Transcript of Earning Call held on 11-08-2026

MANAGEMENT

MR. CHIRAG PAREKH – CHAIRMAN AND MANAGING

DIRECTOR – CARYSIL LIMITED

MR. ANAND SHARMA – EXECUTIVE DIRECTOR AND

GROUP CHIEF FINANCIAL OFFICER – CARYSIL

Moderator

Ladies and gentlemen, good day and welcome to the Carysil Limited Q1 FY27 Earnings

Conference Call hosted by Go India Advisors. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as on the date of this call. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict.

As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on touchtone phone. Please note that this conference is being recorded.

I now hand the conference over to Mr. Chirag Parekh. Thank you and over to you, sir.

Chirag Parekh

Good evening, ladies and gentlemen. I would like to extend my wishes to all of you and your families on the occasion of India's 79th Independence Day. I hope you have an opportunity to review our Q1 FY27 financial results and investor presentation which was shared earlier and are also available on the company's website and stock exchanges.

Our journey at Carysil is closely aligned with the spirit of Make in India to make us building world-class manufacturing capabilities in India, creating products to global standards and taking

India manufacturing excellence to customers across the world. Joining me in this call is Anand

Sharma, Executive Director and Group CFO, along with GIA our Investor Relations Advisors.

Before I start with the details of my speech, I would like to offer some key messages. The first one is we are pleased with our quarter 1 performance. Most importantly, we believe that the underlying trends gives us a lot of confidence in the full year trajectory. We also would like to mention that we are maintaining our existing FY27 margin guidance. However, based on quarter

1 performance and trends we are seeing, we currently see ourselves tracking towards the upper band of that guidance.

The improvement in the profitability is not given by a single factor or a one-off benefit. We are seeing benefits from operating leverage, product mix, efficiency, and scale, and we expect these factors to continue to support our margins. We think we have reached a scale where our focus is now no longer simply on growing our existing businesses. Our focus is now how do we want to build the next 1,000 crores of Carysil.

India is becoming an increasingly important growth engine for Carysil. We are expanding our distribution, increasing our presence across categories and improving cross-selling across sinks, faucets, and appliances. As far as the export international, we have major breakthrough with large international customer chains. We have been able to build strong customer relationship market position.

Page 2 of 16

Carysil Limited

August 11, 2026

We see a significant opportunity to grow exports by maintaining healthy margins. We also continue to invest in R&D, product development, technology, and the brand. Investments are channelised to create the next phase of growth rather than simply optimize the current business.

Our objective is not to maximize one quarter earnings. Our objective is to build Carysil into a global kitchen solution company with sustainable double-digit growth and industry-leading margins. We remain confident that the combination of growth and operating leverage, new categories gives us a strong runway for the next several years.

Quartz Sinks business

The Quartz Sinks business continues to build a strong momentum in FY26, supported by resilient export demand and improving domestic traction. Our capacity stood at 88% during the first quarter. Demand visibility remains healthy. Company continues to invest in new models, machinery, automation, and product innovation. The expansion of 250,000 units are on track and we expect the same to be completed by end of FY27.

We would also like to announce that we have extended our partnership with Home Depot US and Canada. We have also entered into a collaborative agreement with Hafele Australia and New

Zealand one of the biggest chain retail in Australia. We also would like to share that we just cracked our first orders into Amazon USA.

Stainless Steel Sinks

Stainless Steel Sinks continues to emerge as a very important growth engine with volume growing at 16.3% Y-o-Y, strong OEM demand, exports, and increasing opportunities in domestic market. The company combined the additional 70,000 annual capacity, taking now the capacity to 250,000 units, approximate capacity utilization of 94%.

The company acquired the adjacent land and we have already started the construction of new factory to cater new B2C, B2B OEM customers like Kohler, Hafele, Grohe, etc. With increasing acceptance of premium SS sinks in global market results, the capacity increase the company expects steel to be one of the great growth drivers come forward.

Faucets

Faucets continue to be remain a strong traction with volume growing at 33.4%, making one of the Carysil fastest growing categories. The company is expanding its portfolio into stainless steel and the brass faucets with various PVD finishes. Initiated traction in Europe and launch of our

RO enabled drinking water production in the company's long-term potential. Every Indian should drink a water from our Carysil faucet is our dream.

India story - Premiumization driving growth:

India is increasingly becoming a key growth engine with domestic sales at around INR56 crores, up to almost 40% Y-o-Y, driven by 25% volume growth and 12% average price realization growth, reflecting premiumization and sustainable power mix.

