Carborundum Universal Ltd(CARBORUNIV)

NSE: CARBORUNIVBSE: 513375

₹ 1,031.3-2.24%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 19,647 crNext results: 2 Nov 2026Website: www.cumi.murugappa.comUpdated: 23 Oct 2026

About

Carborundum Universal Ltd (CUMI) is an Indian manufacturer of abrasives, industrial ceramics, and electrominerals, operating across three core segments with manufacturing in seven countries and sales in more than 60 countries. CUMI is the market leader in abrasives in India, the single largest producer of coated abrasives in India, and a pioneer and market leader in advanced ceramics in India with over three decades of expertise.^[1][2]

Business segments

Abrasives: 42.5% of FY26 consolidated revenue (Rs 2,270.56 cr), covering bonded, coated, super abrasives, metalworking fluids, power tools and allied surface finishing solutions.^[3][2]
Electrominerals: 30.5% of FY26 consolidated revenue (Rs 1,631.77 cr), supplying fused alumina, silicon carbide, zirconia, thermal spray powders and specialty ceramic powders.^[3][2]
Ceramics: 23.7% of FY26 consolidated revenue (Rs 1,268.04 cr) with the highest EBIT margin at 20.2% in FY26; includes industrial/wear ceramics, metallized cylinders, refractories and engineered ceramics.^[3][4]
Others (including Super Refractories and composites): 3.3% of FY26 consolidated revenue (Rs 175.09 cr).^[3]

Products and brands

Abrasives portfolio spans Bonded Abrasives, Coated Abrasives, Super Abrasives, Metalworking Fluids, Power Tools, Advanced Mineral Solutions, and Allied Surface Finishing Solutions.^[2]
Electrominerals range includes Brown Fused Alumina, White Fused Alumina, Alumina Zirconia, Thermal Spray Powders, Fine Ceramic Powders for SOFC, Fused Zirconia, Silicon Carbide, Monocrystalline Alumina, Graphene, and High-Purity Silicon Carbide.^[2]
Super Refractories business covers fired and monolithic refractories (thermal protection), chemical-resistant linings and FRP process equipment (corrosion protection), and structural and advanced composites for renewable energy, mobility, aerospace and defence.^[2]
Sterling Abrasives Limited (SAL) is India's largest producer of Rice Whitening Stones, with manufacturing facilities in Gujarat.^[2]

Manufacturing and operations

Indian plants span Hosur (abrasives, industrial ceramics), Tiruvottiyur (precision abrasives), Maraimalai Nagar (speciality backing cloth), Edappally (White Fused Alumina), Koratty (SiC and fine ceramic powders), Ranipet (super refractories, shaped SiC/nitride), Jabalpur (refractory cement and castables), and Moti Bhoyan, Gujarat (bio-soluble ceramic fibre).^[2]
Volzhsky Abrasive Works (VAW), Russia - one of the world's largest single-site Silicon Carbide manufacturers with a capacity of 90,000 tonnes per annum.^[2]
Electrominerals has captive raw material linkages: bauxite mines and calcination facility at Okha, Gujarat, and a mini hydel power plant at Maniyar, Kerala.^[2]
More than 4,000 employees in India as of FY26.^[2]

Key operating numbers

Standalone EMD export mix reached >33% of EMD sales in FY26, up from 11% in FY25, driven by treated grain introduction and EU anti-dumping duties on Chinese grains; export trajectory moving toward 40% in Q1 FY27.^[4][5]
Standalone EMD grew 33% YoY in Q1 FY27 (Rs 282 cr vs Rs 212 cr), predominantly volume-driven; standalone Abrasives grew 14.7% and Ceramics 15.2% in Q1 FY27.^[5]
Standalone Abrasives PBIT margin fell to 10.4% in Q1 FY27 from 13.1% in Q1 FY26 and 15.3% for full-year FY26, pressured by a ~Rs 16 cr resin and fuel cost push linked to oil reaching $117/barrel in May 2026.^[5]
Rhodius (Germany) Q1 FY27 sales were EUR 15.6 million, +18% vs EUR 13.2 million in Q1 FY26; loss after tax narrowed to EUR 0.7 million from EUR 1.6 million.^[5]
VAW (Russia) FY26 sales were ~6 billion roubles, -35.3% YoY in rouble terms, reflecting US-sanctions impact that began January 2025.^[4]
SCP (USA) recorded revenues of USD 4.7 million and profit after tax of USD 0.3 million in its first full year since acquisition, specialising in Nitride Bonded Silicon Carbide products.^[2]
CUMI (Australia) grew revenue from AUD 33 million to AUD 36.3 million in FY26, with profit after tax of AUD 3.6 million.^[2]

