In the market of abrasive manufacturers in India, there are two major players that offer a comprehensive range of abrasive products. Along with these two key players, numerous European, Korean, and Japanese manufacturers have a presence in the market through their agents or distributors. Moreover, some small-scale local abrasive manufacturers in India are present, specializing in specific product ranges.
Carborundum Universal Ltd
One of the largest abrasive manufacturers in India, Carborundum Universal Limited (CUMI), was established in 1954 as a collaboration between the Murugappa Group, The Carborundum Co., USA, and the Universal Grinding Wheel Co. Ltd., U.K. CUMI is known for pioneering the manufacturing of coated abrasives and bonded abrasives in India, in addition to producing super refractories, electro minerals, industrial ceramics, and ceramic fibres.
The company has an extensive range of more than 20,000 types of abrasives, ceramics, refractory products, and electro-minerals manufactured across multiple locations in and outside of India. CUMI exports its products to over 50 countries across North America, Europe, Australia, South Africa, and Asia, making it one of the top abrasive manufacturers in India.
| Metric | Value |
| Total Sales | Rs 2,751 Cr |
| Profit | Rs 238 Cr |
| Market Cap | Rs 6,213 Cr |
| ROE | 15.01% |
| Sales Growth (3Yrs) | 11.42% |
| Promoter holding | 42.08% |
| Debt to equity | 0.04 |
| Price to book value | 3.40 |
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Grindwell Norton Ltd
Grindwell Norton (GNO) is a renowned company in the market of abrasive manufacturers in India and is listed on the Bombay and National Stock Exchanges. GNO established the production of grinding wheels in India back in 1941. In 1990, Norton Company, USA, was acquired by Saint-Gobain, making it a stakeholder in GNO worldwide. In 1996, Saint-Gobain further increased its equity stake, becoming GNO’s first majority-owned subsidiary in India.
At present, GNO’s business segments include Abrasives, Ceramic Materials Businesses (Silicon Carbide and Performance Ceramics & Refractories), Performance Plastics, and ADFORS. Notably, GNO also houses the Saint-Gobain Country Head office, INDEC (the captive India IT Development Centre for the Saint-Gobain Group globally), and CertainTeed. One of the largest abrasive manufacturers in India, GNO has a subsidiary, Saint-Gobain Ceramic Materials Bhutan Pvt. Ltd., that manufactures Silicon Carbide. Currently, the Saint-Gobain Group holds 51.66% of GNO’s equity capital.
| Metric | Value |
| Total Sales | Rs 1,604 Cr |
| Profit | Rs 178 Cr |
| Market Cap | Rs 6,315 Cr |
| ROE | 14.97% |
| Sales Growth (3Yrs) | 11.57% |
| Promoter holding | 58.32% |
| Debt to equity | 0.00 |
| Price to book value | 5.75 |
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Wendt India Ltd
Established in 1980, Wendt (India) Limited (WIL) was formed as a Joint Venture between Wendt GmbH and The House of Khataus. Later, in 1991, the Murugappa Group’s Carborundum Universal Ltd (CUMI) acquired Khatau’s stake in the business, making it a 40-40 Joint Venture between CUMI and Wendt GmbH. The remaining 20% equity is held by the public. As one of the prominent abrasive manufacturers in India, Wendt India has been recognized among the top 25 successful Indo-German JVs by the Indo-German Chamber of Commerce (IGCC).
| Metric | Value |
| Total Sales | Rs 163.56 Cr |
| Profit | Rs 14.05 Cr |
| Market Cap | Rs 596.60 Cr |
| ROE | 12.28% |
| Sales Growth (3Yrs) | 6.87% |
| Promoter holding | 79.74% |
| Debt to equity | 0.00 |
| Price to book value | 4.36 |
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Hindustan Abrasives
Hindustan Abrasives has made significant strides in the Abrasive industry through its innovative manufacturing techniques and a strong focus on customer satisfaction. Their commitment to quality has positioned them as a potential global leader in Grinding Wheels and other Abrasive solutions. With over 40 years of experience, the company offers precision grinding wheels and cones that ensure superior cutting, grinding, and polishing results for a range of applications, including Gear Grinding and Rice Whitening. Hindustan Abrasives is recognized as one of the top Abrasive manufacturers in India and is trusted by hundreds of clients worldwide due to their core engineering principles and optimized solutions that deliver superior performance.
Sterling Abrasives Limited (SAL)
Established in 1969 by Mr. Nitin Parikh, Sterling Abrasives Limited (SAL) has been producing a wide range of grinding wheels for over 40 years. The company holds an ISO 9001:2015 certification and is considered one of the top manufacturers of grinding wheels in the industry. SAL offers a complete range of Vitrified and Resin Bonded Grinding Wheels up to a diameter of 1220mm, with product quality that is comparable with the best in the market. The company serves major industries, including Auto, Auto Components, Bearing, Steel, Spring, Surgical Blades, General Engineering, and more. SAL has also achieved expertise in manufacturing Rice Rollers and is presently the largest supplier of Rice Polishing Wheels in India.
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Orient Abrasives
Established in 1974, Orient Abrasives is the leading manufacturer of Calcined and Fused Alumina products in India. With technical collaboration from Carborundum, Bentueky, and Czechoslovakia, the Rajgarhia group of industries ventured into manufacturing Calcined and Fused Alumina products. The Company has grown over the years and now holds the position of being India’s largest producer of Calcined and Fused Products. The Company’s strong management and ISO 9001 certification have earned it recognition for its high-quality offerings.
| Metric | Value |
| Total Sales | Rs 346 Cr |
| Market Cap | Rs 274 Cr |
| Dividend Yield | 0.66 % |
| ROCE | 12.7 % |
| Face Value | Rs 1.00 |
| Promoter holding | 63.6 % |
| Debt to equity | 0.15 |
