Carborundum Universal Ltd.

•

cumi-murugappa.comBSE: 513375NSE: CARBORUNIV

Market Cap₹ 20,464 Cr.

Current Price

High / Low₹ 1,307 / 735

Stock P/E97.8

Book Value₹ 206

Price to Book3.84

Dividend Yield0.37 %

ROCE7.7 %

ROE4.6 %

Face Value₹ 1

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Abrasives: 44.0% • Electrominerals: 28.1% • Ceramics: 24.6%

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

View full sector analysis →

PROS

Company is almost debt free
Company has consistently been profitable over the last 5 years
Latest quarter profit grew 33.0% YoY, showing strong momentum
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.35x)
Company has been maintaining a healthy dividend payout of 39.1%

CONS

Recent results are weak - TTM profit is down 58.5% versus prior year
A large part of profit comes from other income (27.7% of PBT)
Promoter holding has decreased over last 2 years: -2.3pp
Company has a low return on equity of 9.9% over last 3 years
Total debt has risen sharply - up 153.7% year on year
Company has delivered a poor profit growth of -10.6% over past five years

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsAbrasivesAbrasives

Part ofNIFTY TOTAL MKT NIFTY 500 NIFTY SMLCAP 250

S.No.	Name
1.	GRINDWELL	1883.80	47.80	20857.43	1.01	115.32	22.10	803.29	14.75	23.52	19.60
2.	CARBORUNIV	1074.20	97.80	20464.09	0.37	80.34	33.04	1426.63	18.23	7.66	10.22
3.	WENDT	8814.80	104.01	1762.96	0.34	6.18	63.49	71.28	38.06	9.32	15.43

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	1,191	1,123	1,130	1,183	1,184	1,209	1,241	1,199	1,207	1,287	1,273	1,383	1,427
	1,034	979	959	992	1,004	1,029	1,078	1,071	1,098	1,142	1,134	1,254	1,363
Operating Profit	157	145	171	192	180	180	163	128	109	145	139	129	64
OPM %	13.19%	12.87%	15.17%	16.19%	15.21%	14.89%	13.11%	10.68%	9.02%	11.27%	10.93%	9.33%	4.47%
	31	20	14	13	7	11	-88	6	19	17	13	-112	45
Interest	5	5	5	4	3	4	4	3	3	4	5	6	6
Depreciation	46	46	48	51	51	52	53	56	59	62	61	65	66
Profit before Tax	149	136	153	167	146	151	33	93	78	107	105	-38	119
Tax %	27.96%	32.05%	33.59%	22.18%	29.40%	30.42%	17.72%	79.94%	32.78%	35.87%	38.22%	-26.53%	32.61%
Net Profit	0	0	0	0	115	116	38	301	60	74	73	-40	80
	5.96	5.36	5.86	7.10	5.94	6.09	1.83	1.73	3.28	3.94	4.02	-0.93	4.04

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	2,112	2,368	2,689	2,599	2,632	3,325	4,654	4,702	4,894	5,206	5,369
	1,784	1,969	2,252	2,202	2,168	2,789	4,004	3,965	4,200	4,634	4,892
Operating Profit	329	399	437	397	464	536	651	737	695	573	477
OPM %	15.56%	16.84%	16.25%	15.29%	17.63%	16.11%	13.98%	15.67%	14.19%	11.00%	8.88%
	29	23	29	46	18	41	103	79	-46	-57	-37
Interest	18	9	8	6	4	6	24	18	14	19	21
Depreciation	96	106	108	105	99	115	187	191	212	247	253
Profit before Tax	262	322	369	351	395	477	580	650	468	282	292
Tax %	29.82%	31.72%	32.86%	21.55%	25.74%	26.55%	23.83%	26.77%	36.16%	40.43%	43.59%
Net Profit	184	220	248	275	293	350	442	476	299	168	165
EPS	9.25	11.39	13.07	14.38	14.99	17.52	21.74	24.24	15.37	10.22	—
Dividend Payout %	18.88%	19.72%	21.00%	19.12%	20.01%	19.93%	16.06%	16.50%	26.02%	39.13%	—

