Carborundum Universal Limited (CARBORUNIV)

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Carborundum Universal Limited (CARBORUNIV) · mywealthgrid

About

Carborundum Universal operates in Abrasives & Bearings within Industrials, with market cap ₹21,938 Cr. Quarterly revenues range ₹720–1,427 Cr across segments. Company has maintained regular dividend payouts over past 18 months.

Face value: ₹1

Market cap

₹23,616 Cr

P/E

112.9×

P/B

6.1×

Dividend yield

0.3%

ROE

5.2%

ROCE

9.9%

Debt / equity

0.08

OPM

11.1%

EPS (TTM)

₹11.0

Book value

₹204.7

52-week high

—

52-week low

Key insights

Company research notes and source-linked reviews

Key risks

PE 104.85 vs ROE 5.24%—valuation exceptionally steep for current profitability; verify earnings growth justifies multiple.

Profit crashes hard: consolidated segment lost ₹40 Cr in Mar 2026 while standalone turned ₹122 Cr profit same quarter; clarify what triggered operational stress.

OPM swings 9.47–17.53% across recent quarters. Cyclical exposure to industrial capex or execution inconsistency—verify which, and exposure severity.

Capital trapped: D/E 0.08 + ROE 5.24% means strong balance sheet deploying capital poorly; what capex or M&A plan aims to fix this?

Generated analysis · source review pending

Growth drivers

Standalone segment hit 16.45% OPM (Mar 2026) and 14.72% (Jun 2026) vs 11.12% average, showing operational upside when execution clicks—verify if sustainable or one-off.

1y return 34.56% suggests market confidence; verify if driven by sectoral demand recovery, market-share gains, or pricing.

Four dividends in 18 months signals cash generation; verify payout ratio and whether payouts survive earnings dips like Mar 2026.

Low leverage (D/E 0.08) in industrial-capex-linked sector means dry powder for orders surge; verify manufacturer capex trends and order pipeline.

Generated analysis · source review pending

2,528 historical price candles were omitted because the exchange source has not been verified.

₹1,239.7+3.3%1Y

Quick read

rule-based

Pros

+Almost debt-free (debt/equity 0.1)
+Comfortable interest coverage of 21.5×
+Dividend payout of 36.4% of profit

Cons

−Low return on equity of 9.9% (3-yr avg)
−Profit declined 7.3% a year over the last 5 years
−Expensive at 112.9× trailing earnings

Research score

Structured signal from quality, growth, valuation and momentum.

36/100

Business quality: 47
Growth: 47
Valuation

Revenue & net profit

₹ crore, by fiscal year

RevenuePAT

Margins

% of revenue, by fiscal year

OPMPAT margin

Peers

Comparable companies from the narrowest available industry classification.

Part ofNIFTY SMALLCAP 250 NIFTY MIDSMALLCAP 400 NIFTY 500 NIFTY TOTAL MARKET

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Financials

Reported profit and loss, balance sheet, cash flow and growth history.

