Carysil Limited (CARYSIL) AI Stock Analysis

• Market Cap: ₹24.98B
• 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: ₹957.00 ▲(8.91% 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

Consistent Revenue Growth

A 20.1% revenue gain reflects durable demand for Carysil's kitchen-sink products and expanding market penetration. Sustained top-line growth over multiple periods supports scale benefits, stronger distributor relationships and clearer investment visibility for the next 2-6 months.

Strong Gross and EBITDA Margins

High gross margins and a healthy EBITDA margin indicate structural pricing power and production efficiency in composite/quartz sinks. These margins provide resilience to input cost swings and underpin sustainable operating cash generation if cash conversion is restored.

Solid Balance Sheet and Lower Leverage

A strong equity base and reduced leverage enhance financial flexibility for capex, working capital and export financing. This stability lowers refinancing risk and supports strategic investments or OEM partnerships over the medium term.

Negative Factors

Sharp Free Cash Flow Decline

A large negative FCF shows cash generation shortfalls despite accounting profits. Persistent negative FCF can force dependence on external financing for growth or dividends, constrain reinvestment in capacity or new products, and elevate liquidity risk over coming quarters.

Weak Operating Cash Conversion

Earnings failing to convert into operating cash suggests working-capital strain or receivables/inventory build. If structural, this undermines the sustainability of margins and forces management to prioritize cash collection or financing, limiting strategic flexibility.

Pressure on EBIT Margin

A falling EBIT margin implies rising operating costs are outpacing core revenue gains. Unless addressed through pricing, productivity or cost control, this trend can erode net profitability and the company's ability to fund long-term initiatives organically.

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 932.21, above the 50-day MA of 876.59, and below the 200-day MA of 889.36, indicating a bearish trend. The MACD of -3.94 indicates Positive momentum. The RSI at 42.02 is Neutral, neither overbought nor oversold. The STOCH value of 12.53 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	₹24.98B	30.32	―	0.26%	11.21%	22.23%
BUTTERFLY	66 Neutral	₹10.87B	26.88	―	―	7.32%	―
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
STOVEKRAFT	61 Neutral	₹16.11B	114.54	―	0.50%	7.89%	32.07%
GREENLAM	58 Neutral	₹60.71B	-9,110.27	―	0.16%	11.84%	-73.79%
MIRCELECTR	54 Neutral	₹10.12B	-19.72	―	―	-30.79%	59.95%
HINDWAREAP	47 Neutral	₹17.79B	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.