Carborundum Universal financials and balance sheet

NSE: CARBORUNIVBSE: 513375Industrial ProductsSmall Cap

₹1,028.80₹25.90 (2.46%)BSE ₹1,029.60

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,054.70.

52-week range of traded prices to 23 Oct 2026

₹735.20Low, 23 Mar 2026₹1,368.90High, 24 Sep 2026

Next results date: the board meets on 2 Nov 2026 to consider: financial results.

Market cap: ₹19,599 Cr382nd largest listed
P/E: 93.7
P/E without one-offs: 57.0
P/B: 5.0
Dividend yield: 0.39%
ROE: 5.6%
ROE without one-offs: 9.3%
ROCE: 7.9%
Debt to equity: 0.08
Volume, NSE: 3,58,02544.3% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Carborundum Universal annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹5,206 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 1.0% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue5,206
Materials and goods−2,037
Employee costs−953
Other expenses−1,637
Operating profit579
Depreciation−247
Other income+72
One-off items−135
Finance costs−19
Profit before tax250
Tax−114
Joint ventures+31
Net profit168

What the company owns

Plant, investments and other assets₹2,582 Cr
Inventory₹1,117 Cr
Receivables₹891 Cr
Cash and bank₹700 Cr

What pays for it: net worth and liabilities

Net worth₹4,008 Cr
Other liabilities₹555 Cr
Owed to suppliers₹422 Cr
Borrowings₹305 Cr

Carborundum Universal business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.Carborundum Universal segment results by quarter

Revenue by segment

₹5,345 CrTotal

Abrasives₹2,271 Cr42.5% of total
Electrominerals₹1,632 Cr30.5% of total
Ceramics₹1,268 Cr23.7% of total
Others₹175 Cr3.3% of total

Profit by segment

Abrasives₹97 Cr21.8% of total
Electrominerals₹91 Cr20.5% of total
Ceramics₹256 Cr57.7% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Abrasives
Revenue, ₹ crore
1,124
995
993
1,283
2,035
2,091
2,159
2,271
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
140
113
134
156
105
182
151
97
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Electrominerals
Revenue, ₹ crore
1,019
1,026
1,064
1,312
1,634
1,545
1,574
1,632
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
128
104
136
194
275
237
177
91
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Ceramics
Revenue, ₹ crore
604
629
627
798
1,027
1,077
1,160
1,268
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
108
132
136
159
251
286
286
256
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Others
Revenue, ₹ crore
64
71
64
89
139
152
170
175
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
5
10
13
−1
−17
−22
−14
−2
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	2,811	2,721	2,749	3,482	4,835	4,864	5,063	5,345
Company revenue, as in its results	2,689	2,599	2,632	3,325	4,654	4,702	4,894	5,206
Revenue	1,124	995	993	1,283	2,035	2,091	2,159	2,271
Revenue growth	–	−11.5%	−0.2%	29.2%	58.6%	2.7%	3.3%	5.1%
Profit	140	113	134	156	105	182	151	97
Profit growth	–	−19.4%	18.9%	16.4%	−33.0%	73.4%	−16.6%	−36.2%
Margin	12.5%	11.3%	13.5%	12.2%	5.1%	8.7%	7.0%	4.3%
Return on capital	27.0%	22.6%	28.6%	13.9%	7.8%	13.1%	10.0%	6.1%
Assets	655	590	584	1,263	1,574	1,635	1,766	1,937
Liabilities	137	89	115	140	223	249	244	352
Capital employed	518	501	469	1,123	1,350	1,386	1,522	1,585
Revenue	1,019	1,026	1,064	1,312	1,634	1,545	1,574	1,632
Revenue growth	–	0.7%	3.8%	23.3%	24.5%	−5.4%	1.9%	3.7%
Profit	128	104	136	194	275	237	177	91
Profit growth	–	−18.6%	30.5%	42.9%	41.8%	−13.8%	−25.3%	−48.8%
Margin	12.6%	10.2%	12.8%	14.8%	16.9%	15.4%	11.3%	5.6%
Return on capital	21.1%	18.4%	23.6%	32.5%	29.9%	26.7%	18.0%	7.9%
Assets	708	682	739	824	1,081	1,057	1,174	1,382
Liabilities	102	116	163	226	160	167	190	236
Capital employed	606	566	576	598	921	890	985	1,146
Revenue	604	629	627	798	1,027	1,077	1,160	1,268
Revenue growth	–	4.1%	−0.3%	27.2%	28.7%	4.8%	7.7%	9.3%
Profit	108	132	136	159	251	286	286	256
Profit growth	–	21.8%	3.2%	17.2%	57.4%	13.9%	0.3%	−10.6%
Margin	17.9%	20.9%	21.7%	20.0%	24.4%	26.5%	24.7%	20.2%
Return on capital	26.7%	31.7%	29.4%	32.2%	42.4%	46.9%	35.5%	27.4%
Assets	457	481	563	604	717	713	963	1,139
Liabilities	52	65	102	109	126	104	157	205
Capital employed	405	416	462	495	592	609	806	934
Revenue	64	71	64	89	139	152	170	175
Revenue growth	–	10.9%	−9.7%	39.0%	56.0%	9.4%	12.0%	3.0%
Profit	5	10	13	−1	−17	−22	−14	−2
Profit growth	–	99.6%	26.1%	–	–	–	–	–
Margin	7.9%	14.1%	19.8%	−1.4%	−12.6%	−14.8%	−8.0%	−1.0%
Return on capital	2.0%	2.4%	1.9%	−0.5%	−20.5%	−5.9%	−3.7%	−0.5%
Assets	412	539	802	631	553	747	740	833
Liabilities	164	117	131	398	467	367	376	489
Capital employed	247	422	671	233	85	380	363	344

