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Carborundum Universal Ltd - Stock Valuation and Financial Performance

BSE: 513375 | NSE: CARBORUNIV | Abrasives | Small Cap

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Carborundum Univer. Share Price

 ₹1,148.35 3.05 0.27%
as on 29-Jan'25 11:17

DeciZen - make an informed investing decision on Carborundum Univer.

Overall Rating ⓘ
Bole Toh

1. Quality

Very Good
Check detailed 10 Yrs performace

2. Valuation

Somewhat overvalued
Check 10 Yrs Valuation charts

3. Price Trend

Weak
Check Price chart

Carborundum Universal stock performance -

PE Chart Key Ratios
mw4me loader
P/E Ratio (CD):
45.91
Market Cap:
21,804.9 Cr.
52-wk low:
1,026
52-wk high:
1,835.7

Is Carborundum Universal Ltd an attractive stock to invest in?

1. Is Carborundum Universal Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Carborundum Universal Ltd is a good quality company.

2. Is Carborundum Universal Ltd undervalued or overvalued?

The key valuation ratios of Carborundum Universal Ltd's currently when compared to its past seem to suggest it is in the Somewhat overvalued zone.

3. Is Carborundum Universal Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Weak which suggest that the price of Carborundum Universal Ltd is likely to Fall in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Carborundum Univer.:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Standalone Basis P Consolidated Basis P
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Carborundum Universal Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation ⓘ

Value Creation Index Colour Code Guide ⓘ

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
ROCE % ⓘ16.5%17.7%18.4%20.5%21.5%19.1%19.5%20.3%21.5%21.3%-
Value Creation
Index ⓘ		0.20.30.30.50.60.40.40.50.60.9-

Growth Parameters ⓘ

Growth Parameters Colour Code Guide ⓘ

Sales ⓘ2,0501,9442,1122,3682,6892,5992,6323,3254,6544,7024,707
Sales YoY Gr.--5.2%8.7%12.1%13.6%-3.3%1.3%26.3%40%1%-
Adj EPS ⓘ4.57.21011.212.913.515.617.519.823.225
YoY Gr.-60.5%37.4%12.8%15.1%4.8%15.2%12.5%13%17.3%-
BVPS (₹) ⓘ57.763.273.182.590.897.7111.9123.7147.4163175.1
Adj Net
Profit ⓘ		84.8136188212244256295333376442475
Cash Flow from Ops. ⓘ326178295213202407451245430602-
Debt/CF from Ops. ⓘ11.80.50.60.50.20.10.90.50.2-

CAGR ⓘ

CAGR Colour Code Guide ⓘ

9 Years 5 Years 3 Years 1 Years
Sales ⓘ9.7%11.8%21.3%1%
Adj EPS ⓘ20%12.5%14.2%17.3%
BVPSⓘ12.2%12.4%13.4%10.6%
Share Price 20.7% 27.3% 10.4% 0.8%

Key Financial Parameters ⓘ

Performance Ratio Colour Code Guide ⓘ

Mar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24TTM
Return on
Equity % ⓘ		7.71214.614.414.914.314.814.814.514.914.8
Op. Profit
Mgn % ⓘ		12.915.816.516.916.315.317.816.214.115.716.8
Net Profit
Mgn % ⓘ		4.47.69.39.19.11011.610.58.79.710.1
Debt to
Equity ⓘ		0.30.30.10.10.1000.10.100
Working Cap
Days ⓘ		15015014114514615214215213212885
Cash Conv.
Cycle ⓘ		98999294991048470728259

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 14.80%

Sales growth is growing at healthy rate in last 3 years 21.34%

Net Profit is growing at healthy rate in last 3 years 14.21%

Sales growth is not so good in last 4 quarters at 0.88%

Latest Financials - Carborundum Universal Ltd.

