CARBORUNIVCarborundum Universal Ltd.
Carborundum Universal Q2 FY27 Results: Consolidated Net Profit ₹12.04 Crore on Total Income of ₹1,487 Crore
- Earnings
- Abrasives and ceramics
Reviewed byKeshav SehgalBlacklitt Research
Carborundum Universal (NSE: CARBORUNIV) reported consolidated total income of ₹1,487 crore and net profit of ₹12 crore for the quarter ended 30 Sep 2026, it said in a filing on 02 Nov 2026. Standalone total income was ₹923 crore and net profit ₹72 crore for the same quarter.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹1,487 crore, up 13.1% YoY and 1.1% QoQ
- Net profit and EPS: ₹12 crore, down 83.8% YoY; basic EPS ₹0.66 against ₹3.94
- Exceptional item: ₹80.26 crore charge for closure of CUMI AWUKO Abrasives GmbH
- Profit before exceptional items and tax: ₹138 crore against ₹113 crore a year earlier
Standalone
The company on its own, without its subsidiaries
- Total income: ₹923 crore, up 26.8% YoY and 6.1% QoQ
- Net profit and EPS: ₹72 crore, up 12.4% YoY; basic EPS ₹3.79 against ₹3.38
- Profit before tax: ₹99 crore, up 13.2% YoY
- Other income: ₹2 crore, down 70.0% YoY
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 1,487 | 1,315 | +13.1% | 1,471 | +1.1% | |
| Revenue from operations | 1,469 | 1,298 | +13.2% | 1,427 | +3.0% |
| Other income | 18 | 17 | +8.8% | 45 | -58.9% |
| 12 | 74 | -83.8% | 80 | -85.0% | |
| Profit before tax | 58 | 113 | -48.4% | 119 | -51.3% |
| Finance costs | 7 | 4 | +48.3% | 6 | +13.3% |
| Depreciation | 64 | 62 | +3.4% | 66 | -1.8% |
| Tax expense | 46 | 38 | +20.2% | 39 | +18.3% |
| Net profit margin | 0.81% | 5.65% | -4.84 pp | 5.46% | -4.65 pp |
| EPS, basic (₹) | 0.66 | 3.94 | -83.2% | 4.04 | -83.7% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Consolidated total income rose 13.1% to ₹1,487 crore, but net profit fell to ₹12 crore from ₹74 crore. Revenue from operations grew 13.2%, faster than other income, which rose 8.8% to ₹18 crore. Other income is 1.2% of total income this quarter.
The gap between profit before tax and net profit is wide. Profit before tax was ₹58 crore and tax expense ₹46 crore, which is 79.2% of profit before tax. The statement shows the exceptional item of ₹80.26 crore within the profit before tax line, which is the charge the company links to the closure of CAAG, a step-down subsidiary; the press release says profit after tax and non-controlling interest would have been ₹92.7 crore without it.
Finance costs rose 48.3% to ₹7 crore, which is 0.5% of total income. Depreciation was ₹64 crore, up 3.4%.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 923 | 728 | +26.8% | 870 | +6.1% | |
| Revenue from operations | 921 | 720 | +27.9% | 855 | +7.7% |
| Other income | 2 | 8 | -70.0% | 15 | -83.9% |
| 72 | 64 | +12.4% | 88 | -17.7% | |
| Profit before tax | 99 | 87 | +13.2% | 115 | -13.9% |
| Finance costs | 2 | n/a | n/a | 0 | +329.2% |
| Depreciation | 27 | 24 | +13.8% | 26 | +3.9% |
| Tax expense | 26 | 23 | +15.6% | 27 | -1.2% |
| Net profit margin | 7.83% | 8.83% | -1.00 pp | 10.10% | -2.27 pp |
| EPS, basic (₹) | 3.79 | 3.38 | +12.1% | 4.61 | -17.8% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone total income rose 26.8% to ₹923 crore, with revenue from operations up 27.9%, while other income fell 70.0% to ₹2 crore. Net profit rose 12.4% to ₹72 crore, slower than the 13.2% growth in profit before tax to ₹99 crore.
Tax expense rose 15.6% to ₹26 crore, which is 26.7% of profit before tax. Standalone other income is 2.5% of profit before tax. The prior-year base included a one-time dividend of ₹68 crore from a subsidiary, which the press release says lifted H1 FY26 profit after tax; the company's H1 FY26 standalone profit after tax would have been ₹142 crore without it.
Consolidated net profit of ₹12 crore is ₹60 crore lower than standalone net profit of ₹72 crore. Consolidated total income is ₹564 crore higher than standalone. The statement notes the CAAG closure charge in consolidated results and the sale of CAAG's property, plant and equipment and inventory for ₹5.34 crore, agreed in October 2026.
The auditor, Price Waterhouse Chartered Accountants LLP, issued limited review reports with unmodified conclusions on both statements. Its reports draw attention to Note 2A on Volzhsky Abrasive Works, Russia, and to Notes 2B and 2C on the realisable value basis for CAAG and Foskor Zirconia.
Inference
The filing says the Board approved both sets of results on 2 Nov 2026, and that the company allotted 11,882 equity shares on exercise of employee stock options in the quarter. The press release gives consolidated debt of ₹362 crore, cash of ₹251 crore excluding VAW cash, net debt of ₹111 crore and a debt equity ratio of 0.09.
Not stated: whether further write-downs or restructuring costs will follow for CAAG or VAW, when the VAW cash will be released, and the final proceeds from the CAAG liquidation.
Filed with BSE on . Reference: Original filing (PDF)
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