CARBORUNIV · Capital Goods
Carborundum Universal Ltd. reported revenue of ₹1,427 cr for April to June 2026, +17.1% on the year and +2.1% on the quarter. That is faster than this quarter has grown in recent years (+0.7% on average), so the year-on-year number is not just the season. It is the highest quarterly revenue in the last 12 quarters on record. Over the last four quarters revenue comes to ₹5,414 cr, +10.2% on the four before.
Operating profit (EBITDA) was ₹135 cr, a margin of 9.5%, −47 bps on the year and −84 bps on the quarter. It is the narrowest margin of the last 8 quarters (range 9.5% to 15.9%). Operating costs grew +17.7%, faster than revenue at +17.1%, so operating profit grew less than sales.
Net profit was ₹80.0 cr, +33.3% on the year and — on the quarter, with earnings per share of ₹4.01. Profit before other income, one-offs and tax grew 8.5%, so 25 points of the headline growth came from outside the core business. The tax rate was 33% against an average of 28% over the previous 6 quarters, which weighed on profit this quarter. Profit over the last four quarters totals ₹187 cr, −23.4% on the four before.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹10.99 over the last four quarters, the stock at ₹1,110.40 trades at 101.0 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Other income was 46% of profit before tax, against 31% a year earlier.
Source: Quarterly statements
Headline profit grew much faster than core profit. What made up the difference?
Reported profit +33.3% on the year; profit before other income, exceptional items and tax +8.5%.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,146 cr | ₹1,151 cr | ₹1,201 cr | ₹1,198 cr | ₹1,224 cr | ₹1,255 cr | ₹1,217 cr | ₹1,219 cr | ₹1,298 cr | ₹1,291 cr | ₹1,398 cr | ₹1,427 cr |
| YoY | — | — | — | −0% | +7% | +9% | +1% | +2% | +6% | +3% | +15% | +17% |
| EBITDA margin | 14.7% | 16.6% | 17.4% | 16.2% | 15.9% | 14.1% | 12.0% | 9.9% | 12.0% | 12.2% | 10.3% | 9.5% |
| Other income, % of PBT | 21% | 15% | 14% | 12% | 14% | −179% | 17% | 31% | 20% | 19% | — | 46% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 30% | 31% | 21% | 27% | 28% | 13% | 71% | 30% | 34% | 35% | — | 33% |
| Net profit | ₹104 cr | ₹112 cr | ₹143 cr | ₹115 cr | ₹116 cr | ₹38.0 cr | ₹30.0 cr | ₹60.0 cr | ₹74.0 cr | ₹73.0 cr | −₹40.0 cr | ₹80.0 cr |
| YoY | — | — | — | −3% | +12% | −66% | −79% | −48% | −36% | +92% | −233% | +33% |
| Core profit YoY | — | — | — | +17% | +19% | −13% | −44% | −58% | −35% | −24% | −16% | +8% |
| EPS | ₹5.36 | ₹5.86 | ₹7.09 | ₹5.94 | ₹6.09 | ₹1.83 | ₹1.53 | ₹3.25 | ₹3.91 | ₹3.99 | −₹0.92 | ₹4.01 |
| Flags | · | · | · | ✓ | ✓ | 1 | 1 | 2 | 1 | 1 | 1 | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Carborundum Universal Ltd. reported revenue of ₹1,427 cr (+17.1% on the year) and net profit of ₹80.0 cr (+33.3% on the year) for April to June 2026.
Profit before other income, exceptional items and tax moved +8.5% on the year, against +33.3% for reported profit.
2 checks raised a question: Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
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