Anand Rathi: Carborundum Universal’s Ceramics And Electro-Minerals Division Seeing Better Traction
An employee packages tile pieces for shipment in a production facility in San Francisco, California (Photographer David Paul Morris/Bloomberg)

Anand Rathi: Carborundum Universal’s Ceramics And Electro-Minerals Division Seeing Better Traction


BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Anand Rathi Report

Key takeaways on hosting Carborundum Universal Ltd.’s management for a non-deal roadshow.

Carborundum Universal’s overall operations have picked up pace. Recovery is evident in its ceramics and electro-minerals divisions (EMD), in both domestic and international.

Subdued demand from end users slowed recovery in abrasives. Management talked of 80-90% of last year’s utilisation by end H1 FY20 across the businesses.

Supply disruption of minerals from China is likely to benefit EMD business of Carborundum Universal.

With greater utilisation, focus on operating efficiency, new product launches and quitting the loss-making Foskor Zirconia, management is confident of steady margins ahead.

We expect consolidated Ebitda and management fees to step up from 15.3% in FY20 to 16.5% in FY23 and drive earnings growth.

Click on the attachment to read the full report:

Anand Rathi Carborundum Universal Company Update.pdf


This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the brokerage and do not represent the views of BloombergQuint.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.