Carborundum Universal Limited Overview
Carborundum Universal is India's most integrated materials-science manufacturer, spanning the chain from bauxite mining and captive power through fused minerals (silicon carbide, alumina, zirconia) to finished abrasives, engineered ceramics and refractories. Three segments (Abrasives, Electrominerals and Ceramics) generated consolidated sales of INR 5,149 crore in FY2026, with over half of revenue earned outside India. The domestic franchise is strong: Crisil credits it with more than 30% of the Indian bonded abrasives market, and the standalone business earned a record INR 416 crore profit after tax. The overseas portfolio is the problem. The Russian silicon carbide subsidiary (VAW) has been under US sanctions since January 2025, and the German coated-abrasives unit (AWUKO) and the South African zirconia unit (Foskor Zirconia) are being wound up, which cut consolidated profit to INR 195 crore. The investment case rests on high-margin Ceramics (semiconductor, defence, fuel cells) growing faster than the overseas drag.
The company's own description. CUMI describes itself as a leading materials sciences engineering solutions provider, established as a tripartite joint venture in 1954, offering material solutions and services in Abrasives, Electrominerals, Ceramics and Refractories to customers in engineering, fabrication, auto and auto components, infrastructure, steel, glass, power generation and distribution, mining and aerospace (company website and Annual Report FY2026, paraphrased).
Independent characterisation. CUMI is best understood as three linked businesses with very different economics.
Abrasives: (about 44% of revenue) is a consumables business. Bonded wheels, coated papers and belts, thin cutting wheels and super-abrasives are sold through a dealer network to retail users and directly to industrial and precision customers. Demand follows manufacturing activity, auto production and fabrication. The Indian standalone operation is highly profitable (standalone PBIT of about INR 194 crore in FY2026), but consolidated segment PBIT was only INR 97 crore because of losses at the German subsidiaries.
Electrominerals: (about 32% of revenue) is an upstream, energy-intensive commodity and specialty business. It produces brown and white fused alumina, silicon carbide, zirconia and specialty derivatives used in abrasives, refractories, metallurgy and, increasingly, energy applications. It is exposed to power costs, Chinese pricing and, through VAW, to Russia sanctions.
Ceramics: (about 24% of revenue) is the value-creation engine. It covers wear ceramics and lined equipment for mining and power, engineered ceramics (metallised cylinders for vacuum interrupters, solid oxide fuel cell materials, armour, and from the late 2020s semiconductor-equipment components), and super-refractories. It earned a consolidated PBIT margin of roughly 20% in FY2026.
Revenue model. Revenue is almost entirely product sales. Small ancillary lines include IT services (Net Access India), power sold from captive generation, and phase-change-material solutions (PLUSS). There is no subscription or licensing revenue of note.
Source: MarketScreener compilation of segment disclosures; Annual Report FY2026 for the three main segments.
Value chain position. CUMI calls itself a "mines-to-market" company: captive bauxite mining in Gujarat, captive hydro and renewable power, fusion of minerals, manufacture of finished abrasives and ceramics, and distribution. Inter-segment sales of about INR 196 crore in FY2026 show Electrominerals feeding the downstream segments.
Customers and end-markets. Customers include retail users served through dealers, industrial OEMs and component makers (auto, bearings, steel, foundry), project customers (power, cement, mining, steel plants for refractories and wear ceramics), and global OEMs in electrical equipment, fuel cells and semiconductors. The standalone business exports to 67 countries, and exports are 31% of standalone turnover (BRSR FY2026).
Strategy
Stated strategy. Management frames its plan as "Aspiration 2030" (also referred to as LTS 2030). Themes from the FY2026 Annual Report and the May and August 2026 calls, paraphrased:
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Shift the mix toward application-led, higher-value materials for energy, electronics, mobility and defence.
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Build capability ahead of demand, with a planned four-to-five-fold increase in R&D investment over the plan period (third-party call summary).
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Fix or exit loss-making overseas units.
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Keep the balance sheet conservative while running the largest capex programme in the company's history.
Initiatives in the last 24 months
Guidance and targets
Products & Services
Product descriptions below are drawn from company literature and prior annual reports. Launch years, technical specifications and pricing are not publicly disclosed unless stated; pricing is by negotiated contract or dealer price list.