Annual Quarterly

Consolidated Standalone

Consolidated figures · ₹ crore

₹ Cr	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	2,395	2,689	2,599	2,632	3,325	4,654	4,702	4,894	5,206
COGS	805	955	887	898	1,158	1,714	1,697	1,795	2,037
Gross profit	1,590	1,734	1,712	1,734	2,167	2,940	3,005	3,099	3,169
	1,177	1,276	1,296	1,253	1,610	2,251	2,222	2,342	2,559
	413	458	416	481	557	689	783	757	610
OPM %	17.3%	17%	16%	18.3%	16.8%	14.8%	16.7%	15.5%	11.7%
Depreciation	106	108	105	99	115	187	191	212	247
Interest	9	8	6	4	6	24	18	14	19
	23	27	45	17	40	102	77	-63	-63
Profit before tax	322	369	351	395	477	580	650	468	282
Tax	102	121	76	102	127	138	174	169	114
Tax %	31.7%	32.9%	21.6%	25.7%	26.6%	23.8%	26.8%	36.2%	40.4%
	220	248	275	293	350	442	476	299	168
PAT margin %	9.2%	9.2%	10.6%	11.1%	10.5%	9.5%	10.1%	6.1%	3.2%
EPS (₹)	11.4	13.1	14.4	15	17.6	21.8	24.3	15.6	10.3
EPS adjusted (₹)	—	13.1	14.4	15	17.6	21.8	24.2	15.4	10.2
	19.7%	21%	19.1%	20%	19.9%	16.1%	16.5%	25.7%	38.8%
Annual report	Annual report for Mar 2018	Annual report for Mar 2019	Annual report for Mar 2020	Annual report for Mar 2021	Annual report for Mar 2022	Annual report for Mar 2023	Annual report for Mar 2024	Annual report for Mar 2025	Annual report for Mar 2026

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity capital	19	19	19	19	19	19	19	19
Reserves	—	1,839	2,113	2,345	2,802	3,107	3,510	3,881
Minority interest	—	46	46	86	128	139	147	108
	—	60	41	212	230	113	120	305
	—	328	470	661	746	774	847	977
Total equity & liabilities	—	2,292	2,689	3,323	3,924	4,152	4,643	5,291
	695	748	777	1,006	1,527	1,555	1,716	1,906
CWIP	—	39	28	58	87	78	118	141
Investments	—	189	127	138	161	172	201	199
	—	1,316	1,756	2,121	2,149	2,347	2,607	3,045
Total assets	—	2,292	2,689	3,323	3,924	4,152	4,643	5,291

Segment results

As reported in NSE results XBRL. Segment result is before tax and finance costs. ROCE uses that annual result divided by segment assets less liabilities.

Source XBRL ↗

Latest reported period · 31 Mar 2026 · ₹ crore

Segment	Revenue	Result	Assets	Liabilities	Capital employed	ROCE %
Abrasives	2,270.56	96.55	1,937.08	352.17	1,584.91	6.09
Electrominerals	1,631.77	90.91

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Ratios

Annual operating, return, leverage and working-capital ratios.

Consolidated Standalone

Consolidated figures

Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	64.5%	65.9%	65.9%	65.2%	63.2%	63.9%	63.3%	60.9%
EBITDA margin %	16.3%	15.3%	17.7%	16.1%	14%	15.7%	14.5%	11.1%
EBIT margin %	12.3%	11.3%	13.9%	12.7%	10%	11.7%	10.2%	6.4%
PAT margin %	9.2%	10.6%	11.1%	10.5%	9.5%	10.1%	6.1%	3.2%
Working capital
Receivable days	—	56	66	53	49	53	57	62
Inventory days	—	209	187	218	191	183	215	200
Payable days	—	80	123	117	72	86	71	76
NWC days	—	185	130	154	169	150	201	187
Leverage
Current ratio	—	3.79	3.67	2.13	2.74	3.2	3.35	2.67
Debt to EBITDA	—	0.15	0.09	0.4	0.35	0.15	0.17	0.53
Debt to equity	—	0.03	0.02	0.09	0.08	0.04	0.03	0.08
Interest coverage	42.1	53.6	111	81.9	23	34.1	38.7	21.5
Asset turnover	—	1.13	0.98	1	1.19	1.13	1.05	0.98
Return ratios
Return on assets %	—	12%	10.9%	10.5%	11.3%	11.5%	6.4%	3.2%
Return on capital employed %	—	17.5%	19.1%	19.4%	18.9%	18.8%	14.6%	9.9%
Return on equity %	—	14.8%	13.7%	14.8%	15.7%	15.2%	8.5%	4.3%

Derived from reported annual statements. ROCE uses EBIT over capital employed (total assets less current liabilities). Day counts average the opening and closing balance; receivables turn on revenue, inventory and payables on cost of goods sold.

