CARYSIL LIMITED

Recommendation history

• 2026-02-12BuyBuy: Q3 FY26 showed strong operating leverage, with revenue up 8.6% to ₹225.2 crore, EBITDA up 31.9% to ₹43.7 crore at a 19.4% margin, and PAT up 69.7% to ₹21.3 crore. The key upside is immediate rollback of the 15%-20% US discounts after tariffs fell to 18%, alongside 27% quartz-sink and 23% stainless-steel volume growth; the main risks are heavy US/IKEA concentration, a still-soft UK surfaces business, and management’s largely unquantified expansion ambitions.
• 2025-11-18BuyBuy: Carysil delivered a strong Q2, with revenue of INR244 crore (+17.9% YoY), EBITDA of INR49.5 crore (+33.5%) at a 20.3% margin, and PAT of INR27.2 crore (+61.9%). The growth runway is credible through Lowe’s, IKEA, capacity additions and appliances, but the thesis still carries tariff exposure, customer concentration and execution risk as capex accelerates.
• 2025-08-20BuyBuy: Q1 FY26 showed strong operating momentum, with revenue up 12.9% to INR227.3 crore, EBITDA margin expanding 112 bps to 19.4%, and PAT up 43.4% to INR22.8 crore. The bull case is a sharp capacity and customer ramp—especially IKEA, Karran/Lowe’s and non-US demand—while the key tension remains unquantified tariff exposure and management’s optimistic assumptions around future contracts and utilization.
• 2025-06-01No clear callNo investment verdict is supportable: the provided material is only an invitation to Carysil Limited’s Q4/FY23 earnings call and contains no operational results, guidance, analyst questions, or management commentary. Key earnings and valuation figures are therefore unavailable.
• 2025-05-26HoldHold: Carysil delivered FY25 revenue of Rs. 819.9 crore (+19.1%), but EBITDA grew only 6.1% to Rs. 141.7 crore and margin fell to 17.3%. FY26 guidance is 15% revenue growth to roughly Rs. 925–930 crore with 18%–20% EBITDA margins; the bull case is KARRAN/Lowe’s growth, a potential 3x IKEA relationship, and tariff-led export demand, while the key tension is that IKEA remains subject to final audits and management admitted demand visibility is still difficult.
• 2025-02-19HoldHold: Q3 revenue grew 8.9% YoY to INR205.5 crore, but EBITDA fell to INR31.2 crore from INR36.1 crore as consolidated margins were pressured by US losses, freight, input costs and FX; 9M revenue rose 24% to INR614.9 crore while EBITDA increased only 8.7% to INR105.9 crore. The upside case is meaningful—Karran’s new US retail order, IKEA SKU approval, 65% Quartz utilization moving toward 80%, and lower freight/MMA costs—but management did not provide firm order values or a sufficiently quantified FY26 earnings outlook.
• 2024-11-11HoldHold: Carysil delivered strong growth but earnings quality remains mixed. Q2 revenue rose 25.8% YoY to Rs 206.9 crore, while EBITDA grew only 9.2% to Rs 37.1 crore and margin fell to 17.9%; H1 revenue was up 33.2% to Rs 409.2 crore, but H1 EBITDA margin was only 18.1%. The upside is a recovery in US demand, lower freight/raw-material costs and appliances growth, while the bear case is unproven margin recovery, elevated working capital and continued losses at United Granite.