Abrasives
Electrominerals
Ceramics
Other
Product Portfolio
| Product line | Description | Target customer | Notes |
|---|---|---|---|
Bonded abrasives | Vitrified and resin-bonded grinding wheels, mounted points, segments | Auto, bearings, steel, foundry, general engineering | Over 30% Indian market share in bonded abrasives (Crisil, March 2026) |
Coated abrasives | Abrasive paper, cloth rolls, belts, discs, flap wheels | Woodworking, fabrication, auto refinish, retail | European coated line (AWUKO) being wound up |
Thin wheels | Cut-off and depressed-centre wheels | Fabrication, construction, retail trade | Thin-wheel capacity expansion was a named FY2026 capex project; RHODIUS is the German premium brand |
Super-abrasives | Diamond and CBN wheels and tools | Precision grinding in auto, aerospace, tooling | Largely through Wendt (India), in which CUMI holds 37.5% |
Precision and industrial solutions | Application-engineered grinding systems | Industrial OEMs | Standalone growth in FY2026 was broad-based across retail, industrial and precision |
Power tools and allied products | Traded and own-brand tools, accessories | Retail and trade channels | Revenue not separately disclosed |
Sterling Abrasives range | Bonded wheels, niche roll-grinding and specialty wheels | Steel, rice milling, engineering | FY2026 revenue INR 1,360 million, PAT INR 126 million |
| Product line | Description | Target customer | Notes |
|---|---|---|---|
Brown fused alumina | Abrasive and refractory grain from calcined bauxite | Abrasive makers, refractories | Captive bauxite and power integration |
White fused alumina | High-purity alumina grain | Abrasives, refractories, surface treatment | Capacity expansion under way (FY2026 capex) |
Silicon carbide | Metallurgical, refractory and abrasive grades; micro-grits | Steel, refractories, abrasives, ceramics | Produced in India and at VAW, Russia (FY2026 VAW revenue RUB 6,084 million) |
Zirconia and specialty fused products | Fused zirconia, zirconia-alumina, specialty minerals | Refractories, pigments, ceramics | Foskor Zirconia (South Africa) is ceasing operations |
Materials for solid oxide fuel cells | Specialty powders for SOFC makers | Fuel cell OEMs | Named growth driver in FY2026–FY2027 |
Captive power | Hydro, solar and wind supply | Internal use; small external sales | Power revenue INR 155 million in FY2026 |
| Product line | Description | Target customer | Notes |
|---|---|---|---|
Wear ceramics | Alumina liners, tiles, lined pipes and equipment | Mining, power, cement, steel | CUMI Australia is the main overseas channel (FY2026 revenue AUD 36 million) |
Engineered ceramics | Precision alumina, zirconia and SiC components | Electrical, EV, aerospace and defence, process industry | Fastest-growing line; growth "north of 20%" indicated for specialty areas |
Metallised cylinders | Ceramic envelopes for vacuum interrupters | Switchgear OEMs globally | Named driver of the raised FY2027 guidance |
Semiconductor equipment ceramics | Components for wafer-fabrication equipment | Semiconductor equipment OEMs | Qualification reported complete; serial revenue expected from about 2029 (third-party call summary) |
Armour ceramics | Ballistic protection ceramics | Defence | Expansion under way |
Super-refractories | Fired and monolithic refractories, kiln furniture | Glass, steel, petrochemical, ceramics | Project-driven; deferrals hurt H1 FY2026 |
Nitride-bonded silicon carbide | NBSiC shapes for thermal and wear applications | Power, mining, non-ferrous metals, petrochemicals | Silicon Carbide Products, USA, acquired October 2024 |
Thermal ceramics | Ceramic fibre and insulation | Furnaces, petrochemicals | Via Murugappa Morgan Thermal Ceramics JV (FY2026 revenue INR 2,562 million) |
Anti-corrosive and specialty linings | Acid-resistant linings and coatings | Chemicals, power | Via CIRIA India JV (FY2026 revenue INR 1,106 million) |
| Product line | Description | Notes |
|---|---|---|
Phase-change materials and temperature-controlled packaging | PLUSS Advanced Technologies | FY2026 revenue INR 981 million (+21.8%), PAT INR 18 million |
IT services | Net Access India | Revenue INR 614 million in FY2026 |
Financial Narrative
All figures are consolidated and in INR crore unless stated. The multi-year series comes from Screener.in's compilation of the company's filings; the company's own press releases use slightly different line definitions (see reconciliation after the first table).
