Carborundum Universal Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Abrasives: 41.9% • Ceramics: 33.0% • Electrominerals: 25.2%
AI Sector View
AI GENERATEDCapital Goods
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.
PROS
- Company is almost debt free
- Company has a consistent dividend-paying track record
- Company generates healthy free cash flow
CONS
- A large part of profit comes from other income (27.2% of PBT)
- Promoter holding has decreased over last 2 years: -2.3pp
- Operating margins have contracted to 15.3% from 19.5%
- Stock is trading at 5.2x its book value
- Expensive relative to growth - PEG of 7.2
- Growth is decelerating - 3Y profit CAGR (7.9%) trails the 5Y trend (17.7%)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| GRINDWELL | 1883.80 | 47.80 | 20857.43 | 1.01 | 115.32 | 22.10 | 803.29 | 14.75 | 23.52 | 19.60 |
| CARBORUNIV | 1074.20 | 97.80 | 20464.09 | 0.37 | 80.34 | 33.04 | 1426.63 | 18.23 | 7.66 | 10.22 |
| WENDT | 8814.80 | 104.01 | 1762.96 | 0.34 | 6.18 | 63.49 | 71.28 | 38.06 | 9.32 | 15.43 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 659 | 643 | 635 | 656 | 664 | 705 | 728 | 687 | 698 | 712 | 769 | 845 | 855 | |
| 546 | 534 | 519 | 540 | 556 | 587 | 610 | 607 | 606 | 617 | 643 | 715 | 756 | |
| Operating Profit | 113 | 110 | 115 | 116 | 108 | 118 | 118 | 80 | 92 | 95 | 125 | 130 | 99 |
| OPM % | 17.19% | 17.04% | 18.19% | 17.69% | 16.20% | 16.76% | 16.17% | 11.63% | 13.23% | 13.31% | 16.30% | 15.44% | 11.63% |
| 18 | 8 | 5 | 15 | 22 | 6 | 2 | 9 | 89 | 8 | 2 | 39 | 15 | |
| Interest | 2 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 17 | 18 | 18 | 19 | 20 | 20 | 20 | 21 | 23 | 24 | 24 | 24 | 26 |
| Profit before Tax | 120 | 109 | 110 | 124 | 119 | 116 | 109 | 81 | 166 | 87 | 115 | 156 | 115 |
| Tax % | 22.20% | 24.20% | 27.16% | 24.05% | 21.89% | 25.17% | 26.42% | 24.16% | 12.90% | 26.18% | 26.68% | 21.47% | 23.32% |
| Net Profit | 93 | 83 | 80 | 94 | 93 | 86 | 81 | 61 | 145 | 64 | 85 | 122 | 88 |
| 4.90 | 4.36 | 4.22 | 4.96 | 4.90 | 4.55 | 4.23 | 3.22 | 7.61 | 3.38 | 4.44 | 6.43 | 4.61 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,406 | 1,576 | 1,782 | 1,651 | 1,672 | 2,215 | 2,510 | 2,633 | 2,828 | 3,063 | 3,181 | |
| 1,199 | 1,327 | 1,486 | 1,393 | 1,399 | 1,847 | 2,046 | 2,141 | 2,360 | 2,586 | 2,731 | |
| Operating Profit | 206 | 250 | 296 | 259 | 274 | 369 | 464 | 492 | 467 | 477 | 450 |
| OPM % | 14.69% | 15.83% | 16.61% | 15.66% | 16.36% | 16.64% | 18.49% | 18.69% | 16.52% | 15.56% | 14.15% |
| 40 | 31 | 28 | 48 | 33 | 43 | 57 | 48 | 39 | 143 | 65 | |
| Interest | 9 | 1 | 1 | 0 | 0 | 1 | 15 | 4 | 0 | 0 | 1 |
| Depreciation | 67 | 74 | 75 | 67 | 61 | 65 | 74 | 73 | 81 | 95 | 98 |
| Profit before Tax | 171 | 205 | 248 | 240 | 244 | 346 | 432 | 463 | 425 | 525 | 473 |
| Tax % | 28.66% | 30.08% | 33.00% | 20.13% | 24.74% | 26.35% | 23.33% | 24.35% | 24.38% | 20.68% | 24.06% |
| Net Profit | 122 | 143 | 166 | 191 | 184 | 254 | 331 | 350 | 322 | 416 | 359 |