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Shareholding

Quarterly ownership, named holders, insider transactions and disclosed deals.

Quarterly Annual

Every quarter filed · % of equity

Holder (%)	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	41.28%	41.28%	41.23%	41.16%	41.04%	39.82%	39.82%	39.23%	38.96%	38.9%	38.89%	38.89%
	10.15%	10.63%	11.71%	12.76%	12.71%	13.01%	12.11%	11.81%	10.88%	10.98%	10.73%	11.13%
	29.74%	29.84%	29.05%	28.25%	28.03%	28.18%	28.86%	29.22%	29.82%	30.02%	29.45%	29.06%
Government	0%	0%	0%	0%	0%	0%	0%	0%	0.01%	0.01%	0.01%	0.01%
	18.83%	18.25%	18.01%	17.83%	18.22%	18.99%	19.21%	19.74%	20.33%	20.09%	20.92%	20.91%
No. of shareholders	—	—	—	—	—	—	—	—	69,083	62,427	65,914	64,977

Promoter holding down 2.39 percentage points since Sep 2023.

28 deals · 17 Sept 2021 – 1 Sept 2025

Date	Client	Type	Venue	Side	Quantity	Price	Value
1 Sept 2025	SANDHYA G PARIKH	Block	NSE	Buy	3,00,000	₹915.00	₹27.45 Cr
1 Sept 2025	MURUGAPPAN ARUNACHALAM CHILDREN TRUST	Block	NSE	Sell	3,00,000	₹915.00	₹27.45 Cr
28 Mar 2025	SOUTHERN ENERGY DEVELOPMENT CORPORATION LTD	Block	NSE	Sell	10,00,000	₹965.00	₹96.50 Cr
28 Mar 2025	SOUTHERN ENERGY DEVELOPMENT CORPORATION LTD	Bulk	NSE	Sell	10,00,000	₹965.00	₹96.50 Cr
28 Mar 2025	NEMISH S. SHAH (HUF)	Block	NSE	Buy	5,00,000	₹965.00	₹48.25 Cr
28 Mar 2025	SANDHYA G PARIKH	Block	NSE	Buy	2,50,000	₹965.00	₹24.13 Cr
28 Mar 2025	SHEEL COMMODITIES PRIVATE LIMITED	Block	NSE	Buy	2,50,000	₹965.00	₹24.13 Cr
25 Oct 2022	ISHARES CORE MSCI EMERGING MARKETS ETF	Block	BSE	Buy	2,68,542	₹851.45	₹22.87 Cr
25 Oct 2022	ISHARES CORE EMERGING MARKETS MAURITIUS CO	Block	BSE	Sell	2,68,542	₹851.45	₹22.87 Cr
25 Oct 2022	ISHARES MSCI INDIA SMALL-CAP ETF	Block	BSE	Buy	39,942	₹851.45	₹3.40 Cr

1–10 of 28

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Mr. M M MurugappanNon-Executive - Non Independent Director-Chairperson related to Promoter
Mr. D B Venkatesh VarmaNon-Executive - Independent Director
Ms. Janani T AInvestor Relationship Officer
Mr. Sujjain TalwarNon-Executive - Independent Director
Mr. Viji SriramNon-Executive - Independent Director
Mrs. Usha RajeevNon-Executive - Independent Director
Mr. Muthiah MurugappanNon-Executive - Non Independent Director
Mr. Sridharan RangarajanExecutive Director-MD
Mr. P PadmanabhanChief Financial Officer
Mrs. Rekha SurendhiranCompany Secretary & Compliance Officer

Current officeholders as filed with BSE. A person holding two offices is listed once per office.

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F&O

Current futures and options contracts with compact option-chain pages.

Not in the F&O segment

Only about 210 stocks have listed futures and options. Contracts appear here for those, refreshed after each close.

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Fund holders

Mutual-fund schemes that disclosed a holding in the company.

