Grauer & Weil (India) Ltd Q2FY26 Results: From Electroplating to Mall-tiplating – When Chemicals Meet Chandni Chowk Glamour
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1. At a Glance
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.
