Carysil Limited (CARYSIL) AI Stock Analysis

• Market Cap: ₹24.93B
• Dividend Yield: 0.26%
• Average Volume (3M): 10.66K
• Price to Earnings (P/E): 30.3
• Beta (1Y): 1.23
• Revenue Growth: 11.21%
• EPS Growth: 22.23%
• Country: IN
• Employees: 368
• Sector: Consumer Defensive
• Sector Strength: 42
• Industry: Furnishings, Fixtures & Appliances
• EPS (TTM): 7.61
• Shares Outstanding: 28,442,606
• 10 Day Avg. Volume: 6,314
• 30 Day Avg. Volume: 10,664
• PEG Ratio: 5.32
• Price to Book (P/B): 3.46
• Price to Sales (P/S): 2.23
• P/FCF Ratio: -33.63
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 39.03
• Revenue Forecast (FY): ₹9.53B

• Rating: 68 Neutral
• Price Target: ₹955.00 ▲(8.68% Upside)
• Action: Reiterated Date: 02/04/26
• Date: Action: Reiterated 02/04/26

The score is primarily supported by strong revenue growth and healthy margins plus a solid balance sheet, but it is meaningfully reduced by negative free cash flow and operational cash-flow weakness. Technically, the stock looks stretched with elevated RSI and a negative MACD, and valuation is less supportive given the higher P/E and low dividend yield.

Positive Factors

Robust revenue growth

A 20.1% year-over-year revenue increase demonstrates durable demand and successful market penetration across channels. Sustained top-line growth supports scale advantages, better fixed-cost absorption and long-term investment in product development and distribution.

High gross and EBITDA margins

Elevated gross (53.8%) and EBITDA (16.8%) margins indicate strong product mix and manufacturing efficiency typical of premium composite sink producers. These margins provide a durable buffer against input-cost shocks and allow reinvestment in quality, brand and channel expansion.

Solid balance sheet and lower leverage

A strong equity base and reduced debt-to-equity (0.52) enhance financial flexibility for capex, working capital needs or opportunistic investments. Lower leverage reduces refinancing risk and supports resilience through industry cycles over the medium term.

Negative Factors

Sharp negative free cash flow

A large negative free cash flow (-541.8m) is a structural concern: it limits the firm's ability to self-fund growth, pay down debt or return capital. Persistent negative FCF can force reliance on external financing, raising long-term cost of capital and strategic constraints.

Operating cash conversion weakness

Negative operating cash flow relative to net income signals weak cash conversion and potential working-capital stress. Earnings quality is undermined when profits don't convert to cash, creating ongoing liquidity risk and limiting durable reinvestment capacity.

Decline in EBIT margin

A slipping EBIT margin despite strong gross margins suggests rising operating expenses or cost pressures in SG&A. If structural, this can erode net profitability over time and limit the company’s ability to expand operating leverage as revenues grow.

Carysil Limited Business Overview & Revenue Model

Company Description

Carysil Limited, together with its subsidiaries, manufactures and trades in quartz kitchen sinks, stainless steel kitchen sinks, bath products, tiles, kitchen appliances, and accessories in India. The company offers faucets, food waste disposers; chimneys, cook-tops, wine chillers, dish washer, built in ovens, microwave ovens, and ice and coffee makers; 3D Tiles and varieties; and commercial kitchens under the Carysil and Sternhagen brand names. It also exports its products to approximately 55 countries. The company was formerly known as Acrysil Limited and changed its name to Carysil Limited in October 2022. Carysil Limited was incorporated in 1987 and is headquartered in Bhavnagar, India.

How the Company Makes Money

Carysil Limited generates revenue primarily through the sale of its core products, which include a range of kitchen sinks, faucets, and related accessories. The company operates on a B2C model, selling directly to consumers through retail outlets and online platforms, as well as a B2B model, supplying products to contractors and builders for residential and commercial projects. Key revenue streams include direct sales, wholesale distribution, and partnerships with home improvement stores. Additionally, Carysil may engage in strategic alliances with interior designers and architects to promote its products in high-end projects, further enhancing its market presence and revenue potential.

