Carborundum Universal Ltd (CUMI), a Murugappa Group company engaged in abrasives, ceramics, electro-minerals and refractories, is accelerating investments in capacity expansion, advanced materials and new-age technologies as part of its “Aspiration 2030” growth strategy aimed at building new revenue engines over the next five years.
The company said the first year of the Aspiration 2030 programme has delivered both top-line and bottom-line growth in line with internal targets, while helping address challenges related to loss-making subsidiaries.
CUMI has already invested around ₹280 crore and ₹310 crore in the last two years towards capacity and capability enhancement and plans to spend nearly ₹400 crore next year to support future growth initiatives.
Focus on long-term growth
“We have done fairly well in FY26. We have addressed all the major issues in terms of loss-making subsidiaries. They alone contributed a loss of over ₹100-120 crore. So, the first year of our five-year journey, we have done fairly well,” said Managing Director Sridharan Rangarajan during an earnings call.
“CUMI has created a good base over the last 24 months for this aspiration. We have made significant capacity and capability investments and achieved good free cash flow after meeting all CAPEX requirements. CUMI is net debt-free and we believe the Aspiration 2030 programme will energise and substantially accelerate growth from now onwards,” he said.
The Aspiration 2030 roadmap is built around seven focus areas, including building a high-performance organisation, ambitious growth in existing businesses, innovation, manufacturing excellence, digital initiatives and ESG-led expansion.
Expansion across businesses
In the electrominerals business, the company is expanding capacity through furnace upgrades while increasing focus on value-added alumina products and diversified raw material sourcing.
Exports remain a key priority for the segment. The share of core electromineral products, currently about 85% of the portfolio, is expected to reduce to 55-60% by 2030 as newer product categories scale up.
The company also plans to increase the contribution of treated-grain products to nearly 20% by 2030 from the current 5-6%.
At the same time, CUMI is investing in transformational products such as SOFC powders and nitrides, which are expected to become future growth drivers. These advanced materials are targeted at emerging sectors and are expected to contribute around 10% of the portfolio by 2030.
Semiconductor, ceramics push
In the industrial ceramics business, CUMI is expanding metallised cylinder capacity and strengthening production capabilities for the SOFC segment.
The company is also entering semiconductor-linked opportunities through newly commissioned plants manufacturing components used in wafer fabrication equipment. Products have already received approvals from key customers for serial production.
In the refractory business, the company plans to increase fired refractory capacity by 75% while also expanding monolithic capacities and scaling up composites, carbon bricks, floor coatings and advanced structural composites businesses.
Rangarajan said the progress achieved in the first year of execution has strengthened confidence in the company’s long-term growth strategy.