Income statement
Reconciliation to company-reported figures. The company reports FY2026 "sales" of INR 5,149 crore and FY2025 of INR 4,834 crore; revenue from operations including other operating income was INR 5,206.31 crore and INR 4,894.23 crore. Profit before exceptional items and tax was INR 416.26 crore (FY2026) against INR 572.00 crore (FY2025). Exceptional items were INR 134.57 crore (FY2026) and INR 104.13 crore (FY2025). Profit attributable to owners was INR 194.73 crore (FY2026) against INR 292.74 crore (FY2025). Company-reported basic and diluted EPS for FY2026 were INR 10.30 and INR 10.30, and for FY2025 INR 15.58 and INR 15.55, slightly different from the Screener series above. Diluted EPS for FY2022–FY2024 and gross profit are not separately verified; Indian results formats do not report gross profit.
Margins and growth (computed)
Revenue CAGR FY2022–FY2026: about 11.9% (computed). Screener reports a 5-year sales CAGR of 15% and a 3-year sales CAGR of 4%; 5-year profit CAGR is -3% and 3-year profit CAGR -14%.
Balance sheet
The company's audited balance sheet shows total assets of INR 5,290.55 crore at 31 March 2026 and INR 4,643.28 crore at 31 March 2025, marginally above the Screener series because of presentation differences. The company states a consolidated debt-equity ratio of 0.08 at 31 March 2026 and 0.05 at 30 June 2026, and describes the standalone entity as net debt-free.
Cash flow
The company's own measure of free cash flow to PAT was 56.6% in FY2026 against 16.1% in FY2025. No share buyback was identified in the period. Dividends paid in cash are approximately INR 76 crore a year at INR 4.00 per share (computed).
Ratios
Screener reports FY2026 ROE at 6.9% on its own basis.
Commentary.
Revenue: The step-up in FY2023 (+40%) reflected the German acquisitions and strong pricing. Growth then stalled at 1–6% for three years as European abrasives weakened, VAW lost export access and Chinese electrominerals pricing fell. H2 FY2026 marked an inflection: Q4 consolidated sales rose 15.4% and Q1 FY27 16.9%.
Profitability: EBITDA margin fell from 15.8% to 11.2% in two years. The standalone business did not cause this; standalone PAT rose 29% to INR 416 crore in FY2026 (including about INR 76 crore of subsidiary dividend). The gap between standalone PAT (INR 416 crore) and consolidated attributable PAT (INR 195 crore) measures the overseas drag plus the exceptional charges.
Balance sheet: Leverage is negligible, but borrowings nearly doubled in FY2026 to fund record capex and subsidiary support. The effective cash position is weaker than it looks because nearly INR 300 crore is trapped in Russia.
Working capital: The cash conversion cycle lengthened from 163 to 201 days in FY2025 on inventory build and improved only partly in FY2026. This is the main reason cash conversion lagged earnings.
