Regulatory Approval Or License Win
Expected: ImmediateHIGH confidence
What: US Tariff Rate: 18% (from 50%)
Impact: 15-20% realization gain
“the bilateral trade tariff between India and the US agreed for the tariff at 18% from the base of 50%.”
Carysil Ltd: Why Is It Outperforming Nifty 500?
ActiveRS +35.5%Strong4w StreakRe-Entry
In , Carysil Ltd (Building Material USA) is outperforming Nifty 500 with +35.5% relative strength. Fundamentals: Strong. On a 4-week streak.
Carysil Ltd Key Facts
- PE Ratio
- 33.9x
- Market Cap
- ₹3,354 Cr
- PAT Growth YoY
- +42%
- Revenue Growth YoY
- +15%
- OPM
- 19.0%
- RS vs Nifty 500
- +35.5%
PE: Mid ContractionEmerging Opportunity
What's Happening
⏳Steady earner with flat PE — waiting for re-rate catalyst
💪Debt reduced 14% YoY — balance sheet strengthening
💰Trading 28% below estimated fair value
Earnings Acceleration Triggers
1. Regulatory Approval Or License Win
ImmediateHIGH
2. Geographical Expansion
OngoingHIGH
3. Value Added Product Mix Shift
OngoingMEDIUM
Key Risks
1. US tariffs were at 50%, now reduced to 18% but still present
MEDIUM2. Volatility in MMA prices, though currently favorable
LOW3. BIS certification for appliances and international faucet certifications
LOWSector-Specific Signals
Quartz Sink Sales Volume199,123 units+25.2%
Stainless Steel Sink Sales Volume36,974 units-8.3%
MMA Raw Material Price$1.5
Export Revenue Contribution70%
Key Numbers
PAT Growth YoY
+42%
Stable
Revenue YoY
+15%
Stable
Operating Margin
19.0%
+200 bps YoY
PE Ratio
33.9
Current Price
₹1,179
Dividend Yield
0.20%
Fundamental Score
64/100
Strong
3Y PAT CAGR
+23%
Market Cap
3.4K Cr
Valuation
Undervalued12-Week Performance
Weekly presence in the outperformers list. Green = beating Nifty 500 by 10%+ that week.
12 weeks agoThis week
Why Are Carysil Ltd's Earnings Accelerating?
Based on Q3 FY26 earnings • Updated Apr 19, 2026
Geographical Expansion
Expected: OngoingHIGH confidence
What: IKEA Global Share: 70-80%
“we have about close to 70%-80% of the IKEA's global business.”
Value Added Product Mix Shift
Expected: OngoingMEDIUM confidence
What: Gross Margin: 50% (from 35%)
Impact: 15% margin expansion
“we are now cutting exotic stones, very-very high-end stones. Our gross margin approximately has improved from 35% to 50% plus.”
Order Book Or Contract Wins
Expected: FY26MEDIUM confidence
What: OEM Client Wins: Smeg Italy
“In Italy, for example, we just got a new OEM customer... It's called Smeg. You would have heard about the brand and appliances.”
Tam Expansion Changing Consumption
Expected: 5 yearsMEDIUM confidence
What: India Revenue Target: ₹500 Cr
“our endeavor to have a story of 500 crores of India in the next 5 years. It's important when we start focusing on the online business.”
PAT growth of 69.7% YoY
HIGH confidence
What: PAT growth of 69.7% YoY
“MMA prices have gone down from $2.02 in April to $1.5 in December. So, there is a good value we got in the raw material pricing.”
What Are the Key Risks for Carysil Ltd?
Earnings deceleration risks from management commentary
US tariffs were at 50%, now reduced to 18% but still present
MEDIUMTrigger: Trade tensions between India and the US necessitated heavy discounting to maintain market share.
Management view: Rollback of 15-20% discounts following the reduction in tariff rates.
Monitor: geopolitical
Volatility in MMA prices, though currently favorable
LOWTrigger: Raw material prices are dynamic and difficult to predict beyond a 3-month window.
Management view: 3-month forecasting and order placement based on current price ranges.
Monitor: commodity
BIS certification for appliances and international faucet certifications
LOWTrigger: New standards for exports to the US and EU require lead-free faucets and specific material grades.
Management view: Investing in R&D and PVD technology to match global certification standards.
Monitor: regulatory
What Is Carysil Ltd's Management Saying?
