General information and education, not investment advice. The author is not a SEBI-registered adviser or research analyst. No recommendation, no promised returns. Markets carry risk including loss of capital. Figures may not be current. Always consult a SEBI-registered adviser.
1. At a Glance
Consolidated sales for the June 2026 quarter came in at ₹1,427 crore, up 17.0% on ₹1,219 crore a year earlier. Consolidated PAT attributable to owners was ₹76.4 crore against ₹61.9 crore, a 23.4% rise, and EPS moved from ₹3.25 to ₹4.01. The comparison one quarter back is against a loss of ₹17.6 crore in March 2026, a quarter that carried ₹134.6 crore of exceptional items relating to two overseas step-down subsidiaries.
Operating profit was ₹135.1 crore against ₹121.3 crore a year ago and ₹144.2 crore in the March quarter. OPM was 9%, which for a company that grinds, fuses and fires things at industrial temperatures is a number with a lot of furnace in it.
Elsewhere on the record: the Board approved results on 7 August 2026 in a meeting that began at noon and concluded at 1:50 p.m., a level of punctuality most quarterly earnings calls can only admire from a distance. The AGM was held the same day. Management told the August call that Q1 capex was ₹53 crore against an FY27 guidance of ₹400 crore, and that consolidated debt-to-equity stood at 0.05.
Three segments, four countries of manufacture, two subsidiaries in the process of being exited, and one gain of ₹25.18 crore from selling leasehold rights on a building. The quarter had range.
2. Introduction
Carborundum Universal Limited — CUMI to everyone including its own press releases — is part of the Chennai-based Murugappa group and makes abrasives, ceramics, refractories and electro-minerals. Its registered office is ‘Dare House’ on N.S.C. Bose Road, Parrys, which is a considerably more evocative address than “industrial consumables manufacturer” would suggest.
The group it belongs to is stated at ₹90,178 crore in revenue, 125 years old, ten listed companies, and 94,041 employees. CUMI sits inside that stable alongside fertilisers, bicycles, sugar, tea and railway signalling equipment, which is either diversification or a very large general store.
The company’s own footprint is similarly scattered. Abrasives run across 12 plants in India, Russia and Germany. Electrominerals operate 8 facilities including the Maniyar hydel power plant and the Okha bauxite mines, spread across India, Russia and South Africa. Industrial ceramics has 2 facilities, in India and Australia. There are 477 trademarks, 84 patents and 61 designs registered in its name, and a distributor network across 55 markets.
Recent record entries: in October 2024 it completed the acquisition of 100% of Silicon Carbide Products LLC of Horseheads, at an enterprise value of $6.66 million, with a final payment of $175,900.23 disclosed in March 2025 — a figure precise to the cent, as befits a company that measures grit size. In January 2025 the US Department of State’s release added Russian subsidiary Volzhsky Abrasive Works to OFAC’s SDN list, and CUMI recognised an impairment expense of ₹104.13 crore in prior years. On 30 March 2026 the board of CUMI International Limited, Cyprus, approved initiating closure of German step-down subsidiary CUMI AWUKO Abrasives GmbH through voluntary winding-up, citing continued underperformance. On 13 May 2026 the board of Foskor Zirconia (Pty) Ltd concluded it was not in a position to continue operations. Sushil Kishor Bendale stepped down as Chief Financial Officer effective the closing hours of 26 September 2025.
On 16 March 2026, commercial production started at Hosur, adding 46 million wheels and taking capacity past 90 million wheels a year on an investment of ₹83 crore.
US
Now live
US Stocks terminal is live
13,000+ US tickers · EDGAR fundamentals · screener and filings feed — the same terminal, for American markets.
Explore →
3. Business Model: WTF Do They Even Do?
CUMI makes the things that make other things smoother, harder or gone. Abrasives — bonded, coated, metal-working fluid and super abrasives — are the largest piece, at 44% of nine-month FY26 revenue per CRISIL. The company holds over 30% share of the domestic bonded abrasives market, which means a meaningful share of India’s grinding wheels are theirs, and a grinding wheel is a product whose entire job description is to destroy itself slowly and on purpose. Excellent business model. The customer comes back.
Electrominerals — 32% of nine-month FY26 revenue — is the raw-material end: fused alumina, silicon carbide, monoclinic zirconia, calcia-stabilised zirconia, alumina-zirconia, plus specialities like a sol-gel-derived alumina called azure S. The company is the second-largest producer of silicon carbide and the third-largest producer of zirconia globally. It also acquired VAW in 2007 and FZL in 2008 to integrate backwards, so it grinds its own grit before grinding your metal.
Ceramics and refractories make up the remaining 24%: wear protection materials, precision-engineered ceramics, metallized