Standalone Consolidated
TTM EPS (₹) 18.6 25
TTM Sales (₹ Cr.) 2,660 4,707
BVPS (₹.) ⓘ 127.8 175.1
Reserves (₹ Cr.) ⓘ 2,414 3,314
P/BV ⓘ 8.96 6.54
PE ⓘ 61.57 45.91
From the Market
52 Week Low / High (₹) 1026.00 / 1835.65
All Time Low / High (₹) 2.55 / 1835.65
Market Cap (₹ Cr.) 21,805
Equity (₹ Cr.) 19
Face Value (₹) 1
Industry PE ⓘ 57.5

Management X-Ray of Carborundum Univer.:

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.140.140.020.020.020.020.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Valuation of Carborundum Univer.

Event Update

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Analyst's Notes

Carborundum Universal Quarterly Result Update - 05 Aug 2022

Carborundum Universal | Market Cap : Rs. 16,247 Cr

CMP 856 | P/E 38x FY23

Results

(Rs. Cr)

Y-o-Y Growth

Comments

Revenue

1,164.7

61.5%

Strong growth across segments

EBITDA

127.5

-7.4%

Impacted by inflation due to supply-chain constraints and raw material headwinds

Click here for 10 year X-ray

Key highlights:

  • Russia operations showed resilience but impacted due to constraints on exports
  • The ceramics business has reached its peak segment margin in the quarter
  • The domestic EMD business has started to report healthy growth and margin, reflective of healthy uptick of the recently commissioned capacities

Management Outlook

  • Macro environment remains tough due to due to inflation, supply-chain disruptions, forex fluctuation, and higher cost of capital and fears of a global slowdown.
  • For abrasives segment, demand for precision abrasives remained strong while mass market abrasives witnessed soft demand from construction industry. Profit margins were impacted by cost inflation.
  • Revenues of Russian subsidiary moved up during the quarter on higher volumes and realization. Although challenges remain on the logistics side to sell product outside Russia, the company is exploring means to increase sales in the domestic market.

Carborundum Universal: Sell on Rich Valuation - 14 Jul 2022

Today we recommend SELL on Carborundum Universal at ~762/share. The stock has run up much ahead of its earnings growth. Carborundum has been our stock for capex theme. Although the story has worked well for our portfolio, the stock has been rallied ahead of its earnings growth. We would refrain from holding at this kind of a valuation.

We had recommended Carborundum in Feb’21 at ~449/share at 25x 1 year forward P/E. Currently the stock is trading at a P/E multiple of 44x. At such levels, the upside becomes limited. And since it’s a booster stock, we recommend booking profits. In volatile markets, like current one there is always a risk of correction. Even if we assume best case scenario on current data, we expect modest upside on fundamental basis.

Carborundum Universal Quarterly Result Update Q4FY22 - 19 May 2022

Carborundum Universal |  Market Cap : Rs. 13,470 Cr

CMP 718 | P/E 33x FY23

Results: Carborundum Universal reported ~23% growth in sales year on year and ~21% growth in operating profit.

Click here for 10 Year X-ray

Key highlights: 

  • Segment Performance: 
    • Abrasivessegment grew 15% YoY. Segment sales for FY22 at a consolidated level grew by 29%
    • Ceramicsgrew 6% YoY. Segment sales for FY22 at a consolidated level grew by 27%
    • Electromineralsgrew 17% YoY. Segment sales for FY22 at a consolidated level grew by 23%
    • Moderation of growth seen in Abrasives and Ceramics vs previous quarter. Electrominerals resilient due to strong demand.
  • Current utilisations stand at 65% for abrasives, 80% for ceramics and 95% at Electrominerals.
  • Acquisitions:Volzhsky Abrasives Works (VAW), Russia registered double digit growth in Rouble terms. This year had been a turnaround year for Foskor Zirconia (Pty) Limited, South Africa which registered double-digit growth.
  • Abrasives segment had one-time provisioning of Rs 32 cr on account of legal dispute with Kerala State Electricity Board (KSEB).
  • Free cash flow was lower at 35% of PAT on account for higher inventories and higher capex.
  • The capital expenditure incurred during the year 2021-22 was Rs.170 Crores at consolidated level.
  • The Board of Directors of the Company has recommended a final dividend of Rs.2.00/- per share (Rs. 1.5/share in Q3). Total dividend of Rs.3.50 per share