Portfolio month

Schemes holding

across 10 fund houses

Held by these funds

22.57%

of the company's equity

All mutual funds

28.13%

shareholding pattern, Jun 2026

Portfolios as of

August 2026

compared with July 2026

68 schemes · 10 fund houses

		Shares
Smallcap Fund	SBI Mutual Fund	49.4 L	546.64	1.28%	2.593%	-0
SMALL CAP FUND	Nippon India Mutual Fund	40.74 L	450.8	0.55%	2.138%	+30,060
MultiCap Fund	SBI Mutual Fund	35.09 L	388.27	1.58%	1.842%	-0
Growth Mid Cap FundNEW	Nippon India Mutual Fund	31 L	343.05	0.66%	1.627%	—
Midcap Fund	SBI Mutual Fund	30 L	331.98	1.35%	1.575%	-0
SMALL CAP FUND	Tata Mutual Fund	23.89 L	264.4	2.02%	1.254%	-0
Portfolio of Kotak Small Cap Fund	Kotak Mahindra Mutual Fund	23.75 L	262.79	1.34%	1.247%	-0
Contra Fund	SBI Mutual Fund	18.14 L	200.71	0.42%	0.952%	-0

1–8 of 68

1 / 9

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Documents

Annual reports, exchange filings, offer documents, ratings and earnings-call material.

Announcements

Annual reports

Investor Presentation and earnings call

Aug 2026Transcript AI SummaryPPTREC
May 2026Transcript AI SummaryPPTREC

Documents link to external sources (exchange filings, company investor pages).

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Events

Upcoming dates and the company’s corporate-action history.

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Announcements

Latest exchange announcements, filings and downloadable documents.

1 month 3 months 6 months 1 year All

111 announcementsExport CSV

30 Sept 2026, 10:16 pmCompany Update

Capital Infusion In Wholly Owned Subsidiary

General PDF

18 Sept 2026, 5:58 pmCompany Update

ESG Rating

General PDF

7 Sept 2026, 9:15 amCompany Update

Announcement under Regulation 30 (LODR)-Change in Management

Change in Management PDF

3 Sept 2026, 6:11 pmCompany Update

Announcement under Regulation 30 (LODR)-Newspaper Publication

Newspaper Publication PDF

25 Aug 2026, 11:28 amCompany Update

Disclosure Of ESG Rating

General PDF

14 Aug 2026, 7:22 pmCompany Update

Announcement under Regulation 30 (LODR)-Earnings Call Transcript

Earnings Call Transcript PDF

10 Aug 2026, 5:59 pmCompany Update

Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome

Analyst / Investor Meet PDF

7 Aug 2026, 5:12 pmCompany Update

Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS

Allotment of ESOP / ESPS PDF

Date	Category	Subject	Filing
30 Sept 2026, 10:16 pm	Company Update General	Capital Infusion In Wholly Owned Subsidiary	PDF
18 Sept 2026, 5:58 pm	Company Update General	ESG Rating	PDF

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Ratio	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Margins
Gross margin %	64.5%	65.9%	65.9%	65.2%	63.2%	63.9%	63.3%	60.9%
EBITDA margin %	16.3%	15.3%	17.7%	16.1%	14%	15.7%	14.5%	11.1%
EBIT margin %	12.3%	11.3%	13.9%	12.7%	10%	11.7%	10.2%	6.4%
PAT margin %	9.2%	10.6%	11.1%	10.5%	9.5%	10.1%	6.1%	3.2%
Working capital
Receivable days	—	56	66	53	49	53	57	62
Inventory days	—	209	187	218	191	183	215	200
Payable days	—	80	123	117	72	86	71	76
NWC days	—	185	130	154	169	150	201	187
Leverage
Current ratio	—	3.79	3.67	2.13	2.74	3.2	3.35	2.67
Debt to EBITDA	—	0.15	0.09	0.4	0.35	0.15	0.17	0.53
Debt to equity	—	0.03	0.02	0.09	0.08	0.04	0.03	0.08
Interest coverage	42.1	53.6	111	81.9	23	34.1	38.7	21.5
Asset turnover	—	1.13	0.98	1	1.19	1.13	1.05	0.98
Return ratios
Return on assets %	—	12%	10.9%	10.5%	11.3%	11.5%	6.4%	3.2%
Return on capital employed %	—	17.5%	19.1%	19.4%	18.9%	18.8%	14.6%	9.9%
Return on equity %	—	14.8%	13.7%	14.8%	15.7%	15.2%	8.5%	4.3%