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View Subscription PlansFinancial Detail
Segment Overview
| Segment | What it contains | Key entities |
|---|---|---|
Abrasives | Bonded, coated, thin-wheel and super-abrasives; power tools and allied products | CUMI standalone; Sterling Abrasives; RHODIUS (Germany); CUMI AWUKO (Germany, in wind-up); Wendt (India); CUMI America; CUMI Middle East |
Ceramics | Wear ceramics and lined equipment, engineered ceramics, metallised cylinders, super-refractories, thermal ceramics | CUMI standalone; CUMI Australia; Silicon Carbide Products (USA); Murugappa Morgan Thermal Ceramics (JV); CIRIA India (JV) |
Electrominerals | Fused alumina, silicon carbide, zirconia, specialty minerals; captive mining and power | CUMI standalone (Kerala, Gujarat); VAW (Russia); Foskor Zirconia (South Africa, closing) |
Revenue by Segment
| Segment | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
Abrasives revenue (INR Cr) | 2,091 | 2,159 | 2,271 |
Electrominerals revenue (INR Cr) | 1,545 | 1,574 | 1,632 |
Ceramics revenue (INR Cr) | 1,077 | 1,160 | 1,268 |
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View Subscription PlansSegment Margins & Growth (%)
| Segment | FY2025 | FY2026 |
|---|---|---|
Abrasives growth (%) | 3.3 | 5.1 |
Electrominerals growth (%) | 1.9 | 3.7 |
Ceramics growth (%) | 7.7 | 9.3 |
Results by Segment
| Segment | FY2025 | FY2026 |
|---|---|---|
Abrasives PBIT (INR Cr) | 151 | 97 |
Ceramics PBIT (INR Cr) | 286 | 256 |
Electrominerals PBIT (INR Cr) | 177 | 91 |
Segment Margins & Growth (%) — Abrasives PBIT margin
| Segment | FY2025 | FY2026 |
|---|---|---|
Abrasives PBIT margin (%) | 7.0 | 4.3 |
Ceramics PBIT margin (%) | 24.7 | 20.2 |
Electrominerals PBIT margin (%) | 11.2 | 5.6 |
Revenue by Segment (%)
| Segment | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
Abrasives share (%) | 44.4 | 44.1 | 43.9 |
Electrominerals share (%) | 32.8 | 32.2 | 31.6 |
Ceramics share (%) | 22.8 | 23.7 | 24.5 |
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View Subscription PlansRevenue by Segment (FY2025–FY2026)
| Segment | FY2025 | FY2026 |
|---|---|---|
Abrasives standalone revenue (INR Cr) | 1,195 | 1,270 |
Ceramics standalone revenue (INR Cr) | 939 | 1,000 |
Electrominerals standalone revenue (INR Cr) | 816 | 906 |
Income Statement and Per-Share Data
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Revenue from operations (INR Cr) | 3,325 | 4,654 | 4,702 | 4,894 | 5,206 |
Operating profit before other income, EBITDA (INR Cr) | 540 | 655 | 741 | 717 | 582 |
Depreciation and amortisation (INR Cr) | 115 | 187 | 191 | 212 | 247 |
Operating income, EBITDA less depreciation (INR Cr) | 425 | 468 | 550 | 505 | 335 |
Other income net of exceptional items (INR Cr) | 56 | 136 | 118 | -23 | -35 |
Interest expense (INR Cr) | 6 | 24 | 18 | 14 | 19 |
Pre-tax income (INR Cr) | 477 | 580 | 650 | 468 | 282 |
Net income including minority interest (INR Cr) | 350 | 442 | 476 | 299 | 168 |
Basic EPS (INR) | 17.56 | 21.80 | 24.24 | 15.37 | 10.22 |
Dividend per share (INR) | 3.50 | 3.50 | 4.00 | 4.00 | 4.00 |
Margin Analysis (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Revenue growth (%) | 26.3 | 40.0 | 1.0 | 4.1 | 6.4 |
EBITDA margin (%) | 16.2 | 14.1 | 15.8 | 14.7 | 11.2 |
Operating margin (%) | 12.8 | 10.1 | 11.7 | 10.3 | 6.4 |
Net margin (%) | 10.5 | 9.5 | 10.1 | 6.1 | 3.2 |
Dividend payout (%) | 20 | 16 | 16 | 26 | 39 |
Balance Sheet
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Total assets (INR Cr) | 3,296 | 3,872 | 4,091 | 4,580 | 5,271 |
Shareholders' equity, capital plus reserves (INR Cr) | 2,364 | 2,821 | 3,126 | 3,529 | 3,900 |
Total borrowings (INR Cr) | 240 | 277 | 172 | 216 | 413 |
Net fixed assets (INR Cr) | 1,006 | 1,527 | 1,555 | 1,716 | 1,906 |
Capital work in progress (INR Cr) | 58 | 87 | 84 | 118 | 141 |
Investments (INR Cr) | 138 | 161 | 172 | 201 | 199 |
Cash Flow
