Carysil Ltd (CARYSIL)
🎯 Key Takeaways
- Carysil Ltd is in a clear growth phase, transitioning from operational stabilization to scalable expansion in premium consumer durables segments. Management is actively investing in capacity, brand development, and export penetration, supported by strong margin improvement and consistent revenue growth.
- Revenue grew 12.2% QoQ to ₹262 in Q1FY27.
- ⚠️ Margin sustainability is tied to premium product adoption and cost efficiencies; any slowdown in volume growth or pricing pressure could compress marg
- Market Cap
- ₹2,953
- P/E Ratio
- 27.6
- P/B Ratio
- 4.85
- ROE
- 17.6%
- ROCE
- 18.3%
- Debt/Equity
- 0.44
- Div Yield
- 0.29%
- Promoter
- 41.3%
📖 The Story
Carysil Ltd is in a clear growth phase, transitioning from operational stabilization to scalable expansion in premium consumer durables segments. Management is actively investing in capacity, brand development, and export penetration, supported by strong margin improvement and consistent revenue growth. The company has demonstrated disciplined execution over the past year, with profitability and operational metrics showing sustained momentum.
📰 What's Happening
In Q1 FY27, Carysil delivered 16.5% YoY revenue growth and expanded EBITDA margin by 175 basis points to 21.2%, driven by 6% volume growth in quartz sinks and 16% in stainless steel, alongside record export orders. Capacity utilization in stainless steel reached 94%, and management is on track to add 250,000 granite and 150,000 stainless steel sink units by March 2027. Capex of ₹80-90 crores will fund 40 new galleries and 11 brand stores in Q2, while investments in CNC fabrication and the D2C brand Carysil Blue aim to scale to 180 stores within two years. Domestic sales surged 39.8%, and gross margins in United Granite improved from 35% to 50% due to strategic inventory investment. The board approved the unaudited Q1 results, a senior management designation change for Rhea Parekh (effective October 1 pending AGM approval), and an enhanced corporate guarantee of ₹18 crores to HDFC Bank for Carysilnox Limited, raising the total to ₹55.10 crores. The 39th AGM is scheduled for September 22, 2026 via VC.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 241 | 223 | 234 | 262 |
| Operating Profit | 37 | 33 | 34 | 43 |
| OPM % | 15.2% | 14.7% | 14.5% | 16.3% |
| Net Profit | 27 | 21 | 27 | 32 |
| EPS | ₹9.56 | ₹7.41 | ₹9.52 | ₹11.05 |
Carysil has shown consistent top-line and margin expansion over the past four quarters, with revenue growing from ₹223 crore (Dec 2025) to ₹262 crore (Jun 2026), while OPM improved from 14.5% to 16.3%. Net profit rose from ₹21 crore to ₹32 crore, and EPS increased from ₹7.41 to ₹11.05, reflecting strong operational efficiency and profitability gains. This upward trend in profitability aligns directly with management’s focus on premium product lines, higher-margin segments like stainless steel, and operational improvements in United Granite, where gross margins rose from 35% to 50%. The margin expansion is not cyclical but tied to structural initiatives, including capacity additions and brand-led premiumization, supporting sustained earnings growth.
🔮 Management Outlook & What's Next
Management has reaffirmed FY27 revenue growth guidance of 15% and targets EBITDA margins of 18%-20%, underpinning confidence in sustained momentum. The expansion plan includes adding 250,000 granite and 150,000 stainless steel sink units by March 2027, alongside investments in CNC fabrication and the D2C brand Carysil Blue to scale to 180 stores within two years. Capex of ₹80-90 crores will fund new galleries and brand stores, particularly in Q2, to support domestic and export growth. The company is prioritizing premium product segments and operational excellence, with export order bookings hitting record highs and capacity utilization in stainless steel reaching 94%. These initiatives are designed to drive volume growth, improve margins, and deepen market penetration across both domestic and international markets.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 6 | 6 | 6 | 6 |
| Reserves | 521 | 489 | 603 | 560 |
| Borrowings | 270 | 260 | 270 | 235 |
| Total Liabilities | 933 | 973 | 1,042 | 1,046 |
| Fixed Assets | 262 | 251 | 479 | 262 |
| Investments | 0 | 0 | 0 | 0 |
| Total Assets | 933 | 973 | 1,042 | 1,046 |
