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Carborundum Universal Ltd (CARBORUNIV)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 513375 NSE: CARBORUNIV Abrasives | Small Cap | Carborundum Univers. Share Price

₹1,162.85 -46.15 (-3.82%)

As on 24-Jun'26 16:59

Carborundum Universal Ltd (CARBORUNIV)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 513375 NSE: CARBORUNIV Abrasives | Small Cap | Carborundum Univers. Share Price

₹1,162.85 -46.15 (-3.82%)

As on 24-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹22,152 Cr.
Current Price
₹1,162.9
52-Week Low / High
₹735 / 1,306
TTM EPS
₹10.2
TTM Sales
₹5,149 Cr.
Book Value per Share
₹204.6
P/E Ratio
113.76
Higher than its 5-year historical median
Industry PE
55.5
Price to Book (P/B)
5.68
Lower than its 5-year historical median
Price to Sales (P/S)
4.30
In line with its 5-year historical median
EV/EBITDA
33.44
Higher than its 5-year historical median
Dividend Yield
0.34%
Profitability Efficiency
Return on Equity (ROE)
9.06%
Underperforms industry median
Return on Capital Employed (ROCE)
14.00%
Underperforms industry median
Return on Assets (ROA)
6.98%
Operating Profit Margin
14.3%
Net Profit Margin
6.1%
Gross Profit Margin
14.9%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
4.08%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-5.71%
Net Profit Growth (1 Year)
Slowing versus 3-year growth rate
-37.27%
Asset Quality
Promoter Holding
38.89%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹3,878 Cr.
Equity
₹19.1 Cr.
Face Value
₹1
All Time Low / High
₹2.55 / 1835.65

Carborundum Universal stock performance

Key Ratios
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Quality

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Valuation

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Price Trend

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Q.1 Is Carborundum Universal Ltd a good quality company?
Carborundum Universal Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Carborundum Universal Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Carborundum Universal Ltd vs industry peers?
Carborundum Universal Ltd revenue CAGR is 13.49%, compared to the industry median CAGR of 12.01%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Carborundum Universal Ltd?
Promoters hold 38.89% of the Carborundum Universal Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Carborundum Universal Ltd over the last decade?
Over the last 9 year(s), the stock has delivered a CAGR of 17.7% based on the current price.

DeciZen - make an informed investing decision on Carborundum Univers.

Decision Maker
Consolidated basis

1. Right Stock

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2. Right Price

3. Right Time

#Likely Future 5 Year CAGR.

10 Year X-Ray : Login to view analysis.

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Carborundum Universal Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 17.7%18.4%20.5%21.5%19.1%19.5%20.3%21.5%21.3%14%-
Value Creation
Index
0.30.30.50.60.40.40.50.60.90.0-

Growth Parameters

Sales 1,9442,1122,3682,6892,5992,6323,3254,6544,7024,8945,149
Sales YoY Gr.-8.7%12.1%13.6%-3.3%1.3%26.3%40%1%4.1%-
Adj EPS 7.21011.212.913.515.617.519.823.219.310.2
YoY Gr.-37.4%12.8%15.1%4.8%15.2%12.5%13%17.3%-16.8%-
BVPS (₹) 63.273.182.590.897.7111.9123.7147.4163183.5204.6
Adj Net
Profit
136188212244256295333376442368195
Cash Flow from Ops. 178295213202407451245430602304-
Debt/CF from Ops. 1.80.50.60.50.20.10.90.50.20.4-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 10.8%13.5%13.8%4.1%
Adj EPS 11.5%7.4%3.3%-16.8%
BVPS12.6%13.4%14%12.6%
Share Price 18.2% 14.8% -0.9% 22.5%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
1214.614.414.914.314.814.814.514.911.15.3
Op. Profit
Mgn %
15.816.516.916.315.317.816.214.115.714.311.2
Net Profit
Mgn %
7.69.39.19.11011.610.58.79.77.63.8
Debt to
Equity
0.30.10.10.1000.10.1000
Working Cap
Days
15014114514615214215213212813992
Cash Conv.
Cycle
99929499104847072859459

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales1,9442,1122,3682,6892,5992,6323,3254,6544,7024,894
Operating Expenses + 1,6431,7841,9692,2522,2022,1682,7894,0043,9654,200
Manufacturing Costs5105536557427437038431,0579901,039
Material Costs6817367989558878981,1581,7141,6971,795
Employee Cost 250272311325341345416688772858
Other Costs 201224205230231221373545506507
Operating Profit 301329399437397464536651737695
Operating Profit Margin (%) 15.5%15.6%16.8%16.3%15.3%17.6%16.1%14.0%15.7%14.2%
Other Income + 30292329463341787958
Exceptional Items 00000-140250-104
Interest 231898646241814
Depreciation 879610610810599115187191212
Profit Before Tax 237262322369351395477580650468
Tax 817810212176102127138174169
Profit After Tax 155184220248275293350442476299
PAT Margin (%) 8.0%8.7%9.3%9.2%10.6%11.1%10.5%9.5%10.1%6.1%
Adjusted EPS (₹)7.79.311.413.114.415.017.621.824.215.4
Dividend Payout Ratio (%)19.60%18.90%19.70%21%19.10%20%19.90%16.10%16.50%26%