Key quotes from recent conference calls
“And we still maintain our margin guidance between 18% to 20% of EBITDA, even with the tariff. [Previous EBITDA Margin guidance]”
“We still maintain our growth guidance of 15% on an annual basis for the next 3 to 4 years. [Previous Revenue Growth guidance]”
“The idea is to build your fabrication competency... and purchase those quartz and a granite business, which can be integrated seamlessly with your kitchen sink. [Initiative: KBS Strategy (Kitchen, Bathroom, Surfaces)]”
“With the reduction in tariffs... we plan to roll back these incremental discounts with immediate effect. [Initiative: US Discount Rollback]”
What Did Carysil Ltd Report This Quarter?
Headline numbers from the latest earnings call
Revenue
₹225.2 Cr
YoY +8.6%QoQ -7.7%
Why: Revenue growth was impacted by the extension of additional discounts to key US customers to navigate tariff-related challenges.
Revenue growth of 8.6% lagged volume growth due to pricing concessions in the US market.
EBITDA
₹43.7 Cr
YoY +31.9%Margin 19.4%
Why: Margin expansion was primarily driven by a significant reduction in raw material prices, specifically MMA prices dropping from $2.02 to $1.5.
EBITDA margins remained resilient at 19.4% despite US discounts, aided by lower input costs.
PAT
₹21.3 Cr
YoY +69.7%QoQ -21.7%
Why: Profit growth was driven by operational efficiencies and lower raw material costs, partially offset by US market discounting.
PAT showed strong year-on-year growth but declined sequentially following the Q2 peak.
Other Highlights
• Quartz Sink volumes reached 199,123 units in Q3 FY26.
• Gross debt reduced from ₹253 Cr in March to ₹228 Cr in December.
• Domestic business registered 30% growth in Quarter 3 FY26.
What Sector Metrics Matter for Carysil Ltd?
Sub-sector-specific signals from the latest concall — each with management's stated reason for the change
Quartz Sink Sales Volume
199,123 units
YoY +25.2%QoQ +1.1%
Why: Strong demand from global retail chains and the IKEA partnership.
Stainless Steel Sink Sales Volume
36,974 units
YoY -8.3%QoQ -14.8%
Why: Sequential decline attributed to seasonal factors and focus on high-value handmade sinks.
MMA Raw Material Price
$1.5
QoQ -25.7%
Why: Favorable global supply dynamics leading to lower imported raw material costs.
Export Revenue Contribution
70%
Effective Discount to US Customers
15% to 20%
YoY NewQoQ New
Why: Strategic decision to support customers during the 50% tariff period.
Stainless Steel Sink Capacity
250,000 units
YoY +38.9%QoQ 0%
Why: Expansion underway to meet growing demand from global OEM partners.
Faucet Capacity Utilization
75%
QoQ 0%
Why: Steady domestic demand while awaiting international certifications for exports.
Surfaces Segment Gross Margin
50%
YoY +1500 bps
Why: Shift in strategy to 'cut less, make more' by focusing on exotic stones.
Share of IKEA Global Quartz Business
70% to 80%
Why: Successful RFQ win for non-US global business.
Domestic Business Growth
30%
YoY 30%
Why: Strong traction in built-in appliances and online sales channels.
What Is Carysil Ltd's Management Guidance?
Forward-looking targets from management for Next 3 years
Revenue Growth Target
15%
OPM Guidance
18–20%
Revenue Outlook
15% to 20% growth
Margin Outlook
REAFFIRMED
Management Tone: BULLISH
Guidance Changes
LOWERED
Quartz Capacity Addition: 2 lakh units → 1 lakh units
How Fast Is Carysil Ltd Growing?
Revenue, profit and margin growth rates
| Metric | YoY | 3Y CAGR | Trend |
|---|---|---|---|
| Revenue | +15% | +16% | Stable |
| PAT (Net Profit) | +42% | +23% | Stable |
| OPM | 19.0% | +200 bps | Volatile |
The above analysis is parsed from publicly available earnings call transcripts. This is educational research only — not investment advice. Last updated Apr 19, 2026.
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Frequently Asked Questions: Carysil Ltd
Based on publicly available financial data. This is educational research, not investment advice.
What were Carysil Ltd's latest quarterly results?
Carysil Ltd's latest quarterly results (Mar 2026) show
- PAT Growth YoY: +42.1% (stable)
- Revenue Growth YoY: +14.7%
- Operating Margin: 19.0% (volatile)
Is Carysil Ltd's profit growing or declining?
