ICICI Direct's research report on Graphite India
Grindwell Norton (GNL) is the market leader in the India abrasive market with ~26% market share. The segments include abrasives (contributing ~57%), ceramics & plastics (33%) and IT services & others (10%). GNL has witnessed strong & positive free cash flows consistently over more than a decade irrespective of the macro environment It has consistently operated with high (>16%) margins & return ratios
Outlook
Considering strong growth outlook, margins, we maintain BUY rating We value GNL at rS 1970 i.e. 54x P/E on FY24E EPS
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