NSE: CARBORUNIV · BSE: 513375
CARBORUNDUM UNIVERSAL LTD
Manufactures industrial materials across three segments that together generated FY26 consolidated revenue of 5,206.31 crore. The Abrasives segment (40% of segment revenue at 1,269.57 crore) covers bonded and coated grinding products via the German subsidiary Rhodius and the now-winding-up Awuko. The Ceramics segment (31.5% at 1,000.14 crore) supplies advanced ceramic components to semiconductor fab equipment makers (qualification complete, serial supply from FY27), solid oxide fuel cell (SOFC) customers serving AI data-centre power demand, defence/armour applications, and power electronics substrates. The Electrominerals segment (28.5% at 905.96 crore) produces fused mineral grains that feed into abrasives and refractories; exports in this segment doubled to 33% of segment sales from 11% the prior year. Standalone FY26 sales crossed 3,024 crore (+8.6% YoY) with 31% of standalone turnover exported to 67 countries. Materials are the largest input at 36.7% of revenue, followed by other operating expenses at 31.4% and employees at 18.3%. The company is net debt-free and has guided FY27 capex of 400 crore. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Abrasives (40%), Ceramics (32%), Electrominerals (29%). Asset-heavy industrial materials with diversified end markets across infrastructure, semiconductors, energy and defence
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 3,325 | 4,654 | 4,702 | 4,894 | 5,206 |
| EBITDA (ex other income) | 537 | 677 | 739 | 608 | 444 |
| margin % | 16.1 | 14.5 | 15.7 | 12.4 | 8.5 |
| Owners' profit | 333 | 414 | 461 | 293 | 195 |
| EPS, as reported (₹) | 17.57 | 21.80 | 24.27 | 15.58 | 10.30 |
| ROE % · ROCE % | 14.3 · 18.1 | 15.0 · 17.8 | 14.6 · 18.0 | 8.1 · 11.1 | 4.2 · 6.4 |
| Debt / equity (x) | 0.09 | 0.08 | 0.03 | 0.03 | 0.08 |
| Cash from operations | 245 | 430 | 602 | 304 | 367 |
| Capex | (163) | (293) | (219) | (274) | (300) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,224 | 1,255 | 1,217 | 1,219 | 1,298 | 1,291 | 1,398 | 1,427 |
| Profit before tax | 151 | 33 | 93 | 78 | 107 | 105 | (38) | 108 |
| Net profit | 116 | 38 | 30 | 60 | 74 | 73 | (40) | 80 |
| EPS (₹) | 6.09 | 1.83 | 1.73 | 3.28 | 3.94 | 4.02 | (0.93) | 4.04 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Abrasives | 2,271 | 42.5 |
| Ceramics | 1,268 | 23.7 |
| Electrominerals | 1,231 | 23.0 |
| Others | 175 | 3.3 |
| electrominerals | 401 | 7.5 |
| Total, before eliminations | 5,345 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TIMKEN INDIA LTD. | 21,206 | 63.8 | 7.28 | 31.6 | 14.2 | 18.4 | — | 20.0 |
| CARBORUNDUM UNIVERSAL LTD ◆ | 20,669 | 98.0 | 5.16 | 39.3 | 4.2 | 5.9 | 14.6 | 12.6 |
| GRINDWELL NORTON LIMITED | 20,594 | 38.8 | 8.08 | 30.8 | 16.3 | 20.7 | 13.4 | 22.6 |
| SKF IND (INDUSTRIAL) LTD | 11,964 | 91.3 | 8.10 | — | 14.7 | 14.9 | — | 10.1 |
| WENDT (INDIA) LIMITED | 1,368 | 80.8 | 5.39 | 35.7 | 5.7 | 8.9 | 11.6 | 17.6 |
| GALAXY BEARINGS LTD. | 318 | 85.8 | 2.89 | — | 3.0 | 4.1 | — | 29.7 |
| NRB INDUS. BEARINGS LTD. | 68 | — | — | — | 53.4 | (75.7) | 6.0 | (4.0) |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 98.0 | 17.6 | 319 of 337 | 5% |
| P/B | 5.2 | 1.9 | 263 of 316 | 17% |
| ROCE | 5.9 | 9.7 | 241 of 373 | 36% |
| ROE | 4.2 | 8.7 | 226 of 322 | 30% |
| Debt / Equity | 0.1 | 0.2 | 108 of 320 | 67% |
| EBITDA margin | 12.6 | 11.9 | 147 of 317 | 54% |
| Revenue growth | 17.0 | 13.7 | 136 of 311 | 57% |
| Profit growth | 33.0 | 25.5 | 143 of 314 | 55% |
| Market cap | 20669 | 203 | 15 of 383 | 96% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Investor call scheduled for September 2026 unaudited results | board shareholder meetings | low | — | — |
| 16 Oct 2026 · ESG rating assigned by NSE Sustainability Ratings | business updates | medium | — | — |
| 16 Oct 2026 · Board meeting on 2 Nov 2026 to consider Q2/H1 FY27 results | results | low | — | — |
| 9 Oct 2026 · Routine compliance certificate on share dematerialisation filed for Q2 FY27 | compliance | minimal | — | — |
| 6 Oct 2026 · Allotment of 4,750 equity shares under ESOP Plan 2016 | capital market events | low | — | — |
| 30 Sept 2026 · CUMI infuses USD 3M into Cyprus subsidiary for German unit closure | business updates | medium | — | — |
| 25 Sept 2026 · Trading Window closed from Oct 1 to Nov 4 for Q2 results | compliance | minimal | — | — |
| 18 Sept 2026 · ESG rating assigned to Carborundum Universal by independent provider | business updates | medium | — | — |
| 7 Sept 2026 · Carborundum Universal appoints new CFO effective September 7, 2026 | management changes | high | — | — |
| 3 Sept 2026 · Special window for re-lodgement of physical share transfers advertised | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.