# Abrasives & Grinding Wheels — company-by-company sector analysis

> Abrasives & Grinding Wheels: Carborundum Universal Ltd owns the largest revenue base; Grindwell Norton Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## Bottom line

Abrasives & Grinding Wheels has outperformed NIFTY 500 by 9.3% over 52 weeks and 18.3% over 13 weeks. 3 of 3 covered companies beat NIFTY on Mansfield relative strength, while 1 of 3 beat the sector itself. Carborundum Universal Ltd leads with revenue of ₹5,206 crore, based on 3 of 3 comparable companies through Mar 2026.

### Is the Abrasives & Grinding Wheels sector outperforming NIFTY 500?

Abrasives & Grinding Wheels has outperformed NIFTY 500 by 9.3% over 52 weeks and 18.3% over 13 weeks. 3 of 3 covered companies beat NIFTY on Mansfield relative strength, while 1 of 3 beat the sector itself.

### Which Abrasives & Grinding Wheels company is largest by revenue?

Carborundum Universal Ltd leads with revenue of ₹5,206 crore, based on 3 of 3 comparable companies through Mar 2026.

### Which Abrasives & Grinding Wheels company is growing fastest?

Grindwell Norton Ltd has the fastest current revenue growth at 12.9%, across 3 of 3 comparable companies.

### Which Abrasives & Grinding Wheels company has the strongest 4-Factor Sector Score?

Grindwell Norton Ltd ranks first at 71.7/100 with 97% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Abrasives & Grinding Wheels company has the least gross debt?

Wendt India Ltd has the lowest comparable gross debt at ₹0 crore. Carborundum Universal Ltd has the highest at ₹413 crore.

### Which Abrasives & Grinding Wheels company has the lowest comparable PEG?

Grindwell Norton Ltd has the lowest comparable Guarded PEG at 1.36, among 1 of 3 companies that pass the metric’s comparability rules.

### How much history does this Abrasives & Grinding Wheels comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Abrasives & Grinding Wheels has outperformed NIFTY 500 by 9.3% over the last 52 weeks. Over 13 weeks the gap is a lead of 18.3%. 3 of 3 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Grindwell Norton Ltd is the strongest against the sector itself at +4.1%.

13-week sector return versus NIFTY 500: 18%
52-week sector return versus NIFTY 500: 9.3%
Stocks leading NIFTY: 3/3
Stocks leading sector: 1/3

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 3
Combined market value: ₹44.2K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Grindwell Norton Ltd (GRINDWELL): 72/100 — Favorable setup; evidence 97%
   - Growth & earnings 23.1/35 | Capital efficiency 20.4/25 | Valuation 10.5/20 | Relative strength 17.7/20
   - Exact sum: 23.1 + 20.4 + 10.5 + 17.7 = 71.7
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2. Wendt India Ltd (WENDT): 36/100 — Mixed-negative evidence; evidence 78%
   - Growth & earnings 11.0/35 | Capital efficiency 11.2/25 | Valuation 6.9/20 | Relative strength 7.0/20
   - Exact sum: 11 + 11.2 + 6.9 + 7 = 36.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Carborundum Universal Ltd (CARBORUNIV): 36/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 6.9/35 | Capital efficiency 12.8/25 | Valuation 6.6/20 | Relative strength 9.3/20
   - Exact sum: 6.9 + 12.8 + 6.6 + 9.3 = 35.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Revenue Scale & Growth Durability

What the numbers say: Carborundum Universal Ltd is the scale leader at ₹5,206 crore, 64.1% ahead of Grindwell Norton Ltd. Grindwell Norton Ltd's growth is 12.9% from a ₹3,173 crore base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Carborundum Universal Ltd is the scale benchmark; Grindwell Norton Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Carborundum Universal Ltd's growth falls below Grindwell Norton Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Carborundum Universal Ltd · ₹5,206 crore | 64.1% versus #2 · Grindwell Norton Ltd | 7/8 recent comparable periods | 3/3 companies · 49 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Carborundum Universal Ltd (CARBORUNIV): ₹5.2K Cr
2. Grindwell Norton Ltd (GRINDWELL): ₹3.2K Cr
3. Wendt India Ltd (WENDT): ₹255 Cr

