CARBORUNIV
Carborundum Universal Limited
If management delivers what it guided
arithmetic on filed guidance and past valuations · not a price target
CARBORUNIV
FY26 → FY27 · 1 year of guidance · ~0.7 years from today₹1,064 today
BEAR
₹335
-68%
2.4% a year · 32x exit
BASE
₹516
-52%
4.1% a year · 48.5x exit
BULL
₹762
-28%
5.6% a year · 70.6x exit
Where the market has priced it
15x104x today — outside the range79x
- the last 3 years priced this company 34% above its ten-year median (65x vs 49x) — the exit multiple here is the ten-year one, so a sustained re-rating would not be captured
- at 104x its FY26 earnings the stock already trades above the top of its own ten-year range (71x)
- the range is unusually wide — read it as the span of management's own claim, not as a forecast
- this company's own median multiple sits 40% above its filed-industry peers; the scenario uses its own
How these numbers are produced
| Earnings base | FY26 fiscal year EPS ₹10.22 (screener) |
|---|---|
| Guided growth | 4.1% a year, said on the call of 21-May-2026 · transcript |
| Read across as | operating: revenue growth, margin held flat — medium confidence |
| Delivery calibration | 0.58x / 1x / 1.36x of what was guided — measured: 76 annual guided-vs-filed pairs + 77 near-complete quarterly years — NSE transcripts against the companies' own filings |
| Exit multiple | 32x / 48.53x / 70.62x, this company’s own p20 / median / p80 across 10 filed years |
| Filed-industry peers | median 34.62x across 20 peers — the cross-check, not the input |
| Arithmetic | base EPS × (1 + guided growth × delivery)1 × exit multiple |
Arithmetic on management’s own guidance and this company’s own past valuations. Not a price target, not a recommendation, and not a forecast of what the stock will do.
What management said
from NSE earnings-call filings · extracted, not interpreted
generic growth 4%revenue growth 4%
During our last call, I communicated a sales growth of 4% to 5% in consolidated Abrasives we can expect, we are now at a growth of 5.1%.
Call 21-May-2026 · bridge confidence medium · transcript PDF