Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 6 Oct - Enclosed intimation pertaining to allotment of 4750 equity shares under ESOP Plan 2016.
Source: Bse
Carborundum Universal Limited (CARBORUNIV)
Large CapIndustrials stocks · Large cap · NSE
Carborundum Universal Limited (CUMI) is an Indian manufacturer of abrasives, ceramics, and electrominerals. The company has a global presence and is focusing on advanced materials for emerging sectors like semiconductors, aerospace & defense, and clean energy, while also optimizing its core businesses.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result16 Aug, 12:54 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
53NeutralSMA20 +9.7% / mo · MACD −
Stock trend: 58
Sector RS: 46
Sector 3M: -7.1% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
CARBORUNIVD candles · FIT view+12.0%Latest close ₹1059.90 on 2026-10-21
Bar
-2.0%
RSI
34
MACD hist
-23.02
52W pos
51%
2026-10-21O ₹1082.00H ₹1087.00L ₹1041.50C ₹1059.90Vol 1.5L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
CARBORUNIVNifty India ManufacturingNifty 500
- CARBORUNIV
- -2.2%
- Nifty 500
- -6.5%
- Nifty India Manufacturing
- -7.7%
- Vs Nifty 500
- +4.3 pp
Chart stats
21 Oct 2026- From 52W high
- -22.6%
- 52W range position
- 51%
- ATR (14)
- 4.6%
- Volume vs 20D
- 0.23x
- Avg traded value
- ₹56.3 Cr
- 20D price channel
- ₹1,041.5 - ₹1,368.9
₹1,368.9
₹735.2 - ₹1,368.9
₹48.3
Latest completed session
20-session average
42.7% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend is neutral, and recent execution is weak.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · OVERVALUED22
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Good57
Revenue +17.1% · PAT +33.3% YoY
Technical
Neutral53
Price trend and sector-relative-strength timing.
Valuation
Legacy model-1542.9%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence69
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Good · 57/100Rev +17% YoY · PAT +33% YoY · operating leverage · margin compression
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,427 Cr | +17.1% | +2.1% |
| EBITDA | ₹135 Cr | +11.6% | -6.3% |
| Operating margin | 9.0% | -100 bps | -100 bps |
| PAT | ₹80 Cr | +33.3% | NDF |
| PAT margin | 5.6% | +69 bps | +847 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 88.90
- P/B
- 5.71
- EV/EBITDA
- 26.84
- Market Cap
- 22291.00Cr
Profitability
- ROE
- 6.92%
- ROCE
- 10.50%
- ROA
- 3.57%
- Dividend Y
- 0.34%
Growth (CAGR)
- Revenue 5Y
- 15.00%
- EPS 5Y
- -3.00%
- Revenue 3Y
- 4.00%
- EPS 3Y
- -14.00%
Balance Sheet
- Debt/Equity
- 0.11
- Interest Coverage
- 28.24×
- Altman Z
- 8.70
- Book Value
- 205.00
Cash Flow
- FCF Yield
- 0.90%
- FCF Positive Y
- 10/5
- OCF
- 367.00 Cr
- EPS TTM
- 10.99
Shareholding
- Promoter Hold
- 38.90%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 69%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 1,427+2.1% vs prev
Net Profit
₹ CrLatest: 80.0+300.0% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 34. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~8.9% over last month) — short-term momentum positive.
- RSI(14) at 34 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 23% off 52W high · 44% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
81
RS percentile
Stage 1 Base / Transition
1M return
-10.1%
3M return
-2.2%
6M return
+11.7%
1Y return
+13.7%
RS 1D
-3
RS 20D
-1
Sector rank
#6
Industry rank
-
Stage evidence
- Price is within 0.1% of the 30-week proxy.
- The 30-week proxy changed +5.4% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price above
Sector
weakening
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 121.03-1.76%
RS vs Nifty 500121
Valuation & peers
U-Score 22 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
Valuation & peers
U-Score 22 · legacy U-Score band OVERVALUED · valuation evidence and comparable companies
OVERVALUED
Fundamental score breakdown
U band · OVERVALUEDValuation0/30
Growth5/25
Quality0/20
Balance Sheet8/15
Cash Flow4/10
Piotroski
7/9 (+5)
Penalties
0
Raw sum
22
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
22/100 · legacy band OVERVALUED
Positive drivers
- Piotroski is strong at 7/9.
- Balance sheet contributes 8/15 to the score.
- Cash flow contributes 4/10 to the score.