### Revenue growth — fastest growers
1. Grindwell Norton Ltd (GRINDWELL): 13%
2. Wendt India Ltd (WENDT): 7.9%
3. Carborundum Universal Ltd (CARBORUNIV): 6.4%

### 20-quarter Revenue history
- GRINDWELL: Sep 2021 ₹513 Cr | Dec 2021 ₹502 Cr | Mar 2022 ₹559 Cr | Jun 2022 ₹638 Cr | Sep 2022 ₹635 Cr | Dec 2022 ₹604 Cr | Mar 2023 ₹665 Cr | Jun 2023 ₹668 Cr | Sep 2023 ₹667 Cr | Dec 2023 ₹660 Cr | Mar 2024 ₹691 Cr | Jun 2024 ₹706 Cr | Sep 2024 ₹694 Cr | Dec 2024 ₹703 Cr | Mar 2025 ₹710 Cr | Jun 2025 ₹703 Cr | Sep 2025 ₹775 Cr | Dec 2025 ₹753 Cr | Mar 2026 ₹842 Cr | Jun 2026 ₹803 Cr
- CARBORUNIV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1.2K Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.3K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.4K Cr | Jun 2026 —
- WENDT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹51 Cr | Mar 2023 ₹59 Cr | Jun 2023 ₹51 Cr | Sep 2023 ₹51 Cr | Dec 2023 ₹55 Cr | Mar 2024 ₹70 Cr | Jun 2024 ₹49 Cr | Sep 2024 ₹56 Cr | Dec 2024 ₹53 Cr | Mar 2025 ₹76 Cr | Jun 2025 ₹52 Cr | Sep 2025 ₹57 Cr | Dec 2025 ₹61 Cr | Mar 2026 ₹67 Cr | Jun 2026 ₹71 Cr

### 20-quarter Revenue growth history
- GRINDWELL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 45% | Sep 2022 24% | Dec 2022 20% | Mar 2023 19% | Jun 2023 4.7% | Sep 2023 5.0% | Dec 2023 9.3% | Mar 2024 3.9% | Jun 2024 5.7% | Sep 2024 4.1% | Dec 2024 6.5% | Mar 2025 2.8% | Jun 2025 -0.4% | Sep 2025 12% | Dec 2025 7.1% | Mar 2026 19% | Jun 2026 14%
- CARBORUNIV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -3.0% | Mar 2024 0.1% | Jun 2024 -0.4% | Sep 2024 6.8% | Dec 2024 9.0% | Mar 2025 1.3% | Jun 2025 1.8% | Sep 2025 6.1% | Dec 2025 2.9% | Mar 2026 15% | Jun 2026 —
- WENDT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 6.6% | Mar 2024 19% | Jun 2024 -4.3% | Sep 2024 9.1% | Dec 2024 -2.0% | Mar 2025 7.9% | Jun 2025 6.3% | Sep 2025 1.7% | Dec 2025 14% | Mar 2026 -12% | Jun 2026 37%

## Operating Economics & Margin Trend

What the numbers say: Grindwell Norton Ltd leads both opm at 20% and margin change at +2 percentage points.

Investor read: Grindwell Norton Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Grindwell Norton Ltd · 20% | 29.9% versus #2 · Wendt India Ltd | 2/8 recent comparable periods | 3/3 companies · 59 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Grindwell Norton Ltd (GRINDWELL): 20%
2. Wendt India Ltd (WENDT): 15%
3. Carborundum Universal Ltd (CARBORUNIV): 10%

### Margin change — fastest expanders
1. Grindwell Norton Ltd (GRINDWELL): +2.0 pp
2. Wendt India Ltd (WENDT): +1.5 pp
3. Carborundum Universal Ltd (CARBORUNIV): −2.0 pp

