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Carborundum Universal Ltd.
NSE: CARBORUNIVIndustrialsConglomerates
- Last close
- ₹1,028.80
- Day change
- −₹25.90 (−2.46%)vs
- Market cap
- ₹21,149 crIndian rupees
- Research updated
- 1 report
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About Carborundum Universal
Carborundum Universal Ltd. is a renowned industrial entity specializing in the production and supply of high-quality abrasives, ceramics, and electro minerals. Founded in 1954 and headquartered in Chennai, India, the company plays a pivotal role in serving various industries such as manufacturing, minerals, automotive, and construction. Primarily, Carborundum Universal Ltd. addresses the need for advanced material solutions by providing abrasives and other products utilized in processes like cutting, grinding, and surface finishing. Additionally, the company is a key player in the ceramics sector, offering products that enhance performance in sectors requiring thermal management and electrical insulation. Carborundum Universal Ltd.'s electro mineral segment supports markets with crucial materials like silicon carbide and aluminum oxide. Holding a significant presence in both domestic and international markets, the company is recognized for its contribution to industrial innovation and sustainability. With a strong customer base and a comprehensive product portfolio, Carborundum Universal Ltd. substantially impacts various industries by delivering essential materials that enhance efficiency and productivity across the global industrial landscape.
- Sector
- Industrials
- Industry
- Conglomerates
- Listing
- NSE: CARBORUNIV
- Next results
- Employees
- 2,380
- Headquarters
- Chennai, India
- ISIN
- INE120A01034
- Website
- cumi-murugappa.com
Public research · Report of
Business model & financial foundation
CUMI (NSE: CARBORUNIV), Abrasives, industrial ceramics and electrominerals: revenue of ₹5,206 crore in FY26 (+6.4% on FY25), an EBITDA margin of 11.1%, net profit of ₹194.7 crore and net cash of ₹395.5 crore.
- Revenue, FY26 (₹ crore)
- 5,206
- consolidated
- Revenue growth, FY26
- +6.4%
- on FY25
- EBITDA margin, FY26
- 11.1%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 194.7
- to owners
- Return on equity, FY26
- 5.2%
- on average equity
- Net debt, FY26 (₹ crore)
- -395.5
- Borrowings less cash, banks and current investments
- Market capitalisation (₹ crore)
- 20,034
- at the close of 16 Oct 2026
Company profile
CUMI manufactures abrasives, industrial ceramics and electrominerals for industrial users. Its integrated material-to-finished-product chain supports product differentiation, but overseas businesses introduce energy, currency and sanctions risk. Ceramics is the higher-margin franchise; Abrasives and Electrominerals are recovering from overseas losses and impairments.
| Item | Value |
|---|---|
| Legal name | Carborundum Universal Limited |
| Exchange and ticker | NSE: CARBORUNIV; BSE: 513375 |
| ISIN | INE120A01034 |
| CIN | L29224TN1954PLC000318 |
| Sector | Industrials |
| Industry | Abrasives, industrial ceramics and electrominerals |
| Headquarters | Chennai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Price Waterhouse Chartered Accountants LLP |
| Market capitalisation | ₹20,034 crore (16 Oct 2026) |
| Shares outstanding | 19.05 crore shares (FY26) |
| Price | ₹1,104 (close, 16 Oct 2026) |
| 52-week range | ₹735.2 - ₹1,369 (to 16 Oct 2026) |
| Website | https://www.cumi-murugappa.com/ |
Corporate structure and shareholding
Parent: Murugappa group (promoter group).
