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CARYSIL - Carysil

📊 NSE: CARYSIL 🏢 Ceramics - Tiles / Sanitaryware 📅 Last Updated: 12/13/2025 20:43

📢 Recent Corporate Announcements

Carysil Reports Stable Operations Amid Geopolitical Volatility; 90% Exports on FOB Basis

🟢 POSITIVE ⭐ 6/10

OTHER 📅 13 Mar 2026, 01:54 PM

Carysil Limited has issued a clarification stating that its manufacturing operations remain stable and uninterrupted despite recent geopolitical tensions in the Middle East. The company maintains operational flexibility through dual fuel capabilities (PNG and LDO) and reports no material disruptions in its supply chain. Significantly, approximately 90% of the company's export sales are conducted on an FOB basis, which effectively shields it from rising global freight costs. Management currently assesses that the overall impact on financial performance is not material.

Operations remain stable with no material disruption in raw material procurement or product dispatch.
Approximately 90% of export sales are on an FOB basis, limiting direct exposure to global freight cost spikes.
Manufacturing facilities utilize dual fuel capability (PNG and LDO) for enhanced operational flexibility.
Management confirms that the current geopolitical impact on financial performance is not material.
The company continues to monitor the evolving situation in the Middle East to safeguard supply chain stability.

💡 Investors should take comfort in the company's resilient business model, particularly the FOB export structure which mitigates logistics risks. The stock remains a watch for how global demand evolves, but immediate operational concerns appear addressed.

Carysil Closes Turkish Subsidiary Due to Losses; Minimal Financial Impact Expected

🟡 NEUTRAL ⭐ 4/10

OTHER 📅 05 Mar 2026, 05:22 PM

Carysil Limited has announced the voluntary closure and deregistration of its wholly-owned Turkish subsidiary, Carysil Turkey, effective March 4, 2026. The decision stems from persistent market challenges, economic instability in Turkey, and the subsidiary's lack of financial viability. The impact on the parent company is negligible, as the subsidiary contributed 0% to consolidated revenue and had a negative net worth of INR 0.76 crore. The company expects to complete the full liquidation process within the next 3-4 months.

Carysil Turkey deregistered effective March 4, 2026, following continuous losses and eroded net worth.
Subsidiary revenue was 0.00% of the parent's INR 690.23 crore revenue as of December 31, 2025.
Parent company had invested USD 300 in equity and provided a loan of USD 84,000 to the unit.
The closure is not expected to have any material impact on consolidated financial performance.
Liquidation process for the subsidiary is estimated to be completed within 3-4 months.

💡 Investors should view this as a routine cleanup of a non-performing international asset that had no material contribution to the bottom line. No change in investment thesis is required based on this update.

Carysil Limited Schedules One-on-One Investor Meeting with Farley Capital on Feb 20

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 17 Feb 2026, 05:26 PM

Carysil Limited has announced a scheduled interaction with Farley Capital on February 20, 2026. The meeting is a one-on-one session set to take place in-person in Mumbai at 02:30 PM. The company has explicitly stated that discussions will be restricted to publicly available information and no unpublished price sensitive information (UPSI) will be shared. This is a standard regulatory disclosure under SEBI (LODR) Regulations, 2015.

One-on-one meeting scheduled with Farley Capital on February 20, 2026
Meeting to be conducted in-person in Mumbai at 02:30 PM
Discussions will be based solely on publicly available information
Compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

💡 No immediate action is required as this is a routine investor engagement. Investors should watch for any subsequent investor presentations or transcripts that may be uploaded following the meeting.

Carysil Q3 FY26 PAT Jumps 70% YoY; US Tariff Reduction to Boost Future Margins

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 12 Feb 2026, 09:52 PM

Carysil Limited reported a robust Q3 FY26 with PAT growing 69.7% YoY to ₹21.3 crore and EBITDA margins improving to 19.4%. A major positive development is the reduction in US-India trade tariffs from 50% to 18%, which allows the company to immediately roll back 15-20% discounts previously offered to US customers. The company is aggressively expanding its manufacturing capacities for sinks, faucets, and appliances to meet growing domestic and export demand, targeting ₹500 crore in domestic revenue over the next five years.

Q3 FY26 PAT increased by 69.7% YoY to ₹21.3 Cr; EBITDA grew 31.9% to ₹43.7 Cr.
Quartz Granite Sink sales volumes grew 27% YoY, and Stainless Steel Sink volumes rose 23%.
US trade tariffs reduced from 50% to 18%, enabling a rollback of 15-20% discounts provided to US clients.
Stainless steel sink capacity is expanding from 180,000 to 250,000 units by April 2026.
Domestic business registered 30% growth in Q3, supported by OEM partnerships with brands like Kohler and Hafele.

