Small Consumer Durables

Carborundum Universal Ltd.

CARBORUNIV

₹950.55

1.92% (17.95)

Market Cap

₹18,082 Cr.

P/E

61.77

Carborundum Universal Ltd.
Overview
Financials
Benchmarking
Shareholding

Carborundum Universal Ltd.

Carborundum Universal Ltd.
Overview
Financials
Benchmarking
Shareholding

Price
Growth Table
Balance Sheet
Profit & Loss
Cash Flow
Cash Flow Analysis
Ratios
Quarterly Results
Reverse DCF

FAQs on Carborundum Universal Ltd. Shareprice

Has the share price of Carborundum Univer. grown faster than its competition?

Carborundum Univer. has given lower returns compared to its competitors.
Carborundum Univer. has grown at ~11.02% over the last 3yrs while peers have grown at a median rate of 49.08%

Is Carborundum Univer. stock expensive?

Carborundum Univer. is expensive when considering the PE ratio, however latest EV/EBIDTA is < 3 yr avg EV/EBIDTA.
Latest PE of Carborundum Univer. is 61.77, while 3 year average PE is 48.89.
Also latest EV/EBITDA of Carborundum Univer. is 25.04 while 3yr average is 29.3.

View FAQ's On Business

Growth Table

Carborundum Universal Ltd.
Grindwell Norton
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Wendt India
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In %	1yr	2yr	3yr	4yr	5yr	6yr	7yr	8yr	9yr	10yr
Share Price CAGR	-45.29	-11.10	11.02	13.64	30.94	18.34	16.32	13.84	17.67	19.35
TTM EPS CAGR	-35.20	-16.43	-5.41	0.62	1.35	2.74	4.49	6.38	7.95	8.24
Sales CAGR	4.08	2.55	13.76	16.78	13.49	10.50	10.75	10.31	10.63	9.09
PAT Margin (Abs Growth)	0.62	-0.44	-1.05	-0.59	0.88	0.83	1.76	2.42	3.60	5.74
PE CAGR	-15.57	6.38	17.37	12.94	29.20	15.18	11.32	7.01	9.00	10.26
CFO CAGR	39.83	56.84	10.09	10.27	24.41	18.89	10.70	16.46	7.05	14.65

* Share price and PE growth are updated everyday. All other fields are as of latest financial year end. EPS adjusted for bonus and splits.

Balance Sheet

Carborundum Universal Ltd.
Grindwell Norton
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Wendt India
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In Rs. Cr.	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Assets	1,860	1,913	2,088	2,222	2,283	2,676	3,296	3,848	4,041	4,643
Non Current Assets	883	905	905	897	938	969	1,634	1,846	1,922	2,243
Net Block	659	705	736	695	748	777	1,006	1,527	1,555	1,612
Capital Work in Progress	84.54	72.60	30.28	46.39	38.65	28.02	57.70	87.47	84.07	118
Intangible Assets Under Development	0.36	0.03	0.03	—	—	—	—	—	5.97	—
Long Term Investments	129	119	123	130	121	127	138	161	172	8.81
Current Assets	908	971	1,155	1,300	1,340	1,709	1,648	2,026	2,169	2,400
Inventory	370	387	438	533	508	461	691	899	850	1,055
Accounts Receivable	367	381	475	514	402	478	485	627	679	766
Short Term Investments	1.74	4.96	57.05	96.13	67.51	—	—	—	—	—
Cash & Bank Balances	113	126	129	97.51	294	689	352	400	558	381
Liabilities	1,860	1,913	2,088	2,222	2,283	2,676	3,296	3,848	4,041	4,643
Shareholders Funds	1,192	1,383	1,564	1,724	1,858	2,131	2,364	2,821	3,126	3,529
Share Capital	18.84	18.87	18.90	18.91	18.94	18.96	18.99	18.99	19.03	19.04
Reserves	1,172	1,362	1,542	1,701	1,833	2,105	2,332	2,783	3,084	3,510
Non Current Liabilities	83.55	51.63	43.15	40.12	25.41	31.62	73.46	162	98.96	250
Secured Loans	-44.62	1.84	1.17	0.30	—	—	—	23.77	14.75	—
Unsecured Loans	80.86	4.84	5.46	4.78	4.23	4.98	7.78	19.08	12.76	24.88
Current Liabilities	522	413	419	405	353	466	773	738	677	717
Accounts Payable	134	165	198	209	195	303	370	336	398	350
Short Term Loans	227	142	118	86.78	55.30	35.54	204	185	72.58	95.35

