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Carborundum Universal (CARBORUNIV) investor relations material
Carborundum Universal Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Consolidated Q2 FY26 sales grew 6.4% year-over-year to INR 1,287 crores, with H1 FY26 sales up 4.2% to INR 2,393 crores compared to H1 FY25.
Standalone Q2 FY26 sales were INR 712 crores, up 1% year-over-year; standalone H1 sales were INR 1,410 crores, up 3% year-over-year.
Consolidated PAT for Q2 FY26 was INR 75 crores, down from INR 116 crores in Q2 FY25, mainly due to lower profitability from the Russian subsidiary impacted by sanctions.
Standalone PAT for Q2 FY26 was INR 64 crores, down from INR 86 crores in Q2 FY25; H1 FY26 standalone PAT was INR 209 crores, up from INR 180 crores in H1 FY25, aided by a one-time dividend income in Q1.
PBIT for Q2 FY26 declined to INR 111 crores from INR 154 crores in Q2 FY25, mainly due to lower dividend income and losses in certain subsidiaries.
Financial highlights
Abrasives Q2 FY26 sales rose 7.4% year-over-year to INR 584 crores; ceramics up 7.8% to INR 301 crores; electro minerals nearly flat.
H1 FY26 consolidated ceramics sales reached INR 601 crores, up 9.4% year-over-year; standalone H1 ceramics sales up 4.9% to INR 466 crores.
Consolidated H1 FY26 sales were INR 2,493 crores, up 4.2% year-over-year; standalone H1 sales were INR 1,410 crores, up 3% year-over-year.
Consolidated abrasive PBIT for H1 FY26 dropped to INR 45 crores from INR 90 crores in H1 FY25; margins declined from 8.2% to 4.1%.
VAW subsidiary sales and profits declined sharply due to sanctions, with H1 sales down 31% in local currency and profits down 61%.
Outlook and guidance
Maintains full-year consolidated sales growth guidance of 5.5%–6.5%.
Ceramics expected to grow 16%–18%, abrasives 4%–5%, and electro minerals 1%–2%.
Margin guidance: ceramics 23.5%–23.7%, EMD 4.5%–5.5%, abrasives PBT margin 6%–6.5%, overall PBT margin 8.2%–8.5%.
CapEx plan of INR 350 crores for FY26 is on track, with INR 162 crores spent in H1.
Management continues to monitor the impact of international sanctions on the Russian subsidiary and expects ongoing uncertainty.
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