Carborundum Universal Ltd
Carborundum Universal Ltd, a part of the Chennai-based Murugappa group, is engaged in the manufacturing of abrasives, ceramics, refractories, and electro-minerals. [1]
- Market Cap ₹ 18,886 Cr.
- Current Price ₹ 992
- High / Low ₹ 1,841 / 809
- Stock P/E 58.7
- Book Value ₹ 134
- Dividend Yield 0.40 %
- ROCE 17.5 %
- ROE 13.2 %
- Face Value ₹ 1.00
Pros
- Company has reduced debt.
- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 21.8%
Cons
- Stock is trading at 7.38 times its book value
- The company has delivered a poor sales growth of 11.4% over past five years.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Industrials Capital Goods Industrial Products Abrasives & Bearings
Part of BSE 500 BSE Capital Goods Nifty 500 BSE SmallCap BSE Allcap
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
1,142 | 1,161 | 1,292 | 1,406 | 1,583 | 1,782 | 1,651 | 1,672 | 2,215 | 2,510 | 2,633 | 2,828 | |
996 | 1,011 | 1,092 | 1,193 | 1,332 | 1,485 | 1,391 | 1,397 | 1,845 | 2,044 | 2,138 | 2,360 | |
Operating Profit | 145 | 150 | 199 | 212 | 250 | 298 | 260 | 275 | 370 | 465 | 496 | 467 |
OPM % | 13% | 13% | 15% | 15% | 16% | 17% | 16% | 16% | 17% | 19% | 19% | 17% |
19 | 117 | 39 | 34 | 30 | 27 | 47 | 31 | 42 | 56 | 44 | 39 | |
Interest | 13 | 9 | 9 | 9 | 1 | 1 | 0 | 0 | 1 | 15 | 4 | 0 |
Depreciation | 49 | 59 | 62 | 67 | 74 | 75 | 67 | 61 | 65 | 74 | 73 | 81 |
Profit before tax | 102 | 199 | 167 | 171 | 205 | 248 | 240 | 244 | 346 | 432 | 463 | 425 |
Tax % | 29% | 26% | 30% | 29% | 30% | 33% | 20% | 25% | 26% | 23% | 24% | 24% |
73 | 148 | 116 | 122 | 143 | 166 | 191 | 184 | 254 | 331 | 350 | 322 | |
EPS in Rs | 3.88 | 7.88 | 6.18 | 6.46 | 7.59 | 8.78 | 10.10 | 9.70 | 13.40 | 17.42 | 18.41 | 16.89 |
Dividend Payout % | 32% | 16% | 24% | 27% | 30% | 31% | 27% | 31% | 26% | 20% | 22% | 24% |
Compounded Sales Growth | |
---|---|
10 Years: | 9% |
5 Years: | 11% |
3 Years: | 8% |
TTM: | 7% |
Compounded Profit Growth | |
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10 Years: | 14% |
5 Years: | 11% |
3 Years: | 8% |
TTM: | -8% |
Stock Price CAGR | |
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10 Years: | 20% |
5 Years: | 33% |
3 Years: | 12% |
1 Year: | -38% |
Return on Equity | |
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10 Years: | 14% |
5 Years: | 15% |
3 Years: | 15% |
Last Year: | 13% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
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Equity Capital | 19 | 19 | 19 | 19 | 19 | 19 | 19 | 19 | 19 | 19 | 19 | 19 |
Reserves | 715 | 841 | 940 | 1,036 | 1,151 | 1,258 | 1,348 | 1,516 | 1,722 | 1,988 | 2,278 | 2,539 |
119 | 84 | 109 | 3 | 2 | 1 | 1 | 0 | 163 | 104 | 0 | 0 | |
195 | 202 | 203 | 240 | 264 | 248 | 205 | 311 | 366 | 328 | 295 | 308 | |
Total Liabilities | 1,047 | 1,146 | 1,270 | 1,297 | 1,436 | 1,526 | 1,573 | 1,846 | 2,270 | 2,438 | 2,592 | 2,866 |
415 | 389 | 375 | 408 | 430 | 395 | 422 | 418 | 435 | 486 | 527 | 590 | |
CWIP | 14 | 18 | 68 | 51 | 17 | 22 | 12 | 11 | 18 | 46 | 47 | 74 |
Investments | 131 | 238 | 256 | 254 | 311 | 345 | 307 | 251 | 968 | 1,048 | 1,039 | 1,100 |
488 | 501 | 571 | 584 | 677 | 763 | 831 | 1,166 | 849 | 859 | 979 | 1,102 | |
