Enclosed transcript of Investor call held on May 15, 2026.
CARBORUNIV · price
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CUMI delivered strong Q4 FY26 with standalone sales of INR 845 crores (up 23.1% YoY) and PAT doubling to INR 122 crores. Full-year standalone revenue crossed INR 3,000 crores at INR 3,024 crores with 29.4% PAT growth to INR 416 crores. However, consolidated PBT declined 27.2% to INR 416 crores due to significant losses at subsidiaries: VAW Russia (sanctions impact, INR 87 crores loss), Foskor Zirconia (INR 22 crores loss, being wound up), Awuko Abrasives (INR 75 crores loss, voluntary winding up) and Rhodius Abrasives (INR 45 crores loss). The company provided FY27 guidance of 4-4.5% consolidated sales growth (11-12% excluding discontinued units), with margin improvement across all segments—Abrasives to 9.5-10% (from 4.3%), Ceramics at 20.5-21%, Electrominerals at 9-9.5%. Exports in Electrominerals grew 100% YoY, now contributing 33% of segment sales. CAPEX of INR 400 crores planned for FY27 focusing on advanced ceramics, power electronics, and SOFC expansion.
Management's decisive action on loss-making subsidiaries (Foskor, Awuko) removes earnings drag and signals margin recovery; strong standalone performance and improving export momentum are positive, but the stock faces headwinds from geopolitical exposure at VAW Russia and weak European operations at Rhodius.