Carysil Limited Financial Statement Overview

Summary

Strong income statement (20.1% revenue growth, improved gross margin to 53.8%, net margin 7.8%, EBITDA margin 16.8%) and a stable balance sheet (equity ratio 53.4%, debt-to-equity down to 0.52) are tempered by weak cash generation, with free cash flow turning sharply negative (-541.8 million) and a negative operating cash flow to net income ratio.

Income Statement

Carysil Limited demonstrated robust revenue growth, with a 20.1% increase from 2024 to 2025, supporting strong profit margins. The gross profit margin improved to 53.8%, and the net profit margin was a healthy 7.8%. EBITDA margin stood at 16.8%, reflecting efficient operations. However, the EBIT margin declined slightly from previous years, suggesting increased operating expenses.

Balance Sheet

The company's balance sheet reflects a solid equity base with an equity ratio of 53.4%, indicating financial stability. The debt-to-equity ratio decreased to 0.52, showing improved leverage management. Return on equity was moderate at 12.1%. The balance sheet indicates a strong position, but attention should be paid to potential liabilities.

Cash Flow

Carysil's cash flow statement reveals a concerning decline in free cash flow, with a significant negative shift to -541.8 million. The operating cash flow to net income ratio was negative, signaling operational cash challenges. Despite this, the company managed to secure positive financing cash flow, which alleviated some pressure.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	8.41B	8.16B	6.79B	5.94B	4.84B	3.00B
Gross Profit	4.51B	4.39B	2.94B	2.91B	1.79B	1.31B
EBITDA	1.53B	1.37B	1.34B	1.09B	1.13B	745.98M
Net Income	707.00M	637.40M	578.88M	524.19M	647.62M	391.24M
Balance Sheet
Total Assets	0.00	9.85B	8.45B	7.12B	5.53B	3.91B
Cash, Cash Equivalents and Short-Term Investments	680.20M	671.60M	116.66M	206.29M	113.47M	182.28M
Total Debt	0.00	2.76B	3.12B	2.35B	1.50B	1.07B
Total Liabilities	-5.31B	4.54B	4.87B	4.05B	2.96B	1.97B
Stockholders Equity	5.31B	5.27B	3.54B	3.03B	2.54B	1.91B
Cash Flow
Free Cash Flow	0.00	-541.80M	-352.86M	132.83M	-255.80M	88.65M
Operating Cash Flow	0.00	-68.80M	578.37M	711.62M	516.40M	454.19M
Investing Cash Flow	0.00	-424.50M	-1.02B	-1.36B	-725.06M	-347.59M
Financing Cash Flow	0.00	534.40M	483.93M	641.19M	184.07M	-88.45M

Carysil Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 878.70
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:CARYSIL, the sentiment is Negative. The current price of 878.7 is below the 20-day moving average (MA) of 943.65, above the 50-day MA of 877.83, and below the 200-day MA of 887.21, indicating a bearish trend. The MACD of 1.85 indicates Positive momentum. The RSI at 39.79 is Neutral, neither overbought nor oversold. The STOCH value of 3.72 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:CARYSIL.

Carysil Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CARYSIL	68 Neutral	₹24.93B	30.32	―	0.26%	11.21%	22.23%
BUTTERFLY	66 Neutral	₹10.70B	26.88	―	―	7.32%	―
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
STOVEKRAFT	61 Neutral	₹16.28B	114.54	―	0.50%	7.89%	32.07%
GREENLAM	58 Neutral	₹59.33B	-9,110.27	―	0.16%	11.84%	-73.79%
MIRCELECTR	54 Neutral	₹10.31B	-19.72	―	―	-30.79%	59.95%
HINDWAREAP	47 Neutral	₹18.44B	157.19	―	0.15%	-7.26%	-408.66%

Carysil Limited Corporate Events

Carysil Outlines Strategic Priorities in Q3 FY26 Investor Presentation

Carysil Limited has released an investor presentation for the third quarter of FY26, outlining its strategic priorities across brand development, talent acquisition, innovation, globalisation, diversification and expansion. The company positions the deck as an informational update for investors rather than a securities offering, emphasizing that the materials are based on data it considers reliable but are not guaranteed for completeness or accuracy, and explicitly disclaims liability for omissions or errors in the presentation.