Main drags
- Fair-value margin of safety is negative at -1542.9%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
88.9
PB
5.7
EV/EBITDA
26.8
ROE
6.9%
ROCE
10.5%
FCF Yield
0.9%
Debt/Equity
0.1
MoS
-1542.9%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
22
Previous: 22
Legacy U-Score band
OVERVALUED
Previous: OVERVALUED
Margin of safety
-1542.9%
Previous: -1588.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
22
22
22
22
22
22
22
22
22
22
22
22
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹225.15
-370.8% MoS
Growth-justified P/E
5.9
Growth-justified Value
₹64.51
-1542.9% MoS
PEG
—
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
GRINDWELL
Small
Grindwell Norton Limited
Abrasives & Ceramics
match 82
41
50.9
16.2%
-3%
WATCHLIST
WENDT
Small
Wendt (India) Limited
Abrasives & Ceramics
match 46
26
94.6
4.9%
-1026%
OVERVALUED
TIMKEN
Large
Timken India Limited
Industrial Products
match 19
36
51.0
14.3%
-110%
WATCHLIST
FINCABLES
Large
Finolex Cables Limited
Electrical Equipment
match 18
36
26.1
12.3%
-2%
WATCHLIST
JINDALSAW
Large
Jindal Saw Limited
Steel Pipes
match 17
41
35.1
8.2%
+12%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis intactReviewed 2026-06-03T16:54:17.902Z
Management commentary snapshot
CUMI reports strong H2 and Q4 FY26 rebound in standalone sales and PAT, driven by Electrominerals and Ceramics. Consolidated PBT declined due to losses from divested subsidiaries, but management expects significant margin improvement post-restructuring.
The company's decisive actions to wind down loss-making foreign subsidiaries (Awuko, Foskor Zirconia) are positive for future profitability. Strong standalone performance and a broad-based H2 FY26 recovery across segments, coupled with strategic investments in high-growth advanced materials, support the long-term thesis, despite short-term consolidated PBT decline.
Current business mix
Electrominerals Revenue by Product Category (Current)
Latest issuer-disclosed distribution across 3 reported categories.
Core Fused Alumina & Silicon Carbide85.0%
Treated Products (Heat Treatment & Coating)5.5%
Specialty Products (Alumina Zirconia, Zircon Mullite)8.0%
Growth engines
Semiconductor Wafer Fab Equipment Components
Commissioned an exclusive facility for advanced components for semiconductor wafer fabrication equipment. Serial supplies of qualified products will commence in FY27, with gradual ramp-up.
Aerospace & Defense Ceramics
Commissioned a new facility for advanced Ceramics for ballistic protection. Secured STANAG 4 qualification for vehicle armor and BIS Threat Level 5 & 6 for personnel protection.
SOFC Segment (Engineering Ceramics)
Engineering Ceramics segment grew by 30%, driven by the SOFC segment, which is seeing strong demand in the AI-driven data center segment. Management expects substantial growth.
Exports in Electrominerals
Exports grew by 100% from FY25 to FY26, now contributing over 33% of total sales (vs. 11% in FY25), driven by existing OEM relationships and anti-dumping duties against Chinese grains.
Capacity and execution
Semiconductor Wafer Fab Equipment Components Facility
Commissioned first module with INR 66 crores CAPEX. End-to-end capability from high purity powders to precision machining. Serial supplies in FY27, gradual utilization ramp-up. Further expansions planned.
Aerospace & Defense Ceramics Facility
Commissioned new facility with INR 49 crores outlay for advanced Ceramics for ballistic protection. Business expected to scale up high by 2030.
White Fused Alumina (WFA) Furnace Upgrade
Upgradation of existing WFA furnace from 2 MVA to 4.5 MVA with INR 53 crores CAPEX. Will substantially increase existing capacities, with maximum revenue potential of INR 95 crores.
Thin Wheel Capacity (Hosur)
Commissioning of thin wheel capacity at Hosur using DRONCO assets. Total CAPEX outlay INR 83 crores, can produce 46 million thin wheels with peak revenue of INR 120 crores.
Tailwinds
Rebound in Festival Season Demand
Rebound in festival season demand provided a growth impetus, particularly for Abrasives in H2 FY26.
GST Rate Rationalization
Implementation of GST rate rationalization provided a growth impetus for Abrasives.
Anti-Dumping Duties on Chinese Grains
Anti-dumping duties against Chinese grains by EU helped drive stronger growth in Electrominerals exports.
China's Export Rebate Removal on Abrasives
China removed export rebate on Abrasive products (9% to 0%) from April. Management believes this is good for the domestic industry and will help growth.
Headwinds
Sanctions on VAW Russia
Lower sales and profits at VAW Russia due to USA sanctions. Sales declined 35.3% in rouble terms in FY26. No alternate solution for export beyond Russia currently.
Logistics Transition Impact (Rhodius)
Rhodius Abrasives sales declined 8.8% in FY26 (EUR 61M vs EUR 67M) due to a EUR 5 million sales loss from a Q1 FY26 transition to a new third-party logistics partner.
Underperformance of Subsidiaries
Continued underperformance and mounting losses at Awuko Abrasives and Foskor Zirconia led to their winding down, impacting consolidated PBT significantly.
Production Challenge in Metallized Cylinder Business
Metallized Cylinder business growth was impacted by a production-related challenge in H1 FY26, which was addressed by Q4.
Risk radar
Geopolitical Sanctions
Ongoing sanctions on VAW Russia continue to restrict its operations and export capabilities, with no immediate alternative solution identified.
Global Competition & Input Costs
Escalation in electricity and other input costs, coupled with intensifying global competition and foreign exchange fluctuations, rendered Foskor Zirconia unviable.
