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Murugappa Group company making abrasives, ceramics and electrominerals for industrial grinding and cutting applications.
Murugappa Group company making abrasives, ceramics and electrominerals for industrial grinding and cutting applications.
Its electrominerals plants make the grains that go into its own grinding wheels as well as being sold to other abrasives makers, giving it control over a key input. Abrasives and ceramics are sold to metalworking and engineering customers through industrial distributors. A Russian subsidiary, Volzhsky Abrasive Works, adds overseas production.
Moat: narrow (brand, process know-how). Long-standing Murugappa Group abrasives brand with process technology built over decades.
Headquarters: Chennai, India · Founded: 1954 · Employees: 6,084
Size Carborundum Universal (CARBORUNIV.NS) is an India Materials company (Industrial Specialties) with a market value of $2.10B, the 364th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,041 on 6 Nov 2026.
Performance Over six months the shares gained 3.8%, against -2.8% for the median peer and 0.0% for the India market (cap-weighted) — 8th highest of 20 in its peer set.
Growth Revenue grew 11.9% over the last twelve months (peer median +12.3%); the operating margin is 6.5% (peer median 10.8%).
Valuation It trades at 44.5× forward earnings against a peer median of 27.2× (4th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 43% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is +29 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 6.0 points below its cost of capital (12.8% WACC).
Next results Next results expected around 2 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹55.8B | ₹52.1B | ₹48.9B | ₹47.0B | ₹46.5B |
| Revenue growth | — | +6% | +4% | +1% | — |
| Gross profit | ₹15.6B | ₹8.16B | ₹9.87B | ₹10.7B | ₹10.1B |
| EBITDA | ₹6.21B | ₹5.91B | ₹7.20B | ₹7.47B | ₹6.58B |
| Net income | ₹1.47B | ₹1.95B | ₹2.93B | ₹4.61B | ₹4.14B |
| Free cash flow | n/a | ₹1.31B | ₹667M | ₹4.09B | ₹1.43B |
| Capital expenditure | n/a | ₹3.10B | ₹2.78B | ₹2.35B | ₹3.02B |
| Total debt | ₹4.72B | ₹4.13B | ₹2.16B | ₹1.72B | ₹2.77B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Carborundum Universal CARBORUNIV.NS | $2.10B | +4% | +12% | 7% | 44.5× | 43.4% |
| Grindwell Norton GRINDWELL.NS | $2.25B | +16% | +14% | 16% | 39.5× | 37.8% |
| 3M India 3MINDIA.NS | $3.29B | -16% | +16% | 17% | 39.8× | 28.0% |
| Imerys NK.PA | $2.41B | +11% | -2% | 6% | 15.4× | 7.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CARBORUNIV.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -17.1% | -16.6% | 11th highest of 21 |
| 6-month return | +3.8% | -2.8% | 8th highest of 20 |
| Distance from 52-week high | -23.9% | -38.7% | 6th highest of 21 |
| Revenue growth (TTM) | +11.9% | +12.3% | 10th lowest of 21 |
| Operating margin | 6.5% | 10.8% | 7th lowest of 21 |
| Forward P/E | 44.5× | 27.2× | 4th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 43.4% | 21.3% | 2nd most demanding of 16 |
| Growth delivered (Del g) | +14.6% | +12.1% | 7th highest of 16 |
| Hurdle (Req g minus delivered) | +28.8 pp | +2.3 pp | 2nd most demanding of 16 |
| ROIC minus cost of capital | -6.0 pp | +1.2 pp | 4th lowest of 21 |
| EV / EBITDA | 31.9× | 9.3× | 3rd most expensive of 9 |
| Net debt / EBITDA | -0.2× | -0.6× | 5th least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Carborundum Universal CARBORUNIV.NS | India | $2.10B | +4% | +12% | 7% | 44.5× | 43.4% | +14.6% |
| Anhui Jiangnan Chemical Industry 002226.SZ | China | $2.07B | -3% | +13% | 11% | 16.8× | -3.0% | +20.5% |
| Zhejiang Fulai New Material 605488.SS | China | $2.21B | +47% | +19% | 2% | 134.6× | 31.8% | +17.6% |
| Jiangsu Shemar Electric 603530.SS | China | $2.23B | -44% | +17% | 29% | 26.2× | 23.4% | +21.1% |
| Olin OLN | United States | $1.97B | -36% | -1% | 0% | n/a | 44.0% | +3.3% |
| Grindwell Norton GRINDWELL.NS | India | $2.25B | +16% | +14% | 16% | 39.5× | 37.8% | +13.4% |
| Henan Huanghe Whirlwind 600172.SS | China | $2.27B | +29% | +13% | -30% | n/a | n/a | n/a |
| KCC 002380.KS | South Korea | $1.91B | -34% | 0% | 6% | 2.1× | 3.8% | +5.0% |
| Zeon 4205.T | Japan | $2.34B | +6% | +4% | 11% | 9.1× | -1.5% | +6.4% |
| UFP Technologies UFPT | United States | $2.35B | +32% | +9% | 15% | 28.3× | 17.8% | +27.4% |
| Lintec 7966.T | Japan | $1.87B | -14% | +3% | 8% | 12.2× | 1.5% | +6.2% |
| Gansu Energy Chemical 000552.SZ | China | $1.86B | -19% | +11% | 3% | 33.4× | n/a | n/a |
| Pamica Technology 001359.SZ | China | $2.41B | -1% | +23% | 23% | 36.2× | 38.0% | +12.1% |
| Sichuan Yahua Industrial 002497.SZ | China | $2.48B | -56% | +69% | 18% | 6.2× | n/a | n/a |
| Zhejiang Runtu 002440.SZ | China | $1.77B | -1% | +23% | 17% | 8.5× | -5.5% | +2.0% |
| Quanzhou Jiadeli Electronic Materials 603435.SS | China | $2.49B | n/a | +4% | 38% | n/a | n/a | n/a |
| Triumph Science & Technology 600552.SS | China | $1.76B | -20% | +12% | 5% | 65.5× | 21.3% | +3.1% |
| Shaanxi Huaqin Technology Industry 688281.SS | China | $2.50B | -18% | +31% | 15% | 34.7× | 27.5% | +24.7% |
| Explosive 002096.SZ | China | $1.74B | -14% | -3% | 9% | 12.8× | -2.5% | +37.7% |
| Xizang Gaozheng Civil Explosives 002827.SZ | China | $2.53B | +92% | -1% | 12% | 108.9× | n/a | n/a |
| Shenzhen Leading Semiconductor Industry 603991.SS | China | $2.60B | +12% | +996% | 10% | n/a | 21.7% | +12.0% |