 

Russia-Ukraine Impact:Its Russian subsidiary VAW is not under any sanction. Further, Silicon carbide, which is its primary product, is not under any sanction. VAW has been operating at optimum capacity and domestics sales and exports to India have not been impacted so far. VAW does not have exposure to Ukraine


Management Outlook: As per management, acquisitions of Rhodius and Awuko would provide entry into new products, raw material distribution reach in Europe. The acquisitions would provide entry into resin bonded thin wheels which are specialised high margin products.  Rhodius has a robust order book and considerable order pipeline. The company has strong financial track record. The company envisages strong infrastructure led growth both in India, the US and other key geographies. Demand remains strong across product segments although maintaining margins is a challenge.

Carborundum Universal Q3FY22: China+1 and acquisition led synergies - 15 Feb 2022

Carborundum Universal |  Market Cap : Rs. 16,307 Cr

CMP 840 | 35x FY23 PE

 

Results: Carborundum Universal reported ~23% growth in sales year on year and ~21% growth in operating profit.

Click here for 10 Year X-ray

 

Key highlights: 

  • Abrasives segment grew by 13%, Ceramic by 33% and Electrominerals by 24% year on year. Current utilisations stand at 65% for abrasives, 80% for ceramics and 95% at Electrominerals.
  • Abrasives sales growth was led by a sharp uptick across the standalone business, Sterling Abrasives and Russian subsidiary. The operating profit of the segment dipped  6% year on year owing to raw material inflation.
  • Ceramics operating profit grew well at 25% YoY
  • Electrominerals saw a stellar operating profit growth of 110% YoY..
  • The company acquired all main assets of AbrasivesWandmacher GmbH & Co. KG (AWUKO). AWUKO is a 120- year-old leading brand in Coated Abrasives business and is a market leader in Leather and Wood applications. The acquisition is in line with CUMI’s expansion plans in Europe
  • Company also entered into a Share Purchase agreement to acquire Rhodius Abrasives
  • The Board of Directors of the Company at its meeting held on Feb 10, 2022 have declared an interim dividend of Rs.1.50/- per share

 

Management Outlook: The management remains confident of clocking strong sales over 4–5 years with: (i) the Electro-minerals division (EMD) benefitting strongly from supply chain constraints in China (ii) Strong abrasives demand led by lower Chinese imports and (iii) ceramics seeing growth from newer applications like hydrogen fuel cells, EVs etc. Management expects demand visibility, ability to pass on cost increases and acquisition led synergies to be key drivers for growth across segments

Carborundum Universal: Quarterly Result update - 12 Nov 2021

Carborundum Universal | Rs. 17147 Cr

CMP 905 | P/E 38x FY23

 

Results: Carborundum Universal reported ~22% growth in sales year on year and ~12% growth in operating profit.

Click here for 10 Year X-ray

 

Key highlights: 

  • Abrasives segment grew by 25%, Ceramic by 24% and Electrominerals by 17% year on year. Current utilisations stand at 65% for abrasives, 80% for ceramics and 95% at Electrominerals.
  • Abrasives sales growth was led by a sharp uptick across the standalone business, Sterling Abrasives and Russian subsidiary. The operating profit of the segment surged 21% year on year however the operating margins dipped owing to raw material inflation.
  • Ceramics revenues growth was led by technical ceramics and metz cylinders. However, logistics challenges on exports caused operating margin to contract.
  • Electrominerals sales growth was aided by a cut in production in China on power woes. Operating margin was flat and operating profit grew 18% year on year.
  • The company acquired an equity stake of ~72% in PLUSS Advanced Technologies (PLUSS), a specialty materials research and manufacturing company in fields of Phase Change Materials (PCM) for thermal energy storage and special polymeric additives for enhancing mechanical and barrier properties.