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.Carborundum Universal quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 27 Apr	Mar 2020Filed 6 Jun	Mar 2021Filed 29 Apr	Mar 2022Filed 16 May	Mar 2023Filed 9 May	Mar 2024Filed 4 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
Revenue from operations	2,232	2,395	2,689	2,599	2,632	3,325	4,654	4,702	4,894	5,206
	1,878	1,997	2,251	2,200	2,166	2,788	4,002	3,963	4,182	4,627
Materials and goods bought	735	805	955	887	898	1,158	1,714	1,697	1,795	2,037
Employee costs	–	–	327	345	347	419	692	720	862	953
Other expenses	–	–	968	969	921	1,211	1,596	1,546	1,525	1,637
Operating profit before depreciation	354	399	438	399	466	537	652	739	712	579
Operating margin	15.9%	16.6%	16.3%	15.3%	17.7%	16.1%	14.0%	15.7%	14.5%	11.1%
Materials, % of revenue	–	–	35.5%	34.1%	34.1%	34.8%	36.8%	36.1%	36.7%	39.1%
Employee costs, % of revenue	–	–	12.2%	13.3%	13.2%	12.6%	14.9%	15.3%	17.6%	18.3%
Other expenses, % of revenue	–	–	36.0%	37.3%	35.0%	36.4%	34.3%	32.9%	31.2%	31.4%
Depreciation and amortisation	96	106	108	105	99	115	187	191	212	247
Operating profit after depreciation	258	293	330	294	366	422	465	548	500	332
Other income	3	23	27	45	31	40	77	77	41	72
Finance costs	18	9	8	6	4	6	24	18	14	19
Profit before one-off items and tax	243	307	349	333	394	456	518	606	527	385
One-off items	0	0	0	0	−14	0	25	0	−104	−135
Profit before tax	243	307	349	333	380	456	543	606	423	250
	78	102	121	76	102	127	138	174	169	114
Current tax	–	111	123	97	109	138	173	196	168	153
Deferred tax	–	−9	−2	−21	−7	−11	−35	−22	1	−39
Share of profit of joint ventures and associates	19	9	20	18	15	20	37	44	45	31
	175	220	248	275	293	350	442	476	299	168
Belonging to the company's shareholders	175	220	248	272	284	333	414	461	293	195
Belonging to outside owners of subsidiaries	–	–	0	3	9	17	28	15	6	−27
Other comprehensive income	–	–	−34	−57	13	−14	100	−104	93	253
Total comprehensive income	–	–	213	218	306	336	542	372	392	420
Net margin	7.8%	9.2%	9.2%	10.6%	11.1%	10.5%	9.5%	10.1%	6.1%	3.2%
Net margin without joint ventures and associates	7.0%	8.8%	8.5%	9.9%	10.6%	9.9%	8.7%	9.2%	5.2%	2.6%

