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Prabhudas Lilladher Report
We revise our FY25/26E EPS estimates by +2.1%/2.7% factoring in improving performance at subsidiary level and upcoming capacity expansions, but downgrade the rating to ‘Accumulate' from Buy with a revised target price of Rs 1,631 (Rs 1,347 earlier) given the steep run-up in stock price.
Carborundum Universal Ltd. reported decent quarterly performance with flattish revenue YoY and Ebitda margin improving by 157 bps YoY to 17.4%. Continued traction in Indian market is expected to aid growth across segments.
Carborundum Universal America should continue to perform well, while healthy improvement is anticipated in AWUKO, RHODIUS, and Foskor Zirconia.
Chinese dumping will likely keep Electrominerals margin and retail abrasive sales under pressure.
Management has guided for Rs 51-52 billion consolidated revenue in FY25 led by Ceramics and abrasives, with 20-30 bps improvement in PBIT margin.
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