### 20-quarter OPM history
- GRINDWELL: Sep 2021 20% | Dec 2021 18% | Mar 2022 22% | Jun 2022 20% | Sep 2022 19% | Dec 2022 20% | Mar 2023 19% | Jun 2023 20% | Sep 2023 20% | Dec 2023 19% | Mar 2024 18% | Jun 2024 19% | Sep 2024 19% | Dec 2024 18% | Mar 2025 18% | Jun 2025 18% | Sep 2025 18% | Dec 2025 18% | Mar 2026 19% | Jun 2026 20%
- CARBORUNIV: Sep 2021 18% | Dec 2021 18% | Mar 2022 13% | Jun 2022 11% | Sep 2022 14% | Dec 2022 14% | Mar 2023 16% | Jun 2023 14% | Sep 2023 15% | Dec 2023 17% | Mar 2024 17% | Jun 2024 16% | Sep 2024 16% | Dec 2024 14% | Mar 2025 12% | Jun 2025 10% | Sep 2025 12% | Dec 2025 12% | Mar 2026 10% | Jun 2026 —
- WENDT: Sep 2021 25% | Dec 2021 22% | Mar 2022 24% | Jun 2022 24% | Sep 2022 27% | Dec 2022 27% | Mar 2023 29% | Jun 2023 24% | Sep 2023 24% | Dec 2023 24% | Mar 2024 25% | Jun 2024 22% | Sep 2024 23% | Dec 2024 21% | Mar 2025 24% | Jun 2025 14% | Sep 2025 12% | Dec 2025 12% | Mar 2026 16% | Jun 2026 15%

### 20-quarter Margin change history
- GRINDWELL: Sep 2021 −1.7 pp | Dec 2021 −3.6 pp | Mar 2022 −0.1 pp | Jun 2022 +0.4 pp | Sep 2022 −0.4 pp | Dec 2022 +2.2 pp | Mar 2023 −3.1 pp | Jun 2023 −0.1 pp | Sep 2023 +0.8 pp | Dec 2023 −1.0 pp | Mar 2024 −1.0 pp | Jun 2024 −1.0 pp | Sep 2024 −1.0 pp | Dec 2024 −1.0 pp | Mar 2025 0.0 pp | Jun 2025 −1.0 pp | Sep 2025 −1.0 pp | Dec 2025 0.0 pp | Mar 2026 +1.0 pp | Jun 2026 +2.0 pp
- CARBORUNIV: Sep 2021 −1.6 pp | Dec 2021 −0.2 pp | Mar 2022 −8.2 pp | Jun 2022 −5.4 pp | Sep 2022 −3.3 pp | Dec 2022 −3.5 pp | Mar 2023 +3.2 pp | Jun 2023 +2.8 pp | Sep 2023 +0.5 pp | Dec 2023 +3.0 pp | Mar 2024 +1.0 pp | Jun 2024 +2.0 pp | Sep 2024 +1.0 pp | Dec 2024 −3.0 pp | Mar 2025 −5.0 pp | Jun 2025 −6.0 pp | Sep 2025 −4.0 pp | Dec 2025 −2.0 pp | Mar 2026 −2.0 pp | Jun 2026 —
- WENDT: Sep 2021 +9.1 pp | Dec 2021 +2.5 pp | Mar 2022 +4.9 pp | Jun 2022 +1.3 pp | Sep 2022 +2.2 pp | Dec 2022 +5.1 pp | Mar 2023 +4.8 pp | Jun 2023 +0.6 pp | Sep 2023 −3.0 pp | Dec 2023 −2.3 pp | Mar 2024 −3.7 pp | Jun 2024 −2.7 pp | Sep 2024 −1.7 pp | Dec 2024 −3.7 pp | Mar 2025 −0.8 pp | Jun 2025 −7.6 pp | Sep 2025 −11.0 pp | Dec 2025 −8.6 pp | Mar 2026 −8.2 pp | Jun 2026 +1.5 pp

## Profit Scale & Acceleration

What the numbers say: Grindwell Norton Ltd leads with ₹437 crore of TTM profit, 161.7% above Carborundum Universal Ltd. Grindwell Norton Ltd shows 17.5% growth from a ₹437 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Grindwell Norton Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Grindwell Norton Ltd · ₹437 crore | 161.7% versus #2 · Carborundum Universal Ltd | 5/8 recent comparable periods | 3/3 companies · 49 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Grindwell Norton Ltd (GRINDWELL): ₹437 Cr
2. Carborundum Universal Ltd (CARBORUNIV): ₹167 Cr
3. Wendt India Ltd (WENDT): ₹17 Cr

### Profit growth — fastest growers
1. Grindwell Norton Ltd (GRINDWELL): 18%
2. Carborundum Universal Ltd (CARBORUNIV): -44%
3. Wendt India Ltd (WENDT): -52%