Carysil Ltd's profit is growing with an stable trend.
- PAT Growth YoY: +42.1% (latest quarter)
- PAT Growth QoQ: +28.6% (sequential)
- 3-Year PAT CAGR: +23.2%
- Trend: Stable — consistent growth pattern
What is Carysil Ltd's revenue growth trend?
Carysil Ltd's revenue growth trend is stable.
- Revenue Growth YoY: +14.7%
- Revenue Growth QoQ: +4.9% (sequential)
- 3-Year Revenue CAGR: +15.9%
How is Carysil Ltd's operating margin trending?
Carysil Ltd's operating margin is volatile.
- Current OPM: 19.0%
- OPM Change YoY: +2.0% basis points
- OPM Change QoQ: 0.0% basis points
What is Carysil Ltd's 3-year profit and revenue CAGR?
Carysil Ltd's long-term compounding rates
- 3-Year Profit CAGR: +23.2%
- 3-Year Revenue CAGR: +15.9%
Is Carysil Ltd's growth accelerating or decelerating?
Carysil Ltd's earnings growth is stable with mixed signals on a sequential basis.
- YoY Acceleration: -19.4% bps
- Sequential Acceleration: +50.8% bps
What is Carysil Ltd's trailing twelve month (TTM) performance?
Carysil Ltd's trailing twelve month (TTM) performance
- TTM PAT: ₹98 Cr
- TTM PAT Growth: +50.8% YoY
- TTM Revenue: ₹925 Cr
- TTM Revenue Growth: +13.5% YoY
- TTM Operating Margin: 19.0%
Is Carysil Ltd overvalued or undervalued?
Carysil Ltd appears undervalued based on our fair value analysis.
- Valuation Signal: Undervalued
- Current PE: 33.9x
- Price-to-Book: 5.5x
What is Carysil Ltd's current PE ratio?
Carysil Ltd's current PE ratio is 33.9x.
- Current PE: 33.9x
- Market Cap: 3.4K Cr
- Dividend Yield: 0.20%
How does Carysil Ltd's valuation compare to its history?
Carysil Ltd's current PE is 33.9x.
- Current PE: 33.9x
- Valuation Assessment: Undervalued
What is Carysil Ltd's price-to-book ratio?
Carysil Ltd's price-to-book ratio is 5.5x.
- Price-to-Book (P/B): 5.5x
- Book Value per Share: ₹214
- Current Price: ₹1179
Is Carysil Ltd a fundamentally strong company?
Carysil Ltd is rated Strong with a fundamental score of 64.42/100. This score is calculated from objective financial metrics
- Revenue Growth YoY: +14.7% (10% weight)
- PAT Growth YoY: +42.1% (10% weight)
- PAT Growth QoQ: +28.6% (10% weight)
- Margins stable (10% weight)
Is Carysil Ltd debt free?
Carysil Ltd has a debt-to-equity ratio of N/A.
- Total Debt: ₹274 Cr
What is Carysil Ltd's return on equity (ROE) and ROCE?
Carysil Ltd's return ratios over recent years
- FY2024: ROCE 17.0%
- FY2025: ROCE 15.0%
- FY2026: ROCE 18.0%
Is Carysil Ltd's cash flow positive?
Carysil Ltd's operating cash flow is positive (FY2026).
- Cash from Operations (CFO): ₹109 Cr
- Free Cash Flow (FCF): ₹20 Cr
- CFO/PAT Ratio: 110% (strong cash conversion)
What is Carysil Ltd's dividend yield?
Carysil Ltd's current dividend yield is 0.20%.
- Dividend Yield: 0.20%
- Current Price: ₹1179
Who holds Carysil Ltd shares — promoters, FII, DII?
Carysil Ltd's shareholding pattern (Mar 2026)
- Promoters: 41.3%
- FII (Foreign): 1.6%
- DII (Domestic): 11.7%
- Public: 45.4%
Is promoter holding increasing or decreasing in Carysil Ltd?
Carysil Ltd's promoter holding has remained stable recently.
- Current Promoter Holding: 41.3% (Mar 2026)
- Previous Quarter: 41.3% (Dec 2025)
- Change: 0.00% (stable)
How long has Carysil Ltd been outperforming Nifty 500?
