Earning Call 21st May 2026 Transcript
CARYSIL · price
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Carysil Limited reported a strong FY26 with total income of INR932 crore (up 14% YoY), EBITDA of INR185 crore (up 30%), and PAT of INR98 crore (up 53%). EBITDA margin expanded by ~274 bps to 19.9%. For Q4 FY26, total income was INR237 crore (up 16%) with EBITDA margin at 20.3%. The company is undergoing a strategic shift from a Quartz Sink manufacturer to a diversified kitchen and bathroom solutions provider across sinks, stainless steel, built-in appliances, and faucets. Capacity expansions are underway: Quartz sink capacity to increase by 250,000 units by Q4 FY27, stainless steel sink capacity commissioned to 250,000 units/year, and a new appliances plant of 100,000 units planned in two phases by FY28. Management guided for 15–20% revenue growth and 18–20% EBITDA margins for FY27, and set a five-year India revenue target of INR500 crore. New OEM clients (GROHE, Kohler, Häfele) are contributing to backlogs.
Strong operational performance with margin expansion reflects successful cost pass-through, automation gains, and mix shift to higher-value products. However, geopolitical headwinds, freight disruptions, and MMA price inflation (~25–30% sequentially) pose risks to near-term margin sustainability despite management's reassuring guidance.