Carborundum Universal Limited — Investor Meet, 06-11-2025: Analysts/Institutional Investor Meet/Con. Call Updates

CUMI reported Q2 FY26 consolidated sales of INR 1,287 Cr (+6.4% YoY) and H1 FY26 sales of INR 2,493 Cr (+4.2%). Consolidated PBIT stood at INR 111 Cr for Q2. Ceramics and Electrominerals led H1 growth, while Abrasives were flat. RHODIUS's operations recovered, but a full-year loss of EUR 3.5-4 million is anticipated, while VAW faced declining sales and profits due to sanctions. Management expects a strong H2 for Ceramics and Abrasives from order backlogs and thinner dealer inventories. H1 capex of INR 162 Cr is on track for INR 350 Cr full-year target, with majority funding new ventures like semiconductor and aerospace ceramics. Outlook for FY26 growth and margins remains intact with a strong balance sheet.