Valuation of Carborundum Univers. - Consolidated

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 1,1911,3811,5611,7191,8522,1242,3512,8023,1033,496
Share Capital 19191919191919191919
Reserves 1,1721,3621,5421,7011,8332,1052,3322,7833,0843,477
Debt +263149125926041212228100107
Long Term Debt36775458432825
Short Term Debt2271421188755362041857382
Minority Interest62666152464686128139147
Trade Payables134165198209195303370336337350
Others Liabilities 209152142150130162277354362421
Total Liabilities 1,8601,9132,0882,2222,2832,6763,2963,8484,0414,521

Fixed Assets

Net Fixed Assets +6597057366957487771,0061,5271,5551,716
Gross Block7448901,0201,0791,2241,3501,6722,3822,5542,932
Accumulated Depreciation851852843844755736668559991,216
CWIP 857330463928588784118
Investments 131124180227189127138161172201
Inventories3703874385335084616918998501,055
Trade Receivables367381475514402478485627679766
Cash Equivalents 11312612998294689352400558381
Others Assets 13411899110104116567146144284
Total Assets 1,8601,9132,0882,2222,2832,6763,2963,8484,0414,521

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 178295213202407451245430602304
PBT 237262322369351395477580650468
Adjustment 1058993938387107166182256
Changes in Working Capital -8123-91-1407372-207-153-21-222
Tax Paid -84-79-111-120-99-103-133-163-210-198
Cash Flow From Investing Activity + -73-81-75-80-93-269-460-257-186-383
Capex -84-106-92-95-123-103-560-301-234-277
Net Investments 00-000-196208-050
Others 122517153029-1084442-106
Cash Flow From Financing Activity + -86-207-83-109-135-6689-133-214-110
Net Proceeds from Shares 23333363145
Net Proceeds from Borrowing -20-81-3-000026-5-2
Interest Paid -23-18-9-8-6-4-6-22-15-9
Dividend Paid -38-19-33-52-76-38-65-77-79-91
Others -8-92-42-51-56-27154-63-128-13
Net Cash Flow 2075513179115-12640201-188

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)13.6514.314.9515.1215.4214.7615.6617.1616.149.06
ROCE (%)17.6818.3720.4621.519.119.4920.3321.4721.2814
Asset Turnover Ratio1.121.181.21.261.151.071.121.321.211.16
PAT to CFO Conversion(x)1.151.60.970.811.481.540.70.971.261.02
Working Capital Days
Receivable Days65.6061.2065.2066.4064.3060.5052.4043.105053.10
Inventory Days67.5061.9062.8065.2073.1066.6062.6061.606770
Payable Days80.8074.2082.9077.6083.10101.30106.2075.2072.4069.90

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.020.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Carborundum Universal Ltd FAQs

The current trading price of Carborundum Univers. on 24-Jun-2026 16:59 is ₹1,162.9.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 23-Jun-2026 the market cap of Carborundum Univers. stood at ₹22,151.5 Cr

The latest P/E ratio of Carborundum Univers. as of 23-Jun-2026 is 53.21.

The latest P/B ratio of Carborundum Univers. as of 23-Jun-2026 is 7.62.

The 52-week high of Carborundum Univers. is ₹1,306.4 and the 52-week low is ₹734.6.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Carborundum Univers. is ₹3,024 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Carborundum Universal Ltd is a good quality company.

The key valuation ratios of Carborundum Universal Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Strong which suggest that the price of Carborundum Universal Ltd is likely to Rise in the short term. However, please check the rating on Quality and Valuation before investing

About Carborundum Universal Ltd

Carborundum Universal Limited (CUMI) was founded in 1954 as a tripartite collaboration between the Murugappa Group, The Carborundum Co., USA and the Universal Grinding Wheel Co. Ltd., U.K.  With state-of-the art facilities and strategic alliances with global partners, CUMI has achieved a reputation for quality and innovation. CUMI is one of the five manufacturers in the world with fully integrated operations that include mining, fusioning, wind and hydro power stations, manufacturing, marketing and distribution. Almost all of CUMI’s manufacturing facilities have received the ISO 9001 accreditation for quality standards. A well connected marketing and distribution network of offices and warehouses in India and abroad, ensure that service to customers is given prime importance.

