3 Grinding Wheel and Ceramics Producer, Water and Wastewater Solutions Provider and Generators for Turbines Manufacturer Stocks With a Strong Future Roadmap: Grindwell Norton, Ion Exchange (India) and TD Power Systems
- October 28, 2026
- Posted by: Ankit Jaiswal
- Category: Best Stocks
Grindwell Norton, Ion Exchange (India) and TD Power Systems: ROE of 10.7% to 22.3% and FY22 to FY26 revenue CAGR of 11.3% to 23.2%. Prices as of 27 Oct 2026.
Quick Answer
The three abrasive, water and power machinery stocks to watch are Grindwell Norton, Ion Exchange (India) and TD Power Systems. Their return on equity ranges from 10.7% to 22.3%, and their revenue compound annual growth from FY22 to FY26 ranges from 11.3% to 23.2%. TD Power Systems leads on both return on equity at 22.3% and revenue growth at 23.2% a year. Prices are based on the 27 October 2026 close, and this article is educational, not investment advice.
Abrasive, water and power machinery stocks give investors a way to track businesses that sit close to everyday demand in India. Grindwell Norton, Ion Exchange (India) and TD Power Systems cover an abrasives and ceramics maker, a water treatment solutions provider and a turbine generator manufacturer.
This list covers three abrasive, water and power machinery stocks with complete current figures: Grindwell Norton, Ion Exchange (India) and TD Power Systems. Every figure comes from the latest reported financials and the 27 October 2026 market close. Companies without complete current figures were left out.
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What Are Abrasive, Water and Power Machinery Stocks?
Abrasive, water and power machinery stocks are listed industrial companies that make abrasives and ceramics, water treatment systems and generators for turbines used by power plants and industry. Their earnings depend on industrial activity, project spending, order inflows and raw material costs.
Abrasive, Water and Power Machinery Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Grindwell Norton | 1,847.8 | 20,188 | 46.1 | 44.4 | 16.4 | 0.02 |
| Ion Exchange (India) | 343.5 | 5,397 | 55.2 | 22.7 | 10.7 | 0.36 |
| TD Power Systems | 687.2 | 23,639 | 86.0 | 43.9 | 22.3 | 0.02 |
On valuation, all three trade at a P/E above their industry P/E, which reflects the growth the market already expects from them. Readers comparing abrasive, water and power machinery stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.
Why Do Abrasive, Water and Power Machinery Stocks Have a Strong Roadmap in India?
Abrasive, water and power machinery stocks have a strong roadmap in India because factory growth, water infrastructure spending and new power capacity keep widening the market for Indian industrial products and equipment makers.
- Factory growth. Industry uses more abrasives and ceramics.
- Water projects. Cities and industry invest in water systems.
- Power capacity. New plants need turbine generators.
Why Grindwell Norton Features Among These Abrasive, Water and Power Machinery Stocks
Among the abrasive, water and power machinery stocks on this list, Grindwell Norton, a Saint-Gobain group company, makes abrasives, ceramics and plastics products, including grinding wheels, coated abrasives and silicon carbide.
In the June 2026 quarter, revenue grew 13.8% year on year to Rs 828 crore, while net profit rose 22.1% to Rs 115 crore. Revenue rose from Rs 2,066 crore in FY22 to Rs 3,168 crore in FY26, a compound annual growth rate of 11.3%.
Net profit grew from Rs 295 crore in FY22 to Rs 417 crore in FY26, which works out to a compound annual growth rate of 9.0%. The company has a return on equity of 16.4%, a debt to equity ratio of 0.02 and a market capitalisation of Rs 20,188 crore. The stock trades at a P/E of 46.1, above the industry P/E of 44.4.
Roadmap: Demand from automobiles, steel, infrastructure and general manufacturing supports its core abrasives range, while ceramics and plastics offer higher-value niches. The group’s technology support and a debt-free balance sheet allow it to add capacity at its own pace.
What to watch: Keep tabs on industrial activity and input costs for raw materials such as silicon carbide.
