01 — At a Glance
The Sink Maker Who’s Finally Sitting Pretty
- 52-Week High / Low₹1,072 / ₹512
- Q3 FY26 Revenue₹223 Cr
- Q3 FY26 PAT₹21.9 Cr
- TTM EPS₹31.53
- Annualised EPS (Avg Q1-Q3 × 4)₹29.92
- Book Value / Share₹199
- Price to Book3.83x
- Debt₹235 Cr
- Debt / Equity0.42x
- Sales Growth (TTM)+12%
Flash Summary: Carysil just posted Q3 FY26 PAT of ₹21.9 crore — up 75% YoY. Revenue clocked ₹223 crore, growing 9.6% YoY. But here’s the plot twist: management disclosed in the concall that US tariffs dropped from 50% to 18%, and they’re about to roll back the 15-20% discounts they gave customers to stay competitive. Translation: The margin tailwind has begun. The stock is at ₹764, trading at 24x P/E (below company’s 5-year 19.2% ROE return). IKEA just became their global customer. Setu Capital (UK taps/faucets) acquisition approved. And they’re planning ₹100 million+ revenue next year from appliances alone. For a sink maker, this is not a slow drip anymore — it’s a full-strength flush.
02 — Introduction
The Company Your Mother Loves But Your Broker Ignored
Let’s start with the worst-kept secret in the Indian kitchen. Carysil Limited makes kitchen sinks. Composite quartz sinks. Stainless steel sinks. Bath products. Kitchen appliances. Taps. Tiles. The works.
If you’ve renovated a kitchen in the last decade — whether in Delhi, Dubai, or Detroit — there’s a good chance your sink came from a factory in Bhavnagar, Gujarat. And if you’ve visited a premium kitchen setup in Bangalore or Mumbai, you’ve definitely seen the Carysil or Sternhagen brand. The company has 4,000+ dealers in India, 90+ galleries, and a global footprint across 55+ countries.
The stock is up 110% from its March 2023 lows (₹368 to ₹764 now). The 10-year CAGR is 23%. The 5-year return is 17.9%. Yet, it barely registers on retail investor radars. Why? Because kitchen sinks are not “cool.” You don’t wake up excited to buy sinks. But your contractor sure does. And IKEA’s procurement team definitely does. And the 56-store Lowe’s network in the USA absolutely does.
This is the story of a company that went from trying to survive the US tariff shock of 2024-25 to suddenly getting a 72% tariff haircut just as we enter calendar 2026. And now they’re sitting on a stack of previously discounted customer agreements they can “renegotiate” into much fatter margins. If that’s not a business turning point, we don’t know what is.
Management Concall Highlight (Feb 2026): On US tariff reset from 50% to 18%, CFO stated: “With the reduction in tariffs… we plan to roll back these incremental discounts with immediate effect.” Rollback happening “on a pro rata basis.” The discount quantum was “between 15% to 20%” for US business. Translation: Free money walking back into the P&L.
03 — Business Model: They Make Things People Forget They Bought
Kitchen Sinks: The Unsung Hero of Every Home Reno
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