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Carborundum Universal

CARBORUNIV NSE
₹1,093.40 No trade today
P/E
99.49
View as Markdown
MCP
Close 4 Nov 2026 ₹1,093.40 +206.05 +23.2% 1Y
Start ₹887.35

Key Fundamentals

SmallcapIndustrial ProductsCapital Goods

Price-based figures as of · EPS basis: Consolidated · TTM

ROCE
10.50%
Debt to Equity
0.11
EPS (TTM)
₹10.99
Book Value
₹206.93
Market Cap
—
P/E (TTM)
99.49
P/B
5.28
ROE
6.92%
Dividend Yield
0.36%
EBITDA
₹651 Cr
52W High
₹1,368.90
52W Low
₹735.20
Volume
0

Tapetide Score

Data-driven rating, 0–100, as of . How it works →

Overall score

44 Weak

Data confidence 100/100

Category scores

Quality
49
Average
Returns, margins, earnings quality 22% weight
Valuation
42
Weak
Cheap vs sector & own history 24% weight
Growth
29
Poor
Sales & profit trajectory 9% weight
Financial Health
46
Average
Solvency, leverage, coverage 9% weight
Momentum
39
Weak
Trend strength, vol-adjusted 12% weight
Ownership
42
Weak
FII/DII/promoter flows 24% weight

The Tapetide Score is data analysis, not investment advice. Tapetide is not a SEBI-registered research analyst or investment adviser.

Key Insights

Strengths

1
  • Company has been maintaining a healthy dividend payout of 27.2%

Weaknesses

1
  • Company has a low return on equity of 10.8% over last 3 years.

Technical Indicators

Technical signals: verdict and indicator counts
GroupSignalBearishNeutralBullish
OverallBearish964
OscillatorsBearish360
Moving AveragesStrong Bearish604

Key readings

RSI (14)
46.42
Neutral
MACD (12,26,9)
−23.53
Bearish
SMA (50)
1,137.61
Bearish
SMA (200)
1,006.60
Bullish

As of

Analyst Rating

Based on 6 analysts
SELL67%

0 of 6 analysts rate Buy, 2 Hold, 4 Sell.

As of

BUY
0
0%
HOLD
2
33%
SELL
4
67%

Growth Rate

From the financial statements below. 10Y, 5Y, 3Y: compound annual growth to Mar 2026; 1Y: fiscal year to Mar 2026 against Mar 2025; TTM: four quarters to Jun 2026 against Jun 2025.

Revenue

Revenue growth by window
10Y+10.35%
5Y+14.62%
3Y+3.81%
1Y+6.38%
TTM+10.15%

Net profit

Net profit growth by window
10Y+0.81%
5Y−10.53%
3Y−27.56%
1Y−43.81%
TTM−23.36%

Operating cash flow

Operating cash flow growth by window
10Y+7.50%
5Y−4.04%
3Y−5.14%
1Y+20.72%
TTM—

TTM: Reported once a year, so there is no trailing-twelve-month figure.

Operating margin· change in pp

Operating margin growth by window
10Y−4.66 pp
5Y−6.53 pp
3Y−2.89 pp
1Y−3.47 pp
TTM−2.07 pp

Revenue by year

Revenue by year, ₹ crore
Mar 2017₹2,112 Cr
Mar 2018₹2,374 Cr
Mar 2019₹2,689 Cr
Mar 2020₹2,599 Cr
Mar 2021₹2,632 Cr
Mar 2022₹3,325 Cr
Mar 2023₹4,654 Cr
Mar 2024₹4,702 Cr
Mar 2025₹4,894 Cr
Mar 2026₹5,206 Cr

Net profit by year

Net profit by year, ₹ crore
Mar 2017₹184 Cr
Mar 2018₹220 Cr
Mar 2019₹248 Cr
Mar 2020₹275 Cr
Mar 2021₹293 Cr
Mar 2022₹350 Cr
Mar 2023₹442 Cr
Mar 2024₹476 Cr
Mar 2025₹299 Cr
Mar 2026₹168 Cr

