Carborundum Universal Limited — Q4 FY26
Carborundum Universal reported consolidated revenue of ₹5,149 crore for FY26, up 6.5% YoY, driven by broad-based H2 recovery across all segments.
bullish
high
✓ 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.
58%Questions answered3Evaded / deflected12Questions auditedConsistentNumbers vs filing
Evasive
High priority
SOFC segment growth, wallet share, and potential to become 10-12% of sales.
Asked by Jonas Buddha, Adita Berla Mutual Fund
Management acknowledged growth but declined to provide wallet share or quantify future revenue share.
refused to share wallet shareno number given for future size
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Question
if you can give us the lay of the land in terms of how has that business for you grown you know what is your wallet share are you one of the many vendors for those ceramic parts... can this business become like a 10 to 12% portion of your sales maybe 3 or 4 years down the line.
Management (unnamed)
we feel that we are very important shareholder of the particular segment... we have grown well last year and we expect to grow well in the coming years as well... we wouldn't like to share such details at this call.
Partial answer
High priority
Capex for applied materials, product use, and timeline for revenue.
Asked by Jonas Buddha, Adita Berla Mutual Fund
Management confirmed qualification and potential for higher investment but did not provide timeline or revenue estimates.
no timeline givenno revenue quantification
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Question
on the new capex that you've done for applied materials... where does it take you is it predominantly first to get the first articles out and get the pre-qualification and post which will require a further capex if you can give a timeline.
Management (unnamed)
we've crossed the qualification stage on set of products and this is an initial investment as I said we expect that this investment could go at least three to four times higher and we also expect the revenue potential also is substantial.
Partial answer
Medium priority
Impact of China removing export rebate on abrasives on domestic pricing and market share.
Asked by Harsh Patel, Equest Securities
Management acknowledged the development and expressed optimism but did not provide concrete data on pricing or market share changes.
no specific pricing or market share data
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Question
China has removed the export rebate on abbrrazing products from 9% to 0% effective from April onward. Has the domestic market pricing improved because of this or we have been able to garner a little bit better market share in the last one or two.
Management (unnamed)
it's a very recent phenomenon at this point in time... we believe that this is good for the domestic industry and it will help us to grow. Of course the growth in H2 is about 15% is very encouraging.
Evasive
Medium priority
Breakdown of abrasives growth by subsegment and outlook.
Asked by Harsh Patel, Equest Securities
Management did not provide the requested subsegment breakdown, instead giving an overall growth figure and guidance.
did not break down by subsegmentgave only aggregate guidance
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Question
if you could explain your growth in terms of how industrial market did, how precision did, how retail abrasives did and what would be the outlook on these three subsegments going ahead.
Management (unnamed)
I think I gave a broad outlook in terms of the segmental sales... we feel that standalone we grew 6.2% this year we believe that we can grow in the range of about 12% next year.
Answered
Medium priority
Volume vs pricing contribution in electro minerals growth and Chinese import intensity.
Asked by Harsh Patel, Equest Securities
Management clearly stated that growth was volume-driven and Chinese import intensity remains unchanged.
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Question
what has been the contribution of volumes and higher pricing in the 22% YI growth that we posted for fourth quarter... also you could comment on the Chinese import intensity whether it has increased or decreased.
Management (unnamed)
the Chinese intensity continues to be there... the predominant growth is come from volume where price is probably you can treat it as flat a slight some small percentage.
Declined
Medium priority
Revenue and margin targets for FI30 vision 2030.
Asked by Rabi Saminatan, Aendas Park
Management explicitly stated they do not share guidance beyond one year.
refused to share long-term targets
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Question
with respect to the FI30 vision 2030 vision any revenue target or growth target that we have and any margin target that we have for this.
Management (unnamed)
we have not been sharing a guidance we have started sharing only a one-year guidance and also giving a programs that what we are looking at going for aspiration 2013 30.
Partial answer
Medium priority
Bifurcation of ceramics and refractories business and growth outlook.
Asked by Rabi Saminatan, Aendas Park
Management provided the split and overall growth but did not break down growth by subsegment as requested.
did not give individual growth rates for ceramics and refractories
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Question
with respect to the ceramics and refractories business if you can once again highlight you had mentioned numbers in terms of bifurcation between ceramics and refractories... what kind of growth that we should think of.
Management (unnamed)
we feel that 57%age of the ceramic is the industrial ceramic and 43% is the refractory business... the growth overall in ceramic segment that we are looking at this year we achieved 6.5% we expect next year would be in the range of about 14%.
Answered
Medium priority
Export share across segments and outlook.
Asked by Ahmed, PL Capital
Management provided specific export percentages for each segment as requested.
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Question
how has been the exports across the segments... possible for you to give us some color in terms of exports within ceramics and abrasives and what is the kind of outlook there?
Management (unnamed)
I shared the export share of electromineral business which I said that we have reached a 33% share... ceramic is the biggest portion of the ceramic over 80%age of the business is all exports... abrasives very small portion of the abrasive business is the export it's less than 10%.
Answered
High priority
Factors driving Rodius turnaround to breakeven.
Asked by Ahmed, PL Capital
Management explained the reasons for the expected improvement, including logistics cost reduction and growth.
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Question
on rodius I think you guided about 5% topline growth and kind of breakth even or some very small loss. So what exactly we're factoring in the growth... what where exactly the improvements will happen.
Management (unnamed)
last year we had almost 5 million euro impact in terms of the logistics change... we feel that they have been growing in the range of about 6 to 7%... these things would come down and hence we feel that we should get back to a small loss or a break even.
Partial answer
Medium priority
Commercialization status of stationary armor and CFRP products for aerospace/defense.
Asked by Akshai Takur, Helios Capital Management
Management confirmed certifications and customer engagement but did not provide specific details on commercialization timeline.
no specific customer names or timelines
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Question
how do you see this like in terms of commercialization where are we placed? Are the certifications right? Are we negotiating with the OEMs or where are we placed on that?
Management (unnamed)
step one is to have the certifications in place which we are definitely doing it... we are working with few anchor customers at this stage... we are only a product supplier to this case.
Answered
High priority
Alternative strategy for Russian subsidiary given sanctions.
Asked by Akshai Takur, Helios Capital Management
Management clearly stated there is no alternative strategy and they are waiting for sanctions to lift.
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Question
it's been long time that we are facing the war situation in Russian subsidiary. So are we able to figure out any alternative strategy... what type of lower realization would SIC get in other economies?
Management (unnamed)
it's difficult to create a capacity and the cost would be pretty high... Russia is not in a position to export products... practically we need to wait for the sanctions to be lifted... we don't have an alternate solution for this.
Answered
Medium priority
R&D spend evolution and key focus areas.
Asked by Chintan, Pico Capital Private Limited
Management provided current R&D spend and target range, along with areas of focus.
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Question
how do you see our business and our R&D evolve over the next few years and what are the key areas that we'll be focusing on?
Management (unnamed)
We spend roughly about 1% as R&D and I think this needs to go up and we expect that we should at least start spending 2 to 3% level... strengthening the R&D building the capability putting process we need to accelerate the spend.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Standalone abrasives grew 6.2% this year, expects 12% next year. | 6.2% | 6.5% | Matches filing |
| Ceramic segment grew 6.5% this year, expects 14% next year. | 6.5% | 6.5% | Matches filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.