Page 3 of 16

Carysil Limited

August 11, 2026

All the broad four categories, Quartz Sinks, Stainless Sinks, Appliances, and Faucets in India has grown 31%, 60%, 28%, 45%, respectively. We continue to see this momentum moving forward.

Our focus always remains on premium products, high design, technology, and consumer engagement. Strengthening our ecosystem with expansion of our dealers, brand stores, experience centers, our B2B channels and on online. We are increasing our reach by opening 40 to 50 galleries, 11 brand stores, 34 are committed in quarter 2, 180 stores coming in the next two years' time.

Because of the new B2B vertical for India, we have now penetrated into large builders in the

B2B segment, particularly in Tier 2 and Tier 3 markets through complete kitchen combo selling.

Digital is emerging as one of the most important growth channel in India, where our breakthrough with Amazon Alpha, Flipkart, quartz sink, faucet appliances, we expect e- commerce sales to grow by 3x this year.

Global growth:Building a global premium franchise.

Carysil's global business continues to gain traction with a stronger order pipeline, supported by broad base across the international markets. The company is pursuing the Europe plus strategy by strengthening momentum across the world with strategic relationships with IKEA, Lowe's,

Howdens UK, Amazon, we continue to deepen through adding new models and colors.

Carysil is also expanding its presence into new emerging markets like Qatar and in the other

Gulf countries. Our objective is to build Carysil not as an Indian exporter, but as a global premium kitchen solution with a strong local presence in key markets.

UK market outlook

Turning to the UK, our business continues the momentum across retail, merchant, contract, and

OEM channels. Our new initiatives, a new Carysil showroom coming in Manchester, showcasing sink, taps, and the appliances, and the launch of the new premium surfaces, ready with the built-in appliances in the UK by quarter 3 FY27.

We have also added a new customers like Bodel, Barwick, JJO across U.K. and Ireland for sinks and the tap range. We are also progressing discussions along with brands like wren, Farrell,

Huws Grey, ROK and Landmark properties. The U.K. market expects to remain modest, we remain cautiously optimistic and see strong opportunities to gain market share through distribution channels.

Going ahead on FY27 guidance:

As we said, we continue to maintain our revenue guidance of 15% and the upper side of the 18% to 20% EBITDA margin. Our domestic momentum is supported by funded 90 days festive plans from September to November and an 8 city celebrity share roadshow. We remain committed to discipline capital allocations, invest ahead of growth across capacity, technology, innovation, products, and brand.

Page 4 of 16

Carysil Limited

August 11, 2026

To conclude, FY27 has a strong start for Carysil. With that I would hand over to our Group CFO,

Executive Director, Mr. Anand Sharma for the financial performance. Thank you.

Anand Sharma

Thank you, sir. Good evening, everyone. Let me take you through the company consolidated financial performance for quarter 1 FY27. We have achieved consolidated total income of

INR264.8 crores in Q1 FY27 as compared to INR227.3 crores in Q1 FY26, up by 16.5%.

EBITDA for Q1 FY27 stood at INR56 crores as compared to INR44.1 crores in last year corresponding quarter, growth of 27%. With EBITDA margin expanding by 175 basis points to

21.2% from last year 19.4%.

EBIT stood at INR46.8 crores, up by 31.2% year on year basis with EBIT margin improving by

198 basis points to 17.7%. Profit after tax and minority interest stood at INR31.4 crores compared to INR22.8 crores in Q1 FY26, registering growth of 37.7% Y-o-Y basis. PAT margin improved by 183 basis points to 11.9%.

Our EPS stood at INR11.05 as compared to INR8.03 in Q1 FY26, growth of 37.6%. On sequential basis, revenue grew by 12.2%. EBITDA increased by 16.8%. EBITDA margin expanded by 89 basis points from 20.3% in Q4 FY26 to 21.2% in Q1 FY27.

Quartz sink volume in Q1 FY27 increased by 6% Y-o-Y basis to 2.01 lakh units compared to

1.89 lakh units in Q1 FY26. Stainless steel sink volume increased by 16% to 49.4 thousand units compared to 42.5 thousand units in last year.

Volume across kitchen appliances and other categories increased by 12% Y-o-Y to 9.8 thousand units compared to 8.8 thousand units in Q1 FY26. Out of the total sale of kitchen appliances,

53% of the kitchen appliances produced in-house. Volume across faucet increased by 43% Y-o-

Y to 12.5 thousand units compared to 8.7 thousand units in Q1 FY26. Again, 67% of the faucet is manufactured in-house.

