Financials Carborundum Universal Limited

Equities

CARBORUNIV

INE120A01034

Commodity Chemicals

Market Closed - NSE India S.E. Other stock markets 05:13:51 17/05/2024 pm IST			5-day change	1st Jan Change
1,731 ^INR	+5.15%		+17.92%	+55.47%

06/05	Transcript : Carborundum Universal Limited, Q4 2024 Earnings Call, May 06, 2024
03/05	Carborundum Universal Limited Reports Earnings Results for the Fourth Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	77,619	42,050	96,587	1,51,458	1,87,228	3,29,345	-	-
Enterprise Value (EV) ¹	77,563	38,964	90,024	1,50,065	1,85,528	2,41,313	3,27,363	3,20,931
P/E ratio	31.4 x	15.4 x	34 x	45.5 x	45.3 x	52.4 x	56.6 x	47.6 x
Yield	0.67%	1.24%	0.59%	0.44%	0.36%	0.27%	0.28%	0.34%
Capitalization / Revenue	2.89 x	1.62 x	3.67 x	4.56 x	4.02 x	5.13 x	6.3 x	5.56 x
EV / Revenue	2.88 x	1.5 x	3.42 x	4.51 x	3.99 x	5.13 x	6.26 x	5.42 x
EV / EBITDA	17.7 x	9.77 x	19.3 x	26.9 x	28.5 x	32.7 x	38.3 x	31.7 x
EV / FCF	72.5 x	14 x	25.5 x	185 x	135 x	83.7 x	74.8 x	52.9 x
FCF Yield	1.38%	7.16%	3.92%	0.54%	0.74%	1.19%	1.34%	1.89%
Price to Book	4.5 x	2.26 x	4.53 x	6.4 x	6.64 x	10.3 x	9.08 x	7.95 x
Nbr of stocks (in thousands)	1,89,154	1,89,412	1,89,573	1,89,857	1,89,944	1,90,258	-	-
Reference price ²	410.4	222.0	509.5	797.8	985.7	1,731	1,731	1,731
Announcement Date	26/04/19	06/06/20	28/04/21	13/05/22	08/05/23	03/05/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: März	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	26,889	25,990	26,317	33,248	46,543	47,022	52,255	59,223
EBITDA ¹	4,383	3,986	4,656	5,569	6,519	7,388	8,543	10,119
EBIT ¹	3,300	2,941	3,661	4,424	5,018	5,481	6,690	8,216
Operating Margin	12.27%	11.32%	13.91%	13.31%	10.78%	11.66%	12.8%	13.87%
Earnings before Tax (EBT) ¹	3,488	3,505	3,946	4,765	5,799	6,502	7,506	9,006
Net income ¹	2,477	2,724	2,843	3,333	4,140	4,612	5,752	6,845
Net margin	9.21%	10.48%	10.8%	10.03%	8.89%	9.81%	11.01%	11.56%
EPS ²	13.07	14.38	14.99	17.52	21.74	24.22	30.58	36.38
Free Cash Flow ¹	1,070	2,790	3,527	813	1,373	3,892	4,377	6,071
FCF margin	3.98%	10.74%	13.4%	2.45%	2.95%	8.32%	8.38%	10.25%
FCF Conversion (EBITDA)	24.41%	70%	75.75%	14.6%	21.07%	55.35%	51.24%	60%
FCF Conversion (Net income)	43.2%	102.43%	124.05%	24.39%	33.17%	86%	76.1%	88.69%
Dividend per Share ²	2.750	2.750	3.000	3.500	3.500	4.593	4.888	5.842
Announcement Date	26/04/19	06/06/20	28/04/21	13/05/22	08/05/23	03/05/24	-	-

¹INR in Million²INR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	7,336	7,566	7,116	8,446	8,992	8,693	11,398	11,278	11,871	11,996	12,032	12,445	12,059	11,915	12,568
EBITDA ¹	1,298	1,585	1,182	1,500	1,616	1,170	1,275	1,630	1,710	1,903	1,795	1,868	1,761	1,832	2,134
EBIT ¹	1,051	1,310	925.9	1,232	1,337	826.7	846.4	1,185	1,237	1,520	1,338	1,442	1,318	1,342	1,604
Operating Margin	14.33%	17.32%	13.01%	14.59%	14.87%	9.51%	7.43%	10.51%	10.42%	12.67%	11.12%	11.59%	10.93%	11.27%	12.76%
Earnings before Tax (EBT) ¹	1,094	1,319	1,015	1,309	1,412	927.1	1,050	1,215	1,409	1,896	1,595	1,511	1,469	1,473	1,783
Net income ¹	876.5	905.3	771.3	976.3	1,016	570.3	787.7	889.9	1,091	1,371	1,132	1,191	1,158	1,216	1,368
Net margin	11.95%	11.97%	10.84%	11.56%	11.29%	6.56%	6.91%	7.89%	9.19%	11.43%	9.41%	9.57%	9.6%	10.2%	10.88%
EPS ²	4.620	4.770	4.060	5.140	5.340	3.000	4.140	4.680	5.730	7.200	5.940	6.250	6.267	6.200	-
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	02/02/21	28/04/21	02/08/21	01/11/21	10/02/22	13/05/22	01/08/22	28/10/22	31/01/23	08/05/23	02/08/23	-	-	-	-

¹INR in Million²INR

Estimates

Balance Sheet Analysis

Fiscal Period: March	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-	-	-	-	-	-	-	-
Net Cash position ¹	56.5	3,086	6,563	1,394	1,700	3,561	1,982	8,414
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow ¹	1,070	2,790	3,527	813	1,373	3,893	4,377	6,071
ROE (net income / shareholders' equity)	15.1%	15.2%	14.8%	14.8%	16%	15.1%	16.8%	17.7%
ROA (Net income/ Total Assets)	11.4%	12%	-	-	-	13.1%	14.4%	16.3%
Assets ¹	21,653	22,619	-	-	-	34,645	39,891	41,940
Book Value Per Share ²	91.10	98.10	112.0	125.0	149.0	169.0	191.0	218.0
Cash Flow per Share ²	-	-	-	-	-	32.90	38.20	47.40
Capex ¹	948	1,279	981	1,632	2,929	2,348	3,020	2,402
Capex / Sales	3.53%	4.92%	3.73%	4.91%	6.29%	5.02%	5.78%	4.06%
Announcement Date	26/04/19	06/06/20	28/04/21	13/05/22	08/05/23	03/05/24	-	-

¹INR in Million²INR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Carborundum Universal Limited

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

1,731 INR

Average target price

1,510 INR

Spread / Average Target

-12.76%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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