| Entity | Holding | Business |
|---|---|---|
| Volzhsky Abrasive Works | 97.44% | Russian silicon carbide and abrasives; sanctions exposure |
| RHODIUS | 100% | German abrasives manufacturing and distribution |
| AWUKO | 100% | German coated abrasives; winding up |
| Foskor Zirconia | 51% | South African zirconia; realisable-value accounting |
| Sterling Abrasives | 60% | Indian abrasives |
| CUMI Australia | 51.22% | Industrial ceramics |
| CUMI America | 100% | US sales and manufacturing operations |
| CUMI International Limited | 100% | Cyprus investment holding company; material subsidiary |
| PLUSS Advanced Technologies Limited | 74.06% | Specialty polymer additives and phase change materials; effective75.74% excluding trust shares |
| Net Access India Limited | 100% | IT services |
| Southern Energy Development Corporation Limited | 84.76% | Power generation |
| CUMI USA Inc. | 100% | US investment holding company |
| Silicon Carbide Products LLC | 100% | US ceramic components for high stress industrial applications |
Holdings31Mar2026/2025 from consolidated Note33. VAW97.44% in Note33 conflicts with overview map98.07%; Note33 preferred. CIL/VAW meet Reg24 material threshold; RHODIUS material under Reg16, not Reg24. MMTCL49% and CIRIA30% both JVs in Note6B; Wendt37.5% associate in Note6A.
| Shareholding (% of shares) | Q3FY26 | Q4FY26 | Q1FY27 | Q2FY27 |
|---|---|---|---|---|
| Promoter | 38.90% | 38.89% | 38.89% | |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | |
| Foreign institutions | 10.98% | 10.73% | 11.13% | |
| Domestic institutions | 30.01% | 29.45% | 29.06% | |
| of which mutual funds | 27.80% | 27.75% | 28.13% | |
| Retail | 20.10% | 20.91% | 20.91% | |
| Other | 0.01% | 0.01% | 0.01% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
CUMI (Murugappa group) is an integrated maker of abrasives, industrial ceramics and electrominerals; its own fused minerals feed its abrasives and ceramics. FY26 consolidated revenue from operations was 5,206.31 cr. Segment sales were: Abrasives 2,270.56 cr (result 96.55), Ceramics 1,268.04 cr (256.19) and Electrominerals 1,631.77 cr (90.91). Ceramics earns most of the profit. Abrasives carries the loss-making European units (RHODIUS; AWUKO, now in wind-down). Electrominerals depends on Volzhsky Abrasive Works (VAW) in Russia, which is OFAC-designated. Customers are metalworking, auto, steel and capital goods. CUMI controls its mineral integration and product mix. It does not control Russian power costs, sanctions or customer capex cycles.
| Segment | revenue, FY26 (₹ crore) | Share | ebit, FY26 (₹ crore) | Share |
|---|---|---|---|---|
| Abrasives | 2,271 | 44.1% | 96.6 | 21.9% |
| Ceramics | 1,268 | 24.6% | 256.2 | 58.0% |
| Electrominerals | 1,632 | 31.7% | 90.9 | 20.6% |
| Others | 175.1 | 3.4% | -1.83 | -0.4% |
| Inter-segment revenue eliminations | -196.1 | -3.8% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Grindwell Norton (GRINDWELL) | Closest abrasives and ceramics comparator |
| Wendt India (WENDT) | Precision grinding and superabrasives |
| RHI Magnesita India (RHIM) | Industrial refractory ceramics |
| AIA Engineering (AIAENG) | Industrial wear materials and export exposure |
| Timken India (TIMKEN) | Industrial demand and precision manufacturing |