Total Assets | 1,047 | 1,146 | 1,270 | 1,297 | 1,436 | 1,526 | 1,573 | 1,846 | 2,270 | 2,438 | 2,592 | 2,866 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
98 | 106 | 112 | 177 | 132 | 122 | 231 | 271 | 198 | 344 | 401 | 190 | |
-40 | -53 | -88 | -46 | -29 | -28 | -31 | -214 | -548 | -212 | -77 | -206 | |
-56 | -57 | -21 | -133 | -36 | -59 | -86 | -26 | 111 | -138 | -161 | -71 | |
Net Cash Flow | 3 | -5 | 3 | -2 | 67 | 35 | 114 | 32 | -239 | -6 | 163 | -87 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 72 | 70 | 72 | 67 | 75 | 68 | 57 | 69 | 55 | 57 | 52 | 58 |
Inventory Days | 132 | 153 | 147 | 139 | 143 | 165 | 181 | 152 | 157 | 130 | 117 | 130 |
Days Payable | 60 | 68 | 68 | 82 | 92 | 71 | 70 | 109 | 93 | 82 | 73 | 56 |
Cash Conversion Cycle | 145 | 155 | 151 | 123 | 127 | 161 | 168 | 113 | 118 | 105 | 97 | 133 |
Working Capital Days | 101 | 100 | 88 | 88 | 91 | 101 | 101 | 84 | 76 | 74 | 69 | 86 |
ROCE % | 14% | 14% | 18% | 17% | 19% | 20% | 18% | 17% | 20% | 21% | 21% | 18% |
Documents
Announcements
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Compliances-Reg.24(A)-Annual Secretarial Compliance
2d - Annual Secretarial Compliance Report notes US sanctions impact on Russian subsidiary board nomination.
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
19 May - Q4 FY25 earnings call: INR4834 Cr sales, PAT impacted by sanctions and tax reversals, 5-year growth strategy outlined.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
13 May - Audio recording of 13 May 2025 investor call uploaded on company website.
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
12 May - Audited FY25 results approved; final dividend Rs.2.50/share; 71st AGM on 7 Aug 2025; secretarial auditor appointment recommended.
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Fixation Of Record Date For Final Dividend.
12 May - Record date fixed as 31 July 2025 for final dividend of 250% for FY ended 31 March 2025.
Annual reports
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Financial Year 2010
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Concalls
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May 2025TranscriptPPT
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Nov 2021TranscriptPPT
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Nov 2020TranscriptPPT
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Aug 2018TranscriptPPT
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May 2018Transcript PPT
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Feb 2018TranscriptPPT
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Nov 2017Transcript PPT
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Jun 2017TranscriptNotesPPT
Business Segments
1) Abrasives (44% in Q2 FY25 vs 38% in FY22): [1] [2] The company manufactures and distributes rigid and flexible abrasives across key product segments like bonded, coated, metal working fluid, and super abrasives. [3] It is one of the largest producers of abrasives in the domestic market with over 30% market share. [4] The segment's revenue increased by 63% from FY22 to FY24, fueled by high demand and the integration of newly acquired subsidiaries in Germany “RHODIUS Abrasive GmbH and CUMI AWUKO Abrasives GmbH” and India “PLUSS Advanced Technologies”. [5]