Carysil Ltd

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Carysil Ltd trades at ₹1,130, in a confirmed uptrend and 18 weeks into that stage. That is +9.4% against its own 200-day average. It sits at 84% of a 52-week range of ₹753 to ₹1,202. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (6 weeks and counting).

Today the stock is in a confirmed uptrend — week 18 of stage 2, confirmed. At ₹1,130 it trades +9.4% versus its 200-day average and sits at 84% of its 52-week range (₹753–₹1,202).

Against the market, two honest reads. Cumulative: over the last 10.5 years the stock moved +957% while the NIFTY 500 moved +266% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (6 weeks and counting; last ahead the week of 2026-08-07) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

Story check

Carysil Ltd's story is not scored yet against the markers our research file set on 22 August 2026. Where it sits in its own cycle: MID_EXPANSION. Our fortnightly research layers last read it on 22 August 2026.

What is proven. See the research file

What is not proven yet. Two consecutive quarters of revenue growth below management's annual cadence together with operating margin below the stated range would show that capacity, mix and tariff benefits are not converting into earnings.

🚨 What would change our mind. Two consecutive quarters of revenue growth below management's annual cadence together with operating margin below the stated range would show that capacity, mix and tariff benefits are not converting into earnings.

Layer 1 read, 22 August 2026 — KEEP. The "fake profit" flag is wrong — the factory earned 20% more, faster than sales, on capacity filled to 94%. The screen flagged Carysil for growing profit through investment income rather than operations, so I checked the quarterly accounts line by line. The money the business actually earns from making and selling sinks and appliances went from 44 to 53 crore, up 20.5% — faster than sales, which rose 15.4% — while investment income moved only from 1 crore to 4. The '300% jump' in that line was one crore becoming four. Management's own August call says the same thing without prompting: profit improved 'from operating leverage, product mix, efficiency and scale, without a one-off benefit', with sales volumes up across every product. The reason it works is physical: a new stainless-steel line of…

What would change Layer 1’s mind. Sharpening the Timeline's own falsification test to what I would actually watch: operating margin printing below 18% in any single quarter — not the two consecutive quarters the Timeline requires — because the December 2024 trough proved this margin can fall four points in one step, and 18% is the floor of management's own guided band. Paired with that: the March FY27 quartz completion date slipping again. It has already moved from 'April 2026' to 'Q4 FY27' to 'March FY27', and the entire…

Layer 2 read, 22 August 2026 — ADVANCE. Outside evidence supports the factory turn, but guidance risk keeps the next step small. New stainless capacity is already operating at high use, and management says margin improvement came from operations rather than a one-off. A reliability-1 expert independently says Carysil maintained margins through tariffs, but the call is dated and guidance changes remain, so L2 advances only to starter-size review.

What would change Layer 2’s mind. Move from ADVANCE to DROP if L3 finds that the new capacity is losing use or export bookings are not becoming revenue while operating margin falls below management's stated range for two consecutive quarters.

Layer 3 read, 22 August 2026 — BENCH. Demand is real, but repeated capacity and export promise changes make the next leg too fragile. Timeline R2 is confirmed: quartz completion moved from an April 2026 expectation to March 2027, and the QIP spending deadline was extended. Timeline R4 also aligns with current evidence because container delays moved dispatches into the next quarter. The model-based +42.9% margin of safety is only judged context and cannot override a WATCHLIST management record while current margins sit above the model's normalized level.

What would change Layer 3’s mind. A new exchange filing that moves the 250,000-unit quartz completion beyond March 2027 would escalate execution risk to HIGH and flip BENCH to DROP.

The test written in advance. Two consecutive quarters of revenue growth below management's annual cadence together with operating margin below the stated range would show that capacity, mix and tariff benefits are not converting into earnings. — the thesis as written as stated by the next result.

The test written in advance. Peak-margin valuation risk — Peak-margin valuation risk Two consecutive quarters of operating margin below 18%. by the next result.

The test written in advance. Capacity execution and changed guidance — Capacity execution and changed guidance Quartz capacity remains below the stated target at the March 2027 (Q4 FY27) result. by the next result.

What the company does. Recent earnings reflect higher revenue, operating leverage and product mix rather than a reported exceptional item. Stainless steel, export customer additions and domestic channels offer growth routes, while quartz commissioning remains the key execution test. The valuation is not a trough-multiple opportunity because normalizing margins raises the earnings multiple.

Lever 10 · New geographies — BUILDING. New retailer, distributor and export relationships can broaden the sink channel base. What proves it keeps working: Export channel expansion. It stops working if Delayed dispatches persist and order booking does not convert into reported export revenue.

Lever 1 · Operating leverage — BUILDING. Higher-value products and fixed-cost absorption have lifted profitability. What proves it keeps working: Premium mix and operating leverage. It stops working if Operating margin falls while higher-value category sales do not offset marketing, freight or input costs.

Sources: our stock research file (22 August 2026) · quarterly results through Jun 26 · the company’s own earnings calls. The story check is re-scored every results season; the record below never changes.