💡 Investors should monitor the margin expansion resulting from the US discount rollback and the successful ramp-up of the new faucet and appliance segments. The company's strong export positioning and domestic growth trajectory make it a key player in the premium kitchenware segment.

Carysil Limited Releases Q3 FY26 Earnings Call Audio Recording

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 05 Feb 2026, 07:16 PM

Carysil Limited has officially released the audio recording of its Q3 FY25-26 earnings conference call held on February 05, 2026. This disclosure allows shareholders and analysts to review management's discussion on the latest quarterly financial results and operational performance. The recording is accessible via a direct link on the company's investor relations page. A written transcript of the proceedings is expected to be filed with the stock exchanges and uploaded to the website shortly.

Audio recording of Q3 FY25-26 earnings call made available on February 05, 2026.
The filing follows the company's quarterly financial results announcement for the period ending December 2025.
Direct access provided via the company's official website link for transparency.
Written transcript to be shared with BSE and NSE in due course as per SEBI regulations.

💡 Investors should listen to the recording or wait for the transcript to gain insights into the company's Q3 performance and growth guidance. This is a routine procedural update and does not require immediate trading action.

Carysil Q3 FY26: 9M PAT Surges 58% YoY to ₹71 Cr; Major Capacity Expansions Underway

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 01:31 PM

Carysil Limited reported a robust performance for 9M FY26, with total income reaching ₹695 crore compared to ₹615 crore in the previous year. Net profit (PAT) for the nine-month period saw a significant jump of 58% YoY to ₹71 crore, driven by strong demand in the quartz sink segment. The company is aggressively expanding, with additional capacities for quartz sinks (1 lakh units) and stainless steel sinks (70,000 units) expected to be operational by April 2026. Management remains focused on a 20% EBITDA margin target by FY28, supported by high-value global partnerships with IKEA and Karran USA.

9M FY26 PAT grew 58% YoY to ₹71 crore, while EBITDA increased to ₹137 crore from ₹106 crore.
Quartz sink capacity utilization stood at 80% in Q3 FY26, with a 10% capacity expansion (1 lakh units) due by April 2026.
Stainless steel sink utilization reached 91% in 9M FY26, prompting a 70,000-unit capacity addition by April 2026.
Long-term agreement with Karran USA to supply 150,000 quartz sinks annually provides strong export visibility.
Domestic business footprint expanded to 4,500+ dealers with a goal to triple domestic revenue in 3-4 years.

💡 Investors should monitor the timely commissioning of the April 2026 capacity expansions as they are critical for meeting high demand. The company's shift toward a 20% EBITDA margin profile and strong export ties makes it a compelling growth play in the building materials sector.

Carysil Q3 FY26: 9M PAT Surges 58% YoY; Aggressive Capacity Expansion Underway

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 11:28 AM

Carysil Limited reported a robust performance for 9M FY26, with PAT growing 58% YoY to ₹71 Cr and EBITDA rising 29% to ₹137 Cr. The company is operating at high capacity utilization levels, with quartz sinks at 80% and stainless steel sinks at 82% in Q3 FY26. To meet demand, Carysil is adding 1 lakh units of quartz sink capacity and 70,000 units of stainless steel sink capacity by April 2026. The domestic business is targeted to grow 3x over the next 3-4 years, supported by an expanded network of 4,500+ dealers.

9M FY26 Total Income grew 13% YoY to ₹695 Cr, while PAT surged 58% to ₹71 Cr.
EBITDA margins improved significantly to 19.7% in 9M FY26 from 17.2% in 9M FY25.
Quartz sink capacity to increase by 1 lakh units and stainless steel sinks by 70,000 units by April 2026.
Domestic dealer network reached 4,500+ in 9M FY26, up from 4,000+ in FY24.
Net Debt to Equity ratio improved to 0.48x in H1 FY26 from 0.63x in FY25.

💡 Investors should focus on the company's ability to maintain high margins as new capacities come online in April 2026. The strong growth in the domestic market and long-term contracts with global players like IKEA and Karran provide high revenue visibility.