| SKF India (SKFINDIA) | Industrial bearings; demerger limits comparability |
| Schaeffler India (SCHAEFFLER) | Industrial/automotive demand comparator |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 3,290 | 4,654 | 4,702 | 4,894 | 5,206 |
| Cost of revenue (vendor classification) * | 1,290 | 1,867 | 1,870 | 1,945 | 2,201 |
| Other operating costs (vendor classification) * | 1,053 | 1,400 | 1,325 | 1,343 | 1,427 |
| EBITDA (vendor classification) * | 599.9 | 770.4 | 863.7 | 805.3 | 692.1 |
| EBIT * | 481.6 | 603.0 | 667.7 | 481.3 | 299.9 |
| Finance costs | 5.05 | 23.5 | 18.3 | 14.0 | 18.8 |
| Profit before tax including associate/JV share | 476.6 | 579.9 | 650.3 | 467.9 | 281.7 |
| Total tax expense | 126.5 | 138.2 | 174.1 | 169.2 | 113.9 |
| Profit for period including NCI | 350.0 | 441.7 | 476.2 | 298.7 | 167.8 |
| Diluted EPS (₹) | 17.52 | 21.74 | 24.22 | 15.55 | 10.30 |
| Materials, traded goods and inventory change | 1,714 | 1,697 | 1,795 | 2,037 | |
| Employee benefits expense | 692.3 | 776.1 | 862.3 | 953.2 | |
| Power and fuel | 508.5 | 478.1 | 466.7 | 514.4 | |
| Other expenses | 1,088 | 1,012 | 1,058 | 1,123 | |
| Operating EBITDA excluding other income | 651.9 | 738.8 | 711.8 | 578.9 | |
| Other income | 76.7 | 76.7 | 41.0 | 71.7 | |
| Depreciation and amortisation | 187.3 | 190.8 | 212.0 | 246.8 | |
| Exceptional gains/(losses) | 24.9 | 0.00 | -104.1 | -134.6 | |
| Associate and joint-venture profit share | 37.3 | 43.9 | 45.2 | 31.2 | |
| NCI profit/(loss), signed | 27.7 | 14.9 | 5.97 | -26.9 | |
| Profit attributable to owners | 414.0 | 461.3 | 292.7 | 194.7 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Equity attributable to owners | 2,450 | 2,948 | 3,126 | 3,529 | 3,900 |
| Current plus non-current borrowings | 240.0 | 223.6 | 112.7 | 120.2 | 305.0 |
| Cash equivalents plus other bank balances | 347.5 | 396.4 | 557.9 | 380.6 | 700.4 |
| Trade receivables | 484.8 | 627.4 | 679.0 | 766.2 | 890.8 |
| Inventories | 690.9 | 898.9 | 850.2 | 1,055 | 1,117 |
| Trade payables including MSME | 370.4 | 335.9 | 397.8 | 349.8 | 422.0 |
| Net property, plant and equipment | 720.2 | 1,045 | 1,017 | 1,120 | 1,282 |
| Capital work in progress * | 57.7 | 87.5 | 96.6 | 159.9 | 155.4 |
| Total assets * | 3,323 | 3,924 | 4,152 | 4,643 | 5,291 |
| Borrowings less cash, banks and current investments | -445.2 | -260.4 | -395.5 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash from operations * | 197.5 | 408.5 | 590.3 | 304.2 | 367.4 |
| Free cash flow (vendor definition) * | 80.2 | 128.4 | 366.3 | 26.6 | 57.0 |
| Dividends paid (the provider's sign: an outflow is negative) * | -56.9 | -66.5 | -66.5 | -76.1 | -76.2 |
| PPE purchase capex (cash outflow negative) | -162.0 | -291.8 | -218.4 | -274.1 | -300.3 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Issued, subscribed and paid-up shares at period end | n.r. | n.r. | 19.03 | 19.04 | 19.05 |
| Consolidated EPS weighted-average basic shares | 19.00 | 18.79 | 18.90 | ||
| Consolidated EPS weighted-average diluted shares | 19.05 | 18.82 | 18.91 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,224 | 1,255 | 1,217 | 1,219 | 1,298 | 1,291 | 1,398 | 1,427 |
| Cost of revenue (vendor classification) * | 441.5 | 478.5 | 453.2 | 450.1 | 509.7 | 573.3 | 576.1 | |
