Result Update Q2 FY27

Carysil Ltd.

Carysil Ltd.

Consumer Durables | Q2FY27 Result Update

| 06th November 2026|

Sustained Revenue Growth and Robust Volume Traction Supported by Core Sinks Scale-Up and High Capacity Utilization

Carysil Ltd. reported a steady operating performance in Q2FY27, with consolidated revenue rising to Rs. 275.7 crores, up 14.6% YoY and up 5.2% QoQ, driven by broad-based volume growth across quartz sinks, stainless steel sinks, and faucets. Total income stood at Rs. 278.0 crores, up 13.9% YoY and up 5.0% QoQ. Gross profit reached Rs. 149.7 crores (up 16.8% YoY / up 3.2% QoQ), with consolidated gross margins expanding by 133 bps YoY to 53.9%, supported by a favourable product mix shift toward high-margin quartz sinks (contributing 53.8% of revenue vs 48.7% in Q2FY26). EBITDA grew 9.3% YoY to Rs. 54.1 crores (down 3.5% QoQ), delivering an EBITDA margin of 19.4% (H1FY27 EBITDA margin stood at 20.3%, expanding 42 bps YoY). PAT after minority interest rose to Rs. 28.4 crores (up 4.3% YoY / down 9.7% QoQ), with a PAT margin of 10.2% and diluted EPS of Rs. 9.97. During Q2FY27, operational momentum remained strong, marked by high capacity utilization across manufacturing facilities, quartz sink utilization reached 92% (up from 80% in Q1FY27) and stainless steel sink utilization stood at 91%, alongside ongoing capacity additions across appliances and faucets scheduled for commissioning by end of FY27.

Valuation and Outlook

Carysil’s outlook post Q2FY27 remains strong, backed by accelerating US inquiry flows, easing input and logistics costs, and aggressive capacity expansion across core segments. Management maintained its FY27 revenue growth guidance of 15% YoY with upside potential from large US orders and expects EBITDA margins to hit the upper end of its 18%–20% target, aided by softer freight, lower raw material prices, and the full impact of the 5% price hike in H2 FY27. Profitability will be further supported by high capacity utilization (quartz sinks at 92%, steel sinks at 91%) and the upcoming launch of premium nanotechnology quartz sinks commanding an estimated 20% price premium. Growth visibility is reinforced by the commissioning of 2,50,000 units p.a. of quartz sinks and 1,50,000 units p.a. of stainless steel sinks by end-FY27, alongside doubling assembly capacities for appliances and faucets to 1,00,000 units each to reduce import dependency by 70%-80%. Concurrently, domestic operations remain on course to achieve a Rs. 500 crores revenue run-rate within three years, supported by a PwC-led organizational restructuring, a nationwide brand campaign with Bobby Deol, and the expansion of retail galleries to 150–200 stores funded via rationalized trade discounts. Backed by new order wins from Amazon US, deep multi-year global partnerships (IKEA, Grohe, Home Depot, Hafele), and long-term infrastructure scalability toward 2 million sinks, Carysil remains well-positioned for sustainable, margin-led earnings compounding.

Share Holding (%)

41.3%

44.5%

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12.1% ^2.1%

Promoters FIIs DIIs

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Relative Price Chart

Public

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Key Highlights

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Source : BP Equities Pvt. Ltd.

Results Update | 1

• Management reiterated its consolidated revenue growth guidance of 15% YoY for FY27.
• If large deals currently being negotiated with major US customers materialize into confirmed shipments, management indicated there could be potential upside beyond the 15% revenue target.
• Full-year EBITDA margin guidance was maintained within the 18% to 20% range, with internal plans targeted toward finishing at the upper boundary of that band.
• Second-half profitability is anticipated to expand sequentially on the back of the 5% price hike, softening freight charges, and lower raw material prices.
• Domestic operations remain firmly on path toward reaching the stated Rs. 500 crores revenue run-rate over the next three-year horizon.

Carysil Ltd.

Consumer Durables | Q2FY27 Result Update

| 06th November 2026|

Key Concall Highlights

Forward Outlook & Guidance

“Management maintained FY27 revenue growth guidance of 15% and EBITDA margin guidance of 18–20%, with potential upside from large US orders and improving H2 profitability.”

Cost Trends & Pricing Actions

• Raw material pricing and sea freight rates experienced their peak adverse impact in Q2 and have

begun to cool down going into the second half of the fiscal year.

• The company executed a 5% selling price increase last month, which will take full financial effect from Q3 FY27 onward.
• Major overseas export shipments continue on an FOB basis, insulating Carysil from international sea freight volatility.
• Management maintains raw material inventories on normal cycles while forward-booking import requirements 3 to 4 months in advance to guard against input price swings.
• Outgoing Group CFO Anand Sharma will be transitioning out for personal reasons, and candidate shortlisting for the successor is complete with an appointment expected shortly.

“A 5% price hike, easing raw material costs and lower freight charges are expected to support margin improvement in H2FY27.”