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the years to Mar 2017 and Mar 2018 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 27 Apr	Mar 2020Filed 6 Jun	Mar 2021Filed 29 Apr	Mar 2022Filed 16 May	Mar 2023Filed 9 May	Mar 2024Filed 4 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
	1,776	1,904	2,178	2,450	2,948	3,265	3,676	4,008
	1,724	1,858	2,131	2,364	2,821	3,126	3,529	3,900
Share capital	19	19	19	19	19	19	19	19
Reserves	1,705	1,839	2,113	2,345	2,802	3,107	3,510	3,881
Belonging to outside owners of subsidiaries	52	46	46	86	128	139	147	108
	92	60	41	212	230	113	120	305
Repayable after a year	5	4	5	8	43	28	25	26
Repayable within a year	87	55	36	204	187	85	95	279
	405	353	466	773	738	677	717	1,065
Trade payables	209	195	303	370	336	398	350	422
Other financial liabilities	74	59	83	149	112	58	107	118
Other liabilities	18	26	22	27	51	38	49	77
Provisions	18	18	23	22	50	59	87	162
Tax owed	–	–	–	–	2	39	29	6
	50	35	45	100	238	210	250	218
Other financial liabilities	–	6	17	25	78	97	126	133
Other liabilities	–	–	–	12	40	0	3	4
Provisions	10	11	13	15	24	24	32	36
Deferred tax	36	13	10	41	53	61	63	19
Total assets	2,232	2,292	2,688	3,323	3,924	4,152	4,643	5,291
	932	952	979	1,675	1,898	1,983	2,243	2,450
Plant in use, after depreciation	569	612	638	720	1,045	1,086	1,223	1,389
Plant being built	46	39	28	58	87	78	118	141
Intangible assets	4	3	9	128	237	222	225	219
Goodwill	122	133	130	158	244	247	267	297
Intangible assets being developed	–	–	–	–	–	6	–	0
Investments	10	5	11	19	18	9	9	2
Stakes in joint ventures and associates	120	116	116	119	144	163	193	197
Other financial assets	13	15	15	16	19	21	22	30
Deferred tax	10	9	13	27	76	111	122	130
Other assets	37	20	19	431	28	41	63	43
	1,300	1,340	1,709	1,648	2,026	2,169	2,400	2,841
Inventories	533	508	461	691	899	850	1,055	1,117
Trade receivables	514	402	478	485	627	679	766	891
Cash and cash equivalents	96	292	478	348	396	555	378	698
Other bank balances	2	2	211	4	4	3	3	3
Current investments	96	68	0	0	0	0	0	0
Other financial assets	7	7	8	16	8	12	115	18
Other assets	52	63	74	104	91	69	84	114
Net debt	−102	−302	−648	−139	−170	−445	−260	−395