Outlook: As per the management, higher freight costs particularly in ceramics resulted in operating margin compression. However, with subsiding cost push on raw materials and energy and price pass-throughs anticipated further, margins can improve with calibrated price increases.

Capex is targeted at Rs. 130 Cr for FY22 of which Rs. 71 Cr has been incurred in H1FY22. Management will focus mainly on abrasives and ceramics.

Management forecasts a double-digit growth across segments as a result of the demand environment. Despite headwinds on commodity prices, management expects to pass bulk of price increases and coupled with cost efficiency and portfolio optimisation looking at stable margins.

Carborundum Universal: Quarterly Result update - 04 Aug 2021

Booster stock Carborundum Universal | Rs. 13,425 Cr

CMP 708 | P/E 34x FY22

Recommendation | Hold

Results: Carborundum Universal reported ~6% decline in sales year on year and ~25% lower operating profit. The company gained market share in Abrasives and strong show in Electrominerals in Russia & India.

Click here for 10 Year X-ray

Key highlights: 

  • Abrasives revenues declined ~12% since last quarter as auto OEMs and component manufacturers restricted production due to COVID 2.0 and semi-conductor shortages.
  • However, Sterling Abrasives registered growth led by agri demand and Russian operations too witnessed early signs of revival after an ailing auto market. Exports formed ~10% of abrasives sales and are slated to grow with further penetration into US market with a distinguished value preposition.
  • Besides building an institutional buyer base for precision abrasives, the company is looking at building a base for coated abrasives for segments like hardwood flooring. Market share gains in thin wheels and coated abrasives from Chinese players continued during the quarter, the company also gained share from GWN in precision abrasives/mass market segments.
  • Ceramic revenues slipped ~5% over previous quarter largely due to Australian operations amid non-availability of containers. Australia business is expected to do well in the near-to-mid-term on the back of a healthy Order Book and new orders for mining projects.
  • Electrominerals consolidated revenues were flattish over previous quarter due to higher volumes in Russia and India amid raw material diversification by end users from China and improved realizations. Contraction in operating margins was contained with favourable product mix, corrective price hikes and improved power generation at Maniyar plant.
  • Management expects increased opportunities in auto, alloy steel and medical equipment due to PLI schemes. Graphene and high-purity graphite will be other focus areas.

Outlook: As per the management, demand outlook remains positive for abrasives led by demand from domestic core industries for R&M jobs, auto OEMs and components manufacturers for precision abrasives, and home and commercial unit renovations for mass-market coated abrasives. It expects a double digit revenue growth in FY22, subject to COVID uncertainties.

For Ceramics, the management has maintained a positive outlook for FY22 on technical ceramics led by demand from growing end-user industries such as fuel cells, alternative energy, aluminium, power generation and T&D. It is also working to gain approvals for EV offerings (ceramic fibres, tape cast ceramics) used in power management and insulation systems in solid state batteries. It has guided for high teens revenue CAGR in the medium term considering faster adoption of EVs. For Electrominerals, the management expects healthy demand, both globally and domestically, and realizations to continue in 2QFY22.  It targets ~30% of revenues from specialty products, which should further aid margins.

1QFY22 capex came in at ~Rs 29 Cr and the management has estimated FY22E capex at ~Rs 1,30 Cr with critical expansions across Ceramics and Electrominerals.

MoneyWorks4me Opinion: We recommended Carborundum Universal at 450-500/share as we expected pickup in demand from economic recovery and manufacturing activity. The company’s capacity addition and new product launches hold promise for better growth ahead. Also it is seeing healthy market share gains from declining competition from China. This bodes well for the company. Also, Carborundum is much better proxy to industrial led growth in economy versus asset heavy companies or volatile EPC contractors. 