Carysil Ltd has been outperforming Nifty 500 for 4 consecutive weeks, indicating building momentum.
Is Carysil Ltd a new momentum entry or an established outperformer?
Carysil Ltd is a re-entry — it briefly dropped off the outperformance list but has now returned. Re-entries can signal renewed strength.
What are the growth catalysts for Carysil Ltd?
Carysil Ltd has 6 key growth catalysts identified from recent earnings analysis
- Regulatory Approval Or License Win — The bilateral trade agreement reduces the tariff burden, allowing for price restoration.
- Geographical Expansion — Securing a massive share of IKEA's global non-US quartz sink business provides long-term volume visibility.
- Value Added Product Mix Shift — Shifting from simple fabrication to exotic, high-end stones and complicated bathroom surfaces.
- Order Book Or Contract Wins — Securing OEM status for premium global brands validates manufacturing quality and opens new revenue streams.
What are the key risks in Carysil Ltd?
Carysil Ltd has 3 key risks worth monitoring
- [MEDIUM] US tariffs were at 50%, now reduced to 18% but still present — Trade tensions between India and the US necessitated heavy discounting to maintain market share.
- [LOW] Volatility in MMA prices, though currently favorable — Raw material prices are dynamic and difficult to predict beyond a 3-month window.
- [LOW] BIS certification for appliances and international faucet certifications — New standards for exports to the US and EU require lead-free faucets and specific material grades.
What did Carysil Ltd's management say in the latest earnings call?
In Q3 FY26, Carysil Ltd's management highlighted
- "And we still maintain our margin guidance between 18% to 20% of EBITDA, even with the tariff. [Previous EBITDA Margin guidance]"
- "We still maintain our growth guidance of 15% on an annual basis for the next 3 to 4 years. [Previous Revenue Growth guidance]"
- "The idea is to build your fabrication competency... and purchase those quartz and a granite business, which can be integrated seamlessly with your kit..."
What is Carysil Ltd's management guidance for growth?
Carysil Ltd's management has provided the following forward guidance for Next 3 years
- Revenue growth target: 15%
- OPM guidance: 18–20%
- Capex plan: Not Given for Capacity expansion in Stainless Steel and Quartz sinks
- Management tone: bullish
- Milestone: [LOWERED] Quartz Capacity Addition: 2 lakh units → 1 lakh units
What sector-specific metrics matter most for Carysil Ltd?
Carysil Ltd's most important sub-sector-specific KPIs from the latest concall
- Quartz Sink Sales Volume: 199,123 units (YoY +25.2%) (QoQ +1.1%) — Strong demand from global retail chains and the IKEA partnership.
- Stainless Steel Sink Sales Volume: 36,974 units (YoY -8.3%) (QoQ -14.8%) — Sequential decline attributed to seasonal factors and focus on high-value handmade sinks.
- MMA Raw Material Price: $1.5 (QoQ -25.7%) — Favorable global supply dynamics leading to lower imported raw material costs.
- Export Revenue Contribution: 70%
- Effective Discount to US Customers: 15% to 20% (YoY New) (QoQ New) — Strategic decision to support customers during the 50% tariff period.
- Stainless Steel Sink Capacity: 250,000 units (YoY +38.9%) (QoQ 0%) — Expansion underway to meet growing demand from global OEM partners.
Is Carysil Ltd worth studying for long term investment?
Based on quantitative research signals, here is why Carysil Ltd may be worth studying
- Earnings growing at +42.1% YoY
- Valuation: appears undervalued
- Cash flow is positive — CFO ₹109 Cr
What is the investment thesis for Carysil Ltd?
Carysil Ltd investment thesis summary:
Research Signals (Bull Case)
- Revenue growing at +14.7% YoY
- Appears undervalued
- Growth catalyst: Regulatory Approval Or License Win
Risk Factors (Bear Case)
- Key risk: US tariffs were at 50%, now reduced to 18% but still present
What is the future outlook for Carysil Ltd?
Carysil Ltd's forward outlook based on current data signals
- Earnings Trend: stable
- Revenue Trend: stable
- Margin Trend: volatile
- Valuation: Undervalued
- Key Catalyst: Regulatory Approval Or License Win
- Key Risk: US tariffs were at 50%, now reduced to 18% but still present
The above FAQs are generated from publicly available earnings data and conference call transcripts. This is educational research only. Sector Alpha is not SEBI registered and does not provide investment advice.