| EPS | 6.44 | 7.58 | 8.77 | 10.10 | 9.70 | 13.37 | 17.38 | 18.41 | 16.89 | 21.85 | — |
| Dividend Payout % | 27.11% | 29.63% | 31.32% | 27.22% | 30.92% | 26.11% | 20.09% | 21.72% | 23.68% | 18.30% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 9%
- 5 Years:
- 13%
- 3 Years:
- 7%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 14%
- 5 Years:
- 18%
- 3 Years:
- 8%
STOCK PRICE CAGR
- 10 Years:
- 15%
- 5 Years:
- 3%
- 3 Years:
- -3%
- 1 Year:
- 9%
RETURN ON EQUITY
- 10 Years:
- 14%
- 5 Years:
- 16%
- 3 Years:
- 15%
- Last Year:
- 15%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 |
| 1,035 | 1,148 | 1,253 | 1,342 | 1,508 | 1,709 | 1,969 | 2,256 | 2,506 | 2,843 | |
| 3 | 2 | 1 | 0 | 0 | 165 | 105 | 0 | 0 | 0 | |
| Trade Payables | 134 | 167 | 147 | 127 | 211 | 238 | 239 | 177 | 190 | 222 |
| 107 | 101 | 106 | 85 | 108 | 139 | 107 | 140 | 151 | 187 | |
| Total Liabilities | 1,297 | 1,436 | 1,526 | 1,573 | 1,846 | 2,270 | 2,438 | 2,592 | 2,866 | 3,271 |
| 408 | 430 | 395 | 422 | 418 | 435 | 486 | 527 | 590 | 713 | |
| Capital Work in Progress | 51 | 17 | 22 | 12 | 11 | 18 | 47 | 47 | 74 | 108 |
| 254 | 311 | 345 | 307 | 251 | 968 | 1,048 | 1,039 | 1,100 | 1,099 | |
| 227 | 260 | 339 | 326 | 295 | 400 | 380 | 361 | 442 | 467 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 379 | 452 | 545 | |
| Cash & Bank | 8 | 21 | 17 | 163 | 465 | 18 | 12 | 175 | 88 | 205 |
| 349 | 396 | 407 | 341 | 405 | 430 | 467 | 64 | 120 | 133 | |
| Total Assets | 1,297 | 1,436 | 1,526 | 1,573 | 1,846 | 2,270 | 2,438 | 2,592 | 2,866 | 3,271 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 228 | 200 | 204 | 292 | 330 | 282 | 440 | 401 | 190 | 302 | |
| Cash from Investing | -46 | -29 | -28 | -31 | -214 | -548 | -212 | -77 | -206 | -110 |
| Cash from Financing | -133 | -36 | -59 | -86 | -26 | 111 | -138 | -161 | -71 | -74 |
| -2 | 67 | 35 | 114 | 32 | -239 | -6 | 163 | -87 | 117 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
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 - 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 - Carborundum Universal Limited has informed the Exchange about Environment, Social and Governance ( ESG ) rating by Crisil ESG Ratings & Analytics Limited
2026-08-14 - Carborundum Universal Limited has informed the Exchange about Transcript of the Investor call held on Aug 10, 206.
2026-08-10 - Carborundum Universal Limited has informed the Exchange about Link of audio Recording of the Investor call held today.
2026-08-07 - Carborundum Universal Limited has informed the Exchange regarding Allotment of 6882 equity Shares under ESOP Plan 2016.
2026-08-07 - Carborundum Universal Limited has informed the Exchange regarding Proceedings of Annual General Meeting held on August 07, 2026
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 - Carborundum Universal Limited has submitted to the Exchange, the unaudited financial results for the quarter ended Jun 30, 2026.
News
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