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Carborundum Universal Margin Trend — Quarter by Quarter

Carborundum Universal's EBITDA margin moved from 12.0% in Q2 FY26 to 10.0% in Q4 FY26 across 3 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q4 FY2610.0%—
Q3 FY2612.0%—
Q2 FY2612.0%—

What management said about ebitda margin

G

Q4 FY26 · Consolidated abrasive margin improvement to 9.5-10%

Abrasive segment PBIT margin is expected to improve to 9.5-10% in FY27, from 4.3% reported in FY26 (7.9% excluding AUO losses).

G

Q3 FY26 · Ceramics consolidated sales growth revised to 13-14% from 16-18%

Ceramics sales growth guidance was marginally reduced from 16-18% to 13-14% for FY26.

G

Q3 FY26 · Abrasives PBIT margin guidance revised to 4-4.5% from 6-6.5%

Abrasives PBIT margin guidance was lowered to 4-4.5% for FY26 from the earlier 6-6.5%.

G

Q2 FY26 · FY26 ROA of 2.8%+

Return on assets guided to be 2.8% or higher for the full year, improving from 2.6% in Q2.

G

Q2 FY26 · Credit cost range of 2.6-2.8% for H2 FY26

Credit cost expected to remain stable between 2.6% and 2.8% in the second half of the fiscal year.

G

Q2 FY26 · Opex ratio to remain at 3.7-3.8%

Operating expense ratio guided to stay in the range of 3.7% to 3.8% for the full year.