| Other operating costs (vendor classification) * | 372.3 | 383.5 | 392.8 | 409.7 | 392.2 | 438.9 | 447.4 | |
| EBITDA (vendor classification) * | 217.6 | 204.0 | 163.9 | 148.2 | 178.9 | 175.5 | 190.5 | |
| EBIT * | 165.7 | 47.3 | 107.9 | 89.3 | 117.8 | -23.6 | 125.0 | |
| Finance costs | 3.68 | 3.85 | 3.13 | 3.49 | 4.43 | 4.59 | 6.25 | 5.80 |
| Profit before tax including associate/JV share | 162.0 | 43.4 | 104.7 | 85.8 | 112.5 | 113.2 | -29.8 | 119.2 |
| Total tax expense | 45.8 | 5.81 | 74.6 | 25.4 | 38.3 | 40.0 | 10.2 | 38.9 |
| Profit for period including NCI | 116.2 | 37.6 | 30.1 | 60.4 | 74.3 | 73.2 | -40.0 | 80.3 |
| Diluted EPS (₹) | 6.07 | 1.82 | 1.73 | 3.27 | 3.94 | 4.01 | -0.93 | 4.04 |
| Materials, traded goods and inventory change | 441.5 | 478.5 | 453.2 | 450.1 | 504.0 | 509.7 | 573.3 | 576.1 |
| Employee benefits expense | 215.3 | 216.5 | 224.9 | 238.0 | 241.4 | 231.9 | 241.9 | 268.0 |
| Power and fuel | 121.4 | 115.7 | 117.2 | 122.3 | 126.8 | 129.1 | 136.2 | 143.3 |
| Other expenses | 250.9 | 267.8 | 275.6 | 287.4 | 269.5 | 263.1 | 302.8 | 304.2 |
| Operating EBITDA excluding other income | 195.0 | 177.0 | 146.3 | 121.3 | 156.4 | 157.1 | 144.2 | 135.1 |
| Other income | 11.3 | 16.4 | 6.26 | 18.7 | 16.9 | 13.3 | 22.7 | 44.7 |
| Depreciation and amortisation | 52.0 | 52.6 | 56.1 | 58.9 | 62.2 | 61.1 | 64.5 | 65.5 |
| Exceptional gains/(losses) | 0.00 | -104.1 | 0.00 | 0.00 | 0.00 | 0.00 | -134.6 | 0.00 |
| Associate and joint-venture profit share | 11.4 | 10.6 | 11.4 | 8.23 | 5.87 | 8.49 | 8.64 | 10.7 |
| NCI profit/(loss), signed | 0.30 | 2.83 | 0.96 | -1.50 | -0.25 | -2.76 | -22.4 | 3.94 |
| Profit attributable to owners | 115.9 | 34.8 | 29.1 | 61.9 | 74.5 | 75.9 | -17.6 | 76.4 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 26.3% | 41.5% | 1.0% | 4.1% | 6.4% |
| EBITDA margin | 14.0% | 15.7% | 14.5% | 11.1% | |
| Net margin | 8.9% | 9.8% | 6.0% | 3.7% | |
| Return on equity | 15.3% | 15.2% | 8.8% | 5.2% | |
| Return on capital employed | 19.5% | 20.6% | 20.8% | 14.0% | 7.6% |
| Return on assets | 11.4% | 11.4% | 6.7% | 3.9% | |
| Net debt (₹ crore) | -445.2 | -260.4 | -395.5 | ||
| Net debt / EBITDA | -0.60x | -0.37x | -0.68x | ||
| Interest cover | 95.4x | 25.6x | 36.4x | 34.5x | 16.0x |
| Asset turnover | 1.09x | 1.28x | 1.16x | 1.11x | 1.05x |
| Receivable days | 54 | 49 | 53 | 57 | 62 |
| Inventory days (on revenue) | 77 | 70 | 66 | 79 | 78 |
| Payable days (on revenue) | 41 | 26 | 31 | 26 | 30 |
| Cash conversion | 0.99x | 1.28x | 1.04x | 1.89x | |
| Capex intensity | 4.9% | 6.3% | 4.6% | 5.6% | 5.8% |
| Free cash flow (₹ crore) | 35.5 | 116.7 | 371.9 | 30.2 | 67.1 |
| Dividend payout | 16.1% | 14.4% | 26.0% | 39.1% | |
| EPS, diluted (₹) | 17.52 | 21.74 | 24.22 | 15.55 | 10.30 |
| Book value per share (₹) | 164.3 | 185.3 | 204.7 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Borrowings less cash, banks and current investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
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The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Carborundum Universal
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 16 Oct 2026; page updated 25 Oct 2026.
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