### 20-quarter Net profit history
- GRINDWELL: Sep 2021 ₹72 Cr | Dec 2021 ₹70 Cr | Mar 2022 ₹90 Cr | Jun 2022 ₹92 Cr | Sep 2022 ₹90 Cr | Dec 2022 ₹80 Cr | Mar 2023 ₹98 Cr | Jun 2023 ₹97 Cr | Sep 2023 ₹102 Cr | Dec 2023 ₹92 Cr | Mar 2024 ₹93 Cr | Jun 2024 ₹93 Cr | Sep 2024 ₹97 Cr | Dec 2024 ₹88 Cr | Mar 2025 ₹93 Cr | Jun 2025 ₹94 Cr | Sep 2025 ₹107 Cr | Dec 2025 ₹96 Cr | Mar 2026 ₹119 Cr | Jun 2026 ₹115 Cr
- CARBORUNIV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹113 Cr | Mar 2023 ₹149 Cr | Jun 2023 ₹118 Cr | Sep 2023 ₹104 Cr | Dec 2023 ₹112 Cr | Mar 2024 ₹143 Cr | Jun 2024 ₹115 Cr | Sep 2024 ₹116 Cr | Dec 2024 ₹38 Cr | Mar 2025 ₹30 Cr | Jun 2025 ₹60 Cr | Sep 2025 ₹74 Cr | Dec 2025 ₹73 Cr | Mar 2026 ₹-40 Cr | Jun 2026 —
- WENDT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹10 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹11 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹5 Cr | Jun 2026 ₹6 Cr

### 20-quarter Profit growth history
- GRINDWELL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 44% | Sep 2022 25% | Dec 2022 14% | Mar 2023 8.9% | Jun 2023 5.4% | Sep 2023 13% | Dec 2023 15% | Mar 2024 -5.1% | Jun 2024 -4.1% | Sep 2024 -4.9% | Dec 2024 -4.4% | Mar 2025 0.0% | Jun 2025 1.1% | Sep 2025 10% | Dec 2025 9.1% | Mar 2026 28% | Jun 2026 22%
- CARBORUNIV: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -0.9% | Mar 2024 -4.0% | Jun 2024 -2.5% | Sep 2024 12% | Dec 2024 -66% | Mar 2025 -79% | Jun 2025 -48% | Sep 2025 -36% | Dec 2025 92% | Mar 2026 -233% | Jun 2026 —
- WENDT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -4.7% | Mar 2024 4.6% | Jun 2024 -15% | Sep 2024 19% | Dec 2024 -14% | Mar 2025 -3.7% | Jun 2025 -51% | Sep 2025 -75% | Dec 2025 -64% | Mar 2026 -61% | Jun 2026 63%

## Capacity Spending & Returns On It

What the numbers say: There is not enough comparable evidence to name a reliable capex leader.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: No comparable leader | Not enough peers | Not enough history | 0/3 companies · 0 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders

### CAPEX intensity — highest reinvestment intensity

### 20-quarter CAPEX history

### 20-quarter CAPEX intensity history

## Debt Load & Balance-Sheet Headroom

What the numbers say: Grindwell Norton Ltd has the clearest covered balance-sheet capacity with ₹1,095 crore net cash and gross debt of ₹61 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: Wendt India Ltd · ₹0 crore | 100% versus #2 · Grindwell Norton Ltd | 8/8 recent comparable periods | 3/3 companies · 39 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. Wendt India Ltd (WENDT): ₹0 Cr
2. Grindwell Norton Ltd (GRINDWELL): ₹61 Cr
3. Carborundum Universal Ltd (CARBORUNIV): ₹413 Cr