Balance Sheet Snapshot

No data available.

Fund Flow Analysis

Increase
Decrease
Total

No data available.

*Data is as of latest FY end

Profit & Loss

Carborundum Universal Ltd.
Grindwell Norton
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Wendt India
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In Rs. Cr.	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	TTM
Sales	1,944	2,112	2,368	2,689	2,599	2,632	3,325	4,654	4,702	4,894
Operating Expenses	1,643	1,784	1,969	2,252	2,202	2,168	2,789	4,004	3,965	4,182
Raw Material	680	735	781	982	916	831	1,251	1,776	1,697	1,688
Material Cost (%)	35.02	34.82	33.71	35.51	34.13	34.12	34.82	36.83	36.10	32.03
Employee Cost	250	272	311	325	341	345	416	688	716	819
Power & Fuel Cost	242	253	327	379	372	363	403	508	478	—
Operating Profit	301	329	399	437	397	464	536	651	737	712
Other Income	29.70	28.64	22.92	28.52	46.28	32.89	40.82	77.88	78.78	40.99
OPM (%)	15.49	15.56	16.84	16.25	15.29	17.63	16.11	13.98	15.67	14.54
Depreciation and Amortisation	86.82	96.48	106	108	105	99.45	115	187	191	212
Interest	22.91	18.12	8.61	8.48	6.33	3.58	5.64	23.53	18.34	13.97
Profit Before Tax	237	262	322	369	351	395	477	580	650	423
Tax	81.41	78.08	102	121	75.55	102	127	138	174	169
Net Profit	144	175	216	248	272	284	333	414	461	254
Number of shares(Crs)	18.84	18.87	18.90	18.92	18.94	18.96	18.99	18.99	19.03	—
Dividend Payout Ratio(%)	19.61	18.88	19.72	21.00	19.12	20.01	19.93	16.06	16.50	—