Carysil Reports Strong 9M FY26 Performance; PAT Surges 58% to ₹71 Crore

🟢 POSITIVE ⭐ 8/10

EARNINGS 📅 05 Feb 2026, 12:55 AM

Carysil Limited reported a robust performance for 9M FY26, with total income growing 13% YoY to ₹695 crore and PAT increasing 58% to ₹71 crore. The company is scaling its manufacturing capacity, with an additional 1 lakh quartz sink units and 70,000 stainless steel sink units expected to be operational by April 2026. Strategic partnerships with global leaders like IKEA, Grohe, and Karran USA remain strong, while the domestic business is targeted to grow 3x over the next 3-4 years. Management maintains a positive outlook with a target EBITDA margin of 20% by FY28.

9M FY26 PAT increased by 58% YoY to ₹71 crore, with EBITDA margins improving to 19.7%.
Quartz sink capacity expansion of 1 lakh units and stainless steel expansion of 70,000 units on track for April 2026.
Secured long-term contract with Karran USA for 150,000 quartz sinks annually.
Domestic distribution network expanded significantly to 4,500+ dealers and 107 distributors.
Phase-2 expansion for kitchen appliances (hobs, ovens, microwaves) to reach 100,000 units p.a. capacity in FY27.

💡 Investors should focus on the company's successful transition into a multi-product kitchen and bath player and its strong export order book. The significant margin improvement and upcoming capacity additions suggest continued growth momentum.

Carysil Q3 FY26 Results: Consolidated Subsidiary Revenue at ₹120.45 Cr, Net Profit at ₹7.15 Cr

🟡 NEUTRAL ⭐ 7/10

EARNINGS 📅 04 Feb 2026, 02:27 PM

Carysil Limited announced its financial results for the quarter ended December 31, 2025, showing a mixed performance across its global operations. Eight major subsidiaries contributed a net profit of ₹8.20 crores on revenue of ₹91.36 crores for the quarter. However, five other subsidiaries reported a combined net loss of ₹1.05 crores on revenue of ₹29.09 crores. For the nine-month period, the top eight subsidiaries have generated a healthy net profit of ₹25.87 crores.

Eight major subsidiaries reported Q3 revenue of ₹91.36 crores and net profit of ₹8.20 crores.
Five smaller subsidiaries recorded a net loss of ₹1.05 crores on revenue of ₹29.09 crores for the quarter.
Nine-month consolidated revenue from the top eight subsidiaries reached ₹273.29 crores with a profit of ₹25.87 crores.
The company maintains a significant global footprint with active subsidiaries in the UK, USA, Germany, UAE, and Turkey.
Trading window for designated persons is set to reopen on February 07, 2026.

💡 Investors should monitor the performance of the five loss-making subsidiaries to see if they achieve breakeven in the next fiscal. The core international business remains profitable, but overall margin pressure from smaller units warrants a cautious watch.

Carysil Limited Schedules Q3 FY26 Earnings Conference Call for February 5, 2026

🟡 NEUTRAL ⭐ 3/10

EARNINGS 📅 21 Jan 2026, 02:55 PM

Carysil Limited has scheduled its earnings conference call for the third quarter of FY26 on February 5, 2026, at 4:00 PM IST. The management team, including the Chairman & Managing Director and the Group CFO, will discuss the company's operational and financial performance. This call serves as a key platform for analysts and institutional investors to understand the company's recent growth and future outlook. Transcripts and audio recordings will be published on the company's website following the conclusion of the call.

Earnings conference call for Q3 FY26 is set for February 5, 2026, at 4:00 PM IST.
Key participants include Chairman & Managing Director Mr. Chirag Parekh and Group CFO Mr. Anand Sharma.
The session will cover financial and operational performance for the quarter ending December 2025.
The call is hosted by Go India Advisors and includes universal and international dial-in options.

💡 Investors should track the upcoming Q3 results and listen to the management commentary regarding export demand and margin sustainability. No immediate action is required as this is a routine scheduling announcement.

Carysil Limited Submits Share Capital Reconciliation Audit for Q3 FY26

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Jan 2026, 04:22 PM

Carysil Limited has filed its Reconciliation of Share Capital Audit Report for the quarter ended December 31, 2025, as per SEBI regulations. The audit, conducted by P.C. Shah & Co., verifies that the company's total issued and listed capital matches the shares held in NSDL, CDSL, and physical form. This is a standard quarterly compliance procedure to ensure the integrity of the shareholding structure. No discrepancies or irregularities were reported in the filing.

Submission of Reconciliation of Share Capital Audit Report for the quarter ended December 31, 2025
Compliance with Regulation 76 of SEBI (Depositories and Participants) Regulations, 2018
Audit certified by P.C. Shah & Co., Practicing Company Secretaries
Confirms alignment between issued/listed capital and shares held in electronic and physical formats

💡 This is a routine regulatory filing with no impact on business fundamentals. No action is required from investors based on this announcement.

