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Last Updated: April 2, 2026, 2:44 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 513375 | NSE: CARBORUNIV

Carborundum Universal Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹1,082.80Undervalued by 35.01%vs CMP ₹802.00

P/E (63.3) × ROE (10.8%) × BV (₹197.00) × DY (0.50%)

₹404.78Overvalued by 49.53%vs CMP ₹802.00
MoS: -98.1% (Negative)Confidence: 63/100 (Moderate)Models: 1 Under, 8 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹1,014.5422%Under (+26.5%)
Graham NumberEarnings₹237.0716%Over (-70.4%)
Earnings PowerEarnings₹169.1413%Over (-78.9%)
DCFCash Flow₹106.9813%Over (-86.7%)
Net Asset ValueAssets₹196.477%Over (-75.5%)
EV/EBITDAEnterprise₹471.229%Over (-41.2%)
Earnings YieldEarnings₹126.807%Over (-84.2%)
ROCE CapitalReturns₹316.829%Over (-60.5%)
Revenue MultipleRevenue₹385.135%Over (-52%)
Consensus (9 models)₹404.78100%Overvalued
Key Drivers: Wide model spread (₹107–₹1,015) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: -6.3%

*Investments are subject to market risks

Investment Snapshot

54
Carborundum Universal Ltd scores 54/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health72/100 · Strong
ROCE 16.1% GoodROE 10.8% AverageD/E 0.01 Low debtInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money45/100 · Moderate
FII holding down -1.13% (6mo) SellingDII holding up 1.15% MF buyingPromoter holding at 38.9% Stable
Earnings Quality50/100 · Moderate
OPM stable around 16% Steady
Quarterly Momentum40/100 · Moderate
Revenue (4Q): 3% YoY FlatProfit (4Q): -42% YoY Declining
Industry Rank50/100 · Moderate
P/E 63.3 vs industry 52.8 In-lineROCE 16.1% vs industry 18.9% Average3Y sales CAGR: 14% Moderate

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Carborundum Universal Ltd Investor Signals

Computed from valuation, cash flow, balance sheet, ownership and quarterly trend data already available in this stock page.

Value Trap Score
30/100
Low
Derived from: Cheapness + weak quality + weak cash support
Current data: P/E 63.3 vs Ind 52.8 | ROCE 16.1% | ROE 10.8% | CFO/NP N/A
Balance Sheet Stress
20/100
Comfortable
Derived from: Leverage + debt servicing + liquidity + debt trend
Current data: D/E 0.01x | IntCov 0.0x | Current 3.67x | Borrow/Reserve 0.08x
Cash Flow Reliability
14/100
Weak
Derived from: Cash backing of earnings + working capital pressure
Current data: CFO ₹0 Cr | NP ₹299 Cr | CFO/NP N/A
Ownership Accumulation
+25
Neutral
Derived from: FII + DII + promoter direction, adjusted by crowding
Current data: FII +0.11 pp | DII +0.19 pp | Prom -0.06 pp
Business Momentum
-2
Early weakness
Derived from: Latest quarter sales + profit + OPM change
Current data: Q Sales -0.5% | Q NP -1.4% | Q OPM 0.0 pp
Derived FieldValueHow it is derived
Valuation Gap %-49.5%((Fair Value - CMP) / CMP) × 100
Borrowings / Reserves0.08xLatest borrowings divided by latest reserves
CFO / Net ProfitN/ALatest operating cash flow divided by latest net profit
FII Change+0.11 ppLatest FII% minus previous FII%
DII Change+0.19 ppLatest DII% minus previous DII%
Promoter Change-0.06 ppLatest promoter% minus previous promoter%
Shareholder Count Change-6,656Latest shareholder count minus previous count
Quarterly Sales Change-0.5%Latest quarter sales vs previous quarter sales
Quarterly Profit Change-1.4%Latest quarter net profit vs previous quarter net profit
Quarterly OPM Change0.0 ppLatest quarter OPM minus previous quarter OPM