Analyst Forecasts

Forecast For
Dec 26 consensus · EBITDA
₹204 Cr +78.3% vs Sep 26
Reported High Mean Low

AI Analysis — Bull vs Bear

Figures as of 2 Nov 2026
AI opinion · based on fundamentals
Risk high

Carborundum Universal Ltd trades at ₹1,079.9 as of 2026-11-02 with a market cap of ₹20,546 crore. The stock commands a PE of 98.26x on a TTM EPS of ₹10.99, reflecting a steep premium despite a 14% TTM profit decline. The company carries minimal debt (debt-to-equity of 0.11) but its ROE has contracted to 4.19% and ROCE stands at 7.11%.

Bull Case 7
  • Near-zero leverage with a debt-to-equity ratio of just 0.11, giving the company significant balance-sheet flexibility for capacity expansion or acquisitions.
  • 10-year compounded sales growth of 10% demonstrates a durable long-term revenue trajectory across economic cycles.
  • 5-year compounded sales growth of 15% indicates an acceleration in top-line momentum over the medium term.
  • TTM revenue growth of 10% shows the company continues to expand its top line at a healthy pace even in the current environment.
  • The stock has delivered a 1-year return of 15% and a 10-year CAGR of 14%, indicating sustained long-term wealth creation for shareholders.
  • Consistent dividend payout ratio of 27.2% reflects a disciplined capital-return policy alongside reinvestment in the business.
  • 10-year average ROE of 13% suggests the current ROE compression may be cyclical rather than structural.
Bear Case 8
  • TTM PE of 98.26x is extremely elevated for an industrial-products company, implying the stock prices in a very aggressive earnings recovery.
  • TTM profit has declined 14% and the 3-year compounded profit growth is also -14%, signalling a sustained earnings deterioration.
  • Current ROE of 4.19% is well below the 10-year average of 13% and the 5-year average of 12%, indicating a sharp drop in capital efficiency.
  • ROCE of 7.11% is modest, suggesting the business is generating only a thin spread over typical cost of capital.
  • 5-year compounded profit growth of -3% means profitability has contracted even as sales grew at 15% CAGR over the same period, pointing to significant margin erosion.
  • 3-year stock CAGR of -2% shows the market has not rewarded shareholders over the medium term despite revenue growth.
  • Dividend yield of just 0.39% offers negligible income cushion at the current price level.
  • Price-to-book ratio of 5.28x is rich for a company whose last-year ROE was only 7%, implying the market is paying a heavy premium relative to current book-value returns.

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

9h ago

TL;DR: Carborundum Universal delivered a strong Q2FY27 with ~13% revenue growth and margin expansion, led by a surging Ceramics division at +36.1% YoY. Key risks include cost pressures in Abrasives and delayed profitability in overseas operations like Rhodius.

Headwinds 4
  • Abrasives margin under cost pressure Nov 04

    Abrasives profitability remains pressured by elevated phenolic resin and fuel costs with limited pricing pass-through. Management expects margins have bottomed and should gradually recover toward the normalized 15-16% range.

  • Rhodius breakeven delayed to Q1FY28 Nov 04

    The overseas Rhodius business is not expected to achieve breakeven until Q1FY28, with gradual profitability improvement thereafter.

  • Semiconductor revenue back-ended Nov 04

    Semiconductor equipment components business has revenue potential of ₹3-3.5 billion by FY30-31, but meaningful contribution remains back-ended with limited near-term impact.

Positives 4
  • Strong Q2FY27 revenue growth ~13% YoY Nov 04

    Consolidated revenue grew ~13% YoY in Q2FY27 with broad-based strength, led by Ceramics (+36.1%) and Electrominerals (+11%). EBITDA margin expanded 49 bps YoY.

  • Ceramics division surging +36.1% Nov 04

    Ceramics remains the key growth driver with 36.1% YoY revenue growth, supported by strong traction in industrial engineered ceramics, metallized cylinders, and Bloom Energy-related products.