TTM Values as of Mar 2025

Cash Flow

Carborundum Universal Ltd.
Grindwell Norton
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Wendt India
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In Rs. Cr.	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24	Mar'25
Cash from Operating Activity	178	295	213	202	407	451	245	430	602	304
Profit Before Tax	237	262	322	369	351	395	477	580	650	468
Adjustments	105	89.40	92.92	92.61	82.99	86.89	107	166	182	256
OCF Before Working Capital	342	351	415	461	434	482	584	746	832	724
Working Capital Changes	-80.77	22.80	-90.71	-140	72.54	71.90	-207	-153	-20.59	-222
Taxes Paid	-83.73	-78.79	-111	-120	-99.21	-103	-133	-163	-210	-198
Cash from Investing Activity	-72.66	-81.28	-74.83	-79.93	-93.02	-269	-460	-257	-186	-383
Net Fixed Assets Purchased	-84.31	-106	-91.99	-94.91	-123	-103	-560	-301	-234	-273
Fixed Assets Purchased	-151	-119	-93.90	-96.21	-129	-106	-561	-302	-235	-274
Fixed Assets Sold	67.03	12.43	1.91	1.30	6.54	3.87	1.24	1.11	1.00	0.91
Investment Purchased	—	—	-0.00	—	—	-210	-0.03	-0.25	—	—
Investment Sold	—	0.04	—	0.02	0.00	13.76	208	—	5.33	—
Interest Recieved	4.52	3.30	3.55	4.82	7.07	16.64	19.00	13.95	17.34	28.52
Dividends Recieved	0.77	2.27	1.46	4.28	4.29	0.70	0.74	0.86	0.86	17.32
Subsidiary Investments	—	—	—	—	—	—	-93.84	—	—	—
Cash from Financing Activity	-85.59	-207	-83.24	-109	-135	-66.19	89.42	-133	-214	-110
Proceeds From Shares	2.46	2.78	3.26	2.79	3.47	3.19	6.24	2.81	13.65	—
Net Long Term Borrowings	-19.80	-80.56	-3.34	-0.02	-32.26	-22.71	0.00	25.56	-5.28	-1.76
Proceeds From Borrowings	—	—	—	—	—	—	—	25.56	—	4.54
Repayment From Borrowings	-19.80	-80.56	-3.34	-0.02	-32.26	-22.71	—	—	-5.28	-6.30
Interest Paid	-22.91	-18.12	-8.61	-8.48	-6.33	-3.58	-5.64	-22.00	-15.20	-9.32
Dividend Paid	-37.67	-18.86	-33.04	-52.00	-75.72	-38.48	-64.88	-76.54	-79.30	-91.20
Net Cash Flow	19.51	6.89	54.91	12.75	179	115	-126	39.59	201	-188
Opening Cash & Cash Equivalents	96.52	114	130	185	192	360	478	348	396	555
Effect of FX	-2.45	9.33	-0.03	-5.37	-11.78	3.67	-4.51	9.28	-42.53	11.33
Closing Cash & Cash Equivalents	114	130	185	192	360	478	348	396	555	378
Net Capex (est)	84.31	106	91.99	94.91	123	103	560	301	234	273
Free Cash Flow (est)	93.45	189	121	107	284	348	-315	130	367	31.09

Cash Flow Analysis

Increase
Decrease
Total

No data available.