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 2:44 am

Market Cap 15,287 Cr.
Current Price 802
Intrinsic Value₹404.78
High / Low 1,088/735
Stock P/E63.3
Book Value 197
Dividend Yield0.50 %
ROCE16.1 %
ROE10.8 %
Face Value 1.00
PEG Ratio-10.04

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Carborundum Universal Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Carborundum Universal Ltd 15,287 Cr. 802 1,088/73563.3 1970.50 %16.1 %10.8 % 1.00
Grindwell Norton Ltd 15,561 Cr. 1,405 1,884/1,32940.0 2061.21 %20.9 %16.0 % 5.00
Wendt India Ltd 1,232 Cr. 6,160 13,000/5,84255.1 1,2420.81 %19.8 %15.1 % 10.0
Industry Average10,693.33 Cr2,789.0052.80548.330.84%18.93%13.97%5.33

All Competitor Stocks of Carborundum Universal Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 1,1871,2001,2031,1461,1511,2011,1981,2241,2551,2171,2191,2981,291
Expenses 1,0161,0091,0349799609921,0041,0291,0781,0711,0981,1421,134
Operating Profit 171190169168191209194195177146121156157
OPM % 14%16%14%15%17%17%16%16%14%12%10%12%12%
Other Income 3059413125251923-7718272322
Interest 7755543443345
Depreciation 47534646485151525356596261
Profit before tax 1471901601481631801581624310586113113
Tax % 23%22%26%30%31%21%27%28%13%71%30%34%35%
Net Profit 1131491181041121431151163830607473
EPS in Rs 5.757.225.965.365.867.095.946.091.831.533.253.913.99

Last Updated: February 6, 2026, 9:46 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 23, 2026, 5:16 pm

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 2,1182,0421,9442,1122,3742,6892,5992,6323,3254,6544,7024,8945,025
Expenses 1,8621,8081,6361,7771,9752,2502,1992,1662,7843,9993,9614,1784,444
Operating Profit 256234308336400439400466540655741717581
OPM % 12%11%16%16%17%16%15%18%16%14%16%15%12%
Other Income 1811239413746623256136118-2389
Interest 282523189864624181416
Depreciation 91100879610610810599115187191212238
Profit before tax 154220237262322369351395477580650468416
Tax % 38%37%34%30%32%33%22%26%27%24%27%36%
Net Profit 95138155184220248275293350442476299238
EPS in Rs 4.877.057.659.2711.4113.0914.3815.0017.5621.8024.2415.3712.68
Dividend Payout % 26%18%20%19%20%21%19%20%20%16%16%26%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)45.26%12.32%18.71%19.57%12.73%10.89%6.55%19.45%26.29%7.69%-37.18%
Change in YoY Net Profit Growth (%)0.00%-32.94%6.39%0.86%-6.84%-1.84%-4.34%12.91%6.83%-18.59%-44.88%

Carborundum Universal Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:9%
5 Years:13%
3 Years:14%
TTM:5%
Compounded Profit Growth
10 Years:16%
5 Years:6%
3 Years:2%
TTM:-24%
Stock Price CAGR
10 Years:19%
5 Years:30%
3 Years:4%
1 Year:-37%
Return on Equity
10 Years:14%
5 Years:14%
3 Years:14%
Last Year:11%

Last Updated: September 5, 2025, 1:35 am

Balance Sheet

Last Updated: December 4, 2025, 1:05 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 19191919191919191919191919
Reserves 1,0871,0701,1731,3641,5451,7051,8392,1132,3452,8023,1073,5103,726
Borrowings 456340320156129977062240277172216308
Other Liabilities 423387348374394401354486692774793835976
Total Liabilities 1,9861,8161,8601,9132,0882,2222,2832,6793,2963,8724,0914,5805,030
Fixed Assets 8977936597057366957487771,0061,5271,5551,7161,759
CWIP 4043857330463928588784118203
Investments 3741131124180227189127138161172201219
Other Assets 1,0129389851,0111,1411,2541,3071,7472,0942,0962,2802,5442,849
Total Assets 1,9861,8161,8601,9132,0882,2222,2832,6793,2963,8724,0914,5805,030

