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Swing Capital

Carborundum Universal Ltd

NSE: CARBORUNIV BSE: 513375

Carborundum Universal Ltd, a part of the Chennai-based Murugappa group, is engaged in the manufacturing of abrasives, ceramics, refractories, and electro-minerals. [1]

₹1,110
52W: ₹735 — ₹1155
PE 50.8 · Book ₹153 · +625% vs book
Market Cap₹21,149 Cr
Stock P/E50.8Price to Earnings
ROCE19.2%Return on Capital
ROE15.2%Return on Equity
Div. Yield0.35%Face Value ₹1

Strengths

  • +Company is almost debt free.
  • +Company has been maintaining a healthy dividend payout of 19.0%

Weaknesses

  • −Stock is trading at 7.53 times its book value

Shareholding Pattern

Promoters38.89%
FIIs10.73%
DIIs29.45%
Public20.91%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters41.16%41.05%▼0.139.82%▼1.239.82%39.23%▼0.638.96%▼0.338.9%▼0.138.89%▼0.0
FIIs12.76%12.71%▼0.013.01%▲0.312.11%▼0.911.81%▼0.310.87%▼0.910.98%▲0.110.73%▼0.3
DIIs28.24%28.03%▼0.228.18%▲0.128.86%▲0.729.22%▲0.429.82%▲0.630.01%▲0.229.45%▼0.6
Public17.8%18.2%▲0.418.97%▲0.819.21%▲0.219.74%▲0.520.34%▲0.620.1%▼0.220.91%▲0.8

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales643669673717738699707720780855
Expenses519540556587610607606617643715
Operating Profit12412911713012892101103137141
OPM %19%19%17%18%17%13%14%14%18%16%
Net Profit8094938681611456485122
EPS ₹4.224.954.94.544.233.227.613.384.446.43

AI Insights

Revenue Trend

Mar 2026 revenue at ₹3,063Cr, up 8.3% YoY. OPM at 16%.

Debt Position

Borrowings at ₹0Cr. Debt-to-equity ratio: 0.00x. Healthy balance sheet.

Capex Cycle

CWIP at ₹108Cr (15% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 29.45% (+0.07pp change). FIIs: 10.73% (+0.75pp change). Promoters hold 38.89%.

Margin & Efficiency

ROCE improving from 14% (Mar 2015) to 19% (Mar 2026). Working capital days: 89.

Valuation

PE 50.8x with 19.2% ROCE. Price is 625% above book value of ₹153. Dividend yield: 0.35%.

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