CUMI’s constant innovation and product upgradation, through in-house R&D and strategic alliances with global leaders in grinding technology, have not only ensured it market leadership in India and abroad, but also international recognition as a manufacturer of quality abrasives and a provider of total grinding solutions. CUMI’s products are being exported to more than 50 countries spread across North America, Europe, Australia, South Africa and Asia.

Business area of the company

The Company pioneered the manufacture of Coated Abrasives and Bonded Abrasives in India in addition to the manufacture of Super Refractories, Electro Minerals, Industrial Ceramics and Ceramic Fibres. Today, the Company’s range varieties of Abrasives, Ceramics, Refractory products and electro-minerals manufactured across several locations in and outside the country.

Abrasives: An Abrasive is a substance which grinds, cleans, scours, abrades or removes solid material by rubbing action or by impact. Abrasives are mineral like materials available in different shapes, sizes and types according to need. Abrasive materials and Abrasive products are utilized in several end user industries such as manufacture of Machinery, Electrical & Electronic equipment, Transportation and Metal fabrication among others.

Electro Minerals: The major product groups of this segment are Fused Alumina (comprising Brown and White Alumina), Silicon Carbide (crude, macro and fine), Fused Zirconia, Alumina Zirconia, Pearl Zirconia and Zircon Mullite. The Company also manufactures a range of ‘specialities’ like Semi Friable, Azure-S and fine powders for niche markets. The operations are carried out through eight manufacturing facilities located in India, Russia and South Africa.

Industrial Ceramics: The Ceramics product group offers products which harness the heat resistance / containment, wear resistance and insulation properties of ceramics and also corrosion resistance properties of various materials.

Super Refractories: Refractory is a material that will retain its shape and chemical identity when subjected to high temperatures and is used in applications that require extreme resistance to heat, such as furnace linings. Refractory products are basically used in industries for heat resistant and containment. CUMI’s manufactures Super Refractories (which can be in two forms fired refractories and monolithics) and also Refractory Fibre.

Awards and recognitions

2017-18

  • The Company’s Electro Minerals division received an award for ‘Strong Commitment to HR Excellence Award’ by the CII for the year 2017-18.
  • ICAI - Silver Award for Annual Report 2017-18 for Excellence in Financial Reporting
  • CUMI’s Annual Report for the Financial year 2017-18 has been adjudged as the Best Presented Annual Report among the Annual Reports published in the South Asian Countries.
  • In October 2017, the Company received the ‘Golden Peacock Award for Excellence in Corporate Governance’ for the year 2017.
  • The Company receiving the Runner up award in ‘Most Diversified Exporter’ category at the ECGC Indian Exporters’ Excellence Awards 2017.
  • In March 2018, the Industrial Ceramics division, Hosur Plant received the Japan Institute of Plant Management (JIPM) Award for TPM Excellence, Category A.
  • In March 2018, the Abrasives Division, Maraimalai Nagar received the Japan Institute of Plant Management (JIPM) Award for consistent TPM Commitment.
  • In March 2018, the Bonded Abrasives Division, Hosur Plant received the Japan Institute of Plant Management (JIPM) Award for TPM Excellence, Category A.
  • In March 2018, the Coated Abrasives Division, Sriperumbudur Plant received the Japan Institute of Plant Management (JIPM) Award for Excellence in Consistent TPM commitment.

2018-19

  • In March 2019, CUMI received the Golden Peacock Award instituted by the Institute of Directors under the category - Innovative Product for its Non-Woven products.
  • CUMI won 1st place in Young HR Managers Competition for South Region by CII. Category - Employee Engagement, initiative presented was Catalyst - CUMI’s Mentoring Platform
  • CUMI’s Annual Report for the Financial year 2018-19 has been adjudged by ICAI as winner in the category ‘Silver Shield’ of ICAI’s Awards for Excellence in Financial Reporting.
  • The Company’s Electro-minerals Division has received the IEI Centenary Excellence Award 2019, from Shri Nitin Gadkari, Minister for Road Transport & Highways of India, Shipping & MSME in a function held at Le Meridian, Delhi.

2019-20

  • In September 2019, CUMI Industrial Ceramics division was awarded the CSIR Diamond Jubilee Technology 2018 for the technology of Metallization of Ceramics.
  • CII Kai-Zen Award - Innovative Category; Carborundum Universal Limited, Maraimalai Nagar participated in Innovative Kaizen Category in the theme of “To develop Innovative New Resin for Abrasive Manufacturing through Robust Design Approach” Mr. G. Ananda Kumar and Mrs. C. Meenakshi participated and emerged as 2nd WINNER.
  • Maniyar Hydel plant won the ‘Safety Award 2019 for Outstanding Performance in Industrial Safety’’ from Kerala State Factories& Boilers Department under Small Factories category in March 2020.
  • CUMI-SEZ White Fused Alumina plant won the ‘Suraksha Puraskar’ from National Safety Council (Kerala Chapter) under Small Factories category in March 2020.
  • Maniyar Hydel plant won the ‘Sreshta Suraksha Puraskar’ from National Safety Council (Kerala Chapter) under Small Factories category in March 2020.

