Carborundum Universal Research Report By HDFC Sec

CUMI is a leading domestic manufacturer of abrasives, industrial ceramics and refractories. It also has manufacturing plants in Russia (Silicon Carbide) and South Africa (Zirconia and refractories). With an expected pick up in domestic industrial activity, demand for abrasives and industrial ceramics should recover, driving a sharp pickup in CUMI’s domestic revenue growth. Aided by operating leverage and restructuring of its international operations, CUMI’s margins and RoE are thus set to improve substantially.

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