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 29 Apr	Mar 2022Filed 16 May	Mar 2023Filed 9 May	Mar 2024Filed 4 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
	451	245	430	602	304	367
	553	377	593	811	502	539
	72	−207	−153	−21	−222	−81
Receivables	−72	−30	−52	−90	−56	−96
Inventories	54	−219	−81	15	−156	−7
Payables	103	47	−16	39	4	35
Other working capital	−14	−5	−4	15	−15	−12
Tax paid	−103	−133	−163	−210	−198	−171
Capital spending	98	163	293	219	274	300
Free cash flow	353	81	137	382	30	67
	−269	−460	−257	−186	−383	−217
Plant and property sold	4	0	1	1	1	3
Companies bought	0	−542	0	0	−58	0
Interest received	17	19	14	17	29	48
Dividends received	13	18	14	25	17	29
	−66	89	−133	−214	−110	119
Borrowings raised	0	158	26	0	9	160
Borrowings repaid	−23	0	−57	−119	−6	−5
Interest paid	−4	−6	−22	−15	−9	−14
Lease payments	−5	0	0	−13	−16	−12
Dividends paid	38	57	77	79	91	101
Shares bought back	0	0	0	0	0	0
Shares issued	3	6	3	14	5	2
Net change in cash	115	−126	40	201	−188	270

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Carborundum Universal dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 27 Apr	Mar 2020Filed 6 Jun	Mar 2021Filed 29 Apr	Mar 2022Filed 16 May	Mar 2023Filed 9 May	Mar 2024Filed 4 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
Earnings per share	₹9.28	₹11.42	₹13.10	₹14.39	₹15.01	₹17.57	₹21.80	₹24.27	₹15.58	₹10.30
Diluted earnings per share	₹9.25	₹11.39	₹13.07	₹14.38	₹14.99	₹17.52	₹21.74	₹24.22	₹15.55	₹10.30
Dividend per share	₹1.75	₹2.25	₹2.75	₹2.75	₹3.00	₹3.50	₹3.50	₹4.00	₹4.00	₹4.00
Book value per share	–	–	₹91.13	₹98.12	₹112.42	₹124.48	₹148.53	₹164.25	₹185.33	₹204.72
Dividend payout	18.9%	19.4%	21.0%	19.1%	20.0%	19.9%	16.1%	16.5%	26.0%	39.1%
Shareholder yield	–	–	–	–	0.4%	0.3%	0.4%	0.3%	0.4%	0.7%
Market cap at the year end (₹ crore)	5,480	6,562	7,759	4,202	9,653	15,141	18,719	24,106	19,308	14,773