In economic upcycle companies like Carborundum Universal experience  accelerated growth. We expect to see good growth over next few years. 

 

View All Notes

Key Ratios of Carborundum Univer.

Standalone Basis Consolidated Basis

Adj EPS (Rs.)

Sales (Cr.)

ROE (%)

ROCE (%)

Profit And Loss

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Sales2,0501,9442,1122,3682,6892,5992,6323,3254,6544,702
Operating Expenses ⓘ 1,7871,6431,7841,9692,2522,2022,1682,7894,0043,965
Manufacturing Costs5725105536557427437038431,0571,031
Material Costs7196817367989558878981,1581,7141,697
Employee Cost 274250272311325341345416688716
Other Costs ⓘ 222201224205230231221373545521
Operating Profit ⓘ 263301329399437397464536651737
Operating Profit Margin (%) 12.8%15.5%15.6%16.8%16.3%15.3%17.6%16.1%14.0%15.7%
Other Income ⓘ 27302923294633417879
Interest ⓘ 252318986462418
Depreciation ⓘ 100879610610810599115187191
Exceptional Items ⓘ 5700000-140250
Profit Before Tax ⓘ 220237262322369351395477580650
Tax ⓘ 82817810212176102127138174
Profit After Tax 138155184220248275293350442476
PAT Margin (%) 6.7%8.0%8.7%9.3%9.2%10.6%11.1%10.5%9.5%10.1%
Adjusted EPS (₹)7.17.79.311.413.114.415.017.621.824.2
Dividend Payout Ratio (%)18%20%19%20%21%19%20%20%16%17%

Balance Sheet

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24

Equity and Liabilities

Shareholders Fund 1,0891,1911,3811,5611,7191,8522,1242,3512,8023,103
Share Capital ⓘ 19191919191919191919
Reserves ⓘ 1,0701,1721,3621,5421,7011,8332,1052,3322,7833,084
Minority Interest5862666152464686128139
Debt277263149125926041212228100
Long Term Debt57367754584328
Short Term Debt22022714211887553620418573
Trade Payables171134165198209195303370336398
Others Liabilities ⓘ 222209152142150130162277354301
Total Liabilities ⓘ 1,8161,8601,9132,0882,2222,2832,6763,2963,8484,041

Fixed Assets

Gross Block1,4797448901,0201,0791,2241,3501,6722,3822,554
Accumulated Depreciation65385185284384475573666855999
Net Fixed Assetsⓘ 8266597057366957487771,0061,5271,555
CWIP ⓘ 43857330463928588784
Investmentsⓘ 41131124180227189127138161172
Inventories388370387438533508461691899850
Trade Receivables370367381475514402478485627679
Cash Equivalents 9911312612998294689352400558
Others Assetsⓘ 4813411899110104116567146144
Total Assets ⓘ 1,8161,8601,9132,0882,2222,2832,6763,2963,8484,041

Cash Flow

(All Figures are in Crores.)
Standalone Basis Consolidated Basis
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Cash Flow From Operating Activity ⓘ 326178295213202407451245430602
PBT ⓘ 220237262322369351395477580650
Adjustment ⓘ 551058993938387107166182
Changes in Working Capital ⓘ 122-8123-91-1407372-207-153-21
Tax Paid ⓘ -71-84-79-111-120-99-103-133-163-210
Cash Flow From Investing Activity ⓘ -7-73-81-75-80-93-269-460-257-186
Capex 6-84-106-92-95-123-103-560-301-234
Net Investments 100000-19620805
Others ⓘ -14122517153029-1084442
Cash Flow From Financing Activityⓘ -162-86-207-83-109-135-6689-133-214
Net Proceeds from Shares ⓘ 52333336314
Net Proceeds from Borrowing ⓘ -131-20-81-3000026-5
Interest Paid ⓘ -25-23-18-9-8-6-4-6-22-15
Dividend Paid ⓘ -25-38-19-33-52-76-38-65-77-79
Others ⓘ 15-8-92-42-51-56-27154-63-128
Net Cash Flow ⓘ 1572075513179115-12640201

