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Dossier · CARYSIL LIMITED · 29 October 2026Page 1 of 3
Company Dossier
MarketPing Research · factual · no rating expressed
Manufactures kitchen and bathroom products — primarily quartz sinks, stainless steel sinks, built-in kitchen appliances, faucets, and surfaces — and sells these globally to OEM clients such as Home Depot, GROHE, Kohler, and Häfele, while also building a domestic India business under its own brand. In FY26 it reported total income of INR 923.95 crore with EBITDA margin of 20.473% and PAT of INR 98.97 crore. The shift in strategy is from a single-product quartz sink maker to a multi-category kitchen and bathroom solutions provider, with simultaneous capacity builds underway across all product lines. Quartz sink capacity is being expanded by 250,000 units to reach 1.25 million units by Q4 FY27, stainless steel sink capacity has just been raised from 180,000 to 250,000 units per annum (a 39% increase funded at INR 6.7 crore), and a new 100,000-unit built-in appliances plant is being built in two phases by FY28. Management has set an India revenue target of INR 500 crore within 5 years from the current INR 175 crore base (requiring 30–40% CAGR), and is guiding 15–20% revenue growth with 18–20% EBITDA margin for FY27. The biggest cost line is raw materials at 37.5% of revenue, with MMA (methyl methacrylate) pricing for quartz sinks flagged as a specific pressure — prices up 25–35% recently, with partial pass-through to customers. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Quartz sinks, Stainless steel sinks, Built-in kitchen appliances, Faucets, Surfaces and other. Manufacturing-led, multi-category consumer durables with simultaneous product-line expansion and significant export dependence.
What a broker report prints here — the analyst's thesis. This dossier prints the filed record instead; the narrative read of the latest results, the guidance ledger and the earnings-call summary are the composer's sections (INSTITUTIONAL-PLAN.md M3) and are not yet produced.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
₹ crore · consolidated
FY22
FY23
FY24
FY25
FY26
Revenue
484
594
684
816
924
EBITDA (ex other income)
103
107
129
137
176
margin %
21.4
18.1
18.8
16.8
19.1
Owners' profit
65
52
58
64
99
EPS, as reported (₹)
24.26
19.59
21.26
22.75
34.52
ROE % · ROCE %
25.4 · 30.8
17.2 · 20.6
16.3 · 20.7
12.1 · 17.5
16.1 · 22.0
Debt / equity (x)
0.53
0.72
0.83
0.50
0.44
Cash from operations
52
71
58
(7)
109
Capex
(77)
(58)
(93)
(47)
(111)
Source: SEBI results XBRL as filed with BSE/NSE; EBITDA excludes other income.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · CARYSIL LIMITED · 29 October 2026Page 2 of 3
Exhibit 2: Quarterly performance, last 8 quarters
₹ crore
Q2 FY25
Q3 FY25
Q4 FY25
Q1 FY26
Q2 FY26
Q3 FY26
Q4 FY26
Q1 FY27
Revenue
207
203
204
227
241
223
234
262
Profit before tax
24
18
24
30
36
29
34
42
Net profit
17
13
19
23
27
21
27
32
EPS (₹)
5.92
4.37
6.55
8.03
9.56
7.41
9.52
11.05
Source: quarterly results as filed; the balance sheet is filed half-yearly and is not repeated here.
Exhibit 3: Peers — basic industry group, by market cap
Company
M.cap ₹ cr
P/E
P/B
EV/EBITDA
ROE %
ROCE %
Rev CAGR 5y %
EBITDA m. %
LG ELECTRONICS INDIA LTD
1,14,787
62.9
14.97
—
22.0
27.2
—
13.8
VOLTAS LTD
33,490
74.6
5.23
39.3
5.8
9.9
13.8
7.6
BLUE STAR LIMITED
32,855
64.5
9.57
34.7
15.4
18.9
23.8
6.1
AMBER ENTERPRISES (I) LTD
21,873
227.3
3.77
23.6
3.9
5.3
32.1
6.1
CROMPT GREA CON ELEC LTD
13,161
—
3.83
95.3
(6.7)
(2.1)
11.0
11.0
V-GUARD IND LTD.
11,534
31.7
4.86
21.8
13.0
15.5
17.0
11.2
WHIRLPOOL OF INDIA LTD
10,555
42.1
2.54
15.3
7.1
8.1
6.4
7.6
TTK PRESTIGE LTD
7,280
37.7
3.69
23.1
7.9
10.2
6.3
13.0
Source: exchange data and filed statements via the screener; multiples at current prices.
Exhibit 4: Where the company sits in its group
Metric
Company
Group median
Rank
Better than
P/E (TTM)
26.1
42.1
4 of 19
83%
P/B
4.5
4.4
13 of 23
46%
ROCE
19.1
9.4
3 of 24
91%
ROE
16.1
7.1
3 of 23
91%
Debt / Equity
0.4
0.0
19 of 23
18%
EBITDA margin
21.9
7.6
2 of 23
96%
Revenue growth
15.5
15.4
11 of 22
52%
Profit growth
39.9
38.1
10 of 21
55%
Market cap
2790
3722
16 of 24
35%
Source: MarketPing peer ranks; a rank is a measurement, not a view.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
Dossier · CARYSIL LIMITED · 29 October 2026Page 3 of 3
Exhibit 5: Filings of the last 90 days, with the measured price reaction
Date · filing
Category
Importance
Next day %
5-day %
21 Oct 2026 · Carysil schedules Q2 and H1 FY27 earnings call on Nov 5, 2026
board shareholder meetings
low
—
—
19 Oct 2026 · Board meeting on Nov 4 to approve Q2 FY26 unaudited results
results
low
—
—
9 Oct 2026 · Quarterly Share Capital Audit Report for Sept 2026
compliance
minimal
—
—
8 Oct 2026 · Carysil signs Bobby Deol as brand endorser for kitchen line
business updates
medium
—
—
6 Oct 2026 · Routine quarterly dematerialisation compliance certificate filed
compliance
minimal
—
—
1 Oct 2026 · Carysil submits postal ballot newspaper notice to exchanges
compliance
minimal
—
—
30 Sept 2026 · Postal ballot for appointment of Independent Director
board shareholder meetings
low
—
—
25 Sept 2026 · Trading window closed from Oct 1 till Q2 results announcement
compliance
minimal
—
—
23 Sept 2026 · All 5 resolutions passed at 39th AGM; Rs.3 dividend approved
board shareholder meetings
low
—
—
22 Sept 2026 · Carysil schedules analyst site visit and management meet on Sept 25
board shareholder meetings
low
—
—
Source: exchange announcements; each reaction is measured from the close before the filing. Next day = the close one session after the reaction day (the first session that could trade the filing).
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More audited years; no estimates
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Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.
Every figure is a filed number or a ratio over filed numbers · No rating, target or fair value is expressed · Disclosures on the last pagemarketping.in