Milestones

1954 - 1963

  • Incorporated as a joint venture between Carborundum Company, USA.
  • Universal Grinding Wheel Company, UK and the Murugappa Group, India.
  • Acquired a Coated Abrasives facility from Ajax Products Pvt. Ltd.
  • Bonded Abrasives facility set up at Chennai, India.
  • Bauxite mining at Bhatia, Gujarat, India.

1964 - 1973

  • Manufacture of Super Refractories at Chennai, India.
  • Brown Aluminium Oxide grains plant at Edappally, India.
  • Calcination facility at Okha, Gujarat, India.

1974 - 1983

  • Acquisition of Eastern Abrasives Ltd, a Coated Abrasives manufacturer in Kolkata, India.
  • Second Bonded Abrasives plant at Hosur, near Bengaluru, India.
  • Established MMTCL as a joint venture with Morgan Group plc. for ceramic fibres.

1984 - 1993

  • Expansion of Bonded Abrasives plant at Hosur, India with a modern facility for vitrified grinding wheels.
  • Silicon Carbide plant at Koratty, India & Refractories plant at Ranipet, India.
  • Industrial Ceramics plant at Hosur, India.
  • Acquisition of 40% interest in Wendt (India) Ltd., a company manufacturing Super Abrasives.

1994 - 2003

  • 12 MW Hydel project at Maniyar, Kerala, India.
  • Second unit at Edapally, India for manufacture of Brown Aluminium Oxide grains.
  • Acquired a controlling interest in Sterling Abrasives Limited, Ahmedabad, India.
  • Acquired a controlling interest in Cutfast Abrasive Tools Limited and Cutfast Polymers Limited and subsequent mergers.
  • Established CUMI America Inc., USA & CUMI Australia Pty. Ltd.
  • Established a 5.5 MW natural gas based thermal power plant in Nallur, Tamil Nadu, India, through SEDCO.
  • Acquired Prodorite Anti-Corrosives Ltd., a leading player in anti-corrosion engineering.
  • Cloth processing facility at Maraimalainagar, Tamil Nadu.

2004 - 2013

  • Modern Silicon Carbide micro grit plant in Koratty, India.
  • Modern polymer manufacturing facility near Chennai, India.
  • Establishment of CUMI Middle East.
  • Establishment of state-of-the-art Coated Abrasives plant at Sriperumbudur, Chennai, India.
  • Acquisition of Monolothic Refractory facility in Jabalpur, India.
  • Acquisition of Volzhsky Abrasive Works, Russia.
  • Acquisition of 51% holding in Foskor Zirconia (Pty) Ltd, South Africa.
  • Establishment of world class facility for wear resistant liner tiles at Hosur, India.
  • Manufacturing facility for Thin Wheels at Uttarkhand, India.
  • Manufacturing facility for Power Tools at Jigani, Bengaluru, India.
  • Commissioning of a modern 1,000 tonne Vitrified Bonded Abrasives plant and
  • 2,000 tonne Organic Bonded Abrasives facility in China.
  • Establishment of state-of-the-art Metallised Cylinders plant at Hosur, India.
  • Establishment of state-of-the-art Super Refractories plant II at Serkaddu, India.
  • Setting up of a modern facility for manufacture of anti-corrosive products at Serkaddu, India.
  • Establishment of automated Silicon Carbide Micro Grit plant in Cochin SEZ, India.
  • Acquisition of Thukela Refractories Isithebe Pty Ltd, South Africa, a fused mineral manufacturing facility in South Africa.
  • Setting up of the Ceramic Foam Refractories plant at Kochi, in collaboration with Cellaris Ltd, Israel.

2014-2018

  • Establishment of CUMI Europe.
  • Commencement of Toll manufacturing model operations in China.
  • Amalgamation of Cellaris Refractories with CUMI.
  • Doubled the capacity of the Metallized Cylinder plant in Hosur, with the machinery and technology acquired from NTK, Japan.
  • A state-of-the-art Surface Technology Centre was opened at the Bonded Abrasives Plant at Tiruvottiyur.
  • Inaugurated a Centre of Excellence for Research in Technical Ceramics for industrial & advanced applications at Hosur, Tamil Nadu.
  • Commissioned three fusion plants at its Electro-mineral Complex at Kochi, Kerala.
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