Carysil Limited (CARYSIL) AI Stock Analysis

• Market Cap: ₹22.38B
• Dividend Yield: 0.26%
• Average Volume (3M): 10.66K
• Price to Earnings (P/E): 30.3
• Beta (1Y): 1.26
• 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: ₹858.00 ▼(-2.36% Downside)
• 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

Revenue growth & high gross margins

Sustained double-digit top-line growth alongside a >50% gross margin and healthy EBITDA demonstrates durable product pricing power and a favorable cost structure. This combination supports reinvestment, cushioning of fixed costs, and persisting profitability across business cycles over the next several months.

Solid balance sheet and lower leverage

A strong equity base and materially reduced leverage improve financial flexibility and resilience. Lower debt burden reduces interest sensitivity, enabling the company to finance working capital or capex internally or absorb shocks without immediate distress, supporting medium-term strategic options.

Diversified routes-to-market and OEM business

A mix of branded sales, exports and OEM contracts diversifies revenue exposure and creates long-term commercial relationships. This distribution diversity stabilizes demand, improves capacity utilization prospects, and supports recurring revenue streams that are resilient to single-channel disruptions.

Negative Factors

Sharp negative free cash flow

Deeply negative FCF and poor cash conversion from operations force reliance on external financing or working capital measures, limiting the firm's ability to self-fund growth, capex or dividends. Over months this constrains strategic flexibility and raises liquidity risk if conditions persist.

Rising operating costs / weaker operating margin

A dip in operating efficiency despite strong gross margins suggests cost pressures in SG&A or overhead. If structural, these expense trends can erode net profitability and require sustained pricing power or cost restructuring to preserve margins, affecting medium-term earnings durability.

Moderate returns and flagged potential liabilities

Mid-teens/lower ROE points to modest capital effectiveness versus peers; combined with negative cash conversion and mention of potential liabilities, this limits capacity for aggressive investments and increases sensitivity to balance-sheet stress, a structural constraint on growth.

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 primarily makes money by manufacturing and selling kitchen sinks and related kitchen products. Its core revenue streams typically include: (1) Sales of kitchen sinks (notably composite/quartz/granite sinks), sold through multiple routes-to-market such as exports, domestic distribution, and direct supply to large buyers; (2) OEM/private-label manufacturing, where Carysil produces sinks and associated products for other brands, retailers, or distributors who sell under their own labels; and (3) Sales of complementary kitchen solutions and accessories that are bundled with or sold alongside sinks (specific product categories beyond sinks: null). Earnings are influenced by product mix (value-added premium sinks vs. commodity products), geographic mix (domestic vs. export), capacity utilization at manufacturing facilities, and long-term commercial relationships with distributors/brand customers (specific named partnerships: null).

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	8.75B	8.16B	6.79B	5.94B	4.84B	3.00B
Gross Profit	4.60B	4.39B	2.94B	2.91B	1.79B	1.31B
EBITDA	1.65B	1.37B	1.34B	1.09B	1.13B	745.98M
Net Income	810.90M	637.40M	578.88M	524.19M	647.62M	391.24M
Balance Sheet
Total Assets	10.46B	9.85B	8.45B	7.12B	5.53B	3.91B
Cash, Cash Equivalents and Short-Term Investments	524.30M	671.60M	116.66M	206.29M	113.47M	182.28M
Total Debt	2.41B	2.76B	3.12B	2.35B	1.50B	1.07B
Total Liabilities	4.74B	4.54B	4.87B	4.05B	2.96B	1.97B
Stockholders Equity	5.66B	5.27B	3.54B	3.03B	2.54B	1.91B
Cash Flow
Free Cash Flow	376.80M	-541.80M	-352.86M	132.83M	-255.80M	88.65M
Operating Cash Flow	713.70M	-68.80M	578.37M	711.62M	516.40M	454.19M
Investing Cash Flow	-239.20M	-424.50M	-1.02B	-1.36B	-725.06M	-347.59M
Financing Cash Flow	-508.60M	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 896.73, above the 50-day MA of 870.06, and below the 200-day MA of 891.71, indicating a bearish trend. The MACD of -22.88 indicates Positive momentum. The RSI at 32.88 is Neutral, neither overbought nor oversold. The STOCH value of 17.93 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	₹22.38B	30.32	―	0.26%	11.21%	22.23%
BUTTERFLY	67 Neutral	₹11.30B	26.88	―	―	7.32%	―
Sector *	62 Neutral	$20.33B	14.63	-3.31%	3.23%	1.93%	-12.26%
STOVEKRAFT	61 Neutral	₹16.74B	114.54	―	0.50%	7.89%	32.07%
GREENLAM	58 Neutral	₹53.66B	-9,110.27	―	0.16%	11.84%	-73.79%
HINDWAREAP	48 Neutral	₹16.70B	157.19	―	0.15%	-7.26%	-408.66%
MIRCELECTR	48 Neutral	₹9.05B	-19.72	―	―	-30.79%	59.95%

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.