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 153326178295213202407451245430602304
Cash from Investing Activity + -122-136-75-72-75-85-105-266-465-248-229-371
Cash from Financing Activity + -37-162-86-207-83-109-135-6689-133-214-110
Net Cash Flow -6281716557168119-13149159-177
Free Cash Flow 8233996190121107284348-31513036728
CFO/OP 84%169%85%111%81%73%127%119%70%90%109%70%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-200.00-106.00-12.00180.00271.00342.00330.00404.00300.00378.00569.00501.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 726669667370566653495357
Inventory Days 213198198192199204209187218191183215
Days Payable 98877282908080123117727371
Cash Conversion Cycle 186177196176182194185130154169163201
Working Capital Days 594456748595887757707397
ROCE %11%10%17%18%20%21%18%19%20%20%20%16%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 41.52%41.51%41.28%41.27%41.24%41.16%41.05%39.82%39.82%39.23%38.96%38.90%
FIIs 9.36%9.98%10.15%10.63%11.72%12.76%12.71%13.01%12.11%11.81%10.87%10.98%
DIIs 28.82%29.38%29.74%29.84%29.06%28.24%28.03%28.18%28.86%29.22%29.82%30.01%
Government 0.02%0.02%0.03%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%0.01%
Public 20.28%19.12%18.80%18.24%17.99%17.80%18.20%18.97%19.21%19.74%20.34%20.10%
No. of Shareholders 48,73457,15857,10156,66952,94364,34267,73469,30071,71169,83469,08362,427

Shareholding Pattern Chart

No. of Shareholders

Carborundum Universal Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
SBI Small Cap Fund 4,939,842 1.13 389.384,939,8422025-04-22 14:12:250%
SBI Midcap Fund 3,900,000 1.37 307.42N/AN/AN/A
SBI Multicap Fund 3,508,647 1.2 276.573,500,0002025-12-08 00:00:230.25%
Nippon India Small Cap Fund 3,265,582 0.39 257.413,265,5822025-04-22 15:56:590%
Nippon India Growth Mid Cap Fund 3,039,148 0.57 239.562,170,9832026-02-23 07:11:3939.99%
Kotak Small Cap Fund 2,630,435 1.27 207.34N/AN/AN/A
Tata Small Cap Fund 2,389,281 1.75 188.34N/AN/AN/A
SBI Flexicap Fund 1,802,000 0.61 142.04N/AN/AN/A
Nippon India Power & Infra Fund 1,701,545 1.98 134.121,800,0002025-12-15 01:00:03-5.47%
SBI Balanced Advantage Fund 1,578,981 0.31 124.46N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 1.001.001.001.001.00
Basic EPS (Rs.) 15.5824.2721.8017.5715.01
Diluted EPS (Rs.) 15.5524.2221.8017.5714.99
Cash EPS (Rs.) 24.4532.7531.1523.4019.91
Book Value[Excl.RevalReserv]/Share (Rs.) 185.31171.61155.23129.03114.87
Book Value[Incl.RevalReserv]/Share (Rs.) 185.31171.61155.23129.03114.87
Revenue From Operations / Share (Rs.) 257.02247.15245.04175.12138.81
PBDIT / Share (Rs.) 39.5342.8638.3630.3626.21
PBIT / Share (Rs.) 28.4032.8428.5024.3320.97
PBT / Share (Rs.) 22.2031.8728.5724.0320.02
Net Profit / Share (Rs.) 13.3122.7221.2917.3714.66
NP After MI And SOA / Share (Rs.) 15.3724.2421.8017.5615.00
PBDIT Margin (%) 15.3817.3415.6517.3318.88
PBIT Margin (%) 11.0413.2811.6213.8915.10
PBT Margin (%) 8.6312.8911.6513.7214.42
Net Profit Margin (%) 5.179.198.689.9110.56
NP After MI And SOA Margin (%) 5.989.808.8910.0210.80
Return on Networth / Equity (%) 8.2914.7514.6714.1013.33
Return on Capital Employeed (%) 13.7717.9816.9818.1117.88
Return On Assets (%) 6.3011.1010.5410.0310.57
Long Term Debt / Equity (X) 0.010.010.010.000.00
Total Debt / Equity (X) 0.030.030.080.080.01
Asset Turnover Ratio (%) 1.111.160.870.890.80
Current Ratio (X) 3.353.202.742.133.67
Quick Ratio (X) 1.881.951.531.242.68
Inventory Turnover Ratio (X) 5.141.741.872.071.49
Dividend Payout Ratio (NP) (%) 26.0014.4216.0517.070.00
Dividend Payout Ratio (CP) (%) 15.0810.2011.0512.700.00
Earning Retention Ratio (%) 74.0085.5883.9582.930.00
Cash Earning Retention Ratio (%) 84.9289.8088.9587.300.00
Interest Coverage Ratio (X) 53.8844.4730.96102.13138.74
Interest Coverage Ratio (Post Tax) (X) 26.6024.5717.1359.4282.62
Enterprise Value (Cr.) 19277.3523791.4918759.1015095.509050.98
EV / Net Operating Revenue (X) 3.945.064.034.543.44
EV / EBITDA (X) 25.6129.1725.7526.1918.21
MarketCap / Net Operating Revenue (X) 3.965.124.044.563.67
Retention Ratios (%) 73.9985.5783.9482.920.00
Price / BV (X) 5.507.716.676.414.53
Price / Net Operating Revenue (X) 3.965.124.044.563.67
EarningsYield 0.010.010.020.020.02

