Carborundum Universal Ltd

Carborundum Universal Ltd: Trading window closed from 1 October 2026 to 4 November 2026 ahead of unaudited results for the quarter/half-year ending 30 September 2026

ESG rating disclosure

• Niche Ninety Nine Capability and Certifications (OPC) Private Limited assigned an ESG rating to Carborundum Universal Ltd.
• Company states it did not engage the rating provider; rating prepared independently from public information.
• Rating was uploaded to BSE and NSE on 17 September 2026 at 06:49 p.m.
• ESG report published on BSE and NSE websites.

Appointment of CFO and KMP

• Mr. Sriram Seshadri appointed Chief Financial Officer and KMP, effective 7 September 2026.
• No fixed term of appointment is applicable.
• Will be a whole-time KMP under Companies Act Section 203.
• Board approved on recommendation of NRC and Audit Committee.
• Profile: 55-year-old with 30+ years in finance leadership.
• Former CFO at Endurance Technologies, Woco India, Delphi TVS.
• Qualifications: CIMA (UK), CGMA (USA), ICMAI.

ESG rating disclosure

• Crisil ESG Ratings assigned an ESG rating to Carborundum Universal Ltd.
• Rating report published on BSE and NSE websites.
• Company states it did not engage Crisil; rating based on public information.
• Upload timestamps: BSE 24 Aug 2026 07:44 PM; NSE 24 Aug 2026 08:07 PM.
• Crisil ESG Ratings & Analytics Limited is SEBI-registered ESG rating provider.
• No governance changes or financial implications disclosed.

Financial Performance

• Standalone sales 846 cr in Q1 FY'27; up from 698 cr (21.2%).
• Standalone PAT 88 cr; up from 77 cr; exclude 68 cr dividend from subsidiary.
• Consolidated sales 1,411 cr in Q1 FY'27; up 16.9% YoY; sequential 2%.
• Consolidated PAT 76 cr; up 23.4% YoY; Q4 FY'26 included 135 cr exceptional items.
• Consolidated PBIT 114 cr; up 40.9% YoY; sequential 102 cr in Q4 FY'26.
• Abrasives consolidated sales 610 cr; YoY +20.1%; sequential flat at 610 cr.
• Awuko: Q1 FY'27 sales 2.89m EUR; +11.1% YoY; loss after tax 1.69m EUR.
• CAPEX in Q1 FY'27: 53 cr; full-year FY'27 guidance: 400 cr.
• Debt-to-equity ratio at 0.05x.
• Ceramics consolidated sales 349 cr; +16.5% YoY; standalone 274 cr; +15.2%.
• Ceramics PBIT: Consolidated 74 cr; standalone 59 cr.
• Foskor Zirconia: Q1 FY'27 sales 107 million; -11.7% YoY.
• Consolidated CAPEX in Q1 FY'27: 53 cr; CAPEX guidance unchanged at ~400 cr for FY'27.

Segment Performance

• Electrominerals consolidated sales 473 cr; +16.8% YoY; standalone 282 cr; +33%.
• Rhodius sales 15.6m EUR; YoY +18%; INR 172 cr; +33.9% YoY.
• Abrasives standalone sales 328 cr; +14.7% YoY; sequential -6.9% due to seasonality.
• Foskor Zirconia: Q1 FY'27 sales 107 mn; -11.7% YoY; divestment options explored.
• Ceramics consolidated sales 349 cr; +16.5% YoY; standalone 274 cr; +15.2%.
• Ceramics margins: consolidated 20.5%-21%; standalone 59-62? (contextual).

Capex and Liquidity

• Consolidated CAPEX in Q1 FY'27: 53 cr; guidance persists.
• Unallocable expenses: Q1 FY'27 19 cr consolidated; FX losses partially offset by others.
• Debt-to-equity ratio 0.05x; CAPEX program proceeding on plan.

Guidance and Outlook

• Consolidated Sales growth guidance for FY'27: about 4% to 4.5%.
• Excluding Foskor Zirconia and Awuko (INR 343 cr FY'26), comparable growth 11% to 12%.
• Growth could be 15% without Foskor and Awuko in both periods.
• Abrasive margins guidance: 9.5% to 10% for FY'27.
• Ceramics margins guidance: 20.5% to 21% for FY'27.
• Electrominerals margins guidance: 9% to 9.5% for FY'27.
• CAPEX guidance: ~Rs 400 crores in FY'27.
• SOFC Ceramics and Metallized Cylinders: revenues to start FY'28; SOFC peak FY'30.

Q&A Highlights

• Abrasives: growth primarily volume-driven; price increases small; China import benefits easing; FX headwinds.
• Ceramics: growth optimism across Wear, Engineered Ceramics; exports aiding Metz Cylinders and related segments.
• Foskor divestment: options explored; target close by Q2; update next quarter.
• VAW Russia: remains domestic-centric; geopolitical uncertainty; stay compliant.
• Inter-segment revenue: removed; no impact on reported growth.
• SCOMET ballistic ceramic approvals: standards met; product qualification ongoing.

Risks and Watchpoints

• Geopolitical and supply-chain volatility; FX fluctuations and fuel-cost headwinds.
• Divestment execution risk for Foskor Zirconia; potential regulatory or buyer delays.
• Reliance on export markets; currency movements affecting INR realizations.
• Uncertain timelines for SOFC and Metallized Cylinder programs; execution risk.
• Capital-allocation decisions contingent on quarterly traction and order-book evolution.

Meeting Details

• Date: August 10, 2026.
• Type: group earnings conference call; mode: virtual.
• Event/organiser: Carborundum Universal Q1 FY'27 Earnings Conference Call, organized by DAM Capital Advisors Limited.
• Purpose: earnings discussion and investor Q&A.
• Recording: conference is being recorded; transcript and audio available.

Participants

• Key company participants: Managing Director; Advisor.
• Moderator: DAM Capital Advisors Limited.

Availability

• Transcript available on company website; audio recording uploaded.