Carborundum Universal Limited (CARBORUNIV.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-61.7%

₹431.12

vs ₹1,126.10 price

Levered DCF

₹117.16

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

—

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	75.31×	64.05×	53.5×	45.22×	45.4×	33.94×	15.43×	31.51×
P/B	3.76×	5.32×	7.89×	6.64×	6.4×	4.53×	2.26×	4.53×
P/S	2.82×	3.84×	5.25×	4.02×	4.55×	3.67×	1.62×	2.9×
EV / EBITDA	26.27×	25.9×	32.71×	28.39×	27.81×	19.62×	9.93×	17.74×
Gross margin	27.9%	59.6%	60.4%	59.7%	61.8%	62.3%	61.9%	60.6%
Operating margin	6.4%	10.8%	12.9%	11.1%	13.7%	15.0%	12.8%	13.0%
Net margin	3.7%	6.0%	9.8%	8.9%	10.0%	10.8%	10.5%	9.2%
Current ratio	2.67×	3.35×	3.23×	2.74×	2.13×	3.67×	3.79×	3.21×
Debt / equity	0.11×	0.06×	0.04×	0.1×	0.1×	0.03×	0.03×	0.05×
Interest coverage	17.7×	37.71×	33.07×	22×	80.84×	109.98×	52.61×	41.12×
Dividend yield	0.5%	0.4%	0.3%	0.4%	0.4%	0.3%	2.1%	0.7%
Payout ratio	39.1%	26.0%	14.4%	16.1%	17.1%	10.0%	32.6%	21.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	5.0%	8.3%	14.8%	14.7%	14.1%	13.3%	14.7%	14.4%
Return on invested capital	4.4%	8.3%	12.6%	11.7%	12.1%	12.9%	13.1%	12.2%
Return on assets	3.7%	6.3%	11.1%	10.5%	10.0%	10.6%	11.9%	11.1%
Free cash flow yield	0.9%	0.2%	1.5%	0.7%	-2.1%	3.6%	6.6%	1.4%
Earnings yield	1.3%	1.6%	1.9%	2.2%	2.2%	2.9%	6.5%	3.2%
Enterprise value	₹143.8B	₹186.2B	₹242.4B	₹186B	₹150.3B	₹92.4B	₹39.7B	₹77.9B
Net debt / EBITDA	-0.53×	-0.23×	-0.58×	-0.18×	-0.2×	-0.89×	-0.57×	-0.03×
Cash conversion cycle (days)	131	196	142	159	147	125	173	182