Export from India operation grew by 10.6% in Q1 FY27 as compared to Q1 FY26 While domestic sales grew by 39.8% YOY. Our domestic sales outpaced our exports. Overall, Q1

FY27 reflects healthy volume growth, strong average price realization, improving product mix, and operating leverage resulting in meaningful improvement in profitability.

With this, I open the floor for question and answer. Over to you, Operator.

Moderator

The first question is from the line of Pritesh Chheda from Lucky Investments. Please go ahead.

Pritesh Chheda

Hello. Hi. Any reason for the quartz growth being single digit in the quarter and the international subsidiaries of yours where you have a lot of these on-site fabrication work as well. So even those three subsidiaries look really look different in growth and the Carysil products revenue in

U.K. also looks slightly lower in growth. So some comments on these areas?

Chirag Parekh

Yes So there is a lot of disruption happening in the logistics side. So while we had a very strong order booking and I think we did well, we could not dispatch a lot of things because of the delay in containers. So I think that's one.

Page 5 of 16

Carysil Limited

August 11, 2026

Two is yes, U.K. is I think going through a bit of a tight phase, but we have, as I said in my commentary, we have been able to break through a lot of new customers. So you will be able to see this momentum coming back in the coming quarters.

Pritesh Chheda

Okay. Any other challenges on the material side by any chance?

Chirag Parekh

No, there is no challenges as far as supplies is concerned. I think everything remains smooth. A bit of delay here and there due to logistics, but by and far we are equipped with stock. Yes, just the nomination containers which is been nominated by our customers has been, delayed by a week or two and sometimes like we could not dispatch a kind of huge amount of containers end of quarter one, which got postponed to quarter two.

Pritesh Chheda

Okay. And my last question is, in the last four to six quarters we have announced a lot of these

OE relationships on sourcing. So when do we see start seeing these fructification of those relationships, those volume commitments flowing through your P&L?

Chirag Parekh

OE, you are talking OEM, right?

Pritesh Chheda

Yes.

Chirag Parekh

So we have already in the quarter one average we had done 88%. For example, in the just for the month of June, I think we did almost 90% utilization for the quarter. But in June we have done almost 90%. So we are right now heavily booked. We probably have the strongest order booking position as of as of now.

We have been able to break through wit h adding a lot of SKUs with Lowe's, Home Depot, and with Amazon. So I think we are probably sitting on the highest ever export order booking right now. So the momentum of the orders has already started coming in.

Now our challenge is how fast do we expand ourselves, which we are targeting by March FY27.

Here at the factory levels we are trying to see how do we improve our productivity. It may happen that we may have to produce more than our production capacity also, looking at the current order booking position. So the flow just started coming in.

Pritesh Chheda

Okay. Thank you, sir.

Moderator

The next question is from the line of Avijit Sheet from SBI Capital Securities. Please go ahead.

Avijit Sheet

Hello. Am I audible?

Chirag Parekh

Yes, clear.

Avijit Sheet

Hi, sir. Congrats on the good set of numbers. So I have just two questions. So first question is, any price hikes that you have taken across categories during the quarter?

Chirag Parekh

What is that? Sorry, I couldn't get it. Any?

Avijit Sheet

Any price hike you have taken.

Page 6 of 16

Carysil Limited

August 11, 2026

Chirag Parekh

For the price hike? We have taken like, in terms of,

Anand Sharma

Increase in price.

Chirag Parekh

Like you talking about, we increasing the price with the customers?

Avijit Sheet

Yes. Any particular category like quartz, SS sinks. Like in steel your realization is almost in double digits subways. So is it because of any mix change or price hike you have taken?

Chirag Parekh

See, one thing is very clear that we have definitely got a big operating leverage, that that's one,

Second is that the rollback of the discounts in the United States has also come back. And in third is that we have launched a full line of premium products in stainless steel and in the granite. So, there's a big product mix change and that has led to the higher margins.

Avijit Sheet

Alright.

Chirag Parekh

Or I would say or I would say as increased our ASP has increased.

Avijit Sheet

And sir, just to confirm, in the presentation you have given that 94% of capacity utilization you have achieved for stainless steel. So, is it already included the 70,000 units of capacity you have added in the 1Q? So, I just want to understand.

Anand Sharma

No, no, I'll tell you. This capacity came in the middle of the quarter. So, it is on a weighted average basis number of days available.