  • Loss-making units being closed Nov 04

    Closure of Awuko and Foskor Zirconia should eliminate persistent loss-making operations, improving the consolidated earnings profile going forward.

Neutral 2
  • Electrominerals margins expected stable Nov 04

    Electro Minerals margins are expected to remain relatively stable, supported by favorable product mix and geographic diversification.

  • Valuation at 40.6x FY28E P/E Nov 04

    Stock trades at P/E of 40.6x/34.9x on FY28E/29E earnings, with SoTP valuation applying 35x/41x/15x to Abrasives/Ceramics/Electrominerals respectively on Sep'28E earnings.

Quarterly Results

₹ Cr
CARBORUNIV quarterly results, ₹ crore
Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026Sep 2026
Sales
1,203
1,146
1,151
1,201
1,198
1,224
1,255
1,217
1,219
1,298
1,291
1,398
1,427
1,469
Expenses
1,034
979
960
992
1,004
1,029
1,078
1,071
1,098
1,142
1,134
1,254
1,292
—
Operating Profit
169
168
191
209
194
195
177
146
121
156
157
144
135
—
OPM %
14%
15%
17%
17%
16%
16%
14%
12%
10%
12%
12%
10%
9%
—
Other Income
41
31
25
25
19
23
−77
18
27
23
22
−103
55
—
Interest
5
5
5
4
3
4
4
3
3
4
5
6
6
7
Depreciation
46
46
48
51
51
52
53
56
59
62
61
65
66
64
PBT
160
148
163
180
158
162
43
105
86
113
113
−30
119
58
Tax %
26%
30%
31%
21%
27%
28%
13%
71%
30%
34%
35%
34%
33%
79%
Net Profit
118
104
112
143
115
116
38
30
60
74
73
−40
80
12
EPS (₹)
5.96
5.36
5.86
7.09
5.94
6.09
1.83
1.53
3.25
3.91
3.99
−0.92
4.01
—

Sep 2026: from the results filed on 2 Nov 2026, ahead of the full statement, so some rows are blank.

Profit & Loss

₹ Cr
CARBORUNIV profit and loss, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
2,042
1,944
2,112
2,374
2,689
2,599
2,632
3,325
4,654
4,702
4,894
5,206
5,414
Expenses
1,808
1,636
1,777
1,975
2,250
2,199
2,166
2,784
3,999
3,961
4,178
4,624
4,821
Operating Profit
234
308
336
400
439
400
466
540
655
741
717
582
593
OPM %
11%
16%
16%
17%
16%
15%
18%
16%
14%
16%
15%
11%
11%
Other Income
112
39
41
37
46
62
32
56
136
118
−23
−35
−3
Interest
25
23
18
9
8
6
4
6
24
18
14
19
21
Depreciation
100
87
96
106
108
105
99
115
187
191
212
247
253
PBT
220
237
262
322
369
351
395
477
580
650
468
282
315
Tax %
37%
34%
30%
32%
33%
22%
26%
27%
24%
27%
36%
40%
—
Net Profit
138
155
184
220
248
275
293
350
442
476
299
168
188
EPS (₹)
7.05
7.65
9.27
11.41
13.09
14.38
15
17.56
21.8
24.24
15.37
10.22
10.99
Div. Payout %
18%
20%
19%
20%
21%
19%
20%
20%
16%
16%
26%
39%
—