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Carborundum Universal Ltd. is a Public Limited Listed company incorporated on 21/04/1954 and has its registered office in the State of Tamil Nadu, India. Company's Corporate Identification Number(CIN) is L29224TN1954PLC000318 and registration number is 000318. Currently Company is involved in the business activities of Manufacture of millstones, sharpening or polishing stones and natural or artificial abrasive products, including abrasive powder or grain on a base of textile material, paper, paper board or other material. Company's Total Operating Revenue is Rs. 2827.58 Cr. and Equity Capital is Rs. 19.04 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Abrasives And Grinding WheelsDare House, No.234, N.S.C. Bose Road, Parrys, Chennai (Madras) Tamil Nadu 600001Contact not found
Management
NamePosition Held
Mr. M M MurugappanChairman
Mr. Sridharan RangarajanManaging Director
Mr. P S RaghavanDirector
Mr. Sujjain S TalwarDirector
Mr. Sriram VijiDirector
Mrs. Usha RajeevDirector
Mr. Muthiah Murugappan MuthiahDirector

FAQ

What is the intrinsic value of Carborundum Universal Ltd and is it undervalued?

As of 05 April 2026, Carborundum Universal Ltd's intrinsic value is ₹404.78, which is 49.53% lower than the current market price of ₹802.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (10.8 %), book value (₹197), dividend yield (0.50 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Carborundum Universal Ltd?

Carborundum Universal Ltd is trading at ₹802.00 as of 05 April 2026, with a FY2026-2027 high of ₹1,088 and low of ₹735. The stock is currently near its 52-week low. Market cap stands at ₹15,287 Cr..

How does Carborundum Universal Ltd's P/E ratio compare to its industry?

Carborundum Universal Ltd has a P/E ratio of 63.3, which is above the industry average of 52.80. The premium over industry average may reflect growth expectations or speculative interest.

Is Carborundum Universal Ltd financially healthy?

Key indicators for Carborundum Universal Ltd: ROCE of 16.1 % indicates efficient capital utilization. Dividend yield is 0.50 %.

Is Carborundum Universal Ltd profitable and how is the profit trend?

Carborundum Universal Ltd reported a net profit of ₹299 Cr in Mar 2025 on revenue of ₹4,894 Cr. Compared to ₹350 Cr in Mar 2022, the net profit shows a declining trend.

Does Carborundum Universal Ltd pay dividends?

Carborundum Universal Ltd has a dividend yield of 0.50 % at the current price of ₹802.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Carborundum Universal Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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