Avijit Sheet

Okay, okay. And just a follow-up on this. So, stainless steel sinks volumes are up by 16%. So, I just want to understand any particular reason for that, is it because of new designs or higher

OEM demand or any new geographies you have targeted for stainless steel?

Chirag Parekh

Our, first of all, our demand in India has gone up because of the way we are marketing the products and the new range has gone is gone has got a tremendous success. Two is, we got breakthrough with large OEM customers like Kohler and so Kohler, for example, has almost doubled their volumes with us. So there is a large OEM opportunity which is coming and I think that's why we need to speed up with the grapnite sinks also our stainless-steel expansion.

Avijit Sheet

Okay. Thank you, sir. That was all from my side. Thank you for answering my questions.

Moderator

Thank you. The next question is from the line of Resha Mehta from Green Edge Wealth. Please go ahead.

Resha Mehta

Thank you. So, congratulations on consistently delivering good numbers. I my first question is basically on the UK market. So, appreciate the challenges there, but I think in the export it was mentioned that some 1.5 million homes are to be kind of built in that market. So, here do we also explore the projects or the builder segment in UK? Do we do that already or do we plan to do it?

Chirag Parekh

Yes, good question and I would like to answer you. I just want to kind of go back to my notes and I will tell you. You see, when I mentioned in my speech, this new customers like this Bodel

Page 7 of 16

Carysil Limited

August 11, 2026 and JJO , these are the guys who deal with projects in UK. So, till now we didn't, but these are the customers who will give us now breakthrough in these projects. So, that's why I said that we see that we see that the UK sales improving in the coming quarters.

Resha Mehta

So, until now this builder market was essentially not tapped in UK. Would that understanding be right?

Chirag Parekh

Yes.

Resha Mehta

Got it. The other one is on the faucet. So, whatever revenues we report from the faucet side of the business, would it largely be from the domestic market or I think we've also acquired some tap company in the UK. So, it's a combination of domestic as well as UK?

Chirag Parekh

Yes, Yes, sure. Yes, the I think it's 90 -- more than 95%, 97% is Indian market. We have still not started our acquired faucet for export market. Like everything needs the tap. I had said this in my last quarter also, but we need to build up our capabilities to start manufacturing world- class product for export.

I don't want to take any of the risks till we are streamlining my faucet operations. So, as we are speaking, the company is investing in new technology and machines to bring the faucet to the quality world standard. We are also in touch, I just came back from Europe, we are in touch with some major companies to do a technical collaboration to help us to give a to give us an edge in terms of technology.

I think once it is done, then we will spike our I think exports. But till still then, right now, I think mostly is India. To answer your question on the on the UK, we acquired this company primarily to get the technology of the RO water system. And that RO water system is launched in India has been tremendous, been successful.

So, the first consignment which we made or we imported is completely sold out, right? So, we honestly have a like a 60-day back backlog if you want to get a Carysil RO water system. So,

Yes, so we have acquired this company to get the technology to India and we've got to slowly now start building on that.

Resha Mehta

That's encouraging. And so, lastly on the India business, a couple of questions here. I think we did around INR176 crores revenues in the last financial year. Can you give a split of B2B and

B2C here?

Chirag Parekh

B2B I can tell you it's approximately 20%.

Reshma Mehta

And this also includes the builders or the project segment?

Chirag Parekh

Yes.

Resha Mehta

And so typically in India even these Grade A builders have generally shied away from putting premium sinks we've seen in the past also, right. So, are we basically then going to sell a different kind of a sink especially for this segment? Because they are not going to, pay us as much as what a retail segment would pay. So any, any thoughts there?

Page 8 of 16

Carysil Limited

August 11, 2026

Chirag Parekh

So I think it's quite relative, honestly your question. There are different builders asking for different qualities of the sinks, right. We are, for example, we work, we got a breakthrough in

DLF Delhi in M3M and all, they are asking for very high-end sinks. So some of the builders may not ask for high end sinks, some of the builders ask for high end sinks.

So we are typically into the category where we do not promote cheap sinks, we do not sell it.

We would probably ask our competition to go and sell it. We would like to focus on people and on the builders who believe in good quality. That's one thing. Now two is, as you would have seen that this a lot of bare shell apartments coming in, because of the real estate, because of the cost of the apartments and all.

Now that has now given a flexibility to the owner to build their own kitchen, choose their own sink and all. And that's why you have seen, we'll probably give you in the quarter two that how much of the B2B project sales have increased. Because of this. There is a significant increase.