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Operating cash flow (INR Cr) | 245 | 430 | 602 | 304 | 367 |
Investing cash flow (INR Cr) | -465 | -248 | -229 | -371 | -167 |
Financing cash flow (INR Cr) | 89 | -133 | -214 | -110 | 119 |
Free cash flow, Screener definition (INR Cr) | -315 | 130 | 367 | 28 | 60 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
ROCE (%, Screener) | 20 | 20 | 20 | 16 | 11 |
ROE (%, net income incl. minorities on closing equity, computed) | 14.8 | 15.7 | 15.2 | 8.5 | 4.3 |
ROA (%, computed) | 10.6 | 11.4 | 11.6 | 6.5 | 3.2 |
Debt to equity (x, computed) | 0.10 | 0.10 | 0.06 | 0.06 | 0.11 |
Interest coverage (x, computed) | 80.5 | 25.2 | 37.1 | 34.4 | 15.8 |
Asset turnover (x, computed) | 1.01 | 1.20 | 1.15 | 1.07 | 0.99 |
Debtor days | 53 | 49 | 53 | 57 | 62 |
Inventory days | 218 | 191 | 183 | 215 | 200 |
Payable days | 117 | 72 | 73 | 71 | 76 |
Cash conversion cycle (days) | 154 | 169 | 163 | 201 | 187 |
Revenue by Region
| Region | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
India revenue (INR Cr) | 1,823 | 2,032 | 2,143 | 2,217 | 2,292 |
Rest of the World revenue (INR Cr) | 1,466 | 2,569 | 2,486 | 2,617 | 2,857 |
Region Margins & Growth (%) and Revenue by Region (%)
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
India growth (%) | 5.5 | 3.5 | 3.4 |
Rest of the World growth (%) | -3.2 | 5.3 | 9.2 |
India share of revenue (%) | 46.3 | 45.9 | 44.5 |
Rest of the World share of revenue (%) | 53.7 | 54.1 | 55.5 |
Group Entities
| Entity | Country | Revenue | Profit | Source |
|---|---|---|---|---|
Volzhsky Abrasive Works | Russia | RUB 6,084 million | PBT RUB 671 million | Annual Report FY2026 |
CUMI (Australia) Pty | Australia | AUD 36 million (prior year AUD 33 million) | PAT AUD 3.6 million | Annual Report FY2026 |
Sterling Abrasives | India | INR 1,360 million | PAT INR 126 million | Annual Report FY2026 |
CUMI America Inc. | USA | USD 17 million | PAT USD 1.4 million | Annual Report FY2026 |
PLUSS Advanced Technologies | India | INR 981 million | PAT INR 18 million | Annual Report FY2026 |
Wendt (India) | India | INR 2,339 million | Not captured | Annual Report FY2026 |
Murugappa Morgan Thermal Ceramics | India | INR 2,562 million | Not captured | Annual Report FY2026 |
CIRIA India | India | INR 1,106 million | Not captured | Annual Report FY2026 |
Valuation Snapshot
| Metric | Value | Basis |
|---|---|---|
Share price (INR) | 1,240 | Screener.in |
Market capitalisation (INR Cr) | 23,617 | Screener.in |
52-week high / low (INR) | 1,369 / 735 | Screener.in |
1-year return (%) | About +32 to +34 | Screener.in; ScanX |
3-year return (% CAGR) | About 1 | Screener.in |
5-year return | About 7% CAGR; +39.7% cumulative | Screener.in; ScanX |
10-year return (% CAGR) | 15 | Screener.in |
Trailing P/E (x) | 94.2 | Screener.in, on TTM EPS of INR 10.99 depressed by exceptional charges |
Forward P/E (x) | 49.9 on FY2027E and 40.8 on FY2028E | PL Capital, 10 August 2026, at the then price |
Price to book (x) | About 6.0 | Book value INR 205 per share |
EV / TTM sales (x) | About 4.3 | Computed: enterprise value about INR 23,330 crore on TTM sales of INR 5,414 crore, using approximate cash of INR 700 crore |
EV / TTM EBITDA (x) | About 39 | Computed on TTM operating profit of INR 593 crore |
Dividend yield (%) | 0.32 | Screener.in |
Dividends & Capital Returns (INR)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Interim dividend (INR) | 1.50 | 1.50 | 1.50 | 1.50 | 1.50 |
Final dividend (INR) | 2.00 | 2.00 | 2.50 | 2.50 | 2.50 |
Total dividend (INR) | 3.50 | 3.50 | 4.00 | 4.00 | 4.00 |
Analyst Conclusions
Management guidance. FY2027 capex of about INR 400 crore; Ceramics growth of 23–25%; Abrasives growth of 5.5–6%; segment PBIT margin targets of 9.5–10% (Abrasives), 9–9.5% (Electrominerals) and 20.5–21% (Ceramics). The consolidated sales growth figure is reported inconsistently across sources. Completion of the AWUKO and Foskor Zirconia exits is expected by about the December 2026 quarter.