New Product Qualification Timelines
Material qualification process for Ceramic components for wafer fab equipment is long (4-6 years). Material revenue generation expected only from 2029 onwards.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
The company experienced a muted H1 FY26, followed by a strong rebound in H2 and Q4. Comparing both YoY and QoQ provides a comprehensive view of the full-year performance and the recent sequential momentum, which is crucial for assessing the recovery and future trajectory.
Sector KPIs management disclosed
Standalone Sales Growth (FY26 YoY)
Standalone sales in FY26 was INR 3,024 crores compared to INR 2,784 crores in FY25, a growth of 8.6%. The company crossed INR 3,000 crores in standalone revenue.
Consolidated Sales Growth (FY26 YoY)
Consolidated sales was INR 5,149 crores in FY26, a growth of 6.5% over INR 4,833 crores in FY25. The company surpassed INR 5,000 crores in consolidated revenue.
Standalone PAT Growth (FY26 YoY)
Standalone PAT was INR 416 crores in FY26, compared to INR 322 crores in FY25, reflecting a growth of 29.4% YoY. Q4 FY26 PAT doubled to INR 122 crores from INR 61 crores in Q4 FY25.
Consolidated PBT (before exceptional items) Growth (FY26 YoY)
Consolidated PBT before exceptional items and taxes stood at INR 416 crores compared to INR 572 crores in FY25, reflecting a drop of 27.2% YoY, mainly due to VAW, Foskor, Awuko, and Rhodius.
Management forward view
Aspiration 2030 Strategy
Launched Aspiration 2030 focusing on high-performance organization, ambitious growth, innovation, new opportunities, manufacturing excellence, sales & marketing, and digital/ESG initiatives.
R&D Investment Increase
Current R&D spend of ~1% needs to increase to 2-3% to strengthen R&D teams, new product development processes, and accelerate CAPEX/OPEX spend.
Focus on Transformational Products
Investing in SOFC powders, Nitrides, HPSiC, and Graphene, expecting them to contribute ~10% of revenue by 2030 from current negligible levels, creating a new leg of growth.
FY27 Consolidated Sales & Margin Guidance (Ex-Divestments)
Comparable consolidated sales growth of 11-12% (excluding Awuko & Foskor). Abrasives margin 9.5-10% (vs. 7.9% ex-Awuko FY26). Electrominerals margin 9-9.5% (vs. 9.1% ex-Foskor FY26).
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consolidated Sales Growth (Ex-Divestments) | FY27 guidance: 11-12% | Achievement of targeted growth, indicating successful integration of divested entities' impact and core business expansion. |
| Consolidated Abrasives PBIT Margin (Ex-Awuko) | FY27 guidance: 9.5-10% (vs. 7.9% in FY26) | Improvement in profitability as loss-making Awuko is wound down and cost optimization programs take effect. |
| Consolidated Electrominerals PBIT Margin (Ex-Foskor) | FY27 guidance: 9-9.5% (vs. 9.1% in FY26) | Stability or slight improvement in margins after the closure of Foskor Zirconia, despite ongoing VAW challenges. |
| FY27 CAPEX | INR 400 crores planned | Execution of planned CAPEX for Advanced Ceramics, BFA expansion, thermal spray powders, and Zirconia furnace, indicating progress on growth engines. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
69Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 59th percentile of the scored universe and 56th percentile within Industrials. Main check: financial discipline is weak at 42/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
60 docs text-extracted · 45 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
59th percentile
overall median 67 · Industrials: 56th pctile, median 68 · Large: 35th pctile, median 73
Evidence depth
Financial-only
60 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
42
weak · capital discipline
Results
53
watch · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.9%.
- ▸10 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸2 latest quarters had PAT decline worse than 25% YoY.
- ▸ROE is low at 6.9%.
- ▸ROCE trend is -5.2%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Carborundum Universal Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
AnnouncementSep 2026
Sep 2026 · Announcement under Regulation 30 (LODR)-Change in Management 7 Sep - Mr. Sriram Seshadri appointed CFO and KMP effective 7 September 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 3 Sep - Enclosed Newspaper publication regarding notice of special window for re-lodgement of transfer requests of physical shares.
Source: Bse
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
AnnouncementAug 2026
Aug 2026 · Announcement under Regulation 30 (LODR)-Press Release / Media Release 7 Aug - Board approved Q1 FY27 results; standalone PAT Rs88 crore, consolidated PAT Rs76 crore, on 7 August 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Allotment of ESOP / ESPS 7 Aug - Enclosed intimation pertaining to allotment of 6882 equity shares
Source: Bse
Annual report
Announcement under Regulation 30 (LODR)-Newspaper Publication 17 Jul - Enclosed newspaper ad pertaining to dispatch of Annual report and AGM notice.
Source: Bse
Annual report
Reg. 34 (1) Annual Report. 16 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 9 Jul - Enclosed newspaper publication pertaining to convening of 72nd AGM.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Change in Management 26 Jun - Head-Information Technology Ajit Kolhe steps down effective close of business on 26 June 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 4 Jun - Enclosed copies of newspaper advertisement pertaining to proposed transfer of shares to IEPF Authority.
Source: Bse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.