Finance Ratio

Standalone Basis Consolidated Basis
PARTICULARSMar'15Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24
Ratios
ROE (%)12.6313.6514.314.9515.1215.4214.7615.6617.1616.14
ROCE (%)16.4617.6818.3720.4621.519.119.4920.3321.4721.28
Asset Turnover Ratio1.141.121.181.21.261.151.071.121.321.21
PAT to CFO Conversion(x)2.361.151.60.970.811.481.540.70.971.26
Working Capital Days
Receivable Days66666165666460524350
Inventory Days69676263657367636267
Payable Days9281748378831011067579

Carborundum Universal Ltd Stock News

Carborundum Universal Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Carborundum Univer. on 29-Jan-2025 11:17 is ₹1,148.4.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 29-Jan-2025 11:17 the market cap of Carborundum Univer. stood at ₹21,804.9.
The latest P/E ratio of Carborundum Univer. as of 29-Jan-2025 11:17 is 61.57.
The latest P/B ratio of Carborundum Univer. as of 29-Jan-2025 11:17 is 8.96.
The 52-week high of Carborundum Univer. is ₹1,835.7 and the 52-week low is ₹1,026.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Carborundum Univer. is ₹2,660 ( Cr.) .

About Carborundum Universal Ltd

Carborundum Universal Limited (CUMI) was founded in 1954 as a tripartite collaboration between the Murugappa Group, The Carborundum Co., USA and the Universal Grinding Wheel Co. Ltd., U.K.  With state-of-the art facilities and strategic alliances with global partners, CUMI has achieved a reputation for quality and innovation. CUMI is one of the five manufacturers in the world with fully integrated operations that include mining, fusioning, wind and hydro power stations, manufacturing, marketing and distribution. Almost all of CUMI’s manufacturing facilities have received the ISO 9001 accreditation for quality standards. A well connected marketing and distribution network of offices and warehouses in India and abroad, ensure that service to customers is given prime importance.

CUMI’s constant innovation and product upgradation, through in-house R&D and strategic alliances with global leaders in grinding technology, have not only ensured it market leadership in India and abroad, but also international recognition as a manufacturer of quality abrasives and a provider of total grinding solutions. CUMI’s products are being exported to more than 50 countries spread across North America, Europe, Australia, South Africa and Asia.

Business area of the company

The Company pioneered the manufacture of Coated Abrasives and Bonded Abrasives in India in addition to the manufacture of Super Refractories, Electro Minerals, Industrial Ceramics and Ceramic Fibres. Today, the Company’s range varieties of Abrasives, Ceramics, Refractory products and electro-minerals manufactured across several locations in and outside the country.

Abrasives: An Abrasive is a substance which grinds, cleans, scours, abrades or removes solid material by rubbing action or by impact. Abrasives are mineral like materials available in different shapes, sizes and types according to need. Abrasive materials and Abrasive products are utilized in several end user industries such as manufacture of Machinery, Electrical & Electronic equipment, Transportation and Metal fabrication among others.

Electro Minerals: The major product groups of this segment are Fused Alumina (comprising Brown and White Alumina), Silicon Carbide (crude, macro and fine), Fused Zirconia, Alumina Zirconia, Pearl Zirconia and Zircon Mullite. The Company also manufactures a range of ‘specialities’ like Semi Friable, Azure-S and fine powders for niche markets. The operations are carried out through eight manufacturing facilities located in India, Russia and South Africa.

Industrial Ceramics: The Ceramics product group offers products which harness the heat resistance / containment, wear resistance and insulation properties of ceramics and also corrosion resistance properties of various materials.

