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Revenue
₹1,291 Cr
verified against source
Revenue YoY
2.5%
reported change
EBITDA
Pending
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
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). Standalone revenue grew 5.6% YoY to ₹769 crore, with PBIT margin improving sequentially to 15%. Abrasives grew 9.8% YoY, driven by broad-based domestic demand, while ceramics declined 3.8% due to project delays in the US and refractory bunching. Electrominerals grew 8.9% YoY, supported by exports. Management revised consolidated PBIT margin guidance down to 7-8% (from 8.2-8.5%) and abrasive PBIT margin to 4-4.5% (from 6-6.5%). Key risks include continued losses at AUKO and FOSCAR, with potential divestment decisions pending. The EU FTA is seen as a positive for competitiveness.
Colored figures show movement against the previous available record.
Guidance to track
- Management maintained the earlier guidance of 5.5% to 6.5% consolidated sales growth for FY26.
- Ceramics sales growth guidance was marginally reduced from 16-18% to 13-14% for FY26.
- Abrasives PBIT margin guidance was lowered to 4-4.5% for FY26 from the earlier 6-6.5%.
- Management maintained the full-year capex guidance of ₹350 crore, with ₹248 crore already spent in 9 months.
Risks flagged
- AUKO and FOSCAR continue to incur losses, with AUKO's loss before tax widening to €2.7 million in Q3 FY26. Management is evaluating options, including potential divestment.
- Ceramics growth is impacted by project delays in the US due to tariff uncertainty, leading to muted 9-month standalone growth of 1.7%.
- VAW sales dropped 46% YoY due to US sanctions imposed in January 2025, with no clear timeline for resolution.
- FOSCAR faces significant price pressure from Chinese competitors, with realizations down 13% despite volume growth of 22%.
Key quotes
- We feel that ceramics Q4 will be a strong quarter based on the order backlog that we have.
- FOSCAR does trouble us a lot and definitely impacting us. So right now what we are doing is they have two products... we have closed down that operation and we are only focusing on Z450.
- Overall standalone has done an exceptional job. We think that Q4 could be better in standalone.
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