Consensus expectations. PL Capital's estimates imply about 6% sales growth and a 58% rebound in adjusted PAT in FY2027, then 11% sales growth and 22% PAT growth in FY2028.
Bull case
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The domestic business is compounding. Standalone sales grew 21.2% in Q1 FY27 and standalone PAT reached INR 416 crore in FY2026; removing two loss-making units should let consolidated earnings converge toward standalone.
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Ceramics is entering an upcycle with visibility: guidance was raised to 23–25%, Q1 FY27 PBIT margin was 21.3%, and semiconductor, SOFC and defence lines add growth beyond FY2027.
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The balance sheet can fund INR 400 crore of capex with debt-equity at 0.05, so growth does not require dilution.
Bear case
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Margins have not yet turned. Q1 FY27 EBITDA margin was about 9.5%, Electrominerals PBIT margin 4.6% and Abrasives 6.5%, all well below targets, and reported PAT included a one-off gain of about INR 25 crore according to one analysis.
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VAW remains unresolved. It holds INR 297 crore of restricted cash and its earnings are at risk from any tightening of sanctions.
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The valuation discounts a full recovery: about 50 times FY2027 estimated earnings for a business whose ROCE has fallen to 11%.
Catalysts and monitorables (next 12 months)
Analyst verdict. Carborundum Universal is two companies in one set of accounts. The Indian operation is a high-quality industrial franchise: market leader in bonded abrasives, integrated back to minerals and power, and owner of an engineered ceramics business that earns margins above 20% and is being pulled into fuel cells, switchgear, defence and semiconductor equipment. That operation earned a record INR 416 crore in FY2026 and grew sales by more than 20% in the first quarter of FY2027. The overseas portfolio assembled between 2007 and 2022 has performed poorly. Russia is sanctioned, Germany has produced a full write-off of AWUKO and sub-par returns at RHODIUS, and South Africa is closing. Consolidated profit has fallen by nearly two-thirds in two years while revenue has risen.
The direction is now favourable. Management has chosen to exit rather than keep funding losses, a CFO is in place after a long gap, and the top line has accelerated across all three segments. The questions for the next year are narrower than they were: whether Abrasives and Electrominerals margins move toward the 9–10% targets, whether RHODIUS can be fixed, and what happens to VAW and its trapped cash.
The share price has anticipated much of this, rising about a third in a year to roughly 50 times FY2027 estimates. At that multiple the stock needs both the Ceramics upcycle and the overseas clean-up to deliver on schedule. For a board or strategic counterpart, the conclusion is that CUMI is financially strong, strategically refocused on India-based advanced materials, and investing at record levels; its near-term reported earnings will remain noisy until the restructuring is complete. The margin trajectory over the next two or three quarters is the single most informative indicator.
Data gaps to close before external use: FY2026 employee count; five-year R&D spend and patent count; executive remuneration; entity-level promoter holdings and full top-10 shareholder list; cash, net debt, goodwill and current ratio series; FY2024 segment PBIT; competitor revenues other than Grindwell Norton; market-size figures; ESG rating scores and emissions data; the FY2027 consolidated growth guidance figure; and pre-2020 milestone dates.