COMPOUNDED SALES GROWTH

10 Years:: 10%
5 Years:: 15%
3 Years:: 4%

COMPOUNDED PROFIT GROWTH

10 Years:: 3%
5 Years:: -7%
3 Years:: -22%

STOCK PRICE CAGR

10 Years:: 15%
5 Years:: 3%
3 Years:: -3%
1 Year:: 9%

RETURN ON EQUITY

10 Years:: 14%
5 Years:: 13%
3 Years:: 10%
Last Year:: 5%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	19	19	19	19	19	19	19	19	19	19
Minority Interest	66	61	52	46	46	86	128	139	147	108
	1,362	1,542	1,701	1,833	2,105	2,332	2,783	3,084	3,477	3,833
	154	126	93	65	58	249	349	197	237	426
Trade Payables	165	198	209	195	303	370	336	337	350	422
	148	142	149	124	145	240	234	265	292	351
Total Liabilities	1,913	2,088	2,222	2,283	2,676	3,296	3,848	4,041	4,521	5,160
	705	736	695	748	777	1,006	1,527	1,555	1,716	1,906
Capital Work in Progress	73	30	46	39	28	58	87	78	118	141
	124	180	227	189	127	138	161	172	201	199
	387	438	533	508	461	691	899	850	1,055	1,117
	0	0	0	0	0	0	0	679	766	891
Cash & Bank	126	129	98	294	689	352	400	558	381	700
	499	574	624	505	594	1,052	774	150	284	206
Total Assets	1,913	2,088	2,222	2,283	2,676	3,296	3,848	4,041	4,521	5,160

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	374	324	322	506	553	377	593	602	304	367
Cash from Investing	-81	-75	-80	-93	-269	-460	-257	-186	-383	-217
Cash from Financing	-207	-83	-109	-135	-66	89	-133	-214	-110	119
	7	55	13	179	115	-126	40	201	-188	270

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
41.16	41.04	39.82	39.82	39.23	38.96	38.90	38.89	38.89
12.76	12.71	13.01	12.11	11.81	10.87	10.98	10.73	11.13
28.24	28.03	28.18	28.86	29.22	29.82	30.01	29.45	29.05
0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
17.82	18.21	18.98	19.20	19.73	20.33	20.10	20.92	20.91

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-09-07

Appointment

2026-09-07 - Carborundum Universal Limited has informed the Exchange regarding appointment of Mr. Sriram Seshadri as Chief Financial Officer & KMP of the Company w.e.f. September 07, 2026.

2026-09-03

Copy of Newspaper Publication

2026-09-03 - Carborundum Universal Limited has informed the Exchange about Copy of Newspaper Publication regarding notice of special window for re-lodgement of transfer requests of physical shares.

2026-08-25

General Updates

2026-08-25 - Carborundum Universal Limited has informed the Exchange about Environment, Social and Governance ( ESG ) rating by Crisil ESG Ratings & Analytics Limited

2026-08-14

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-14 - Carborundum Universal Limited has informed the Exchange about Transcript of the Investor call held on Aug 10, 206.

2026-08-10

Analysts/Institutional Investor Meet/Con. Call Updates

2026-08-10 - Carborundum Universal Limited has informed the Exchange about Link of audio Recording of the Investor call held today.

2026-08-07

ESOP/ESOS/ESPS

2026-08-07 - Carborundum Universal Limited has informed the Exchange regarding Allotment of 6882 equity Shares under ESOP Plan 2016.

2026-08-07

Shareholders meeting

2026-08-07 - Carborundum Universal Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 07, 2026

2026-08-07

Press Release

2026-08-07 - Carborundum Universal Limited has informed the Exchange regarding a press release dated August 07, 2026, titled "Unaudited financial results for the quarter ended June 30, 2026".

2026-08-07

Outcome of Board Meeting

2026-08-07 - Carborundum Universal Limited has submitted to the Exchange, the unaudited financial results for the quarter ended Jun 30, 2026.

News

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