Customers and distribution

CUMI sells to 818 dealers/distributors in India (FY26); sales to dealers/distributors represent 35.0% of total sales, with the top 10 dealers accounting for 24.2% of total dealer sales.^[2]
Industrial Ceramics exports contribute nearly 75% of segment revenues, with customer networks across the United States, Australia, and Europe.^[2]
CUMI sells products in more than 60 countries with manufacturing in seven countries.^[2]

Expansion and capex

FY27 consolidated capex guidance is Rs 400 crores, covering power electronics ceramics, BFA expansion, thermal spray powders, zirconia furnace and grain processing, 110 kV substation, and tunnel kiln; Q1 FY27 spend was Rs 53 crores.^[4][5]
Thin-wheel capacity commissioned at Hosur using DRONCO-acquired assets (Rs 83 cr capex); capable of producing 46 million thin wheels with peak revenue potential of Rs 120 crores.^[4]
White Fused Alumina furnace upgraded from 2 MVA to 4.5 MVA (Rs 53 cr capex including 110 kV substation) with incremental revenue potential of Rs 95 crores; treatment facility expanded (Rs 30 cr capex) with maximum revenue potential of Rs 120 crores.^[4]
Semiconductor wafer fab equipment ceramics facility (Phase 1, Rs 66 cr capex) commissioned in H1 FY26; serial supplies commenced FY27 with material revenue expected from FY28 onwards, peaking in FY30.^[4][5]
Aerospace & defence ceramics facility commissioned (Rs 49 cr capex) with STANAG Level 4 and BIS Threat Levels 5 and 6 certifications; full program revenue expected from FY28 with SCOMET export approval pending.^[4][2]
Metallized substrate facility with anchor customer and technology tie-up being set up (targeted FY27 completion); revenues expected from FY28.^[5]

Recent developments

Voluntary winding-up of Awuko Sandpapier (Germany) initiated in Q4 FY26 with Rs 119 crores exceptional charge; Awuko reported EUR 1.69 million loss in Q1 FY27; process targeted for completion by Q2 FY27.^[4][5]
Foskor Zirconia (South Africa, 51% subsidiary) declared commercially unviable by its board in FY26 (Rs 16 cr asset write-down); management evaluating exit options with South African partners, targeting resolution by Q2 FY27.^[4][5]
CUMI achieved 5N purity in High-Purity Silicon Carbide (HpSiC) in FY26 and identified the technology route toward 6N purity, targeting semiconductor-grade powder markets.^[2]
CUMI established a pilot-scale facility to manufacture ceramic powders for SOFC/SOEC applications in FY26, in collaboration with CSIR-CGCRI as technology partner.^[2]
China removed export rebates on abrasives (including grinding wheels) from 9% to 0%, effective April 2026, which management views as a positive competitive tailwind for CUMI's domestic position.^[6]
Consolidated comparable sales growth guidance upgraded to ~15% (ex-Foskor and Awuko) for FY27 in Q1 FY27 call, from a prior guide of 11-12%; Ceramics full-year FY27 growth guidance upgraded to 23-25% from 15-15.5%.^[5]

Market Cap

₹19,647 Cr

High / Low

₹1,369 / 735

Stock P/E

99.0

Price / Book

5.3

Book Value

₹205

EPS

₹10.2

No. of Shares

19.05 Cr

ROCE

10.4%

ROE

5.2%

OPM

7.6%

Debt / Equity

0.08

Sales

₹5,206 Cr

Net Profit

₹168 Cr

Promoter holding

38.9%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials

Carborundum Universal Ltd(CARBORUNIV)

About

Business segments

Products and brands

Manufacturing and operations

Key operating numbers

Customers and distribution

Expansion and capex

Recent developments

Signal history

The analysis Screener can't give you

AI Deep Dive

Verdict

Company data

Product Segments

Corporate Actions