Balance Sheet

₹ Cr
CARBORUNIV balance sheet, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
19
19
19
19
19
19
19
19
19
19
19
19
Reserves
1,070
1,173
1,364
1,545
1,705
1,839
2,113
2,345
2,802
3,107
3,510
3,881
Borrowings
340
320
156
129
97
70
62
240
277
172
216
413
Other Liabilities
387
348
374
394
401
354
486
692
774
793
835
959
Total Liabilities
1,816
1,860
1,913
2,088
2,222
2,283
2,679
3,296
3,872
4,091
4,580
5,271
Fixed Assets
793
659
705
736
695
748
777
1,006
1,527
1,555
1,716
1,906
CWIP
43
85
73
30
46
39
28
58
87
84
118
141
Investments
41
131
124
180
227
189
127
138
161
172
201
199
Other Assets
938
985
1,011
1,141
1,254
1,307
1,747
2,094
2,096
2,280
2,544
3,025
Total Assets
1,816
1,860
1,913
2,088
2,222
2,283
2,679
3,296
3,872
4,091
4,580
5,271

Cash Flow

₹ Cr
CARBORUNIV cash flow, annual, ₹ crore
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
326
178
295
213
202
407
451
245
430
602
304
367
Investing
−136
−75
−72
−75
−85
−105
−266
−465
−248
−229
−371
−167
Financing
−162
−86
−207
−83
−109
−135
−66
89
−133
−214
−110
119
Net Cash Flow
28
17
16
55
7
168
119
−131
49
159
−177
320
Free Cash Flow
339
96
190
121
107
284
348
−315
130
367
28
60
CFO/EBITDA
169
85
111
81
73
127
119
70
90
109
70
93

Ratios

CARBORUNIV financial ratios, annual
Particulars Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
66
69
66
73
70
56
66
53
49
53
57
62
Inventory Days
198
198
192
199
204
209
187
218
191
183
215
200
Days Payable
87
72
82
90
80
80
123
117
72
73
71
76
Cash Conversion Cycle
177
196
176
182
194
185
130
154
169
163
201
187
Working Capital Days
44
56
74
85
95
88
77
57
70
73
97
75
ROCE %
10%
17%
18%
20%
21%
18%
19%
20%
20%
20%
16%
11%

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

Log in to view Carborundum Universal insights

64 extracted metrics across FY08–FY27.

Shareholding Pattern

As of Sep 2026

  • Promoters 38.84%
  • DIIs 28.76%
  • Public 16.20%
  • FIIs 11.10%
  • Others 5.09%
  • Government 0.01%

No promoter shares pledged as of Sep 2026

Change vs previous quarter

Not shown for some quarters: Others. Not available separately for this quarter: the shareholding filing gives Public and Others as one figure, shown under Public, so Others is left blank rather than estimated.

Documents

Frequently Asked Questions about Carborundum Universal

What does Carborundum Universal Ltd do?
Carborundum Universal Ltd, a part of the Chennai-based Murugappa group, is engaged in the manufacturing of abrasives, ceramics, refractories, and electro-minerals.
Where is Carborundum Universal Ltd (CARBORUNIV) listed?
Carborundum Universal Ltd trades as CARBORUNIV on the NSE and under code 513375 on the BSE.
Which sector does Carborundum Universal Ltd belong to?
Carborundum Universal Ltd is classified under the Industrial Products sector, in the Abrasives & Bearings industry.
What is the PE ratio of Carborundum Universal Ltd?
Carborundum Universal Ltd trades at a PE ratio of 99.49 as of 4 Nov 2026, on earnings per share of ₹10.99, against a book value of ₹206.93 per share.
What is the 52-week high and low of Carborundum Universal Ltd?
Over the last 52 weeks Carborundum Universal Ltd has traded between ₹735.2 and ₹1,368.9 as of 4 Nov 2026.
Does Carborundum Universal Ltd pay dividends?
Carborundum Universal Ltd has a dividend yield of 0.36%.
What is the Return on Equity (ROE) of Carborundum Universal Ltd?
Carborundum Universal Ltd reported a return on equity of 6.92%. Its debt-to-equity ratio is 0.11.

Company Information

Carborundum Universal Ltd, a part of the Chennai-based Murugappa group, is engaged in the manufacturing of abrasives, ceramics, refractories, and electro-minerals.

Website cumi.murugappa.com
CEO Mr. Sridharan Rangarajan
Employees 2,380
Listed 3 Apr 1996
Face Value ₹1

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