1. At a Glance – The Sink That’s Printing Cash (Slowly, But Surely)
Carysil Ltd is currently sitting at a market cap of ~₹2,900 Cr, trading around ₹1,020, having already delivered a ~46% return over the last one year. Not bad for a company whose core product is… a sink.
The latest Q3 FY26 quarterly results show revenue of ₹223 Cr, up ~9.6% YoY, while PAT jumped a spicy 75% YoY to ₹21.9 Cr. Operating margins are holding near 19%, which is impressive for a consumer durables + manufacturing hybrid that also exports globally.
P/E stands at ~32x, ROCE at 15.4%, ROE at 14.5%, and debt-to-equity at 0.42. Debt has already come down from peak levels, and interest coverage is a comfortable ~7x.
But the real masala?
- 75% of IKEA’s global non-US quartz sink business secured
- US retailer Karran + Lowe’s (1,800+ stores) ramping faster than expected
- Capacity expansions across quartz, steel, appliances, and faucets
So the question is simple: is Carysil a boring sink company… or a quiet global kitchen platform just getting warmed up?
2. Introduction – From Kitchen Sink Jokes to Global Contracts
For decades, “everything including the kitchen sink” was a joke. Carysil took it personally and said, “Fine. We’ll own the sink.”
Founded in 1987, Carysil quietly built something most Indian investors missed for years: a globally competitive, German-tech-backed composite quartz sink business, operating out of Bhavnagar, Gujarat, exporting to 55+ countries.
This is not a flashy consumer brand like Voltas or Blue Star. Carysil is more like that overqualified backend supplier who suddenly starts getting premium contracts and forces everyone to re-rate their resume.
Over the last 10 years:
- Sales CAGR: ~20%
- Profit CAGR: ~22%
- Stock CAGR: ~25%
Yet, the real acceleration is recent. QIP, acquisitions, capacity additions, US expansion, IKEA win — all happening together. That’s either excellent execution… or a management that drank
five Red Bulls and decided to YOLO growth.
Which one is it? Let’s dig.
3. Business Model – WTF Do They Even Do?
Let’s simplify Carysil for your lazy but smart investor brain.
Step 1: Make Premium Stuff No One Else in Asia Can
Carysil is Asia’s only composite quartz sink manufacturer using patented German technology from Schock. Only four companies globally have this license. This is not jugaad manufacturing — it’s high-entry-barrier, mold-heavy, design-intensive stuff.
Step 2: Sell It Globally Under Others’ Brands (and Their Own)
They supply:
- Global retailers (IKEA, Lowe’s via Karran)
- OEM/private labels
- Their own Carysil and Sternhagen brands in India & overseas
Step 3: Expand the Kitchen Basket
Once you sell a sink, you upsell:
- Faucets
- Surfaces
- Chimneys
- Dishwashers
- Built-in appliances
Classic wallet-share expansion.
So Carysil is not “just a sink company”. It’s slowly becoming a kitchen ecosystem manufacturer with exports, branding, and OEM leverage.
Now ask yourself: how many Indian midcaps do this profitably?
4. Financials Overview – The Numbers Don’t Lie (Mostly)
Quarterly Performance Table (₹ Cr)
| Metric | Latest Qtr (Q3 FY26) | YoY Qtr (Q3 FY25) | Prev Qtr (Q2 FY26) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 223 | 203 | 241 | 9.6% | -7.5% |
| EBITDA | 42 | 29 | 46 | 44% | -8.7% |
| PAT | 21.9 | 12.5 | 27.0 | 75% | -18.9% |
| EPS (₹) | 7.41 | 4.40 | 9.56 | 68% | -22% |
Yes, QoQ is down — because Q2 was unusually strong. Zoom out.
EPS Annualisation
Latest quarterly EPS = ₹7.41
Annualised
