CARYSIL LIMITED (CARYSIL) share price
₹1011.80 on NSE as of 2026-10-08. +0.43% on the day. market cap ₹2,878 Cr. P/E 27.0. 52-week range ₹737.05 to ₹1251.70. Consumer Durables.
Carysil Q1 FY27: Revenue ₹262 Cr, 94% Utilisation on New Steel Capacity, and Sinks in 55+ Countries
At a glance
Carysil Limited makes composite quartz sinks, stainless steel sinks, taps and kitchen appliances. Consolidated revenue for the three months to June 2026 came to ₹262.14 crore. A year earlier it was ₹226.99 crore, a rise of 15.5%. Operating profit was ₹53.4 crore, against ₹43.85 crore. Net profit attributable to shareholders was ₹31.43 crore, against ₹22.82 crore. Earnings per share were ₹11.05, against ₹8.03.
Kitchen sink manufacture is a quiet trade, and this was a quarter with events in it. New stainless steel sink capacity of 70,000 units a year started on 21 May 2026. That takes installed steel capacity to 250,000 units a year. Management reported that the line ran at roughly 94% utilisation during the quarter. The capacity arrived in the middle of the quarter and was at work within it.
The board met on 10 August and approved the results. It moved Ms Rhea Parekh from Vice President to Senior Vice President, International Marketing, from 1 October. It raised a corporate guarantee to HDFC Bank by ₹18 crore for the subsidiary Carysilnox. It also fixed the 39th annual general meeting for 22 September, to be held by video conference.
In an exchange filing on 18 August, the company said the United States quartz tariff quota does not affect its quartz sink exports. Management told the earnings call that the bigger constraint in the quarter was containers rather than customers.
Introduction
Carysil Limited was incorporated on 19 January 1987 by its first-generation promoter, Mr Ashwin Parekh. It began in collaboration with Germany's Schock GmbH, making composite quartz sinks. ICRA, a credit-rating agency, says the promoters have over three decades of experience in the kitchen sink industry. Three decades is a long time to spend on one corner of the kitchen.
The company's own timeline is mostly an export timeline. Exports of quartz sinks began in 1993. A wholly export-oriented unit followed in 2004. The first international subsidiary, Carysil GmbH, was set up in Germany in 2010. Stainless steel sink production started in 2011 through a subsidiary. Kitchen appliances arrived under the Carysil brand in 2013. The UK's Homestyle Products was acquired in 2014, and the bath segment launched under Sternhagen in 2017.
The pace then picked up. Carysil USA Inc was incorporated in 2020, the year quartz capacity reached half a million units. The PVD coating plant was installed in the same year. Supplies to IKEA commenced in 2021, and Tickford Orange Ltd was acquired in 2022. Carysil FZ-LLC in the UAE, The Tap Factory Ltd and United Granite USA all arrived in 2023. Quartz capacity reached one million units that year. A long-term Karran USA contract for 150,000 quartz sinks a year followed in 2025.
The name changed along the way, and ICRA still records the company as "erstwhile Acrysil Limited". The subsidiaries share a first name: Carysilnox, Carysil Online, Carysil GmbH and Carysil USA, among others. Two of them, Carysil Brassware and Carysil Ceramictech, were struck off in June 2026. The Turkish entity, Carysil Ankastre Sistemleri Ticaret, is under voluntary liquidation.
In March 2026 the board approved a UK asset acquisition of Setu Capital. The enterprise value, meaning the price of the business including its debt, was about GBP 2.27 million. The board also extended the window for using money raised from large institutions to 31 March 2027.
Business model
Carysil makes the hole in the kitchen counter, and most of what sits around it.
The core is composite quartz sinks, made at Bhavnagar in Gujarat. The technology is German, patented by Schock, and only four other companies worldwide hold a licence for it. Installed quartz capacity is one million units a year. It runs through more than 150 moulds and over 500 product codes, meaning separate variants of size, shape and colour. Quartz utilisation in the three months to June 2026 was 80%, per the company presentation. Management said on the call that the June run rate was around 90%, with factories working seven days a week.
Stainless steel sinks come next, at 250,000 units a year after the May addition. The range includes handmade Quadro models and PVD-coated premium ones. PVD is a coating process that gives metal a metallic finish.
Taps are made at Bhavnagar using UK Tap Factory technology, at 50,000 units a year. That is expanding to 100,000 units by the end of March 2027. Built-in appliances under the Carysil brand cover chimneys, cooktops, dishwashers and ovens, among others. Installed appliance capacity is 50,000 units a year, also expanding to 100,000. Management disclosed that 53% of appliance volumes are made in-house and the remaining 47% sourced. The bath range under Sternhagen covers sanitary ware, washbasins and composite 3D tiles. Surfaces, meaning kitchen worktops, were 25% of group revenue in the quarter, and management says the line has not started in India at all.
Quartz sinks were 51.2% of revenue in the quarter and surfaces 25.0%. Stainless steel sinks were 12.1%, and appliances and others 11.8%. The UK provided 33.5% of revenue and the United States 26.7%. Europe was 21.5% and India 12.4%, with the rest of the world at 6.0%.
Distribution in India runs through more than 4,500 dealers and 107 distributors, per the company's FY26 disclosures. There are over 150 galleries, five experience centres and seven global offices, with exports to more than 55 countries. Quartz sink volumes in the quarter were 201,500 units and steel sinks 49,400. Taps came to 12,500 units, appliances and others to 9,800. That is roughly 2,200 sinks leaving a Gujarat factory on every day of the quarter.
Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for CARYSIL LIMITED.
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