### Net debt — lowest net debt
1. Grindwell Norton Ltd (GRINDWELL): ₹-1.1K Cr
2. Wendt India Ltd (WENDT): ₹-75 Cr

### 20-quarter Gross debt history
- GRINDWELL: Sep 2021 ₹10 Cr | Dec 2021 ₹10 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹40 Cr | Dec 2022 ₹40 Cr | Mar 2023 ₹51 Cr | Jun 2023 ₹51 Cr | Sep 2023 ₹65 Cr | Dec 2023 ₹65 Cr | Mar 2024 ₹83 Cr | Jun 2024 ₹83 Cr | Sep 2024 ₹80 Cr | Dec 2024 ₹80 Cr | Mar 2025 ₹84 Cr | Jun 2025 ₹84 Cr | Sep 2025 ₹80 Cr | Dec 2025 ₹80 Cr | Mar 2026 ₹61 Cr | Jun 2026 —
- CARBORUNIV: Sep 2021 — | Dec 2021 — | Mar 2022 ₹240 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹277 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹172 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹216 Cr | Jun 2025 — | Sep 2025 ₹308 Cr | Dec 2025 — | Mar 2026 ₹413 Cr | Jun 2026 —
- WENDT: Sep 2021 ₹1 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹1 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 ₹0 Cr

### 20-quarter Net debt history
- GRINDWELL: Sep 2021 ₹-628 Cr | Dec 2021 ₹-628 Cr | Mar 2022 ₹-591 Cr | Jun 2022 ₹-591 Cr | Sep 2022 ₹-462 Cr | Dec 2022 ₹-462 Cr | Mar 2023 ₹-521 Cr | Jun 2023 ₹-521 Cr | Sep 2023 ₹-561 Cr | Dec 2023 ₹-561 Cr | Mar 2024 ₹-575 Cr | Jun 2024 ₹-575 Cr | Sep 2024 ₹-582 Cr | Dec 2024 ₹-582 Cr | Mar 2025 ₹-794 Cr | Jun 2025 ₹-794 Cr | Sep 2025 ₹-758 Cr | Dec 2025 ₹-758 Cr | Mar 2026 ₹-1.1K Cr | Jun 2026 —
- WENDT: Sep 2021 ₹-58 Cr | Dec 2021 ₹-58 Cr | Mar 2022 ₹-77 Cr | Jun 2022 ₹-77 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 ₹-111 Cr | Dec 2024 ₹-111 Cr | Mar 2025 ₹-68 Cr | Jun 2025 ₹-68 Cr | Sep 2025 ₹-71 Cr | Dec 2025 ₹-71 Cr | Mar 2026 ₹-75 Cr | Jun 2026 ₹-75 Cr

## Return On Capital Employed

What the numbers say: Grindwell Norton Ltd leads ROCE at 21.2%, 10.7 percentage points above Carborundum Universal Ltd. Grindwell Norton Ltd has the strongest latest improvement at +0.7 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Grindwell Norton Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Grindwell Norton Ltd · 21.2% | 101.9% versus #2 · Carborundum Universal Ltd | 1/8 recent comparable periods | 3/3 companies · 30 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Grindwell Norton Ltd (GRINDWELL): 21%
2. Carborundum Universal Ltd (CARBORUNIV): 11%
3. Wendt India Ltd (WENDT): 7.8%

### ROCE change — fastest improvers
1. Grindwell Norton Ltd (GRINDWELL): +0.7 pp
2. Carborundum Universal Ltd (CARBORUNIV): −5.0 pp
3. Wendt India Ltd (WENDT): −9.7 pp

### 20-quarter ROCE history
- GRINDWELL: Sep 2021 24% | Dec 2021 — | Mar 2022 21% | Jun 2022 — | Sep 2022 24% | Dec 2022 — | Mar 2023 24% | Jun 2023 — | Sep 2023 24% | Dec 2023 29% | Mar 2024 20% | Jun 2024 25% | Sep 2024 20% | Dec 2024 24% | Mar 2025 17% | Jun 2025 22% | Sep 2025 17% | Dec 2025 23% | Mar 2026 18% | Jun 2026 —
- WENDT: Sep 2021 19% | Dec 2021 — | Mar 2022 21% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 26% | Jun 2023 — | Sep 2023 24% | Dec 2023 30% | Mar 2024 22% | Jun 2024 26% | Sep 2024 20% | Dec 2024 24% | Mar 2025 18% | Jun 2025 20% | Sep 2025 12% | Dec 2025 13% | Mar 2026 7.0% | Jun 2026 11%