Revenue Revenue is the top line: everything the company billed its customers in the period.

Carysil Ltd reported ₹262 Cr of revenue in the Jun 26 quarter, +15.4% year on year. That is the 12th straight quarter of year-on-year growth. Over 10 years it has compounded at 18.2% a year. The last full year, FY26, came in at ₹924 Cr. The last four reported quarters add to ₹960 Cr.

Why this happened. Management reported domestic sales of around ₹56 crore in Q1 FY27 and outlined galleries, stores and channel commitments. This remains a build-out whose profitability depends on sales conversion and marketing efficiency.

FY26 revenue came in at ₹924 Cr (+13.2% on the year), capping 10 years at 18.2% compound. The latest quarter (Jun 26) printed ₹262 Cr, +15.4% year on year — the 12th consecutive quarter of year-over-year growth.

Pace check: the last four quarters averaged +14.1% growth against the decade's 18.2% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +14.1% over the last 4 quarters against +13.6%/yr over the last 8 — stabilising; TTM profit +48.6% vs +30.3%/yr — accelerating.

FY26-Q4. revenue ₹234 Cr and profit ₹27 Cr as reported.

FY27-Q1. revenue ₹262 Cr and profit ₹32 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Carysil Ltd's operating margin is 20.0% in the Jun 26 quarter, +1.0 percentage points against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 14.0% to 22.0%. The current quarter sits inside that band.

Why this happened. Management attributes consolidated margin expansion to operating leverage, product mix, efficiency and scale. The value-chain climb applies only if higher-value categories reach material sales rather than remaining pilot products.

The latest quarter's operating margin is 20.0%, +1.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 14.0%–22.0%.

Why the margin moved: operating margin went +1.1 pp year on year while gross margin went +1.8 pp — the gain came mostly from the gross line: input costs and pricing.

FY26-Q4. revenue ₹234 Cr and profit ₹27 Cr as reported.

FY27-Q1. revenue ₹262 Cr and profit ₹32 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Carysil Ltd earned ₹32.0 Cr of net profit in the Jun 26 quarter, +39.1% year on year. It is the 6th consecutive quarter of growth. Full-year FY26 profit was ₹99.0 Cr. The 10-year compound rate is 23.5%. That is 12.2% of the quarter's revenue. The same quarter a year earlier earned ₹23.0 Cr.

Jun 26 profit was ₹32.0 Cr, +39.1% year on year — the 6th consecutive quarter of growth. On the full year, FY26 printed ₹99.0 Cr (+54.7%), and the 10-year compound rate is 23.5%.

Why profit moved: revenue contributed +15.4% and the margin +1.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +50.4% vs revenue +14.1%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

FY26-Q4. revenue ₹234 Cr and profit ₹27 Cr as reported.

FY27-Q1. revenue ₹262 Cr and profit ₹32 Cr as reported.

Why-sources: our stock research file (22 August 2026) and the company’s own results for those quarters.

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 100% of Carysil Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹109 Cr of operating cash against ₹99.0 Cr of profit. After ₹118 Cr of capital spending, ₹−9.0 Cr was left as free cash.

FY26: operating cash of ₹109 Cr against reported profit of ₹99.0 Cr, leaving free cash of ₹−9.0 Cr after ₹118 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 100% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

Why conversion sits at 100%: the cash cycle stretched 121 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: the bigger cash user is investment — capital spending ran 2.5× depreciation over three years, so the next section's job is to check what that build-out is buying.

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Carysil Ltd's cash conversion cycle runs 257 days in FY26, up from 136 days in FY21. Capital spending ran ₹270 Cr over the last 3 years. At FY26 sales of ₹924 Cr each day of that cycle holds about ₹2.5 Cr, so roughly ₹651 Cr sits inside the business at any moment.

Why this happened. Management reported that the additional 70,000-unit stainless capacity was operational at 94% weighted-average utilization after mid-quarter commissioning. Customer additions and domestic acceptance are the evidence to monitor.

FY26: debtors at 64 days, inventory at 319 days — roughly 10.5 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 257 days, looser than FY21's 136.

The full loop: cash goes out to suppliers and production on day 0; stock waits 319 days to sell; customers pay about 64 days after that; and suppliers themselves are paid at 125 days — netting out to the 257-day cycle.

In money terms: at FY26 sales of ₹924 Cr, each day of the cycle holds about ₹2.5 Cr — so the 257-day loop keeps roughly ₹651 Cr sitting inside the business at any moment.

On the investment side: capital spending of ₹270 Cr over the last 3 fiscal years against ₹108 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹25.0 Cr (FY26) — capacity paid for but not yet earning.

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Carysil Ltd earns a ROCE of 18% in FY26. That is up from a trough of 12% in FY18. Return on invested capital clears the cost of that capital by +1.3 percentage points, so growth here adds value rather than only size. The wiring behind it is 10.7% net margin on 0.89× asset turns.