Resha Mehta

Got it. And the surfaces business in India, I think we were to set up the fabrication unit. So, any progress there? Also, on the Carysil Blue D2C brand for bathroom suite, what's the progress there?

Chirag Parekh

So, we have already on track. I think the fabrication should be ready by FY27, March '27. Carysil

Blue is, we have started with, with our, with our first store. And it's doing, it's, and it's doing really, really well.There are some hiccups we would just want to like process.

For example, some qualities we are not, we don't, we don't have enough particular colors, we don't have particular SKUs we don't have. This is expected to be finished within the next 60 days' time. I think we will be doing at least about by end of this calendar year or by latest March, at least our first 10 brand Carysil Blue brand stores in India.

Resha Mehta

Okay. And lastly United Granite business, so what's driving this 20% plus kind of revenue growth there?

Chirag Parekh

See, there is one big fundamental strategy when I was in the US few months back, what we had done, I think that's one fundamental strategy was that cut less make more. So, we invested in high exotic stones and marbles. And because the cost of the manufacturing is the same. So, we increase our inventory by $ 1 million to get a very high-end exotic Italian and stones. And I think that has turned around the corner where the margins have significantly improved. For example,

I think it has gone from 35% to 50% gross margins.

Resha Mehta

Got it. All right. Thank you so much and best wishes.

Chirag Parekh

Thank you.

Moderator

Thank you. The next question is from the line of Achal Mehta from Bastion Research. Please go ahead.

Achal Mehta

Hello, am I audible?

Chirag Parekh

Yes, please go ahead.

Page 9 of 16

Carysil Limited

August 11, 2026

Achal Mehta

Hello, sir. Thanks for the opportunity. So, my first question is regarding your tie-ups with the

OEMs. So, as a company grows and start selling more products under its own brand name in both domestic and international market, possibly at more competitive prices than the other white labeled goods. Could that create a conflict with your OEM partners? Do your current agreements permit that? And how do OEM partners align with this direction? How do you see this dynamic playing out in the future?

Chirag Parekh

First of all, our OEM partners are completely aligned with us. Otherwise, we would not have got a success. Two it's a very different category you are addressing in the market while it is your brand, it is the OEM brand. The channels are different and the models are different. So then we don't see any conflicts.

Achal Mehta

Okay. My next question is, like in the previous calls you had spoken about entering the surface segment in India.

Chirag Parekh

Sorry, can you speak a bit slow, please? I'm not able to hear you properly. Yes.

Achal Mehta

Okay. So, in your previous calls, you have spoken about entering the surface segment in India.

Could you give us an update on it and how do you see this segment contributing in overall domestic business maybe?

Chirag Parekh

Yes, I have been always very confident about it and hence we will be the first company in India to come with a whole CNC automated fabrication process. Because your sinks look excellent when they are installed to it. This, this technology exists across the world, like US is about a

USD60 billion market, UK is about a GBP10 billion, world is about a USD100 billion.

But in India, we do not have this technology. So in a modular kitchen per se, if you want to install a good, high quality, stainless steel or a work top in your kitchen, you still have this labor and whether you have a 5,000 square feet marble or you have a 100 square feet marble. And I think this is going to significantly change.

It's going to add so much of a value to us, just the way we did in UK, that every sink is then sold with a worktop in a modular kitchen. So this could be a big transformation for us, and it could be a transformation in India that when you are starting to use the fabrication CNC process to get a very good looking counter top in your kitchen or in your bathroom.

Yes. It is, going to be the next five years, a very significant amount of business to our Indian contribution.

Achal Mehta

Okay, sir. Thank you so much and all the best.

Chirag Parekh

Thanks.

Moderator

Thank you. The next question is from the line of Bala Krishna from Oman Investment Advisors.

Please go ahead.

Bala Krishna

Hi, Chirag ji. Good evening. So earlier, so the our quartz sinks is running at peak capacity. So earlier we had a plan to add 1 lakh quartz sink capacity, but we deferred it by adding 2,50,000.

Page 10 of 16

Carysil Limited

August 11, 2026

So what was the reason for that, is there any thought process? Do you want to have bulk capacity at a time or at that time, is there any demand issue?

Chirag Parekh

No, there is 100% a issue on the demand, because the kind of the deals what the company has signed and with the export momentum and India momentum what we have, we cannot expand

100,000 in isolation. We have to do it together. So the infrastructure is made for half a million sinks while we will be doing the 250,000 sinks capacity.

