Grauer & Weil

What Grauer & Weil does

Grauer & Weil (India) Limited, branded as Growel, is a Mumbai-based, BSE-listed (bom:505710) industrial chemicals and surface finishing company founded in 1957. It designs, manufactures, and supplies specialty chemicals and equipment for metal pretreatment, electroplating (zinc, zinc-nickel, electroless nickel), zinc-flake coating, anodizing, phosphating, rust prevention, and industrial lacquers, operating across five business verticals — Chemicals, Engineering, Paints, Lubricants, and Real Estate. Core technologies include the GINPLATE electroless nickel plating portfolio, Zincalume zinc-nickel electroplating (NiZ 551, NiZ 851), SURFIX multi-stage phosphating, GROWLAC lacquers, GRODAL wire-drawing and rust-preventive fluids, and the exclusive India license for NOF Metal Coatings' (Japan) GEOMET® water-based, chrome-free zinc-aluminum flake coating system.

Growel sells primarily through direct enterprise sales backed by technical service (process evaluation, chemistry selection, commissioning, and on-site support) and a domestic network of 100+ dealers and distributors. Its products are specified into OEMs' production lines — meaning switching costs are created at the chemistry-and-process level rather than at point-of-purchase. It serves automotive and auto-ancillary, aerospace (HAL, ISRO), fastener, sanitary fittings (Mahin, Dorset), radiator/heat-exchanger, electronics/PCB, jewellery, railways, and industrial OEM customers (Tata, Godrej), reporting 10,000+ customers and 800+ projects worldwide. Pricing is quote-based on volume and specification. The company also sells complete IoT 4.0-compliant surface finishing plants, hydrogen-embrittlement ovens, and Zero Liquid Discharge (ZLD) effluent treatment plants, making equipment-plus-chemistry a recurring bundle.

In FY 2025-26 (year ended March 2026), Growel reported Rs 1,190.20 crore in sales (~USD 142M at ~Rs 83/USD) and Rs 164.02 crore in net profit, with sales up 4.98% YoY and net profit up 4.35% YoY; Q4 FY26 net profit of Rs 49.51 crore rose 92.35% YoY. Headcount is reported at 501–1,000 employees, and it is EN9100:2018 certified (and was the first Indian surface finishing company to achieve AS9100 in 2016). The company is independent, publicly listed, has no subsidiaries and no disclosed M&A history, and currently faces an unresolved leadership gap after the July 9, 2026 resignation of its Lubricants Business Head.

Name

Grauer & Weil

Legal name

Grauer & Weil (India) Limited

Website

https://growel.com

Company type

Public

Founded year

1957

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Grauer & Weil (Growel) is a Mumbai-based, publicly listed industrial chemicals company founded in 1957 that manufactures surface finishing chemicals, electroplating solutions, lubricants, lacquers, and finishing equipment for automotive, aerospace, fastener, and OEM manufacturers in India and select global markets.

Ownership category

akta.pro rank

Product category

Industrial Specialty Chemicals (Surface Finishing)

NAICS

Electroplating, Plating, Polishing, Anodizing, and Coloring (332813), Paint and Coating Manufacturing (325510), Chemical Manufacturing (325)

SIC

Paints, Varnishes, Lacquers, Enamels & Allied Prods (2851), Chemicals & Allied Products (2800), Miscellaneous Chemical Products (2890)

akta.pro primary industry

Electroplating & Metallization Chemicals (Cu/Ni/Au plating, additives) (IMAEAKAK)

akta.pro secondary industries

Specialty Surfactants & Performance Additives (IMAEABAL), Wood Coatings & Finishes (IMAEAGAG)

Keywords

• Surface finishing chemicals
• Electroplating solutions
• Zinc flake coatings
• Industrial lubricants
• Corrosion protection coatings