Ratios

= Dominant Factor

Carborundum Universal Ltd.
Grindwell Norton
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Wendt India
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	Mar'15	Mar'16	Mar'17	Mar'18	Mar'19	Mar'20	Mar'21	Mar'22	Mar'23	Mar'24
Operational Ratios
Quick Ratio	0.98	1.03	1.41	1.71	1.89	2.36	2.68	1.24	1.53	1.95
Liquid Assets (Crs)	558	538	584	717	767	833	1,249	957	1,127	1,319
Current Liabilities (Crs)	567	522	413	419	405	353	466	773	738	677
Current Ratio	1.67	1.74	2.35	2.76	3.21	3.79	3.67	2.13	2.74	3.20
Current Assets (Crs)	946	908	971	1,155	1,300	1,340	1,709	1,648	2,026	2,169
Current Liabilities (Crs)	567	522	413	419	405	353	466	773	738	677
Interest Coverage Ratio	9.70	11.34	15.45	38.34	44.47	56.42	111	85.43	25.64	36.46
EBIT (Crs)	189	244	261	316	357	339	398	462	541	625
Interest Expenses (Crs)	25.34	22.91	18.12	8.61	8.48	6.33	3.58	5.64	23.53	18.34
Fixed Asset Turnover	1.39	2.61	2.37	2.32	2.49	2.12	1.95	1.99	1.95	1.84
Net Sales (Crs)	2,050	1,944	2,112	2,368	2,689	2,599	2,632	3,325	4,654	4,702
Fixed Assets (Crs)	1,479	744	890	1,020	1,079	1,224	1,350	1,672	2,382	2,554
Cash Conversion Cycle	43.36	52.34	48.85	45.13	54.01	54.20	25.73	8.82	29.49	38.14
Inventory Days	69.40	67.49	61.90	62.84	65.21	73.06	66.59	62.63	61.60	66.99
Days Receivable	66.41	65.63	61.16	65.20	66.43	64.29	60.47	52.35	43.09	50.04
Days Payable	92.45	80.78	74.21	82.90	77.64	83.14	101	106	75.20	78.89
Debt to Equity Ratio	0.31	0.27	0.11	0.08	0.06	0.03	0.02	0.09	0.08	0.04
Total Debt (Crs)	340	320	156	129	96.75	61.63	40.52	212	230	113
Shareholders Equity (Crs)	1,089	1,192	1,383	1,564	1,724	1,858	2,131	2,364	2,821	3,126
Free Cash Flow/Sales (%)	16.20	4.81	8.95	5.11	3.98	10.94	13.23	-9.49	2.78	7.81
Free Cash Flow(est) (Crs)	332	93.45	189	121	107	284	348	-315	130	367
Net Sales (Crs)	2,050	1,944	2,112	2,368	2,689	2,599	2,632	3,325	4,654	4,702
Profitability Ratios
Gross Margin (%)	64.92	64.98	65.18	66.29	64.49	65.87	65.88	65.18	63.17	63.90
Op Profit Margin (%)	12.82	15.49	15.56	16.84	16.25	15.29	17.63	16.11	13.98	15.67
Operating Profit (Crs)	290	331	357	422	466	444	497	576	729	815
Net Sales (Crs)	2,050	1,944	2,112	2,368	2,689	2,599	2,632	3,325	4,654	4,702
Net Profit Margin (%)	6.47	7.41	8.28	9.11	9.21	10.48	10.80	10.03	8.89	9.81
Net Profit (Crs)	133	144	175	216	248	272	284	333	414	461
Net Sales (Crs)	2,050	1,944	2,112	2,368	2,689	2,599	2,632	3,325	4,654	4,702
ROCE (%)	15.16	18.24	17.39	18.91	19.67	17.58	17.99	18.31	17.40	18.57
EBIT (Crs)	189	244	261	316	357	339	398	462	541	625
Capital Employed (Crs)	1,248	1,338	1,500	1,669	1,817	1,929	2,210	2,523	3,110	3,364
Return on Assets (%)	7.30	7.75	9.14	10.33	11.15	11.94	10.63	10.11	10.76	11.41
Net Profit (Crs)	133	144	175	216	248	272	284	333	414	461
Total Assets (Crs)	1,816	1,860	1,913	2,088	2,222	2,283	2,676	3,296	3,848	4,041
ROIC (%)	9.13	13.64	13.33	14.40	14.23	15.52	19.92	15.52	14.09	15.52
Op Profit after Taxes (Crs)	102	141	163	200	221	230	271	309	353	400
Invested Capital (Crs)	1,116	1,031	1,223	1,387	1,552	1,480	1,359	1,992	2,506	2,577
ROE (%)	12.18	12.09	12.65	13.78	14.37	14.66	13.34	14.10	14.68	14.76
Net Profit Margin (%)	6.47	7.41	8.28	9.11	9.21	10.48	10.80	10.03	8.89	9.81
Asset Turnover ratio	1.13	1.05	1.10	1.13	1.21	1.14	0.98	1.01	1.21	1.16
Equity Multiplier	1.67	1.56	1.38	1.33	1.29	1.23	1.26	1.39	1.36	1.29
Adjusted EPS	7.05	7.65	9.27	11.41	13.09	14.38	15.00	17.56	21.80	24.24
Valuation Ratios
P/E	26.73	22.94	31.40	30.46	31.02	15.27	33.95	45.44	45.42	52.24
Price to Book	3.26	2.78	3.98	4.21	4.47	2.25	4.55	6.45	6.72	7.77
EV/EBITDA	13.07	10.62	15.45	15.58	16.50	8.85	18.12	26.04	25.57	29.00
Dividend Yield (%)	0.66	0.85	0.60	0.65	0.68	1.25	0.59	0.44	0.35	0.32

