Carysil Ltd(CARYSIL)

NSE: CARYSILBSE: 524091

₹ 967.1+0.21%refreshed 26 Oct, 11:34 am ISTMarket cap: ₹ 2,751 crNext results: 4 Nov 2026Website: www.carysil.comUpdated: 24 Oct 2026

About

Carysil Ltd is an Indian manufacturer of quartz granite and stainless steel kitchen sinks, faucets, kitchen appliances, and surfaces, supplying global retail chains and OEM customers across more than 20 countries. The company reported consolidated revenue of Rs 923.95 crores in FY26, with India domestic operations growing to approximately 20% of consolidated revenue. Its manufacturing base is centred in Bhavnagar, Gujarat, and it operates a stone surfaces fabrication subsidiary in the United States (United Granite LLC) and a surfaces business in the United Kingdom.^[1][2][3]

Business segments

Quartz granite sinks are the largest product line; India standalone export revenue was INR111 cr in Q1 FY27 (+10.6% YoY), with quartz accounting for the majority of export volumes.^[4]
India domestic operations reached INR56 cr in Q1 FY27 (+39.8% YoY), rising from 28% to 33% of India operations revenue vs Q1 FY26.^[4]
India revenues grew to approximately INR175 crores in FY26, representing roughly 20% of consolidated revenue vs 16% in FY25.^[2]
UK Surfaces (Carysil Surfaces Ltd) saw 9M FY26 revenue decline to GBP 6.5 mn from GBP 8.5 mn in 9M FY25, a fall of approximately 24%, amid an acknowledged challenging UK market.^[5]

Products and brands

Core product portfolio covers quartz granite kitchen sinks, stainless steel kitchen sinks, kitchen faucets (brass and stainless steel with PVD finishes), and built-in kitchen appliances (hoods, chimneys, hobs, ovens, microwaves, food waste disposers).^[4][5]
Appliances and faucets gross margins guided at approximately 50 - 60%, trending toward 60%, as product mix matures.^[2]
First OEM appliance supply order secured from Smeg (premium Italian brand) in Q3 FY26, alongside domestic OEM supply of stainless steel sinks to Kohler and Hafele.^[5]
United Granite LLC (US subsidiary) shifted its fabrication mix to high-end exotic Italian stones and marbles in Q1 FY27, lifting gross margins from 35% to 50% with 20%+ revenue growth.^[4]

Manufacturing and capacity

Stainless steel sink capacity rose to 250,000 units p.a. after an additional 70,000-unit line was commissioned in Q1 FY27 at the Bhavnagar facility; utilisation reached 94% in Q1 FY27.^[4][2]
Kitchen faucet assembly capacity is 50,000 units p.a. (operational); 67% of faucets are manufactured in-house as of Q1 FY27.^[4][5]
Kitchen appliances Phase 1 (chimneys/hoods at 50,000 units p.a.) is operational; 53% of appliances are produced in-house as of Q1 FY27.^[4][5]
Carysil acquired approximately 7,400 sq. mt. of land adjacent to its Bhavnagar facility for INR6 crore to support future stainless steel sink capacity additions.^[3]

Key operating numbers

Quartz sink volumes: 201,500 units in Q1 FY27 (+6.3% YoY); volumes had grown approximately 21% YoY in full-year FY26 and 27% YoY in Q3 FY26.^[4][2][5]
Stainless steel sink volumes: 49,400 units in Q1 FY27 (+16.3% YoY); volumes grew 23% YoY in Q3 FY26 and ran at approximately 91% utilisation in 9M FY26.^[4][5]
Faucet volumes: 12,500 units in Q1 FY27 (+43.4% YoY), making it the fastest-growing category in Q1 FY27.^[4]
Kitchen appliances volumes: 9,800 units in Q1 FY27 (+12.1% YoY); the segment delivered 25.5% volume growth and 30.5% revenue growth in Q2 FY26.^[4][3]
Consolidated EBITDA margin expanded 175 bps YoY to 21.2% in Q1 FY27; full-year FY26 EBITDA margin was 19.9%.^[4][2]
MMA (methyl methacrylate) - the key quartz sink raw material - rose approximately 25 - 35% in the final two months of Q4 FY26 after falling from $2.02 in April 2025 to $1.50 in December 2025.^[2][5]

