Enclosed transcript of Investor call held on 3rd November 2026.

6th November 2026 BSE Limited 25th Floor, Phiroze Jeejeebhoy Towers Dalal Street, Fort Stock Code: 513375 Mumbai- 400001 National Stock Exchange of India Ltd. Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (E) Stock Code: CARBORUNIV Mumbai – 400 051 Dear Sir/Madam, Sub: Transcript of the Investor Call In continuation of our letter dated 3rd November 2026 informing the upload of the audio recording of the Investor Call held with analysts/investors, please find enclosed the transcript of the said call. The aforesaid transcript is also available on the Company’s website and can be accessed at the following link: Transcript Link Request you to kindly take the above on record. Thanking you Yours faithfully For Carborundum Universal Limited Rekha Surendhiran Company Secretary Encl: As above “Carborundum Universal Limited Q2 FY '27 Earnings Conference Call” November 03, 2026 MANAGEMENT: MR. SRIDHARAN RANGARAJAN – MANAGING DIRECTOR – CARBORUNDUM UNIVERSAL LIMITED MR. SRIRAM SESHADRI – CHIEF FINANCIAL OFFICER – CARBORUNDUM UNIVERSAL LIMITED MR. G. CHANDRAMOULI – ADVISOR – CARBORUNDUM UNIVERSAL LIMITED MODERATOR: MR. KARTIK KOHLI – KOTAK SECURITIES Page 1 of 17 Carborundum Universal Limited November 03, 2026 Moderator: Ladies and gentlemen, good day and welcome to Carborundum Universal Q2 FY '27 Earnings Conference call hosted by Kotak Securities. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Kartik Kohli from Kotak Securities. Thank you, and over to you, sir. Kartik Kohli: Hello. Good afternoon, everyone. Welcome to the Q2 FY '27 earnings call of Carborundum Universal Limited. From the management side today, we have Mr. Sridharan Rangarajan, Managing Director, Mr. Sriram Seshadri, Chief Financial Officer, and Mr. Chandramouli, the advisor. At this point, I would like to hand over the call to the management for their opening remarks, post which we can take up the Q&A. Thanks, and over to you, sir. G. Chandramouli: Good morning. I am Chandramouli. Let us start the proceeding with the disclaimer. During this call, we may make certain statements which reflect our outlook for the future or which could be construed as forward-looking statements. These statements are based on management current expectations and are associated with uncertainties and risks are more fully detailed in our annual report, which may cause the actual result to differ. Hence, these statements must be reviewed in conjunction with the risks that the company faces. Thank you. Sridharan Rangarajan: Thank you. Good morning to all of you, and thank you for joining us on this call, and a very warm welcome to our second quarter earnings call. I trust you and your family are doing fine and safe and healthy as well. We will provide a brief overview, followed by, we will take up a few questions from you. First, I will start with the business performance of Q2. I will first go with standalone sales. In Q2 FY '27, standalone sales was INR 911 crores compared to INR 712 crores. This is a growth of 28%. This is the highest ever quarterly sales reported, as well as I think 14 quarters, the quarter-on-quarter growth is pretty high. On a sequential basis, standalone sales increased by 7.7% from INR 846 crores to INR 911 crores. As of H1, standalone sales was INR 1,757 crores compared to INR 1,410 crores in H1 FY '26. This is a growth of 24.6%. All three segments recorded double-digit growth at the standalone level. I will start with Ceramics. Ceramics recorded a growth of 37.2%, and Electrominerals recorded a growth of 31.3%, Abrasives recorded sales of 15.9%. On a sequential basis, standalone sales increased from INR 846 crores in Q1 FY '27 to INR 911 crores in Q2 FY '27. This is a growth of 7.7%. Ceramics grew 14%, Abrasives grew about 8.6%, Electrominerals are flat. For H1 FY '27, standalone segment sales