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Revenue
₹1,398 Cr
verified against source
Revenue YoY
6.5%
reported change
EBITDA
Pending
latest reported figure
Source
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record provenance
Actual signal trajectory
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Quarter read
What the record says.
Carborundum Universal reported consolidated revenue of ₹5,149 crore for FY26, up 6.5% YoY, driven by broad-based H2 recovery across all segments. Standalone revenue crossed ₹3,000 crore with 8.6% growth, while Q4 standalone PAT doubled to ₹122 crore. The ceramic segment grew 9.3% but missed guidance due to deferred projects; management expects 15-15.5% growth in FY27. The company is closing loss-making subsidiaries (Fascor, AUO), which should improve profitability by ~₹100-120 crore. Key growth drivers include semiconductor ceramics, SOFC components, and defense armor. Capex is guided at ₹400 crore for FY27. Risk: Execution delays in new capacity ramp-ups or slower-than-expected export growth in electrominerals.
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Guidance to track
- Management expects consolidated sales growth of 4-4.5% in FY27, but excluding revenue from Fascor and AUO (₹343 crore in FY26), comparable growth would be 11-12%.
- Consolidated ceramic sales are expected to grow 15-15.5% in FY27, driven by strong backlog and customer demand.
- 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).
- The company plans to spend approximately ₹400 crore on capex in FY27, focusing on advanced ceramics, furnace upgrades, and new product facilities.
Risks flagged
- New facilities for semiconductor ceramics and thin wheels may take longer to achieve full utilization, delaying revenue contribution.
- VAW Russia continues to face sanctions, with sales down 35% in ruble terms. Management has no alternative strategy and is waiting for sanctions to lift.
- Despite China removing export rebates, Chinese competition remains intense. Management noted that inventory in the system may delay benefits.
- Ceramic segment missed FY26 guidance due to deferred projects; similar delays could impact FY27 growth targets.
Key quotes
- We have addressed all the major issues in terms of loss making subsidiaries. These alone contribute to a loss of over 100 crores to 120 crores.
- We feel that we are very important shareholder of the particular segment that we serve to the SOFC segment.
- We have crossed the qualification stage on set of products and this is an initial investment... we expect that this investment could go at least three to four times higher.
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