Super Refractories: Refractory is a material that will retain its shape and chemical identity when subjected to high temperatures and is used in applications that require extreme resistance to heat, such as furnace linings. Refractory products are basically used in industries for heat resistant and containment. CUMI’s manufactures Super Refractories (which can be in two forms fired refractories and monolithics) and also Refractory Fibre.

Awards and recognitions

2017-18

  • The Company’s Electro Minerals division received an award for ‘Strong Commitment to HR Excellence Award’ by the CII for the year 2017-18.
  • ICAI - Silver Award for Annual Report 2017-18 for Excellence in Financial Reporting
  • CUMI’s Annual Report for the Financial year 2017-18 has been adjudged as the Best Presented Annual Report among the Annual Reports published in the South Asian Countries.
  • In October 2017, the Company received the ‘Golden Peacock Award for Excellence in Corporate Governance’ for the year 2017.
  • The Company receiving the Runner up award in ‘Most Diversified Exporter’ category at the ECGC Indian Exporters’ Excellence Awards 2017.
  • In March 2018, the Industrial Ceramics division, Hosur Plant received the Japan Institute of Plant Management (JIPM) Award for TPM Excellence, Category A.
  • In March 2018, the Abrasives Division, Maraimalai Nagar received the Japan Institute of Plant Management (JIPM) Award for consistent TPM Commitment.
  • In March 2018, the Bonded Abrasives Division, Hosur Plant received the Japan Institute of Plant Management (JIPM) Award for TPM Excellence, Category A.
  • In March 2018, the Coated Abrasives Division, Sriperumbudur Plant received the Japan Institute of Plant Management (JIPM) Award for Excellence in Consistent TPM commitment.

2018-19

  • In March 2019, CUMI received the Golden Peacock Award instituted by the Institute of Directors under the category - Innovative Product for its Non-Woven products.
  • CUMI won 1st place in Young HR Managers Competition for South Region by CII. Category - Employee Engagement, initiative presented was Catalyst - CUMI’s Mentoring Platform
  • CUMI’s Annual Report for the Financial year 2018-19 has been adjudged by ICAI as winner in the category ‘Silver Shield’ of ICAI’s Awards for Excellence in Financial Reporting.
  • The Company’s Electro-minerals Division has received the IEI Centenary Excellence Award 2019, from Shri Nitin Gadkari, Minister for Road Transport & Highways of India, Shipping & MSME in a function held at Le Meridian, Delhi.

2019-20

  • In September 2019, CUMI Industrial Ceramics division was awarded the CSIR Diamond Jubilee Technology 2018 for the technology of Metallization of Ceramics.
  • CII Kai-Zen Award - Innovative Category; Carborundum Universal Limited, Maraimalai Nagar participated in Innovative Kaizen Category in the theme of “To develop Innovative New Resin for Abrasive Manufacturing through Robust Design Approach” Mr. G. Ananda Kumar and Mrs. C. Meenakshi participated and emerged as 2nd WINNER.
  • Maniyar Hydel plant won the ‘Safety Award 2019 for Outstanding Performance in Industrial Safety’’ from Kerala State Factories& Boilers Department under Small Factories category in March 2020.
  • CUMI-SEZ White Fused Alumina plant won the ‘Suraksha Puraskar’ from National Safety Council (Kerala Chapter) under Small Factories category in March 2020.
  • Maniyar Hydel plant won the ‘Sreshta Suraksha Puraskar’ from National Safety Council (Kerala Chapter) under Small Factories category in March 2020.

Milestones

1954 - 1963

  • Incorporated as a joint venture between Carborundum Company, USA.
  • Universal Grinding Wheel Company, UK and the Murugappa Group, India.
  • Acquired a Coated Abrasives facility from Ajax Products Pvt. Ltd.
  • Bonded Abrasives facility set up at Chennai, India.
  • Bauxite mining at Bhatia, Gujarat, India.

