CARBORUNIV

Carborundum Universal share price & financials

Price
₹1,241.7
Market cap
₹21.9k Cr
Sector
Capital Goods
Calls analysed
7
Latest concall · Q1 FY27 · call held 10 Aug 2026

Carborundum Universal Limited Q1 FY27

Consolidated PAT ₹76 cr +23%

What went well

  • Consolidated sales grew 16.9% YoY to INR 1,411 crores, and 2% QoQ.
  • Standalone sales grew 21.2% YoY to INR 846 crores, driven by all three segments.
  • Consolidated PAT grew 23.4% YoY to INR 76 crores.

What to watch

  • Standalone PAT declined 28.3% QoQ to INR 88 crores due to seasonality and lower dividend income.
  • Standalone Abrasives PBIT margin declined to 10.4% from 13.1% YoY, impacted by raw material cost push (approx. INR 16 crores) and volume drop (INR 8-9 crores).
Read the full call →

What Carborundum Universal Limited does

Carborundum Universal (CUMI) manufactures Abrasives, Electrominerals, Industrial Ceramics, Super Refractories, Ceramic Fibres and Phase Change Materials used in grinding, cutting, mining, power generation, fusion and industrial manufacturing. It earns by selling these engineered materials to sectors such as Automotive, Construction, Aerospace, Steel and Power Generation, both under its own brands and through subsidiaries acquired in Germany, Russia, South Africa, Australia and the USA. The company runs manufacturing operations across seven countries and serves customers in more than 60 geographies worldwide.

Segments

  • Abrasives
  • Electrominerals
  • Ceramics
Global employees
6,200+
Manufacturing facilities in India
20
Countries with manufacturing operations
7
Geographies served
60+
Market position
Among the largest global producers of Silicon Carbide grains; second-largest global producer of Metallised Cylinders; leading market player in Abrasives
Key subsidiaries/brands
Volzhsky Abrasives Works (Russia), Rhodius Abrasives & CUMI AWUKO Abrasives (Germany), Foskor Zirconia (South Africa), CUMI Australia, CUMI America, Sterling Abrasives, Wendt India, Pluss Advanced Technologies (India)
Founded 1954Headquarters Chennai, Tamil Nadu, IndiaEmployees 6,200 (FY2024-25) Company website

Guidance record · Q1 FY27

what the last two calls moved 31 tracked 6 delivered 14 missed 11 open
  • Long-term Sales Target went quiet said Q4 FY25 Promised: 2 times growth in next 5 years Q1 FY27: The '2x in 5 years' target was not mentioned, with focus remaining on the 'Aspiration 2030' framework.
  • Consolidated Sales Growth FY27 (Comparable, Excl. Awuko & Foskor) revised up said Q4 FY26 Promised: 11% to 12% Q1 FY27: Guidance revised up to 15% growth for FY27, from 11-12%, based on strong order load and customer forecasts.
  • Consolidated PBIT Margin FY26 delivered, diluted said Q4 FY25 Promised: Drop of 100-150 bps from 11.2% base (Target: 9.7%-10.2%) Q4 FY26: Actual FY26 PBIT margin was 7.85%. This is within the heavily revised 7-8% guidance but a significant miss from the original 9.7-10.2% target.

All 31 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 17.1%, net profit up 33.3% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue1,224 1,255 1,217 1,219 1,298 +6%1,291 +3%1,398 +15%1,427 +17%
EBITDA195 177 146 121 156 −20%157 −11%144 −1%135 +12%
Net profit116 38 30 60 74 −36%73 +92%-40 −233%80 +33%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +9.4% 1Y

₹0.8k₹1.0k₹1.2kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 31 Oct 2025Q3 FY26 — 30 Jan 2026Q4 FY26 — 15 May 2026Q1 FY27 — 10 Aug 2026

1Y: ₹982.6 on 10 Sept 2025 → ₹1,075.2. High ₹1,241.7 (19 Jun 2026), low ₹748.35 (19 Mar 2026).

How the price took the results

close before → close after

Q1 FY27
+2.2%
10 Aug
Q4 FY26
+6.3%
15 May
Q3 FY26
−2.0%
30 Jan
Q2 FY26
−2.7%
31 Oct

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 3.8% a year over 3 years, FY23 to FY26. Operating margin narrowed to 11.1%.

Year endingFY23FY24FY25FY26
Revenue₹4.7k Cr₹4.7k Cr₹4.9k Cr₹5.2k Cr
Operating profit₹651 Cr₹737 Cr₹712 Cr₹578 Cr
Operating margin14.0%15.7%14.5%11.1%
Interest₹23 Cr₹19 Cr₹14 Cr₹18 Cr
Depreciation₹187 Cr₹191 Cr₹212 Cr₹247 Cr
Net profit₹442 Cr₹477 Cr₹299 Cr₹167 Cr
Net margin9.5%10.1%6.1%3.2%
Cash from operations₹430 Cr₹602 Cr₹304 Cr₹367 Cr
Free cash flow₹130 Cr₹367 Cr₹28 Cr₹60 Cr
ROCE20.0%20.0%16.0%11.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹19 Cr₹19 Cr₹19 Cr₹19 Cr₹19 Cr₹19 Cr
Reserves₹2.1k Cr₹2.3k Cr₹2.8k Cr₹3.1k Cr₹3.7k Cr₹3.9k Cr
Borrowings₹62 Cr₹240 Cr₹277 Cr₹172 Cr₹308 Cr₹413 Cr
Other liabilities₹486 Cr₹692 Cr₹774 Cr₹793 Cr₹976 Cr₹959 Cr
Total liabilities₹2.7k Cr₹3.3k Cr₹3.9k Cr₹4.1k Cr₹5.0k Cr₹5.3k Cr
Fixed assets₹777 Cr₹1.0k Cr₹1.5k Cr₹1.6k Cr₹1.8k Cr₹1.9k Cr
Capital work in progress₹28 Cr₹58 Cr₹87 Cr₹84 Cr₹203 Cr₹141 Cr
Investments₹127 Cr₹138 Cr₹161 Cr₹172 Cr₹219 Cr₹199 Cr
Other assets₹1.7k Cr₹2.1k Cr₹2.1k Cr₹2.3k Cr₹2.8k Cr₹3.0k Cr
Total assets₹2.7k Cr₹3.3k Cr₹3.9k Cr₹4.1k Cr₹5.0k Cr₹5.3k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public added +1.17 pp while FIIs trimmed −0.68 pp. The shareholder count shrank 7% to 64,977.