Company	Mkt Cap	EV	Revenue	EBITDA	OPM	PAT	NPM	ROCE	ROE	WC Days
Carborundum Universal LimitedCARBORUNIVCARBORUNIV	₹23,616 Cr	₹23,921 Cr	₹5,414 Cr	₹593 Cr	11.1%	₹209 Cr	3.2%	9.9%	5.2%	187
Timken India LimitedTIMKENTIMKEN	₹23,303 Cr	₹23,303 Cr	₹3,478 Cr	₹632 Cr	18.2%	₹415 Cr	11.9%	18.6%	14.3%	116
Grindwell Norton LimitedGRINDWELLGRINDWELL	₹21,872 Cr	₹21,933 Cr	₹3,173 Cr	₹601 Cr	18.7%	₹436 Cr	13.6%	22.1%	17.4%	39
Skf India (Industrial) LimitedSKFINDUSSKFINDUS	₹13,507 Cr	₹13,507 Cr	₹3,440 Cr	₹390 Cr	11.3%	₹218 Cr	6.3%	29.7%	15.6%	56
Wendt (India) LimitedWENDTWENDT	₹1,623 Cr	₹1,623 Cr	₹255 Cr	₹36 Cr	13.6%	₹17 Cr	6.2%	9.1%	5.8%	168
Galaxy Bearings LtdGALXBRGGALXBRG	₹310 Cr	₹328 Cr	₹63 Cr	₹12 Cr	9.5%	₹8 Cr	4.9%	6.2%	3.1%	371
Nrb Industrial Bearings LimitedNIBLNIBL	₹76 Cr	₹212 Cr	₹76 Cr	₹-11 Cr	-13.5%	₹-31 Cr	-39%	-31.8%	—	32

₹ Cr	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	—	407	451	245	430	602	304	367
	—	-93	-269	-460	-257	-186	-383	-217
	—	-135	-66	89	-133	-214	-110	119
Net cash flow	—	179	115	-126	40	201	-188	270
Free cash flow	—	279	353	81	137	382	30	67
CFO / Operating profit %	—	102.1%	96.8%	45.6%	66%	81.4%	42.7%	63.5%

Carborundum Universal Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Segment results

Ratios

Shareholding

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Investor Presentation and earnings call

Events

Announcements

Not in the F&O segment

Announcements

Annual reports

Investor Presentation and earnings call

35

1

1

Segment results

Compounded sales growth

Compounded profit growth

Return on equity

Abrasives · revenue

Carborundum Universal Limited

About

Key insights

Key risks

Growth drivers

Quick read

Pros

Cons

Research score

Revenue & net profit

Margins

Peers

Financials

Profit & loss

Balance sheet

Segment results

Ratios

Ratio timeline

Shareholding

Quarterly record

Bulk & block deals

Board and management

F&O

Not in the F&O segment

Fund holders

Documents

Announcements

Annual reports

Investor Presentation and earnings call

Events

Announcements

Ratio timeline

Not in the F&O segment

Announcements

Annual reports

Investor Presentation and earnings call

Quarterly record

Bulk & block deals

Board and management

Dividends35

Board meetings1

Stock splits1

Profit & loss

Balance sheet

Segment results

Cash flow

Compounded returns

Compounded sales growth

Compounded profit growth

Return on equity

Abrasives · revenue

35

1

1