### 20-quarter ROCE change history
- GRINDWELL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.5 pp | Dec 2022 — | Mar 2023 +2.2 pp | Jun 2023 — | Sep 2023 −0.5 pp | Dec 2023 — | Mar 2024 −3.1 pp | Jun 2024 — | Sep 2024 −3.9 pp | Dec 2024 −5.0 pp | Mar 2025 −3.0 pp | Jun 2025 −3.1 pp | Sep 2025 −2.4 pp | Dec 2025 −1.1 pp | Mar 2026 +0.7 pp | Jun 2026 —
- WENDT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +4.7 pp | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −3.2 pp | Jun 2024 — | Sep 2024 −4.4 pp | Dec 2024 −5.9 pp | Mar 2025 −4.8 pp | Jun 2025 −5.7 pp | Sep 2025 −7.3 pp | Dec 2025 −10.5 pp | Mar 2026 −10.5 pp | Jun 2026 −9.7 pp

## Valuation Against Growth & Quality

What the numbers say: Grindwell Norton Ltd has the lowest comparable Guarded PEG at 1.36×. Only 1 of 3 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Grindwell Norton Ltd · 1.36× | Not enough peers | 0/8 recent comparable periods | 1/3 companies · 9 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Grindwell Norton Ltd (GRINDWELL): 1.4

### P/E — lowest P/E
1. Grindwell Norton Ltd (GRINDWELL): 51.0
2. Carborundum Universal Ltd (CARBORUNIV): 78.8
3. Wendt India Ltd (WENDT): 95.3

### 20-quarter Guarded PEG history
- GRINDWELL: Sep 2021 — | Dec 2021 13.2 | Mar 2022 6.0 | Jun 2022 1.3 | Sep 2022 — | Dec 2022 2.8 | Mar 2023 2.6 | Jun 2023 — | Sep 2023 2.1 | Dec 2023 6.4 | Mar 2024 5.0 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 1.4 | Jun 2026 —

### 20-quarter P/E history
- GRINDWELL: Sep 2021 57.2 | Dec 2021 75.1 | Mar 2022 68.5 | Jun 2022 56.8 | Sep 2022 70.6 | Dec 2022 57.8 | Mar 2023 59.0 | Jun 2023 69.8 | Sep 2023 62.8 | Dec 2023 68.2 | Mar 2024 53.9 | Jun 2024 82.5 | Sep 2024 69.9 | Dec 2024 57.6 | Mar 2025 50.9 | Jun 2025 50.7 | Sep 2025 46.5 | Dec 2025 45.6 | Mar 2026 39.0 | Jun 2026 59.4
- CARBORUNIV: Sep 2021 47.0 | Dec 2021 51.3 | Mar 2022 38.3 | Jun 2022 38.7 | Sep 2022 50.8 | Dec 2022 50.9 | Mar 2023 56.1 | Jun 2023 57.3 | Sep 2023 51.8 | Dec 2023 47.6 | Mar 2024 65.0 | Jun 2024 82.5 | Sep 2024 74.1 | Dec 2024 61.3 | Mar 2025 43.1 | Jun 2025 53.5 | Sep 2025 60.1 | Dec 2025 64.6 | Mar 2026 60.5 | Jun 2026 —
- WENDT: Sep 2021 47.0 | Dec 2021 42.7 | Mar 2022 40.1 | Jun 2022 58.5 | Sep 2022 52.5 | Dec 2022 48.9 | Mar 2023 48.9 | Jun 2023 51.4 | Sep 2023 70.0 | Dec 2023 71.8 | Mar 2024 55.7 | Jun 2024 76.4 | Sep 2024 73.7 | Dec 2024 80.6 | Mar 2025 44.3 | Jun 2025 43.1 | Sep 2025 49.8 | Dec 2025 57.7 | Mar 2026 56.3 | Jun 2026 103.9

## Enterprise Value & Book Value

What the numbers say: Carborundum Universal Ltd leads both ev/ebitda at 21.6× and p/bv at 5.19×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Carborundum Universal Ltd · 21.6× | 41% versus #2 · Grindwell Norton Ltd | 0/8 recent comparable periods | 3/3 companies · 59 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Carborundum Universal Ltd (CARBORUNIV): 21.6
2. Grindwell Norton Ltd (GRINDWELL): 36.6
3. Wendt India Ltd (WENDT): 39.8

### P/BV — lowest P/BV
1. Carborundum Universal Ltd (CARBORUNIV): 5.2
2. Wendt India Ltd (WENDT): 6.4
3. Grindwell Norton Ltd (GRINDWELL): 8.8