Customers and distribution

Carysil supplies approximately 70 - 80% of IKEA's global non-US quartz sink volumes; IKEA sales were at an all-time high in Q3 FY26.^[5][3]
Lowe's (US) named Carysil joint Supplier of the Year in its first year as a customer; Lowe's was planning to double Carysil SKUs in 2026. Home Depot (US and Canada) was also confirmed as a partner in Q1 FY27.^[3][2][4]
First orders on Amazon USA were secured in Q1 FY27; online sales contributed approximately INR5 crores in FY26. E-commerce sales are targeted to grow 3x in FY27.^[4][2]
India dealer footprint stands at 4,500+ touchpoints as of FY26; B2B channel (currently approximately 20% of India revenues) has been extended to large builders including DLF and M3M via combo kitchen selling.^[4]
A collaborative agreement with Hafele Australia and New Zealand was entered in Q1 FY27, expanding Carysil's Australasian retail presence.^[4]
Carysil is active in 12 of 20+ European countries; a Germany-based business development manager was hired in FY26 to develop new customers as European competitors weakened.^[2]

Expansion and capex

Total FY27 capex is guided at INR80 - 90 crores: approximately INR40 - 50 cr for quartz sinks, approximately INR20 cr for stainless steel, and approximately INR20 cr for faucets and appliances.^[4]
Quartz sink capacity expansion of 250,000 units p.a. (approximately INR50 cr investment) is targeted for commissioning by end of March 2027, taking total capacity to 1.25 mn units p.a.^[4][2]
Additional 150,000 units p.a. of stainless steel sink capacity to be added by March 2027; longer-term plan targets 500,000 units by FY28 and 1,500,000 units by FY30/31 (INR30 cr committed capex).^[4][2]
Kitchen appliances capacity to double to 100,000 units p.a. by end-FY27 (Phase 2: hobs, ovens, microwaves, food waste disposers); Phase 2 scaling to 200,000 units by FY30/31.^[4][2]
Faucet manufacturing capacity to double from 50,000 to 100,000 units p.a. by end-FY27 (INR10 cr committed capex); Phase 2 targets 200,000 units by FY30/31.^[4][2]
Total capex plan of INR300 crores over the next 3 - 5 years across all product lines; annual capex of INR50 - 60 crores minimum to sustain 15% growth trajectory.^[2][4]

Recent developments

First 10 Carysil Blue brand stores in India to open by end of CY2026 or latest March 2027; 34 more stores were committed for Q2 FY27, with a target of 180 stores over two years.^[4]
India surface fabrication business (CNC automated) is targeted to be ready by March 2027; a UK premium surfaces business with built-in appliances is planned for launch by Q3 FY27.^[4]
United Granite LLC (US subsidiary) turned PAT-positive in Q2 FY26 and further improved gross margins to 50% in Q1 FY27 by shifting to high-end exotic Italian stone inventory.^[3][4]
Carysil rolled back approximately 90% of the 15 - 20% US price discounts extended during the 50% tariff period following the bilateral US-India tariff agreement at 18%, with the rollback taken in June 2026.^[4][5]
Q1 FY27 quartz sink dispatches were constrained by container and logistics delays, pushing some end-of-quarter shipments into Q2 FY27 despite strong order booking described by management as the highest ever.^[4]

Market Cap

₹2,751 Cr

High / Low

₹1,280 / 734

Stock P/E

25.2

Price / Book

4.5

Book Value

₹214

EPS

₹34.8

No. of Shares

2.84 Cr

ROCE

17.8%

ROE

17.4%

OPM

16.1%

Debt / Equity

0.44

Sales

₹924 Cr

Net Profit

₹99 Cr

Promoter holding

41.3%

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