Carborundum Universal Ltd. share price target

VAW' inclusion in the USA's SDN list will result in a loss of its export business accounting for ~40% of the total VAW's business. We revise our FY26/27E EPS estimates by -28.0%/-25.3% factoring in weaker subsidiary performance and VAW's loss of export business. Carborundum Universal (CU) reported 9.8% YoY consolidated sales growth while its EBITDA margin declined by 262bps YoY to 14.1%. In the Abrasives segment, the standalone business performed decently, although subsidiary operations...

Consolidated revenues increased 7% y-o-y for Q2FY2025 to Rs 1,224 crore lower to our estimates of Rs 1,270 crore.

Carborundum Universal (CUMI) has reported revenue degrowth of 0.5% YoY at INR 12bn, EBITDA margin of 16.2% and profit of INR 1.1bn, down 0.2% YoY in Q1FY25.

Carborundum Universal (CUMI) witnessed weak revenue growth due to increased Chinese competition in the domestic market and weakness in select overseas markets. Consolidated revenue/EBITDA/PAT grew 2%/3%/14% YoY to INR 11.5bn/1.7bn/1.1bn in Q2FY24.

Carborundum Universal (CUMI) reported consolidated revenue / EBITDA / PAT growth of 6% / 33% / 44% YoY at INR 12bn / 1.7bn / 1.1bn for Q1FY24. Increased supply from China in the domestic market and weakness in select overseas markets resulted in muted revenue growth.

Carborundum Universal (CUMI) has reported a good set of numbers in Q4FY23, with in line revenue performance, higher PAT on account of higher other income from JVs and associates. For full year FY23, consolidated revenue grew a whopping 40% YoY at Rs46.5bn (includes Rs6.9bn from the newly acquired European subsidiaries).

Carborundum Universal (CUMI) has reported a mixed set of numbers in Q3FY23 with in line revenue performance, while profitability was hit due to higher RM cost and losses at the newly-acquired subsidiaries. Consolidated revenue grew 32% YoY to Rs11.8bn (I-Sec: Rs11.8bn) led by 50% / 24% / 14% YoY growth in abrasives / ceramics/ electrominerals (EMD), respectively.

Carborundum Universal (CUMI) has reported a mixed set of numbers with in-line revenue performance while profitability was hit due to higher RM cost and consolidation of new acquisitions.

Carborundum Universal (CUMI) earnings came in below our estimates. Revenuegrew by 4 percent yet EBITDA was down by 4 percent in Q2FY19.

Carborundum Universal (CUMI) earnings came in line with our estimates. Revenue grew by 5.8% YoY to Rs. 6.7 Bn driven by growth in Ceramics (13.9% YoY) and Electrominerals (10.6% YoY) while abrasives dropped marginally continuing Q4FY19 trend.

Carborundum Universal (CUMI) Q4 and FY19 earnings were in-line with our estimates.

Volume Led Growth Across Segments: Revenue grew by ~ 12% to Rs. 6.6 bn and EPS grew by ~ 17% on YoY basis during Q2FY19 which is lower than consensus estimate by ~ 5% for the quarter. Last year H1 business witnessed a significant disruption, Q1 had GST impact and growth started to pickup in Q2, revenue for H1FY19 grew by 17% and EPS grew by 34% on YoY basis.

Volume Led Growth for CUMI in Q1: Carborundum Universal (CUMI) Q1 revenue grew by 22% to Rs. 6.3 bn on account of growth in volumes across segments and net income grew by 56% to Rs. 0.65 bn on relatively better material margins.

Carborundum Universal (CUMI) posted double digit revenue growth (16%) inQ4FY18. Ceramics segment (12.7%) growth was led by industrial ceramics and Electrominerals segment growth (18.7%) led by volumes from India and Russian operations.

Carborundum's (CUMI) operational performance in Q3FY18 was broad-based. In an inflationary situation, CUMI did well to improve margin (up 120 bps at ~17%) as it was able to get price hikes. Management expects the trend to continue over the next few quarters.