“Sinks remained the key growth driver, contributing 65% of consolidated revenue, with healthy volume growth across

Segmental Volumes & Product Mix

• Sinks remained the primary growth engine, collectively generating 65% of consolidated revenues.
• Quartz sink sales volumes grew 10% YoY to 2,17,000 units, representing 54% of total revenue.
• Stainless steel sink sales volumes rose 8% YoY to 47,000 units.
• Faucet volumes rose 8% YoY, while kitchen appliances grew 12% YoY in volume terms.
• Surfaces accounted for 23% of total revenue during the quarter.

quartz, stainless steel, faucets and appliances. ”

Capacity Utilization & Expansion Pipeline

• Operating capacity utilization was near optimal levels during the quarter, with granite sinks at 92%

and stainless steel sinks at 91%.

• Ongoing expansion projects to add 250,000 units of annual quartz sink capacity and 150,000 units of stainless steel sink capacity remain on track for completion by the end of FY27.
• Under the Make-in-India initiative, domestic manufacturing capacities for faucets and appliances are being doubled to 100,000 units each by the end of FY27 to cut import dependency by 70–80%.
• Long-term roadmap targets expanding total annual capacity to 1.5 million quartz sinks and 0.5 million stainless steel sinks by leveraging existing land and infrastructure.
• The appliance and faucet divisions operate on an asset-light assembly framework delivering an expected asset turnover of 5x to 6x on CapEx.

“High capacity utilization and ongoing expansion projects are expected to support higher volumes, localization and long-term capacity growth.”

Results Update | 2

Carysil Ltd.

Consumer Durables | Q2FY27 Result Update

| 06th November 2026|

International Markets & Export Momentum

• Management reported a significant positive shift in business sentiment from the United States

following the election outcome, which eased prior tariff concerns and stimulated fresh customer visits.

• Strong order momentum and large inquiry flows have emerged for both quartz and stainless steel sinks as US buyers face supply chain friction out of Europe and the Far East.
• The company secured its first commercial purchase order from Amazon US.
• US subsidiary United Granite LLC achieved first-half revenue of $5.6 million compared to USD 5.0 million last year, reflecting over 10% YoY growth despite a moderate Q2 pace.
• UK subsidiary Carysil Products Ltd delivered its highest-ever half-year revenue of 6.2 million Euros (up 11% YoY), sustained by steady demand in the replacement market.
• UK subsidiary Carysil Surfaces saw revenues decline by 25% to 5.8 million Euros due to a sluggish new-construction housing market, prompting the appointment of a new business head to spearhead a turnaround.
• Global retail partnerships expanded via commercialized supply contracts with Hafele across

Australia and New Zealand (projected at 25,000–30,000 sinks annually) and deepening ties with Home Depot US and Canada.

“Improving US demand, new

customer wins and strong UK sink

business are driving export momentum, although the UK surfaces business remains subdued.”

Domestic Business Strategy & Brand Building

• Domestic market revenue expanded 30% YoY in H1 FY27, increasing India’s contribution to consolidated sales to 21% from 19% last year.
• Management reaffirmed its multi-year objective of scaling domestic business revenue to Rs. 500 crores over the next three years.
• Global consultancy PwC was engaged to execute an organizational redesign, splitting the Indian operations into dedicated B2C, B2B, and E-commerce verticals alongside product leadership for sinks/faucets and appliances.
• The company signed actor Bobby Deol as its brand ambassador across FY27 and FY28 to lead a nationwide branding push spanning television, social media, and billboards.
• The brand store footprint is set to scale up aggressively with plans to expand from 20 brand

galleries to 150–200 stores, backed by a Rs. 25–30 crores investment.

• The targeted 5% ad-spend budget will be fully funded by cutting 5% of traditional distributor push discounts, preserving overall operating margins

‘Carysil is targeting Rs. 500 crores in domestic revenue over three years through organizational restructuring, aggressive branding and expansion of its retail network.”

“Premium nanotechnology-based quartz sinks and advanced stainless

steel designs are expected to strengthen product differentiation and improve realizations.”

Product Innovation & Technology Pipeline

• Carysil is preparing the global commercial launch of its proprietary nanotechnology-based granite

sinks at the KBIS trade show in Las Vegas in late February 2027.

• The nanotechnology line delivers an ultra-smooth finish and addresses the luxury segment, which accounts for roughly 25% of global competitors' revenues.
• These advanced nano-filler sinks are expected to command an approximate 20% value-addition premium over traditional quartz sinks.
• New premium pressed stainless steel sinks featuring tight 15-radius and 25-radius designs will be introduced in Q4 FY27 to capture high-end steel sink demand.

Results Update | 2

Carysil Ltd.

Consumer Durables | Q2FY27 Result Update

| 06th November 2026|

Quarterly Snapshot

Robust revenue growth on YoY basis

Gross margin supported by favourable product mix

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Quartz Sink (units in '000)

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Results Update | 3

Carysil Ltd.

Consumer Durables | Q2FY27 Result Update

| 06th November 2026|

Source : BP Equities. Research

Results Update | 4

Carysil Ltd.

Consumer Durables | Q2FY27 Result Update

| 06th November 2026|

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Results Update | 5