Carysil Limited Submits Share Capital Reconciliation Report for Q3 FY2026

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 06 Jan 2026, 04:13 PM

Carysil Limited has filed its Reconciliation of Share Capital Audit Report for the quarter ended December 31, 2025. This report, certified by P.C. Shah & Co., confirms that the company's total issued and listed capital matches the shares held across NSDL, CDSL, and in physical form. This is a mandatory regulatory filing under Regulation 76 of the SEBI (Depositories and Participants) Regulations, 2018. The filing ensures the integrity of the company's shareholding records and maintains transparency for the exchanges and investors.

Submission of Reconciliation of Share Capital Audit Report for the quarter ended December 31, 2025.
Compliance with Regulation 76 of SEBI (Depositories and Participants) Regulations, 2018.
Audit conducted and certified by P.C. Shah & Co., Practicing Company Secretaries.
Verification that shares in NSDL, CDSL, and physical form align with total issued/listed capital.

💡 No action is required as this is a routine regulatory compliance filing. Investors should continue to monitor the company's operational performance and upcoming quarterly financial results.

Carysil Limited to Close Trading Window from January 1, 2026

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 26 Dec 2025, 09:58 AM

Carysil Limited has announced the closure of its trading window for all designated persons starting January 1, 2026. This action is in compliance with SEBI (Prohibition of Insider Trading) Regulations, 2015, ahead of the release of the company's unaudited financial results for the quarter ending December 31, 2025. The window will remain closed until 48 hours after the financial results are officially declared. This is a standard regulatory procedure to prevent insider trading during the sensitive period surrounding earnings announcements.

Trading window closure effective from January 01, 2026.
Closure pertains to the unaudited financial results for the quarter ended December 31, 2025.
Window will reopen 48 hours after the declaration of the quarterly results.
PANs of designated persons and immediate relatives will be frozen by the Depository per SEBI circulars.

💡 No action is required as this is a routine regulatory filing. Investors should await the announcement of the board meeting date for the Q3 FY26 financial results.

View All CARYSIL Announcements on Live Market Tracking →

💰 Financial Performance

Revenue Growth by Segment

As of H1 FY26, Quartz Sinks contributed 49.2% of revenue (up from 46.3% in H1 FY25), Steel Sinks contributed 14.6% (up from 11.9%), Kitchen Appliances & Others contributed 9.9% (down from 11.0%), and Surfaces contributed 26.3% (down from 30.8%). Overall revenue for Q2 FY26 grew 16.2% YoY to INR 240.7 Cr.

Geographic Revenue Split

In Q2 FY26, the revenue split was: USA 34.3%, UK 19.1%, India 19.8%, Europe 14.4%, and Rest of World (ROW) 8.3%. This reflects a shift from Q2 FY25 where USA was 43.4% and Europe was 8.3%, showing increased penetration in European markets despite regional demand pressures.

Profitability Margins

Operating margins (OPBDIT/OI) were 19.1% in FY24 and 19.33% in H1 FY24. Net profit margins (PAT/OI) moderated from 13.49% in FY22 to 8.5% in FY24 due to the weaker cost structures of newly acquired subsidiaries and higher interest costs from debt-funded acquisitions.

EBITDA Margin

EBITDA margin stood at 19.1% in FY24. For Q2 FY26, the company reported an EBITDA of INR 4.3 Cr for its USA subsidiary alone, a significant turnaround from a loss of INR 10 lakhs in Q2 FY25, indicating improved operational efficiency in overseas markets.

Capital Expenditure

The company has planned a total upcoming capex of INR 36 Cr, including INR 25 Cr for a new kitchen appliances line (50,000 units p.a.), INR 5 Cr for quartz sink expansion by Dec 2025, and INR 6 Cr for land acquisition in Bhavnagar for stainless steel sink expansion.

Credit Rating & Borrowing

Carysil maintains an [ICRA]A (Stable) rating. Borrowing costs are reflected in an interest coverage ratio of 6.37 times in H1 FY24, down from 9.59 times in FY22, following increased debt for acquisitions. The company raised INR 125 Cr via QIP in July 2024 to reduce short-term debt.

⚙️ Operational Drivers

Raw Materials

Key raw materials include Methyl Methacrylate (MMA) Resins and natural Quartz/Granite. Resins are a critical cost driver, and their price volatility directly impacts the operating margin, which the company attempts to mitigate through price hikes.