Why Ion Exchange (India) Features Among These Abrasive, Water and Power Machinery Stocks
Among the abrasives, water treatment and turbine generator shares on this list, Ion Exchange (India) provides water and wastewater treatment solutions, including chemicals, resins, engineering projects and consumer water purifiers, for industries, municipalities and homes.
The company has a return on equity of 10.7%, a debt to equity ratio of 0.36 and a market capitalisation of Rs 5,397 crore. The stock trades at a P/E of 55.2, above the industry P/E of 22.7.
Revenue rose from Rs 1,619 crore in FY22 to Rs 3,001 crore in FY26, a compound annual growth rate of 16.7%. Net profit for FY26 was Rs 143 crore, a net margin of 4.8%. In the June 2026 quarter, revenue grew 17.6% year on year to Rs 706 crore.
Roadmap: The company benefits from tighter water reuse and discharge norms, which lift demand for treatment plants and recycling systems. A mix of projects, chemicals and consumer products spreads its revenue.
What to watch: Track order inflows in water projects, chemicals demand and consumer product growth.
Why TD Power Systems Features Among These Abrasive, Water and Power Machinery Stocks
Among the three companies on this list, TD Power Systems, based in Bengaluru, manufactures generators for steam, gas, hydro and wind turbines and serves customers in India and overseas.
Revenue rose from Rs 814 crore in FY22 to Rs 1,878 crore in FY26, a compound annual growth rate of 23.2%. Net profit grew from Rs 70.5 crore in FY22 to Rs 239 crore in FY26, which works out to a compound annual growth rate of 35.7%.
The company has a return on equity of 22.3%, a debt to equity ratio of 0.02 and a market capitalisation of Rs 23,639 crore. The stock trades at a P/E of 86.0, above the industry P/E of 43.9.
Roadmap: The company is expanding capacity to meet demand from power producers, industrial users and data centre backup, with a large share of orders coming from exports. Its design capability for large-rated machines allows it to compete in higher-value segments.
What to watch: Follow export order inflows and capacity utilisation at the new facilities.
Grindwell Norton vs Ion Exchange (India) vs TD Power Systems on Key Financials
The table below sets the three abrasive, water and power machinery stocks side by side on revenue, profit and margin, using reported figures.
| Company | FY22 Revenue (Rs Cr) | FY26 Revenue (Rs Cr) | Revenue CAGR (FY22-FY26) | FY26 Net Profit (Rs Cr) | FY26 Net Margin |
|---|---|---|---|---|---|
| Grindwell Norton | 2,066 | 3,168 | 11.3% | 417 | 13.2% |
| Ion Exchange (India) | 1,619 | 3,001 | 16.7% | 143 | 4.8% |
| TD Power Systems | 814 | 1,878 | 23.2% | 239 | 12.7% |
TD Power Systems posts the highest return on equity in this group at 22.3%. Grindwell Norton has the largest FY26 revenue at Rs 3,168 crore, and TD Power Systems shows the fastest revenue growth with a 23.2% compound annual rate. A useful habit with abrasive, water and power machinery stocks is to check each new quarterly result against the capacity plans the company described earlier.
Key Risks to Check Before Investing in Abrasive, Water and Power Machinery Stocks
Every theme carries risks that deserve a check before any decision. For these abrasive, water and power machinery stocks, the main points are: Long-term abrasives, water treatment and turbine generator shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.
- Order timing. Project awards can shift between periods.
- Input costs. Metal and material prices can move margins.
- Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them.
Treat this list as a starting point for research and not as a recommendation. Read the latest results presentation, check the management commentary on order books or capacity plans, and compare each company with its peers before you decide anything.
Use the Univest Stock Screener to filter abrasive, water and power machinery stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Abrasive, Water and Power Machinery Stocks
Abrasive, water and power machinery stocks work best when investors track growth, valuation and return on equity side by side. Grindwell Norton, Ion Exchange (India) and TD Power Systems each have a clear plan to expand. Based on the 27 October 2026 close, Grindwell Norton trades at Rs 1,847.8, Ion Exchange (India) at Rs 343.5 and TD Power Systems at Rs 687.2.
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Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
What are abrasive, water and power machinery stocks?
