its total revenue from the abrasives segment. The company is the second largest player in the abrasives market which is well placed to benefit from the domestic industrial and capex growth in the country.
In the ceramics segment the focus of the company is on higher margin added products. It supplies performance plastics for battery assemblies applied in thermal management, which is in demand due to fire incidents in electric vehicle on account of over-heating. Refractories are witnessing healthy growth.
With demand improving across the globe, industrial activity has picked up considerably. The company’s focus on operating efficiency, cost controls, innovative launches and increasing the share of high-margin products augurs well.
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