Quarterly Results

Carborundum Universal Ltd.
Grindwell Norton
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Wendt India
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In Rs. Cr.	Dec'22	Mar'23	Jun'23	Sep'23	Dec'23	Mar'24	Jun'24	Sep'24	Dec'24	Mar'25
Net Sales	1,187	1,200	1,203	1,146	1,151	1,201	1,198	1,224	1,255	1,217
Operating Expenses	1,016	1,009	1,034	979	959	992	1,004	1,029	1,078	1,071
Increase/Decrease in Stock	-15.71	5.04	8.84	-6.68	14.03	-15.60	-7.92	-33.09	-17.49	-61.72
Raw Material	418	394	392	368	370	390	376	409	445	458
Employee Cost	183	167	180	179	175	203	192	200	203	225
Selling and Distribution Expenses	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Electricity, Power & Fuel Cost	129	136	131	120	115	112	112	121	116	117
Gen_AdminExpenses	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Miscellaneous Expenses	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Profit	171	190	169	168	192	209	194	195	177	146
Other Income	24.00	19.81	30.91	19.64	13.56	12.54	7.02	11.33	16.38	6.26
Interest	6.82	7.20	5.16	4.87	4.72	3.59	3.31	3.68	3.85	3.13
PBDT	188	228	195	182	201	218	197	203	85.39	149
Depreciation and Amortization	47.32	52.69	45.74	45.86	48.16	50.99	51.41	51.96	52.60	56.06
Profit Before Tax	141	175	149	136	153	167	146	151	32.79	93.36
Tax	33.95	40.78	41.78	43.73	51.44	37.12	42.89	45.83	5.81	74.63
Profit After Tax	107	134	108	92.70	102	130	103	105	26.98	18.73
Exceptional Items	0.00	24.92	0.00	0.00	0.00	0.00	0.00	0.00	-104	0.00
Net Profit	109	137	113	102	111	135	113	116	34.78	29.14
Quarterly Ratios
EPS	5.75	7.22	5.96	5.36	5.85	7.09	5.94	6.09	1.83	1.53
Operating Profit Margin	14.41	15.87	14.08	14.61	16.72	17.44	16.16	15.93	14.10	12.02
Net Profit Margin	9.01	11.20	8.95	8.09	8.83	10.85	8.60	8.56	2.15	1.54

Reverse DCF

Earnings

Discount Rate (%)

Terminal Multiple

5 YEAR

10 YEAR

20 YEAR

63.40%

Implied Growth Rate over a 5 year period*

24.00%

Implied Growth Rate over a 10 year period*

11.00%

Implied Growth Rate over a 20 year period*

*Implied Growth calculated using Newton-Raphson method.

Learn how to use Reverse DCF

FAQs on Carborundum Universal Ltd. Financials

How strong is Carborundum Univer. balance sheet?

Balance sheet of Carborundum Univer. is strong.
It shouldn't have solvency or liquidity issues.

Is the debt of Carborundum Univer. increasing or decreasing?

Yes, The net debt of Carborundum Univer. is increasing.
Latest net debt of Carborundum Univer. is -₹260.36 Crs as of Mar-25.
This is greater than Mar-24 when it was -₹1,002.92 Crs.

Is the profitablity of Carborundum Univer. improving?

The profit is oscillating.
The profit of Carborundum Univer. is ₹254 Crs for TTM, ₹461 Crs for Mar 2024 and ₹414 Crs for Mar 2023.

Does Carborundum Univer. pay decent dividends?

The company seems to be paying a very low dividend.
Investors need to see where the company is allocating its profits.
Carborundum Univer. latest dividend payout ratio is 16.5% and 3yr average dividend payout ratio is 17.5%

How has Carborundum Univer. allocated its funds?

Companies resources are allocated to majorly unproductive assets like Cash & Short Term Investments

View FAQ's On Shareholding

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Carborundum Universal Ltd.

Carborundum Universal Ltd.

Has the share price of Carborundum Univer. grown faster than its competition?

Is Carborundum Univer. stock expensive?

How strong is Carborundum Univer. balance sheet?

Is the debt of Carborundum Univer. increasing or decreasing?

Is the profitablity of Carborundum Univer. improving?

Does Carborundum Univer. pay decent dividends?

How has Carborundum Univer. allocated its funds?

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