The balance sheet reflects a stable and strengthening financial position, with equity remaining flat at ₹6 crore but reserves growing from ₹521 crore (March 2025) to ₹560 crore (March 2026), indicating retained earnings are being capitalized. Borrowings declined slightly from ₹270 crore to ₹235 crore over the same period, suggesting active deleveraging or reduced reliance on debt amid strong operating cash flows. Total assets increased to ₹1,042 crore from ₹933 crore, driven by investments in fixed assets related to capacity expansion. The company maintains a conservative capital structure with a debt-to-equity ratio of 0.44, and the enhanced corporate guarantee of ₹55.10 crores for Carysilnox Limited appears manageable within its asset base, supporting growth without significantly increasing financial risk.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2025 | Mar 2026 |
|---|---|---|
| Operating | +60 | +109 |
| Investing | -109 | -89 |
| Financing | +53 | -25 |
| Net Cash Flow | +4 | -5 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 41.3% | 41.3% | 41.3% | 41.3% |
| FII | 1.4% | 1.6% | 1.6% | 1.6% |
| DII | 11.3% | 11.3% | 11.7% | 11.9% |
| Public | 37.6% | 37.3% | 37.0% | 37.1% |
| # Shareholders | 54,797 | 50,184 | 47,620 | 50,289 |
Institutional investor interest is gradually increasing, with FII holding rising from 1.44% (Q2FY26) to 1.63% (Q1FY27), and DII from 11.33% to 11.91% over the same period, indicating growing confidence among foreign and domestic institutional investors. Promoter holding remains stable at 41.34% across all quarters, suggesting no dilution or selling pressure from the core group. The number of public shareholders has declined slightly from 54,797 (Q2FY26) to 37.08% ownership with 50,289 shareholders (Q1FY27), but this may reflect consolidation rather than reduced interest. Overall, the trend in shareholding suggests improving institutional confidence, though still at relatively low absolute levels, which could support future re-rating if sustained.
⚖️ Peer Comparison — Consumer Durables
🔗 Peer Stock Analyses
⚠️ Risk Factors
1. Margin sustainability is tied to premium product adoption and cost efficiencies; any slowdown in volume growth or pricing pressure could compress margins. 2. Capex execution risk — delays or cost overruns in gallery, store, or manufacturing expansions could impact timelines and returns. 3. Export dependency — while export orders are at record highs, global macroeconomic slowdowns or currency volatility could affect order visibility and realization. 4. Execution risk around the D2C brand Carysil Blue and scaling to 180 stores within two years, which requires consistent brand traction and operational scalability.
📋 Recent Filings
- Announcement2026-09-25Carysil Ltd announced the closure of its trading window effective October 1, 2026, ahead of the upcoming unaudited financial results for the quarter a…
- 🟡 voting results2026-09-23Carysil Limited shareholders approved all five resolutions at the 39th AGM on September 22, 2026, including adoption of audited financials, final divi…
- 🟡 Board Meeting2026-09-22Carysil Ltd held its 39th AGM on September 22, 2026 via video conference, adopting audited standalone and consolidated financial statements for FY2026…
- 🔴 Announcement2026-09-22Carysil Ltd announced a management meeting and site visit for analysts and institutional investors in Bhavnagar, Gujarat on September 25, 2026, with r…
- 🟡 Board Meeting2026-09-22Carysil Ltd announced the appointment of Mr. Prayasvin B. Patel as an Additional Director and Independent Director effective September 22, 2026, follo…
- 🟡 Board Meeting2026-09-22Carysil Ltd announced the appointment of Mr. Prayasvin B. Patel as an Independent Director effective September 22, 2026, following board approval and …
- 🔴 Announcement2026-09-22Carysil Ltd presented its investor deck highlighting its vision to become a global leader in kitchen and bath solutions through integrated manufacturi…
- Announcement2026-09-21Carysil Ltd informed physical shareholder holders that they must complete mandatory KYC updates and dematerialize shares by converting physical certif…
- 🔴 annual report2026-09-03Carysil Ltd's FY2025-26 annual report shows robust growth with consolidated revenue of ₹924 Crore (13.6% YoY), PAT of [amount context mismatch] Crore …
- 🟡 Board Meeting2026-09-03Carysil Ltd announced the appointment of Sumit Kumar as Chief Technology Officer and Senior Management Personnel effective September 3, 2026, followin…
🧠 Analyst's Read
Carysil is executing a clear growth strategy with strong operational momentum, margin expansion, and disciplined capital allocation, supported by rising institutional interest and a stable promoter base. The company’s focus on premiumization, export growth, and brand-led expansion positions it well for sustained outperformance, but investors should monitor execution risks around capex, margin pressure, and scalability of new initiatives in the near term.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-29.
Editorial & Data Transparency Notice
This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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