Buy Carborundum Universal; target of Rs 1125: Sharekhan

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26 Aug, 2025 12:21

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Sharekhan's research report on Carborundum Universal

Carborundum Universal Limited (CUMI)’s top-line growth was driven by ceramics, electro minerals segments and contribution from Rhodius and Auwko. Higher integration cost of recent acquisitions and flattish sales in abrasives in standalone business impacted bottom-line. Company aims Rs 4,500 crore revenue in FY2023E and 5% PBIT margin. It expects OPM to improve meaningfully in FY2024/FY2025 driven by better product mix and reduction in losses from recent acquisitions.

Outlook

We expect growth momentum to pick up pace in the coming years driven by sanguine demand in key sectors and turnaround of new businesses. Hence, we retain a Buy with a revised PT of Rs. 1,125 and roll forward our estimates on FY2025E EPS.

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Carborundum Universal - 01 -01-2023 - khan