Ratios

Consolidated, years to March.Carborundum Universal PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 27 Apr	Mar 2020Filed 6 Jun	Mar 2021Filed 29 Apr	Mar 2022Filed 16 May	Mar 2023Filed 9 May	Mar 2024Filed 4 May	Mar 2025Filed 10 Jun	Mar 2026Filed 14 May
Revenue growth	7.1%	7.3%	12.3%	−3.3%	1.3%	26.3%	40.0%	1.0%	4.1%	6.4%
Operating profit growth	–	12.6%	9.9%	−9.1%	16.8%	15.3%	21.5%	13.3%	−3.7%	−18.7%
Net profit growth	22.5%	25.6%	12.8%	11.1%	6.6%	19.4%	26.2%	7.8%	−37.3%	−43.8%
Earnings per share growth	22.4%	23.1%	14.7%	9.8%	4.3%	17.1%	24.1%	11.3%	−35.8%	−33.9%
	–	–	14.4%	15.2%	14.3%	14.8%	16.0%	15.5%	8.8%	5.2%
	–	–	–	0.8 pts	−1.0 pts	0.6 pts	1.1 pts	−0.5 pts	−6.7 pts	−3.6 pts
From the net margin	–	–	–	2.0 pts	0.5 pts	−1.0 pts	−1.7 pts	1.6 pts	−6.1 pts	−3.3 pts
From asset turnover	–	–	–	−0.8 pts	−1.3 pts	0.6 pts	2.1 pts	−1.6 pts	−0.4 pts	−0.3 pts
From borrowing	–	–	–	−0.4 pts	−0.2 pts	1.0 pts	0.7 pts	−0.5 pts	−0.2 pts	0.1 pts
Return on capital employed	–	–	17.7%	15.0%	16.5%	15.9%	14.6%	16.2%	13.2%	7.7%
Cash conversion	–	–	–	–	153.8%	69.9%	97.4%	126.3%	101.8%	218.9%
Interest cover	14.2	34.0	38.9	46.5	102.3	74.8	19.7	29.9	35.8	17.7
Debt to equity	–	–	0.05	0.03	0.02	0.09	0.08	0.03	0.03	0.08
Receivable days	–	–	70	56	66	53	49	53	57	62
Inventory days	–	–	204	209	187	218	191	183	215	200
Payable days	–	–	80	80	123	117	72	86	71	76
Cash conversion cycle, days	–	–	194	185	130	154	169	150	201	187
Working capital days	–	–	107	96	82	80	84	79	104	95
Asset turnover	–	–	1.20	1.15	1.06	1.11	1.28	1.16	1.11	1.05
Assets per rupee of net worth	–	–	1.29	1.26	1.25	1.34	1.40	1.36	1.32	1.34
Sales per rupee of plant	–	–	4.73	4.25	4.13	4.62	4.45	4.33	4.00	3.75
Capital spending to depreciation	–	–	–	–	0.99	1.42	1.56	1.15	1.29	1.22
Plant being built, % of plant in use	–	–	8.2%	6.3%	4.4%	8.0%	8.4%	7.2%	9.7%	10.1%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 3.9%
Cash from operations against operating profit: 63.5%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	9.6%	14.6%	3.8%
Profit growth, yearly rate	3.2%	−7.3%	−22.2%
Return on equity, average	–	12.1%	9.9%
Return on capital employed, average	–	13.5%	12.4%
Operating margin, average	15.3%	14.3%	13.8%
Net margin, average	8.7%	7.9%	6.5%
Asset turnover, average	–	1.14	1.11
Cash conversion cycle, days, average	–	172	179
Interest cover, average	41.4	35.6	27.8
Debt to equity, average	–	0.06	0.05

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	1,948	1,273	367
Cash from investing	−1,504	−786	−217
Cash from financing	−249	−205	119
Capital spending	1,250	794	300
Dividends paid	405	272	101
Shares bought back	0	0	0
Shares issued for cash	30	21	2
Borrowings raised	352	169	160
Borrowings repaid	187	130	5

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	5	4	6	6	5	4
Altman Z-scorePublished threshold 1.81	–	–	13.51	9.77	14.46	13.17	14.56	19.44	14.83	9.50
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.67	−1.97	−2.26	−2.52	−2.39	−2.70
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	4.49	18.82	7.42	1.51	8.57	0.35
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.04	1.01	1.10	1.35
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−18.52	17.68	−24.84	−10.57	7.21	8.76	9.88
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	2.39	−10.51	21.08	−17.94	−4.44	18.33	−7.59
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	0.39	0.49	1.15	−0.45	−0.38	2.39	−1.27
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.26	0.22	0.29	0.17	0.34	0.34	0.34
Effective tax ratePublished threshold 17.16 per cent	32.16	33.24	34.74	22.70	26.76	27.73	25.47	28.71	40.02	45.47
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−1.33	−4.48	−5.87	−6.77	−22.92

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
25 Mar 2026	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	Crisil A1+Review, Re-affirm		60
25 Mar 2026	CRISIL Ratings Limited (opens in a new tab)	Non Convertible Debentures	Crisil AA+Review, Re-affirm	Stable	200
25 Mar 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AA+Review, Re-affirm	Stable	348.16
25 Mar 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Re-affirm		100
29 Sep 2025	CRISIL Ratings Limited (opens in a new tab)	Short Term Debt	Crisil A1+Review, Other		60

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.