Grauer & Weil (India) Ltd, or Growel for the cool kids, is that rare breed of company that can make chemicals, build engineering plants, and run a shopping mall — all under the same corporate roof. From plating metals to plating profits, this 1957-born veteran has been shining both literally and financially.
At ₹80.7 per share (Nov 7, 2025), Growel boasts a market cap of ₹3,658 crore, a P/E ratio of 24.2x, and a ROCE of 23.3% that most chemical peers would sell their solvents for. Q2FY26 results showed sales of ₹291 crore and PAT of ₹38.6 crore, representing a 14.3% YoY rise in revenue and a modest 2.55% YoY increase in profit.
Debt? Almost non-existent at ₹11.9 crore. Dividend yield? A polite 0.62%, just enough to remind you it cares. Book value stands at ₹22, giving a P/BV of 3.67 — not cheap, but quality plating doesn’t come at a discount.
In short, Growel is a quirky mix — part engineering, part chemistry, part mall management, and fully desi entrepreneurial chaos.
2. Introduction
Once upon a time, a small Indian chemical manufacturer decided it wasn’t enough to just coat metals — it wanted to coat Mumbai’s retail scene too. Enter Grauer & Weil (India) Ltd, the surface finishing legend that somehow also runs Growel’s 101 Mall at Kandivali East. Because why not mix chrome with cappuccinos?
Founded in 1957, the company has spent nearly seven decades in the glamorous world of electroplating — the art of making dull metals shiny and dull balance sheets glossier. It later diversified into engineering plants, industrial paints, lubricants, and yes, real estate entertainment. If corporate diversification were a family, this one would be the More family — literally, since the promoters’ surname is “More.”
Today, Growel is India’s only surface finishing solution company with AS 9100 certification, a global gold standard for aerospace-quality processes. It exports to 50+ countries including the US, Canada, Spain, and Chile — quite the global reach for a company whose headquarters can see the Mumbai metro.
And just like any Indian family business, it continues to expand “organically” (read: through internal accruals and sheer stubbornness) — ₹176 crore of planned capex till FY26 to build new plants at Jammu, Barotiwala, and Dadra, all funded with its own cash. No debt drama here.
3. Business Model – WTF Do They Even Do?
If you’re wondering how one company can simultaneously deal in chemicals, paints, oils, engineering equipment, and also run a mall, you’re not alone. Growel is essentially that multitasker friend who’s annoyingly good at everything.
The business operates through three main verticals:
Surface Finishing (84% of FY23 revenue): This includes the chemicals division (electroplating and specialty coatings), paints division (industrial and marine coatings), and oil division (industrial lubricants). Basically, anything that can coat, cover, or protect metal — they sell it.
Engineering (10%): They don’t just sell chemicals; they sell the whole factory to use them. The division builds electroplating plants, effluent treatment systems, and filtration setups — turnkey solutions that keep clients and environmental regulators happy.
Shoppertainment (6%): Growel’s 101 Mall in Kandivali East is Mumbai’s suburban paradise for coffee, crowd, and consumerism. It’s a small yet surprisingly profitable segment contributing to steady rental income.
In FY23, about 94% of revenue came from product sales, with 4% from licensing fees (that’s mall talk for rent), and 1% each from other operating income and interest. Exports account for a modest 6%, so it’s largely a Made-in-India-for-India story.
Ever seen a chemical company that also runs PVR screens? Now you have.
4. Financials Overview
Metric
Q2FY26
Q2FY25
Q1FY26
YoY %
QoQ %
Revenue (₹ Cr)
291
255
253
+14.3%
+15.0%
EBITDA (₹ Cr)
43
43
53
0.0%
-18.9%
PAT (₹ Cr)
38.6
38.0
44.0
+2.55%
-12.3%
EPS (₹)
0.85
0.83
0.96
+2.4%
-11.5%
Annualised EPS: ₹0.85 × 4 = ₹3.4 → roughly matches FY25’s ₹3.33. At ₹80.7, that gives a P/E of ~24x, consistent with screener data.
Commentary: So basically, revenue is shining brighter than their chrome finish, but profits have slightly dulled like an old tap. Flat EBITDA and dipping QoQ EPS indicate margin pressure — maybe input costs are biting. But hey, they’re still printing profits with almost no leverage.
5. Valuation Discussion – The Fair Value Range
Let’s play “Finance se Platinum tak” with some quick calculations.
Method 1: P/E Method
Annualised EPS: ₹3.4
Industry P/E: 23.3x
Applying a reasonable range of 20–26x → → Fair Value = ₹3.4 × (20–26) = ₹68 – ₹88 per share
Method 2: EV/EBITDA Method
EV = ₹3,434 crore
TTM EBITDA ≈ ₹178 crore (from FY25 data)
EV/EBITDA = 15.3x (current) Assuming fair multiple range of 13–16x → Implied EV range = ₹2,314 – ₹2,848 crore → Subtract debt, add cash → Equity value ≈ ₹70 – ₹86 per share
Method 3: DCF (Simplified) Assume 8% growth for 5 years, 12% discount rate, terminal growth 4%. → DCF fair value band roughly around ₹75 – ₹90.
🎯 Educational Fair Value Range: ₹70 – ₹90 per share (This fair value range is for educational purposes only and is not investment advice.)
6. What’s Cooking – News, Triggers, Drama
Q2FY26 Results (Nov 2025): PBT of ₹107.13 crore (₹10,713 lakh) approved by board with limited review by MM Nissim — because auditors too love a shiny report.
Capex Parade: ₹176 crore planned till FY26 for new capacity at Jammu, Barotiwala, and Dadra. Funded through internal accruals — translation: “hum self-made hain.”
Bonus Bonanza: 1:1 bonus share issue in FY24 (45 crore shares now vs 23 crore earlier).
Tech Tie-up: Signed tech transfer deal with Germany’s OTMK GmbH in March 2024 — for next-gen electroplating.