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View Subscription PlansExecutive Leadership
Board of Directors
| Name | Role | Tenure and background | Source |
|---|---|---|---|
M M Murugappan | Non-Executive Chairman, non-independent (promoter family) | Long-serving chairman; former Executive Chairman of the Murugappa Group. Commission for FY2026-27 (including FY2025-26) capped at INR 1 crore, excluding sitting fees | AGM notice 2026 |
Sridharan Rangarajan | Managing Director | Born 16 March 1966. MD since 3 August 2023; on the board since 2021 as Director – Finance & Strategy; CUMI CFO 2011–2018; Murugappa Group CFO 2018–2021. Chartered accountant and cost accountant; B.Com, Madurai University. Earlier with ABB, IDBI, LG Electronics, Trane and Timken | BSE filing, 22 Jun 2023; governance filing Q4 FY26 |
Muthiah Murugappan | Non-Executive, non-independent (promoter family) | Re-appointed by rotation at the 72nd AGM | AGM notice 2026 |
Sujjain Talwar | Independent Director | On the board since 9 May 2017; lawyer | Governance filing |
Usha Rajeev | Independent Director | Chairs a board committee since 1 August 2024 (committee name not captured in the extract reviewed; composition consistent with the Audit Committee) | Governance filing |
Sriram Viji | Independent Director | Committee member from 4 March 2026 | Governance filing |
Ambassador D B Venkatesh Varma | Independent Director | Appointed 4 March 2026 for five years; shareholder approval by postal ballot concluded 15 April 2026. Former Indian diplomat | Governance filing |
Executive Leadership Team
| Name | Role | Notes |
|---|---|---|
Sridharan Rangarajan | Managing Director | See above |
Sriram Seshadri | Chief Financial Officer | — |
Rekha Surendhiran | Company Secretary and Compliance Officer | Signatory on exchange filings |
Ajit Kolhe | Former Head – IT | Resigned effective 26 June 2026 |
Sushil Kishor Bendale | Former CFO | Stepped down 26 September 2025 |
Shareholding Trend
| Holder category | Mar 2024 | Mar 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
Promoters (%) | 41.24 | 39.82 | 38.89 | 38.90 |
Foreign institutional investors (%) | 11.72 | 12.11 | 10.73 | 11.13 |
Domestic institutional investors (%) | 29.06 | 28.86 | 29.45 | 29.05 |
Public and others (%) | 17.99 | 19.21 | 20.91 | 20.91 |
Competitive Landscape
Competitors by Segment
| Segment | Competitor | Positioning relative to CUMI |
|---|---|---|
Abrasives (India) | Grindwell Norton (Saint-Gobain) | Closest peer; FY2026 revenue INR 3,073 crore, net profit INR 417 crore |
Abrasives (India) | Wendt (India) | Super-abrasives; a CUMI associate, not a true competitor |
Abrasives (global) | Saint-Gobain Abrasives (Norton) | Global leader; parent of Grindwell Norton |
Abrasives (global) | 3M | Premium coated and structured abrasives |
Abrasives (global) | Tyrolit (Swarovski group) | European bonded and thin-wheel leader; RHODIUS competitor |
Abrasives (global) | Klingspor; Pferd | German coated and thin-wheel specialists |
Electrominerals | Imerys Fused Minerals | Global fused alumina and zirconia |
Electrominerals | Washington Mills | North American fused minerals and SiC |
Electrominerals | Chinese fused alumina and SiC producers | Price setters; management cites aggressive pricing |
Electrominerals (India) | Orient Ceratech (formerly Orient Abrasives) | Domestic fused alumina and refractories |
Ceramics | CoorsTek; Kyocera; CeramTec; Morgan Advanced Materials | Global engineered ceramics leaders |
Refractories (India) | Vesuvius India; RHI Magnesita India; IFGL Refractories | Steel-focused refractories |
Peer Comparison FY2026
| Metric | CUMI (consolidated) | Grindwell Norton |
|---|---|---|
Revenue (INR Cr) | 5,206 | 3,073 |
Revenue growth (%) | 6.4 | 9.3 |
EBIT margin (%) | 6.4 | 18.4 |
Net margin (%) | 3.2 | 13.6 |
