Carborundum universal ltd share price target 2025

CUMI
Particulars Q1 FY26 Q1 FY25 YoY Change Q4 FY25 QoQ Change Key Reasons / Commentary
Consolidated Sales ₹1,207 Cr ₹1,184 Cr +1.9% ₹1,199 Cr +0.6% Growth driven by Ceramics (+11.1%) & Electrominerals (+6.3%), offset by Abrasives (-8%). Rhodius logistics disruption & VAW volume drop impacted.
Standalone Sales ₹698 Cr ₹664 Cr +5.2% ₹686 Cr +1.7% Growth from Electrominerals (+12.3%) & Ceramics (+10%), Abrasives -5.5%.
Consolidated PAT ₹62 Cr ₹113 Cr -45.2% ₹29 Cr +113.8% Drop due to VAW (-₹18 Cr), Rhodius (-₹18 Cr), Standalone (-₹14 Cr). QoQ rise due to deferred tax reversal in Q4 FY25.
Standalone PAT ₹145 Cr ₹93 Cr +55.4% ₹61 Cr +137.7% Boosted by ₹68 Cr one-time dividend from SEDCO.
Abrasives Sales (Consol.) ₹508 Cr ₹552 Cr -8% ₹538 Cr -5.7% Rhodius down 23% (EUR 13.2M vs 17.3M) due to warehouse/logistics change; Standalone -5.5%. Precision segment grew, retail saw slowdown due to distributor stock clearance.
Abrasives PBIT (Consol.) ₹11 Cr ₹55 Cr -80% ₹34 Cr -67.6% Loss of sales in Rhodius & standalone; freight & fixed cost pressure.
Electrominerals Sales (Consol.) ₹405 Cr ₹381 Cr +6.3% ₹375 Cr +8% Standalone strong (+12.3% YoY), VAW -25% due to Russia sanctions.
Electrominerals PBIT (Consol.) ₹4 Cr ₹43 Cr -90.7% ₹9 Cr -51.1% VAW (-₹27 Cr), Standalone (-₹9 Cr), Foskor (-₹3 Cr). High alumina cost liquidation impacted margins.
Ceramics Sales (Consol.) ₹300 Cr ₹270 Cr +11.1% ₹270 Cr +11.1% Growth in Metallized, Engineered Ceramics, Monolithic & Corrosion-Resistant products.
Ceramics PBIT (Consol.) ₹75 Cr ₹65 Cr +15.4% ₹74 Cr +1.5% Strong domestic & export growth, pricing and volume gains.
PBIT Margin (Consol.) 6.7% 12.6% -590 bps 8% -130 bps Margin decline led by Abrasives & Electrominerals.
Debt (Consol.) ₹172 Cr ₹112 Cr +53.6% ₹120 Cr +43.3% Debt-equity at 0.05, balance sheet strong.
Capex (Consol.) ₹64 Cr ₹63 Cr +1.6% Annual plan of ₹350 Cr maintained.
ROCE (Consol.) 8.1% 16.9% -880 bps Abrasives ROCE dropped sharply (15.5% → 2.8%), Ceramics strong (37.8%), EMD weak (1.8%).
Free Cash Flow / PAT (Consol.) 98% 37% Strong cash generation despite lower profits.

CUMI

Management Guidance FY26 (Updated vs Previous)

Segment Previous Guidance Revised Guidance Key Reason
Ceramics Sales Growth 16–18% Maintained Strong demand from EV, semiconductor & industrial customers.
Electrominerals Sales Growth 1–2% Maintained VAW sanctions impact offset by standalone exports/domestic.
Abrasives Sales Growth 5–6% 4–5% Rhodius Q1 disruption to impact full year.
Overall Sales Growth 6–7% 5.5–6.5% Abrasives downgrade.
Ceramics PBIT Margin 23.5–23.7% Maintained Volume & pricing tailwinds.
EMD PBIT Margin 6.5–7.5% 4.5–5.5% Alumina cost impact in Q1.
Abrasives PBIT Margin 8–8.5% 6–6.5% Rhodius & retail weakness.
Overall PBIT Margin Drop vs FY25 100–150 bps 250–300 bps Rhodius disruption & EMD margin drop.

By

Related Post

Leave a Reply

Your email address will not be published. Required fields are marked *