### 20-quarter EV/EBITDA history
- GRINDWELL: Sep 2021 36.3 | Dec 2021 47.9 | Mar 2022 43.9 | Jun 2022 36.8 | Sep 2022 46.4 | Dec 2022 38.1 | Mar 2023 38.1 | Jun 2023 45.1 | Sep 2023 40.7 | Dec 2023 44.0 | Mar 2024 35.0 | Jun 2024 53.3 | Sep 2024 45.0 | Dec 2024 36.6 | Mar 2025 31.9 | Jun 2025 31.2 | Sep 2025 28.4 | Dec 2025 27.9 | Mar 2026 23.7 | Jun 2026 36.6
- CARBORUNIV: Sep 2021 26.8 | Dec 2021 29.5 | Mar 2022 21.5 | Jun 2022 20.6 | Sep 2022 27.5 | Dec 2022 26.2 | Mar 2023 27.7 | Jun 2023 29.6 | Sep 2023 27.2 | Dec 2023 25.1 | Mar 2024 32.5 | Jun 2024 42.4 | Sep 2024 37.6 | Dec 2024 31.5 | Mar 2025 22.0 | Jun 2025 22.5 | Sep 2025 23.6 | Dec 2025 23.0 | Mar 2026 21.6 | Jun 2026 —
- WENDT: Sep 2021 25.3 | Dec 2021 24.6 | Mar 2022 23.2 | Jun 2022 34.5 | Sep 2022 31.4 | Dec 2022 29.7 | Mar 2023 30.8 | Jun 2023 33.5 | Sep 2023 45.9 | Dec 2023 46.7 | Mar 2024 35.9 | Jun 2024 49.6 | Sep 2024 47.5 | Dec 2024 53.1 | Mar 2025 29.1 | Jun 2025 27.4 | Sep 2025 30.3 | Dec 2025 31.2 | Mar 2026 26.9 | Jun 2026 39.8

### 20-quarter P/BV history
- GRINDWELL: Sep 2021 11.5 | Dec 2021 15.2 | Mar 2022 14.1 | Jun 2022 12.3 | Sep 2022 14.1 | Dec 2022 12.2 | Mar 2023 13.3 | Jun 2023 16.1 | Sep 2023 12.7 | Dec 2023 14.0 | Mar 2024 11.4 | Jun 2024 14.7 | Sep 2024 12.9 | Dec 2024 10.5 | Mar 2025 9.1 | Jun 2025 9.1 | Sep 2025 7.6 | Dec 2025 7.6 | Mar 2026 6.7 | Jun 2026 10.9
- CARBORUNIV: Sep 2021 7.8 | Dec 2021 8.1 | Mar 2022 6.3 | Jun 2022 6.0 | Sep 2022 6.2 | Dec 2022 6.1 | Mar 2023 7.9 | Jun 2023 9.6 | Sep 2023 7.9 | Dec 2023 7.4 | Mar 2024 8.4 | Jun 2024 11.2 | Sep 2024 9.1 | Dec 2024 7.3 | Mar 2025 5.8 | Jun 2025 5.9 | Sep 2025 5.0 | Dec 2025 4.3 | Mar 2026 3.9 | Jun 2026 —
- WENDT: Sep 2021 6.0 | Dec 2021 6.6 | Mar 2022 6.6 | Jun 2022 11.1 | Sep 2022 8.8 | Dec 2022 8.7 | Mar 2023 10.5 | Jun 2023 12.7 | Sep 2023 15.5 | Dec 2023 15.0 | Mar 2024 11.5 | Jun 2024 16.6 | Sep 2024 13.8 | Dec 2024 14.5 | Mar 2025 7.7 | Jun 2025 8.0 | Sep 2025 7.3 | Dec 2025 6.4 | Mar 2026 5.1 | Jun 2026 6.2

## Market action

Grindwell Norton Ltd has the strongest one-year price move in Abrasives & Grinding Wheels at +12.7%. It also leads on Mansfield relative strength against NIFTY at +21.7%. 3 of 3 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-24.