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Surface Finishing Chemicals & Solutions: Primary revenue stream from specialized chemicals for electroplating, phosphating, anodizing, zinc flake coating, rust prevention, and surface treatment processes. Includes proprietary product lines like GEOMET®, GINPLATE, GROWLAC, and GRODAL brands sold to industrial manufacturers.
2. Industrial Lubricants: Comprehensive lubricants including wire drawing oils, metal working fluids, quenching oils, heat treatment fluids, and rust preventives. Sold under GRODAL brand to fastener manufacturers, wire drawing operations, and automotive suppliers.
3. Industrial Paints & Lacquers: Specialty coatings including spray lacquers, electrophoretic lacquers, water-based wood lacquers for metal, glass, and wood finishing applications across hardware, jewellery, and furniture industries.
4. Surface Finishing Equipment: Sale and support of surface finishing plant equipment including electroplating lines, phosphating systems, wastewater treatment plants, and customized IoT 4.0 compliant manufacturing solutions.
5. Overall Company Revenue: Full year FY 2025-26 sales of Rs 1190.20 crore with net profit of Rs 164.02 crore. Q4 FY 2025-26 net profit of Rs 49.51 crore representing 92.35% increase year-over-year.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Grauer & Weil (Growel) manufactures and supplies industrial surface finishing chemicals and engineering equipment, including pretreatment and phosphating chemistries, zinc and zinc-nickel electroplating processes, electroless nickel plating solutions, GEOMET® chrome-free zinc flake coatings, anodizing solutions, rust preventives, wire drawing lubricants, lacquer coatings, plating-on-plastics systems, and IoT 4.0-compliant surface finishing plants with water and wastewater treatment equipment. The company also produces specialty paints for metal, wood, and glass under the GROWLAC portfolio and operates a real estate vertical. Products are sold to industrial manufacturers across automotive, aerospace, fastener, electronics/PCB, sanitary fittings, jewelry, and HVAC/radiator segments.

Product overview

Grauer & Weil (India) Limited (Growel) is a diversified industrial chemicals and surface finishing company offering a comprehensive portfolio of products and solutions for the metal finishing industry. The company operates across five main business verticals: Chemicals, Engineering, Paints, Lubricants, and Real Estate. The core product portfolio includes surface treatment solutions such as anodizing, phosphating, and pre-treatment chemicals; advanced coating technologies including GEOMET® zinc flake coatings (in partnership with NOF Metal Coatings, Japan) and lacquer finishes under the GROWLAC brand; electroplating solutions for zinc, zinc nickel, and electroless nickel plating under the Ginplate brand; wire drawing and metal working lubricants under the GRODAL brand; and industrial surface finishing equipment and water treatment plants. The company serves diverse industries including automotive, aerospace, electronics, jewellery, sanitary fittings, fasteners, and HVAC/radiator manufacturers.

Differentiator

Problem solved

Functional benefit

Brands

• GRODAL: Brand for rust preventives, wire drawing lubricants, metal working fluids, and quenching oils
• GEOMET
• GROWLAC
• GINPLATE
• GROWCLEAR
• SURFIX
• Zinthobrite
• Zincalume

Products and services

• Growel's Anodizing Solutions State-of-the-art anodizing solutions for aluminum and its alloys providing enhanced corrosion resistance, surface hardness, and aesthetic finishes for aerospace, automotive, and industrial applications.
• Growel's Pre-Treatment & Phosphating Solutions Advanced phosphating technologies that improve coating adhesion for various metal substrates, including the SURFIX four-stage pretreatment system with degreasers, surface conditioners, phosphating chemistry, and post-phosphate sealing.
• GEOMET® Zinc Flake Coatings Chrome-free, water-based zinc flake coating technology providing high corrosion resistance (up to 2000 hours salt spray) for fasteners and industrial components; licensed from NOF Metal Coatings Japan with Growel as exclusive India partner.
• GRODAL Rust Preventives Rust preventive solutions including solvent, oil, and water-based products for corrosion protection during storage and transit, approved by major automotive OEMs.
• GROWLAC Lacquer Solutions Specialty lacquer coatings for metal, glass, and wood surfaces including acrylic lacquers, PU 2K and epoxy 2K glass coat lacquers, high-performance 2K clear coat lacquers, water-based wood lacquers, and electrophoretic lacquers.
• Zinc Electroplating Solutions Comprehensive range of zinc and zinc nickel electroplating solutions including acid zinc plating, alkaline zinc plating, and Zinthobrite/Zincalume branded processes for superior corrosion resistance.
• Electroless Nickel Plating (GINPLATE ENP) High-performance electroless nickel plating solutions under the GINPLATE brand including EN composite coatings (PTFE, Nano-diamond, SiC, NiB, Graphene), electroless polyalloy coatings (Ni-Cu-P, Ni-Co-P, Ni-Sn-P), and specialized products such as EN SHIELD and GROWNOIR EN Black Passivation.
• GINPLAST Plating on Plastics Plating solutions designed for automatic lines, providing excellent stability and enhanced tolerance for plating on plastic processes under the GINPLAST series.
• Wire Drawing Lubricants Advanced wire drawing lubricants for MS & steel, aluminum, and copper wire drawing applications, including quenching oils, heat treatment fluids, and metal working fluids.
• Surface Finishing Plants & Equipment IoT 4.0 compliant surface finishing plants with hydrogen embrittlement ovens, auto-loading/unloading systems, centrifugal dryers, and ZLD-compliant effluent treatment plants, sold under the Engineering vertical.
• Water & Wastewater Treatment Plants Customized water treatment solutions including clarifier filtration, softener ultrafiltration, reverse osmosis demineralization, and Zero Liquid Discharge (ZLD) effluent treatment systems.
• Radiator Pretreatment Chemicals Complete four-stage pretreatment system for radiators and heat exchangers including SURKLIN degreasers, SURCON surface conditioners, SURFIX phosphating chemistry, and post-phosphate sealing.

