Carborundum Universal Limited — Q3 FY26
Carborundum Universal reported consolidated Q3 FY26 revenue of ₹1,273 crore, up 2.5% YoY, with PAT of ₹76 crore (vs ₹35 crore in Q3 FY25, which included an exceptional item).
neutral
medium
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
63%Questions answered2Evaded / deflected12Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Why was ceramics guidance reduced and what went wrong?
Asked by Amit Anwani, Prabhuas Slayadar Capital
Management acknowledged the guidance cut but attributed it to vague project delays without quantifying the impact.
no specific reason for guidance cutblamed project delays without quantification
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Question
So first question for the reduced uh guidance in ceramics and we can see that uh even standalone businesses kind of 4% down. So uh uh could you explain what what went wrong and within that uh is that the exports uh from ceramics uh which has also been impacted
Management
So I think um we are not again revising this is the first time I'm bringing it down. We feel that I think uh ceramics uh Q4 will be a strong quarter first of all because we feel that ceramic um on a full year basis the projects are getting delayed
Answered
Medium priority
What is the export contribution in ceramics for 9 months?
Asked by Amit Anwani, Prabhuas Slayadar Capital
Management provided a specific percentage range for export contribution.
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Question
So what's the uh kind of exports uh contribution in ceramics for first 9 months?
Management
Um overall about uh if you see a blended rate it could be in the range of around 50 to 55%. And industrial ceramics it could be as high as 75%.
Partial answer
Medium priority
Impact of EU FTA on Carborundum's businesses?
Asked by Amit Anwani, Prabhuas Slayadar Capital
Management gave a qualitative positive view but only a vague 4-5% tariff reduction without quantifying business impact.
early stage assessmentno quantification of benefit
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Question
So any reading you have for your businesses uh from this FDA and uh uh if you could explain more uh could it be bene benefit to you?
Management
So I I think um right now uh we it's it's so uh you know early at this stage. So I feel overall FTA will be beneficial to us. ... FDA rate will be definitely lower at least to the extent of about four to 5% lower
Evasive
High priority
Revenue growth and margin outlook for Auko and Rodius in FY27?
Asked by Harshit Patel, Aquarius Securities
Management refused to provide FY27 guidance, deferring to a future call.
deferred to next callno numbers given
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Question
Can you broadly highlight how we should think about revenue growth and margin development for both these companies for the next year that is FYI 27?
Management
Um I will share this details more in the next call. ... I strongly feel that u the current challenge of uh AUKO which is like you know a marginal topline growth is our uh key concern
Partial answer
High priority
Will Q4 show material improvement for Auko and Rodius?
Asked by Harshit Patel, Aquarius Securities
Management gave directional views but no quantitative improvement estimates.
qualitative onlyno specific numbers
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Question
In terms of the next quarter which is the fourth quarter uh will it be broadly on similar lines as to what we have seen in this third quarter or would there be a material improvement sequentially?
Management
AUKO will be on the similar trend is what our uh reading I you know uh is what and um we feel that uh the current trend would continue ... as far as rodius is concerned I I feel the uh normally Q4 is better quarter compared to the Q3
Evasive
Medium priority
Impact of China removing export rebate on abrasives?
Asked by Harshit Patel, Aquarius Securities
Management acknowledged positivity but gave no tangible impact or market share estimate.
no quantificationvague 'strengthen position'
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Question
China has recently removed the export rebate on abrasive products including grinding wheels from 9% to 0%. Can this translate into a tangible improvement in the domestic market share for us over time?
Management
So this is the uh uh is a positive news as far as uh the Indian market is concerned ... So we think that u you know this is a positive information and it would definitely help us to strengthen our position.
Answered
High priority
Outlook and plan for loss-making Foskor zirconia business?
Asked by Harshit Patel, Aquarius Securities
Management clearly stated closure of loss-making product and focus on remaining one.
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Question
Oncore zirconia ... has continued to impact our margins and profits negatively. ... So what is the outlook on this business and how do we plan to improve the performance here?
Management
So, uh Fossar does troubles us a lot ... So right now what we are doing is they have two products uh Z C and Z 450 and ZC is uh having higher losses. So we have closed down that operation. and uh we are only focusing on Z450.
Partial answer
Medium priority
Domestic vs export mix in electro minerals and margin difference?
Asked by Hititt Patel, IQ Securities
Management gave export mix target but did not address margin difference between domestic and export.
no margin comparison givenonly mix target provided
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Question
In the domestic uh electro minerals business uh what is the mix between domestic revenues and exports within our standalone business also? Is there any material difference in margins between these two?
Management
So the yes the the mix is improving more towards the export that is helping us uh a lot. I think um our aim is to have a uh a 30% mix um that is 30% export mix um on a long-term basis.
Partial answer
High priority
Sub-segment growth rates in ceramics and FY27 outlook?
Asked by Hititt Patel, IQ Securities
Management gave growth for some sub-segments but no FY27 outlook and vague on others.
no FY27 outlook givenonly qualitative for some segments
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Question
Could you highlight the performance and growth rates of different sub segments namely refractories where ceramics industrial ceramics ... and based on your assessment how FI27 will look like for all these sub segments.
Management
the set of businesses where engineer ceramics uh some of the fire refractories all growth uh we are looking at uh a north of 20%. Our challenge continues to lie in the V ceramic and also the project based uh fired refractory business
Answered
High priority
Timeline to evaluate Auko and Rodius performance vs targets?
Asked by Jonas BHA, Bir Mutual Funds
Management provided specific timelines for evaluation of both businesses.
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Question
Just like fossar do you sort of have a time frame as to when you will keep evaluating these businesses whether they ... are meeting the targets that you'd set out at the time of their acquisition?
Management
first as I communicated uh probably one quarter to two quarter we will take a call and uh AU we think that uh you know we should take a firm call in a year's time.
Answered
High priority
Total loss incurred on Auko acquisition so far?
Asked by Jonas BHA, Bir Mutual Funds
Management provided a specific cumulative loss figure in euros.
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Question
What has been the total loss funding that we've done in so far or the losses that we would have incurred in the last 3 4 years ever since we acquired them?
Management
I think we have uh incurred a loss of close to about 30 million euro and uh that this is over the last 4 years period.
Answered
Medium priority
Is the SOFC-driven growth already reflected in ceramics sales?
Asked by Jonas BHA, Bir Mutual Funds
Management confirmed SOFC-related growth is already happening at over 20%.
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Question
Is it already reflective in the uh sales of ceramics for the past two quarters or you know that is something that's the upside that's potentially going to come?
Management
I think on the ceramic side uh the businesses that we are serving to SOFC's and some of the high-end one they are growing pretty high you know as I said it's north of 20% is the growth that we are having
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Ceramics standalone growth expected 9-11% for full year | 11% | 2.5% | Overstated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.