Ans. Abrasive, water and power machinery stocks are listed industrial companies that make abrasives and ceramics, water treatment systems and generators for turbines used by power plants and industry. Their earnings depend on industrial activity, project spending, order inflows and raw material costs. This list looks at three of them, Grindwell Norton, Ion Exchange (India) and TD Power Systems, using reported FY22 to FY26 financials and the 27 October 2026 closing prices.
Which abrasive, water and power machinery stocks are covered in this list?
Ans. This list covers Grindwell Norton, Ion Exchange (India) and TD Power Systems. Based on the 27 October 2026 close, Grindwell Norton traded at Rs 1,847.8, Ion Exchange (India) at Rs 343.5 and TD Power Systems at Rs 687.2. Their return on equity ranges from 10.7% to 22.3%, and their revenue compound annual growth from FY22 to FY26 ranges from 11.3% to 23.2%.
Why do abrasive, water and power machinery stocks have a strong future roadmap in India?
Ans. Abrasive, water and power machinery stocks have a strong roadmap in India because factory growth, water infrastructure spending and new power capacity keep widening the market for Indian industrial products and equipment makers. The main drivers are as follows. Factory growth. Industry uses more abrasives and ceramics. Water projects. Cities and industry invest in water systems. Power capacity. New plants need turbine generators. Together these factors give the companies on this list a visible path for growth over the coming years.
How has Grindwell Norton performed financially?
Ans. Revenue rose from Rs 2,066 crore in FY22 to Rs 3,168 crore in FY26, a compound annual growth rate of 11.3%. Net profit grew from Rs 295 crore in FY22 to Rs 417 crore in FY26, which works out to a compound annual growth rate of 9.0%. In the June 2026 quarter, revenue grew 13.8% year on year to Rs 828 crore, while net profit rose 22.1% to Rs 115 crore. The company has a return on equity of 16.4%, a debt to equity ratio of 0.02 and a market capitalisation of Rs 20,188 crore. The stock trades at a P/E of 46.1, above the industry P/E of 44.4. Looking ahead, demand from automobiles, steel, infrastructure and general manufacturing supports its core abrasives range, while ceramics and plastics offer higher-value niches. The group’s technology support and a debt-free balance sheet allow it to add capacity at its own pace.
How has Ion Exchange (India) performed financially?
Ans. Revenue rose from Rs 1,619 crore in FY22 to Rs 3,001 crore in FY26, a compound annual growth rate of 16.7%. Net profit for FY26 was Rs 143 crore, a net margin of 4.8%. In the June 2026 quarter, revenue grew 17.6% year on year to Rs 706 crore. The company has a return on equity of 10.7%, a debt to equity ratio of 0.36 and a market capitalisation of Rs 5,397 crore. The stock trades at a P/E of 55.2, above the industry P/E of 22.7. Looking ahead, the company benefits from tighter water reuse and discharge norms, which lift demand for treatment plants and recycling systems. A mix of projects, chemicals and consumer products spreads its revenue.
How has TD Power Systems performed financially?
Ans. Revenue rose from Rs 814 crore in FY22 to Rs 1,878 crore in FY26, a compound annual growth rate of 23.2%. Net profit grew from Rs 70.5 crore in FY22 to Rs 239 crore in FY26, which works out to a compound annual growth rate of 35.7%. The company has a return on equity of 22.3%, a debt to equity ratio of 0.02 and a market capitalisation of Rs 23,639 crore. The stock trades at a P/E of 86.0, above the industry P/E of 43.9. Looking ahead, the company is expanding capacity to meet demand from power producers, industrial users and data centre backup, with a large share of orders coming from exports. Its design capability for large-rated machines allows it to compete in higher-value segments.
What risks should investors check before buying abrasive, water and power machinery stocks?
Ans. Investors should check a few risks before buying abrasive, water and power machinery stocks. Order timing. Project awards can shift between periods. Input costs. Metal and material prices can move margins. Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them. Reading the latest results presentation and comparing each company with its peers helps judge how these risks apply to each stock.
Is this list of abrasive, water and power machinery stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 27 October 2026 close. Please verify figures on NSE and BSE, read company filings and consult a SEBI registered adviser before investing. Univest is SEBI registered research analyst INH000013776.