Quantifiable outcome

• Salt spray resistance up to 2000 hours with GEOMET® zinc flake coating
• +4 more outcomes

Named customers10 records

Segments7 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature8 records

Partnerships

One partnership is on record.

• NOF Metal Coatings (Japan)coreTechnology or IntegrationGrowel is the exclusive India partner for NOF Metal Coatings' GEOMET® zinc flake coating system. NOF Metal Coatings, Japan developed the GEOMET® technology - a high-performance water-based film coating system combining zinc and aluminium flakes for superior corrosion resistance. The partnership provides complete support including pilot plant, application training, technology transfer, equipment selection, process setup guidance, on-site technical assistance during commissioning, and long-term process optimization.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Regional players

• Asian Paints: India's largest coatings company with growing industrial and protective coatings exposure. Comparable in Indian market positioning and listed-equity access, though vastly larger and primarily decorative-focused.
• Kansai Paint: Japan-based global coatings company with significant Indian operations through Kansai Nerolac. Comparable as an industrial coatings peer for Growel's paint and lacquer lines, especially in automotive OEM finishes.
• Berger Paints India: Indian-listed industrial and decorative coatings peer, providing a regional comparable for Growel's Paints vertical. Both serve Indian industrial customers with branded coatings, though Berger skews decorative while Growel skews industrial lacquer.

Broad incumbents

• Henkel: Diversified chemicals giant with a large Adhesive Technologies segment serving automotive metal pretreatment, surface treatment, and lubrication. Overlaps with Growel in automotive pretreatment and industrial bonding, but operates at vastly broader scale across consumer goods.
• Aalberts Surface Technologies: European provider of surface treatment services and specialty coatings for industrial components. Comparable business model combining surface finishing services with chemistry, though more services-led than Growel's chemistry-led mix.
• Nippon Paint Holdings: Asia-Pacific coatings major with industrial paints, lacquers, and surface treatment chemistries. Comparable to Growel's GROWLAC lacquer and paint vertical, though primarily decorative/architectural in scale mix.
• DuPont: Specialty chemicals major with metallization, plating chemistries, and electronics materials portfolios. Comparable in serving aerospace, automotive, and electronics surface finishing customers, though as part of a much broader specialty materials portfolio.

Direct peers

• Chemetall (BASF Coatings): BASF's surface treatment division supplying pretreatment, passivation, and corrosion protection chemistries to automotive and industrial OEMs globally. Directly competes with Growel's pretreatment and rust-preventive offerings (GRODAL/SURFIX).
• MacDermid Enthone (Element Solutions Inc.): Major specialty chemicals supplier for electronics and industrial surface finishing, including electroless nickel, zinc-nickel plating, and phosphating. Closely comparable product portfolio and end-market exposure to Growel's GINPLATE and SURFIX lines.
• Atotech (MKS Instruments): Global leader in surface finishing chemistry for electronics, automotive, and industrial applications — the most direct comparable to Growel's electroplating, electroless nickel, and pretreatment portfolio. Both supply integrated chemistry + equipment solutions to OEMs.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Grauer & Weil