Promoters
38.9%
FIIs
11.1%
DIIs
29.1%
Government
0.0%
Public
20.9%

Since Jun 2025

  • Public +1.17 pp
  • FIIs −0.68 pp
  • Promoters −0.33 pp

How it drifted, 12 quarters

Over this window promoters fell from 41.3% to 38.9% — −2.4 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 41.3%, FIIs 10.2%, DIIs 29.7%, Government 0.0%, Public 18.8%.Dec '23: Promoters 41.3%, FIIs 10.6%, DIIs 29.8%, Government 0.0%, Public 18.2%.Mar '24: Promoters 41.2%, FIIs 11.7%, DIIs 29.1%, Government 0.0%, Public 18.0%.Jun '24: Promoters 41.2%, FIIs 12.8%, DIIs 28.2%, Government 0.0%, Public 17.8%.Sep '24: Promoters 41.0%, FIIs 12.7%, DIIs 28.0%, Government 0.0%, Public 18.2%.Dec '24: Promoters 39.8%, FIIs 13.0%, DIIs 28.2%, Government 0.0%, Public 19.0%.Mar '25: Promoters 39.8%, FIIs 12.1%, DIIs 28.9%, Government 0.0%, Public 19.2%.Jun '25: Promoters 39.2%, FIIs 11.8%, DIIs 29.2%, Government 0.0%, Public 19.7%.Sep '25: Promoters 39.0%, FIIs 10.9%, DIIs 29.8%, Government 0.0%, Public 20.3%.Dec '25: Promoters 38.9%, FIIs 11.0%, DIIs 30.0%, Government 0.0%, Public 20.1%.Mar '26: Promoters 38.9%, FIIs 10.7%, DIIs 29.4%, Government 0.0%, Public 20.9%.Jun '26: Promoters 38.9%, FIIs 11.1%, DIIs 29.1%, Government 0.0%, Public 20.9%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 0 holders trimming and 9 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Carborundum Universal Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Ambadi Investments Limited 29.43%unchanged
SBI Midcap Fund Mutual fund9.66%newly disclosed
Nippon Life India Trustee Ltd-A/C Nippon India Mul Mutual fund5.16%newly disclosed
Kotak Small Cap Fund Mutual fund2.33%newly disclosed
ICICI Prudential Mutual Fund - ICICI Prudential Mutual fund2.21%newly disclosed
Kotak Funds - India Midcap Fund Global fund house2.05%unchanged
Murugappa Educational And Medical Foundation 2.00%unchanged
HDFC Large And Mid Cap Fund Mutual fund1.70%newly disclosed
Tata Ethical Fund Mutual fund1.52%newly disclosed
Invesco India Balanced Advantage Fund Mutual fund1.51%+0.18 pp
Axis Mutual Fund Trustee Ltd. A/C Axis Mutual Fund Mutual fund1.36%+0.34 pp
Southern Energy Development Corporation Ltd. 0.76%unchanged

A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.

Mutual funds in CARBORUNIV

Filings to Aug 2026

0 new, 5 added, 2 trimmed, 0 sold out — net +0.31 L shares (+0.1%).

Held by funds
₹3.5k Cr
28 schemes
Biggest holder
SBI Smallcap Fund
₹547 Cr · 1.3% of that fund
SchemeHoldingLast month
SBI Smallcap Fund SBI Mutual Fund₹547 Crheld
Nippon India Small Cap Fund Nippon India Mutual Fund₹451 Cr+0.30 L
SBI MultiCap Fund SBI Mutual Fund₹388 Crheld
Nippon India Growth Mid Cap Fund Nippon India Mutual Fund₹343 Crheld
SBI Midcap Fund SBI Mutual Fund₹332 Crheld
SBI Contra Fund SBI Mutual Fund₹201 Crheld
SBI Flexicap Fund SBI Mutual Fund₹196 Crheld
SBI Balanced Advantage Fund SBI Mutual Fund₹175 Crheld

HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.

Mutual funds Aug 2026

5 added, 2 trimmed — net +30,957 shares (+0.1%)

Funds are sitting on
+40%
vs est. average cost
Held by funds
₹3.5k Cr
28 schemes · ≈ 18% of the company
Biggest holder
SBI Smallcap Fund
₹547 Cr · 1.3% of that fund
Longest holder
Nippon India Small Cap Fund
8y 6m · since Mar '18

Shares held by these funds +23%

Aug '23 3.13 cr shares Jul '26

What the price assumes

Growth trap

To justify its price of ₹1075, this stock must grow earnings at 46% every year for 7 years. Our analysis caps realistic growth at ~-22%. At that growth it is worth ₹31 — downside of 97%.

Growth the price implies
46.4% a year
for 7 years, fading to 4%
It has actually compounded at
-27.7% a year
net profit, FY23–FY26 · EPS -22.3%
The gap
0.7 pp
-97% downside if it only repeats history
Price today ₹1,075.2 Value at the reference growth ₹30.71

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Carborundum Universal Limited

Guides on how to read this kind of business and the numbers that matter.