FY26 ROCE is 18%, recovered from a FY18 trough of 12% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 10.7% net margin × 0.89× asset turns × 1.71× balance-sheet leverage ≈ 16.3% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 13.3% − 12.0% = a +1.3 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Positive but thin — value creation with little room for error.

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Carysil Ltd carries total debt of ₹283 Cr against shareholder equity of ₹614 Cr as of Mar 26, a debt-to-equity of 0.46. On the annual view that ratio went from 0.58 in FY22 to 0.46 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹283 Cr against shareholder equity of ₹614 Cr — a debt-to-equity of 0.46. On the annual view, debt-to-equity went from 0.58 (FY22) to 0.46 (FY26). Read the returns on this page with that leverage in mind.

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions added 4.7 points of Carysil Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 11.9% of the company. Promoters moved −2.5 points over the same window, to 41.3%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: +4.7 points over 8 quarters to 11.9%; Promoters: −2.5 points over 8 quarters to 41.3%; Foreign institutions: +0.9 points over 8 quarters to 1.6%.

Why the register moved: domestic institutions drove it (+4.7 points), absorbed on the other side by promoters (−2.5 points) — steady accumulation by institutions reading the same numbers this page reads.

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Carysil Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Carysil Ltd trades at 29.9× P/E, mid-range by its own standards (52nd percentile). Its long-run median P/E is 29.6×, measured across 10.5 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 29.9× is mid-range by its own standards (52nd percentile), against a long-run median of 29.6× measured over 10.5 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

Why the multiple sits where it does: over the past year annual EPS moved +53.9% against a +23.2% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +12.0%/yr price move, ~+16.0%/yr came from earnings growth and ~−4.0 pp from the multiple (compressing); over 10y, of the +25.3%/yr price move, ~+26.5%/yr came from earnings growth and ~−1.2 pp from the multiple (compressing). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.

What the price assumes This reading works the multiple backwards. It asks one question: what yearly rate of profit growth is a buyer at the market price already paying for? The number is the growth rate that makes eleven years of profit — six years growing, then five fading — add up to that day's market price, once each year is discounted at 11% a year.

Solved at its 24 August 2026 price, Carysil Ltd was paying for profit growth of about 18.7% a year. Profit itself has compounded 23.5% a year over the past 10 years. Today the market pays 29.9× P/E, the 52nd percentile of its own 11-year range.

What the two numbers say together. The multiple is unremarkable against its own past, and the growth the price is paying for is close to what this company has actually delivered.

How to hold this number: it is a reading of one day's price, taken on 24 August 2026, not a running figure — every other number on this page, the multiple included, is read off the live quote as of 18 September 2026. A higher price is paying for more growth and a lower price for less, so it moves whenever the price does, and this page does not restate it between measurements.

Stage: Consistent Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Carysil Ltd reads as consistent on its fundamental arc. Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 22.7% and holding. The read is built from 12 quarters across 4 curves, on full evidence.

Why it matters: steady curves with healthy returns are the compounding setup — the risk is the price, not the business.

4-Factor Sector Score

81.7/100 — rank 1 of 2 in Building Material USA · 97% evidence confidence

Carysil Ltd scores 81.7 out of 100 against the 2 companies it is compared with in Building Material USA, ranking 1. Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.

The four contributions add to the total exactly: 30.2 + 17.6 + 13.9 + 20 = 81.7. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

Said versus delivered

What Carysil Ltd's management promised, set against what actually arrived — 4 tracked promises on the record. Read straight from the company’s own earnings calls. A promise that slipped stays on this page after it is met.

FY27 Capex Plan Increased Without Reconciliation · 11 August 2026. The May 2026 call cited a capex plan of INR70-75 crores for the financial year, while August 2026 raised it to approximately 80-90 crore. This represents a material increase in planned investment, and the latest call did not explicitly reconcile the higher amount with the earlier plan.

Faucet Export Strategy Reversed · 11 August 2026. Prior calls described export traction and orders beginning to flow, whereas August 2026 said export operations had not started and that 95%-97% of faucet business was Indian. The latest call offered a capability-building explanation, but it did not reconcile the direct change in the reported status of export execution and near-term volume potential.

Delayed Quartz Sink Capacity Expansion · 21 May 2026. In the Feb 2026 call, management stated that the additional quartz sink capacity would become operational by April 2026 (Q1 FY27). However, in the May 2026 call, management significantly delayed this timeline during the Q&A, stating that they had only just started ground digging and now expect to finish the expansion by Q4 FY27, representing a delay of nearly a full year.

🚨 Appliances Capacity Timeline Delayed · 21 May 2026. In the Nov 2025 call, management projected that the appliances facility would reach an aggregate in-house manufacturing capacity of 150,000 units per year by Q2 FY27. By the May 2026 call, this timeline was pushed back significantly, with management now stating that the total capacity increase of 100,000 units will only come online in FY28, representing a reduced medium-term volume pipeline and a delay of over a year without explicit justification.

Every quote above is taken word for word from the company’s own earnings calls.

Frequently asked questions