1.At a Glance
Carysil Ltd is Asia’s quartz kitchen sink powerhouse, exporting to IKEA-level clients globally. FY25 revenue hit ₹816 Cr, PAT ₹64 Cr, with ROCE at 15.1%. A P/E of ~31.9 signals premium kitchen glamour, but dividend payout at ~10% over 3 years means shareholders mostly get thanks instead of cash. Over a decade, sales CAGR is 20% — the sinks are flowing; the payouts, not so much.
2.Introduction
Founded in 1987, Carysil began life in collaboration with Germany’s Schock & Co., riding the premium kitchen wave before “modular” was even a thing. From quartz and stainless steel sinks to built-in ovens, dishwashers, and even bathroom luxury under “Sternhagen,” the company has been quietly replacing plain steel tubs with Instagram-worthy centrepieces.
The brand’s global expansion has been aided by design leadership, capacity scaling, and a ₹20 Cr investment in FY26 to ramp up IKEA-bound quartz sink supply. But while kitchens worldwide get shinier, investors wait for the cash returns like a late Domino’s delivery.
3.Business Model (WTF Do They Even Do?)
Carysil makes and sells:
- Quartz Kitchen Sinks– Flagship product, premium export favourite.
- Stainless Steel Sinks (Quadro Series)– For the “I want luxury but I also have kids” crowd.
- Built-in Kitchen Appliances– Chimneys, dishwashers, ovens, wine chillers.
- Bathroom & Tile Products– Premium sanitary ware, washbasins, and 3D tiles under Sternhagen brand.
The company operates in both domestic & export markets, with exports forming a substantial growth lever.
4.Financials
Overview
Annualised EPS (Q1 FY26 EPS ₹8.02 × 4) =₹32.08, giving forward P/E ≈ 24.7 (vs TTM 31.9).FY25 Snapshot:
- Revenue: ₹816 Cr (+19% YoY)
- EBITDA: ₹137 Cr (17% margin)
- PAT: ₹64 Cr (+10% YoY)
- ROCE: 15.1% | ROE: 14.5%
- Debt: ₹270 Cr (down from ₹312 Cr FY24)
Growth is steady but not explosive; margins are stable, but ROCE has eased from the high-20s in FY22 to mid-teens.
5.Valuation (Fair Value Range)
| Method | Calculation | FV (₹) |
|---|---|---|
| P/E Method | EPS ₹32.08 × P/E 25–30 | 802 – 962 |
| EV/EBITDA | EBITDA ₹145 Cr × EV/EBITDA 10–12 | 780 – 936 |
| DCF | 12% growth, 12% discount rate, 10 years | 760 – 920 |
Fair Value Range:₹780 – ₹960This FV range is for educational purposes only and is not investment advice.
6.What’s Cooking – News, Triggers, Drama
- ₹20 Cr IKEA Expansion– Targeting bigger share of global kitchen fittings.
- QIP Funds Audit– ICRA confirmed ₹121.65 Cr used exactly as promised.
