India · Delayed Price · Currency is INR Carborundum Universal Earnings Call Transcripts
Fiscal Year 2026
-
Standalone and consolidated sales grew modestly in Q3 FY26, with strong sequential profit growth and margin improvement. Challenges persist in Foskor and Awuko, while ceramics guidance is revised down due to project delays, but Q4 is expected to be strong.
-
Q2FY26 saw 6.4% sales growth year-over-year, led by Ceramics and Electro Minerals, while Abrasives rebounded sequentially. VAW and RHODIUS faced profit pressures due to sanctions and operational issues, but CapEx and new product initiatives remain on track.
-
Q1 FY 2026 saw modest sales growth but a sharp decline in consolidated PAT due to VAW sanctions and RHODIUS logistics issues. Ceramics and Electro Minerals segments grew, while abrasives declined. Guidance was revised downward for abrasives, with margin pressure expected to persist.
Fiscal Year 2025
-
FY25 saw 4.4% consolidated sales growth, but PAT declined due to VAW sanctions and deferred tax reversals. FY26 guidance anticipates 6%-7% sales growth, with continued margin pressure from VAW and Chinese competition. Strategic focus remains on scaling core businesses and specialty materials.
-
Q3 FY25 saw 9.8% sales growth, led by Ceramics and Electrominerals, but margins declined due to higher costs and exceptional losses from the Russian subsidiary VAW. Guidance for full-year sales and margins was revised downward, with export restrictions and cost pressures as key risks.
-
Q2 FY25 saw record consolidated sales and double-digit PAT growth, with all segments contributing. Guidance for FY25 is maintained at INR 5,100–5,200 crores in sales and INR 500 crores PAT, despite margin pressures from Chinese competition and specific subsidiary underperformance.
-
Q1 FY25 saw flat consolidated sales and profit, with abrasives showing growth and margin improvement, while ceramics and electrominerals declined. Guidance for FY25 is reaffirmed, with stronger performance expected in the second half and ongoing investments in R&D and new business areas.