Carborundum Universal Ltd

- There is no mention of any new fundraising through debt or equity in the provided transcript. - The company reported consolidated debt of INR 290 crores as of Q3 FY26, up from INR 210 crores in Q2 FY26. - Debt-equity ratio is low at 0.07 on a consolidated basis. - Cash and cash equivalents stand at INR 385 crores consolidated. - Capital expenditure guidance remains at INR 350 crores for the full year, with INR 248 crores spent in 9 months. - No announcements or discussions about plans for raising fresh capital through debt or equity were disclosed during the call.

- Capex investment for the first 9 months of FY26 was INR 248 crores, compared to INR 209 crores in the same period last year. - The company maintains its full-year capex guidance at INR 350 crores. - Capacities are being created as part of long-term strategies across Ceramics, Electrominerals, and Abrasives businesses. - Investment progress is on track and in line with plans. - Technology tie-ups and partnerships in two broad areas are progressing well. - Addition of key leaders to support new and improved programs is ongoing. - Focus on securing current and future growth through these strategic investments.

- Ceramics business is expected to grow strongly, particularly in FY27, supported by high growth (north of 20%) in specialty segments like SOFCs and engineered ceramics, with a strong Q4 in FY26 anticipated. - Wear ceramics segment currently faces challenges but expected to improve once U.S. projects start. - Refractory projects bunching in Q4 FY26 currently causes muted growth, but full-year growth guidance remains at 9%-11% for ceramics. - Abrasives showed encouraging growth in Q3 FY26, trend expected to continue. - Electrominerals is showing a comeback with good margin recovery and improved return on capital. - Positive impact expected from China's removal of export rebate benefiting domestic abrasives market share. - Awuko business expected to show similar or slightly better trends next year; Rhodius performance may improve in Q4 FY26. - Foskor Zirconia's future uncertain, with potential strategic decisions expected within 1-2 quarters.

- Ceramic business: Expected full-year growth of 9%-11%, with strong Q4 performance and improved FY '27 outlook due to project kick-ins, especially in the U.S. and for high-growth segments like SOFCs (solid oxide fuel cells). - Abrasives: Q3 growth encouraging; trend expected to continue. Domestic market share may improve due to China removing export rebates on abrasives from April. - Electrominerals: Showing good margin recovery and return on capital; sales growing steadily (~7%-8%). Targeting ~30% export mix long-term. - Challenges remain in Foskor Zirconia (losses being addressed), Awuko (losses but expected to stabilize in ~1 year), and Rhodius (doing fine with room for improvement). - Standalone PBIT margin expected to improve with a strong Q4 and FY '27 growth outlook, maintaining overall capex guidance of INR350 crores to support capacity expansion and technological partnerships. - Management maintains guidance tracking to business plan, focusing on securing future growth while managing current challenges.

- The Ceramics business, especially serving SOFCs and high-end segments, is growing strongly at over 20%. - The company has a very sizable and good order book in Ceramics. - In the last quarter, they bagged the highest-ever order from the Ceramics segment client. - There is some delay and deferral in project execution mainly due to tariff uncertainties impacting the fire refractory and wear ceramics segments, expected to improve in Q4 and FY '27. - The refractory projects bunching happening in Q4 is expected to result in strong growth going forward. - Overall, despite muted 9-month growth, a strong Q4 and better growth in FY '27 are anticipated due to the order backlog and project recoveries.