1964 - 1973

  • Manufacture of Super Refractories at Chennai, India.
  • Brown Aluminium Oxide grains plant at Edappally, India.
  • Calcination facility at Okha, Gujarat, India.

1974 - 1983

  • Acquisition of Eastern Abrasives Ltd, a Coated Abrasives manufacturer in Kolkata, India.
  • Second Bonded Abrasives plant at Hosur, near Bengaluru, India.
  • Established MMTCL as a joint venture with Morgan Group plc. for ceramic fibres.

1984 - 1993

  • Expansion of Bonded Abrasives plant at Hosur, India with a modern facility for vitrified grinding wheels.
  • Silicon Carbide plant at Koratty, India & Refractories plant at Ranipet, India.
  • Industrial Ceramics plant at Hosur, India.
  • Acquisition of 40% interest in Wendt (India) Ltd., a company manufacturing Super Abrasives.

1994 - 2003

  • 12 MW Hydel project at Maniyar, Kerala, India.
  • Second unit at Edapally, India for manufacture of Brown Aluminium Oxide grains.
  • Acquired a controlling interest in Sterling Abrasives Limited, Ahmedabad, India.
  • Acquired a controlling interest in Cutfast Abrasive Tools Limited and Cutfast Polymers Limited and subsequent mergers.
  • Established CUMI America Inc., USA & CUMI Australia Pty. Ltd.
  • Established a 5.5 MW natural gas based thermal power plant in Nallur, Tamil Nadu, India, through SEDCO.
  • Acquired Prodorite Anti-Corrosives Ltd., a leading player in anti-corrosion engineering.
  • Cloth processing facility at Maraimalainagar, Tamil Nadu.

2004 - 2013

  • Modern Silicon Carbide micro grit plant in Koratty, India.
  • Modern polymer manufacturing facility near Chennai, India.
  • Establishment of CUMI Middle East.
  • Establishment of state-of-the-art Coated Abrasives plant at Sriperumbudur, Chennai, India.
  • Acquisition of Monolothic Refractory facility in Jabalpur, India.
  • Acquisition of Volzhsky Abrasive Works, Russia.
  • Acquisition of 51% holding in Foskor Zirconia (Pty) Ltd, South Africa.
  • Establishment of world class facility for wear resistant liner tiles at Hosur, India.
  • Manufacturing facility for Thin Wheels at Uttarkhand, India.
  • Manufacturing facility for Power Tools at Jigani, Bengaluru, India.
  • Commissioning of a modern 1,000 tonne Vitrified Bonded Abrasives plant and
  • 2,000 tonne Organic Bonded Abrasives facility in China.
  • Establishment of state-of-the-art Metallised Cylinders plant at Hosur, India.
  • Establishment of state-of-the-art Super Refractories plant II at Serkaddu, India.
  • Setting up of a modern facility for manufacture of anti-corrosive products at Serkaddu, India.
  • Establishment of automated Silicon Carbide Micro Grit plant in Cochin SEZ, India.
  • Acquisition of Thukela Refractories Isithebe Pty Ltd, South Africa, a fused mineral manufacturing facility in South Africa.
  • Setting up of the Ceramic Foam Refractories plant at Kochi, in collaboration with Cellaris Ltd, Israel.

2014-2018

  • Establishment of CUMI Europe.
  • Commencement of Toll manufacturing model operations in China.
  • Amalgamation of Cellaris Refractories with CUMI.
  • Doubled the capacity of the Metallized Cylinder plant in Hosur, with the machinery and technology acquired from NTK, Japan.
  • A state-of-the-art Surface Technology Centre was opened at the Bonded Abrasives Plant at Tiruvottiyur.
  • Inaugurated a Centre of Excellence for Research in Technical Ceramics for industrial & advanced applications at Hosur, Tamil Nadu.
  • Commissioned three fusion plants at its Electro-mineral Complex at Kochi, Kerala.
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