Import Sources

While specific countries are not listed, the company utilizes a 'natural hedge' through imports to mitigate foreign exchange risks, suggesting significant international sourcing for resins and specialized components.

Capacity Expansion

Current Quartz Sink utilization is 88% and Stainless Steel is 95%. Expansion plans include increasing kitchen appliance capacity by 50,000 units to reach a total of 150,000 units per annum by Q1 FY27.

Raw Material Costs

Raw material costs are a major component of the cost structure; operating margins moderated to 18.08% in FY23 from 21.6% in FY22 partly due to input cost fluctuations and the integration of lower-margin acquired entities.

Manufacturing Efficiency

Manufacturing efficiency is high, with Quartz Sink utilization at 88% and Stainless Steel at 95% in Q2 FY26. India-based manufacturing provides a cost-efficiency moat compared to international competitors.

Logistics & Distribution

Export sales contribute approximately 80% of standalone revenue. Logistics are currently impacted by the Red Sea crisis, which affects the efficiency of the distribution network to key markets like the US (35% of exports) and Europe.

📈 Strategic Growth

Expected Growth Rate

25%

Growth Strategy

Growth is driven by a 'Global Trusted Brand' strategy involving inorganic acquisitions (Sylmar, United Granite, Tap Factory), capacity expansion in appliances (to 1.5 lakh units), and increasing domestic market penetration for composite quartz sinks.

Products & Services

Composite quartz kitchen sinks, stainless steel kitchen sinks, kitchen appliances (chimneys, cook-tops, wine-chillers), and bath products (wash basins, quartz tiles, hot water boiling taps).

Brand Portfolio

Carysil, Sternhagen (premium bath), Sylmar, The Tap Factory, United Granite.

New Products/Services

New integrated glass processing plant and kitchen appliances assembly line expected to contribute to revenue starting Q1 FY27.

Market Expansion

Expansion into the GCC market (Saudi Arabia, Kuwait, UAE, Qatar, Bahrain, Oman) via Carysil FZ-LLC Dubai and deepening penetration in the US market through United Granite LLC.

Market Share & Ranking

Carysil is the leading manufacturer of granite-based kitchen sinks in India and a significant global player in the composite quartz segment.

Strategic Alliances

The company has partnerships with global kitchen brands for contract manufacturing, leveraging its status as a 'Forbes Asia 200 Best Under A Billion' company.

🌍 External Factors

Industry Trends

There is a global shift toward composite quartz sinks over traditional stainless steel. The industry is growing as quartz sinks penetrate the domestic Indian market, and Carysil is positioned to capture this via its established manufacturing base.

Competitive Landscape

Faces stiff competition from established European players, though Carysil's lower manufacturing costs in India provide a significant pricing advantage.

Competitive Moat

The moat consists of cost-leadership (India-based production vs high-energy-cost European competitors) and brand equity (Sternhagen). This is sustainable due to the high entry barriers in quartz sink manufacturing technology.

Macro Economic Sensitivity

Highly sensitive to global housing markets and interest rates; high inflation in Europe and the US previously led to a 21% YoY decline in exports in Q2 FY23.

Consumer Behavior

Increasing consumer preference for premium, designer kitchen solutions and 'modern hot water boiling taps' (via The Tap Factory acquisition).

Geopolitical Risks

The Red Sea crisis is a primary geopolitical risk affecting shipping routes to Europe and the US, potentially increasing lead times and freight costs.

⚖️ Regulatory & Governance

Industry Regulations

Adheres to ISO 9000:2001 manufacturing standards. Operations are subject to international trade regulations and import/export duties in 50+ countries.

Environmental Compliance

Compliant with Gujarat Pollution Control Board norms; utilizes PNG and solar power to meet ESG standards and reduce carbon footprint.

Legal Contingencies

The company reports no pending show cause or legal notices regarding environmental norms. A special window for re-lodgement of physical share transfers was opened in Nov 2025 per SEBI guidelines.

⚠️ Risk Analysis

Key Uncertainties

Volatility in resin prices and sustained demand weakness in the US/UK markets could impact profitability by 2-3%.

Geographic Concentration Risk

High concentration in the US (34.3%) and UK (19.1%), making the company vulnerable to economic downturns in these specific regions.

Third Party Dependencies

Dependency on resin suppliers is a key risk; however, specific supplier concentration percentages are not provided.

Technology Obsolescence Risk

Low risk due to the specialized nature of composite quartz molding, but the company is investing in new 'integrated glass processing' to stay ahead in appliances.