was INR 685 crores for Abrasives and INR 587 crores for Ceramics and INR 561 crores for Electrominerals. And this represents a growth of 15.3% for Abrasives, 25.9% for Ceramics, and 32.1% for Electrominerals. I will now move to consolidated sales. In Q2 FY '27, consolidated sales was INR 1,455 crores compared to INR 1,287 crores in Q2 FY '26. This is a growth of 13.1%. On a sequential basis, Page 2 of 17 Carborundum Universal Limited November 03, 2026 consolidated sales increased by 3.1% from INR 1,411 crores to INR 1,455 crores. As of H1 FY '27, consolidated sales was INR 2,865 crores with a growth of 14.9% compared to H1 FY '26. In Q2 FY '27, Ceramics sales were INR 410 crores compared to INR 301 crores in Q2 FY '26, which is a growth of 36.1%. Electromineral sales grew from INR 399 crores to INR 443 crores. This is a growth of 11.1%. And Abrasives grew from INR 584 crores to INR 607 crores, which is a growth of 4%. On a sequential basis, Ceramics sales increased from INR 349 crores in Q1 FY '27 to INR 410 crores in Q2 FY '27, with a growth of 17.6%. Electromineral sales decreased from INR 473 crores to INR 443 crores in Q2 FY '27. Consolidated Abrasive sales decreased from INR 610 crores to INR 607 crores. For H1 FY '27, consolidated segment sales was INR 1,217 crores for Abrasives, INR 759 crores for Ceramics, INR 916 crores for Electrominerals. This represents a growth of 11.5% for Abrasives, 26.3% for Ceramics, and 14% for Electrominerals. I will briefly touch the standalone PAT. Standalone PAT was INR 72 crores in Q2 FY '27 compared to INR 64 crores in Q2 FY '26, marking a growth of 12.4%. Sequentially, PAT dropped from INR 88 crores to INR 72 crores. In H1 '27, PAT was INR 160 crores compared to INR 209 crores of last year at the same period. But you would note that last year we had a one- time dividend of INR 68 crores from one of its subsidiaries. In Q2 FY '27, PAT dropped by INR 16 crores compared to Q1 '27. This is mainly due to the higher dividend in Q1. This is normally the seasonality of the business. But however, you would note that the segmental results are stronger, and we will discuss this at a later point in time. I'll also briefly touch on consolidated PBT and PAT. In Q2 FY '27, consolidated profit before exceptional items and tax was INR 138 crores, which is a 22.9% growth compared to INR 113 crores in Q2 FY '26, and a growth of 16% compared to INR 119 crores in Q1 FY '27. As of H1 FY '27, profit before exceptional items and taxes was INR 257 crores compared to INR 198 crores in the same period last year. That represents a growth of 29.8%. Consolidated profit after tax and non-controlling interest was INR 12 crores compared to INR 75 crores in Q2 FY '26. Sequentially, PAT after non-controlling interest dropped from INR 76 crores to INR 12 crores. H1 profit after tax and non-controlling interest was INR 89 crores compared to INR 136 crores in the same period last year. All the profit drops were on account of the exceptional items of INR 80.3 crores included in Q2 FY '27. I will cover this specifically later when I cover AWUKO. I'll now cover the segmental performance, standalone ceramics. In Q2 FY '27 standalone ceramics was INR 313 crores compared to INR 228 crores in Q2 FY '26. This is a growth of 37.2%. Page 3 of 17 Carborundum Universal Limited November 03, 2026 Sequentially, sales increased from INR 274 crores in Q1 '27 to INR 313 crores. This is a growth of 14%. In H1, sales were INR 587 crores compared to INR 466 crores in H1 FY '26. This is a growth of 25.9%. Growth was driven both by industrial ceramics as well as refractory business. In industrial ceramic segments, all the segments did well. Metallized Cylinders, Engineered ceramics, ceramics used in SOFCs, wear ceramics, all of them grew. Consolidated ceramics in Q2 FY '27, [Showing first 8,000 characters — download PDF for full document]