Carborundum Universal logo

Carborundum Universal

CARBORUNIV NSE

Key Fundamentals

SmallcapAbrasives & BearingsIndustrial Products
Market Cap
₹23,973 Cr
Volatility
Moderate
P/E Ratio
112.8
EBITDA
₹651 Cr
Return on Equity
4.19%
Debt to Equity
0.11
Book Value
₹204.58
EPS
₹20.19
52W High
₹1,368.9
52W Low
₹735.2

Tapetide Score

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

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.

Growth Rate

Revenue Growth
6.95% higher than 3Y
Net Income Growth
-43.82% lower than 3Y
Cash Flow Change
20.75% higher than 3Y
ROE
-48.46% lower than 3Y
ROCE
-42.05% higher than 3Y
EBITDA Margin (Avg.)
-19.15% higher than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk high

Carborundum Universal has a market capitalisation of about ₹24,212 crore and trades at 131.3x earnings and 6.33x book value. Sales have compounded at 15% over 5 years and 10% on a trailing-twelve-month basis, but profit fell 14% over both the TTM period and 3 years. ROE dropped to 7% last year from a 10-year average of 13%. The stock has returned 39% over the past year, even though earnings have been falling.

Bull Case 7
  • Revenue growth has held up over the long term. Sales compounded at 15% over 5 years and 10% over 10 years, which suggests steady demand across its abrasives, ceramics and electrominerals businesses.
  • Top-line growth picked up to 10% TTM from a 3-year sales CAGR of 4%, which could point to a demand recovery after a slow patch.
  • The company has paid out a steady 27.2% of profit as dividends, which shows cash-return discipline while still keeping capital for reinvestment.
  • The stock has compounded at 17% over 10 years, well ahead of its 10-year profit CAGR of 6%. This reflects a durable market premium for the franchise over time.
  • ROE averaged 13% over 10 years and 12% over 5 years. If margins normalise, returns could recover toward those historical levels from the current 7%.
  • A 39% 1-year stock return shows renewed market interest and momentum in the name.
  • At about ₹24,212 crore, the company is large enough to have scale in industrial consumables and speciality materials, and it has diversified exposure across end-user industries.
Bear Case 8
  • Valuation is stretched. A P/E of 131.3 implies an earnings yield of only about 0.76%, which leaves little room for execution disappointment.
  • Profit is shrinking. It declined 14% TTM and 14% on a 3-year compounded basis, and 5-year profit CAGR is -3%, even while sales kept growing.
  • ROE fell to 7% last year from a 3-year average of about 10.8–11% and a 10-year average of 13%, which indicates weaker capital efficiency.
  • The gap between price and earnings has widened. The stock gained 39% in 1 year while TTM profit fell 14%, so the move came from multiple expansion rather than earnings growth.
  • A P/B of 6.33 alongside a P/E of 131.3 implies a trailing return on book of only about 4.8%, which is hard to justify at a premium to book value.
  • The dividend yield of 0.31% gives almost no income support to the valuation.
  • Over 3 years, shareholders have earned only a 3% stock CAGR and sales grew just 4%, so medium-term returns have been weak despite the long-term record.
  • 10-year sales CAGR of 10% is well ahead of 10-year profit CAGR of 6%, which suggests long-running margin compression rather than a one-off dip.

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

AI News Digest

1d ago
Neutral 2
  • $3M infusion for German exit Sep 30

    Carborundum Universal put $3 million into its Cyprus subsidiary, CUMI International Limited, to fund the closure of its German subsidiary, CUMI Awuko Abrasives GmbH. This is a one-time restructuring cost and could cut ongoing losses from the European abrasives business.

  • ESG rating disclosed Sep 18

    The company disclosed an ESG rating from Niche Ninety Nine Capability and Certifications. The rating is independent and based only on public domain information, so it is unlikely to affect the stock much.

TL;DR: The recent news on Carborundum Universal is mostly housekeeping. The main item is a $3 million capital infusion to support closing its German abrasives subsidiary, CUMI Awuko Abrasives GmbH. This signals a pullback from a weak overseas unit and adds a short-term cost, but it should help consolidated margins over time. Neither article says anything about demand, pricing or earnings. Look to the next quarterly results to see whether the German exit lifts profitability in the abrasives segment.

Quarterly Results

Particulars Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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
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
Depreciation
46
46
48
51
51
52
53
56
59
62
61
65
66
PBT
160
148
163
180
158
162
43
105
86
113
113
-30
119
Tax %
26%
30%
31%
21%
27%
28%
13%
71%
30%
34%
35%
34%
33%
Net Profit
118
104
112
143
115
116
38
30
60
74
73
-40
80
EPS in Rs
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
Figures in ₹ Crores

Profit & Loss

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 in Rs
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%
—
Figures in ₹ Crores

Balance Sheet

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
Figures in ₹ Crores

Cash Flow

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/OP
169
85
111
81
73
127
119
70
90
109
70
93
Figures in ₹ Crores

Ratios

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

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Shareholding Pattern

Others5.00%Govt.0.01%Promot.38.89%FIIs11.13%Public15.90%DIIs29.06%As ofJun 2026

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. [1]
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 market capitalisation of Carborundum Universal Ltd?
Carborundum Universal Ltd has a market capitalisation of ₹23,973 Cr, which places it in the Large Cap band.
What is the PE ratio of Carborundum Universal Ltd?
Carborundum Universal Ltd trades at a PE ratio of 112.80, on earnings per share of ₹20.19, against a book value of ₹204.58 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.
Does Carborundum Universal Ltd pay dividends?
Carborundum Universal Ltd has a dividend yield of 0.32%.
What is the Return on Equity (ROE) of Carborundum Universal Ltd?
Carborundum Universal Ltd reported a return on equity of 4.19%. 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. [1]

Website cumi.murugappa.com
CEO Mr. Sridharan Rangarajan
Employees 2,380
Listed 1996-04-03
Face Value ₹ 1
Issued Size 19,04,47,864

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