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ICICI Securities Report
Grindwell Norton Ltd.'s Q4 FY24 print stood soft with mid-single digit revenue growth and 130 basis points YoY compression in Ebitda margin leading to profit after tax declining 6% YoY.
However, the segments driving growth saw role reversal in contrast with the last three quarters. Abrasives revenue returned to double-digit growth after seven quarters while ceramics revenue declined 2% YoY.
For FY24, Grindwell Norton's revenue growth decelerated to 5.7%, a significant slowdown compared to over 20% revenue growth in each of the last two years. Ebitda margin slipped 40bps YoY to 19.3% leading to PAT growth of 6% YoY.
We resume coverage on the stock with Hold rating and target price of Rs 2,170, based on 45 times FY26E earnings per share.
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