### Strongest one-year price performers
1. Grindwell Norton Ltd (GRINDWELL): 13%
2. Carborundum Universal Ltd (CARBORUNIV): 7.8%
3. Wendt India Ltd (WENDT): -28%

### Strongest relative strength versus NIFTY 500
1. Grindwell Norton Ltd (GRINDWELL): 22%
2. Carborundum Universal Ltd (CARBORUNIV): 17%
3. Wendt India Ltd (WENDT): 3.1%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears.
- 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
- Thin comparisons: Capital expenditure, Valuation have fewer than three usable current readings.

## Every company
- Grindwell Norton Ltd (GRINDWELL) — market value ₹22.3K Cr; latest fundamentals Jun 2026
- Carborundum Universal Ltd (CARBORUNIV) — market value ₹20.3K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Wendt India Ltd (WENDT) — market value ₹1.6K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 1. Unverified: 1. Withheld: 1. Graded companies: 3.

1 of 3 companies draws at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear.

1 of 3 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Carborundum Universal Ltd (CARBORUNIV) — its two data sources disagree by up to 55% on reported income across 14 comparable periods, so its derived ratios are withheld.

- WITHHELD | CARBORUNIV | Carborundum Universal Ltd | diff_gt_2pct | disagreement up to 54.76% over 14 comparable periods

- UNVERIFIED | WENDT | Wendt India Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### What is the Nifty Abrasives & Grinding Wheels index?

The Nifty Abrasives & Grinding Wheels index tracks India's listed Abrasives & Grinding Wheels companies as a single basket. This page follows the same 3 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Abrasives & Grinding Wheels sector rather than to its largest constituent. Figures are as of Jun 2026.

### Which are the best Abrasives & Grinding Wheels stocks in India?

Ranked by this page's four-factor score, Grindwell Norton Ltd places first among 3 listed Abrasives & Grinding Wheels companies, followed by Wendt India Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

### How many Abrasives & Grinding Wheels stocks are listed in India?

This comparison covers 3 listed Abrasives & Grinding Wheels companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

### Which Abrasives & Grinding Wheels company is the biggest?

Carborundum Universal Ltd is the largest, with trailing-twelve-month revenue of ₹5,206 crore, ahead of Grindwell Norton Ltd at ₹3,173 crore. That covers 3 of 3 companies with comparable reporting through Mar 2026.

### Which Abrasives & Grinding Wheels company is growing fastest?

Grindwell Norton Ltd has the fastest revenue growth at 12.9% year on year, across 3 of 3 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Abrasives & Grinding Wheels company has the best profit margins?

Grindwell Norton Ltd has the highest operating margin at 20%, from 3 of 3 comparable companies. Grindwell Norton Ltd shows the biggest recent improvement, at +2 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Abrasives & Grinding Wheels company makes the most profit?

Grindwell Norton Ltd earns the most, at ₹437 crore of trailing-twelve-month net profit, from 3 of 3 comparable companies. Grindwell Norton Ltd has the fastest profit growth at 17.5%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Abrasives & Grinding Wheels company earns the highest return on capital?

Grindwell Norton Ltd leads on return on capital employed at 21.2%, across 3 of 3 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Abrasives & Grinding Wheels stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Grindwell Norton Ltd screens cheapest at 1.36×. Only 1 of 3 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Abrasives & Grinding Wheels company has the strongest balance sheet?

Wendt India Ltd carries the lowest comparable gross debt at ₹0 crore, from 3 of 3 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Is the Abrasives & Grinding Wheels sector beating the market?

Abrasives & Grinding Wheels has outperformed NIFTY 500 by 9.3% over the last 52 weeks and 18.3% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 3 of 3 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Abrasives & Grinding Wheels stock has the strongest price momentum?

Grindwell Norton Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Abrasives & Grinding Wheels company scores highest for research priority?

Grindwell Norton Ltd scores 71.7 out of 100 with 97% evidence confidence, from 23.1 points on growth and earnings, 20.4 on capital efficiency, 10.5 on valuation and 17.7 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Abrasives & Grinding Wheels companies does this comparison cover, and over what period?

It compares 3 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Abrasives & Grinding Wheels sector?

The 3 Abrasives & Grinding Wheels companies on this page carry ₹44,161 crore of combined market value. Grindwell Norton Ltd is the largest at ₹22,272 crore, about 50% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

### How is the Abrasives & Grinding Wheels sector performing?

3 of the 3 covered Abrasives & Grinding Wheels companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 9.3% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-29.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/abrasives-grinding-wheels