I've been saying this and I'm saying it again that Carysil is now becoming most cost effective player, as far as the cost is concerned, so very competent in the global sink space. And that's how we are seeing these huge opportunities in the market. You see our new tie-ups with some large companies across the world and that momentum is on a continuous basis.

So it's very imperative that when your company reaches at almost 90% capacity utilization, you need to build another 20%, 25% of excess capacity.

Bala Krishna

Okay. Understood. So, on the kitchen appliance side, do we have any plans to have some higher end products like built-in refrigerators, built-in ovens, like that?

Chirag Parekh

So, we have already launched the refrigerators under the CX Series. Our sales in UAE and in

Oman, I think you are from Oman, maybe your company in Oman, maybe you are from Oman,

I don't know. But there 80% of the sales are built-in appliances. And out of that 80% sales of built-in appliances, more than 40% is built-in refrigerators. And the same concept, we were very, very surprised to see that how can we sell refrigerators, right?

And now we are seeing many companies launching even the washing machines like Bosch and

Siemens. So, I mean, the things are really transformed. So, we launched our refrigerators, the consignment got sold out now. So, we gives us more confidence that Carysil does have an opportunity to sell high-end appliances in India. So, our new range was the CX appliances, our way, high-end ovens and refrigerators.

Bala Krishna

Okay. So, how do you see that the market like built-in refrigerator or...

Moderator

Mr. Krishna, may we request you return to the question queue for a follow-up question?

Balakrishna

Yes, it's a small follow-up on the same question.

Moderator

Yes, sir.

Bala Krishna

Yes, how do you see that, similar kind of traction demands sir, in India? Like for built-in refrigerators, how do you see the market maybe in the 3, 4 years?

Chirag Parekh

You see, I think we are in a very early stage of this. Probably in the next few quarters, I'll be able to answer this more precisely.

Bala Krishna

Okay, sir. That's all. Thank you.

Chirag Parekh

Thank you.

Page 11 of 16

Carysil Limited

August 11, 2026

Moderator

Thank you. The next question is from the line of Pragyam Laddha from Omnee Management

LLP. Please go ahead.

Pragyam Laddha

Good evening, Chirag sir. Congratulations for a great set of numbers. Sir, first question is on US tariffs. Like, are we seeing any reversal of discounts that we earlier gave when the tariffs were implemented?

Chirag Parekh

Sorry, what are you saying?

Pragyam Laddha

Sir, any reversal of discounts or any payback from the customer?

Chirag Parekh

Yes. So 90% of the rollback is already done.

Pragyam Laddha

So it is in this quarter's revenue, or like how is it accounted for?

Chirag Parekh

Yes. It has come in the last month of last quarter.

Pragyam Laddha

And that is in June, right?

Chirag Parekh

Yes.

Pragyam Laddha

And what would be the quantum, sir, if you could specify?

Chirag Parekh

The quantum, CFO will answer that.

Anand Sharma

So, look, the discount which we have given, that has built in the price. Now the price is rolled back to the original level. So it's not that something bulk has come. The price has been revised now to the original level.

Pragyam Laddha

Okay. Sir, the price reversals are already taken. I am not talking about that. I am talking about, like, the companies are receiving back the tariffs which were earlier implemented, right? So, do we see any payback from the customer from that, maybe in the next billing or something?

Chirag Parekh

So, I think the first thing is trying to roll back the prices, that's very important. Second is that we have done a large deal with Lowe's in the United States, where we had to put about USD5 to

USD6 million on changing the displays of that. So, even if this rollback comes, our partners will be contributing this towards Lowe's.

Pragyam Laddha

Okay, sir.

Chirag Parekh

So we will -- I mean basically I can tell you what is the net effect. If we had to share this Lowe's, let's say USD3 or USD4 million with 1890 stores where customer has asked us to share 50%.

So that discount will not happen now. So that will lead into margin expansion.

Pragyam Laddha

Correct sir, correct. Sir, secondly, on the commissioning of your new capex plan. Like, can you tell the quarter, maybe it is in Q4 of FY27 and the timelines of all your projects?

Chirag Parekh

So, we have said March quarter 4 2027, we are trying to do as fast as what we can. Meanwhile, what we are trying to do is that how do we improve our productivity with current capacity.

Page 12 of 16

Carysil Limited

August 11, 2026

Because the kind of order booking what we have right now, my factory has to literally run now

7 days a week. So we are in a serious stress. We 100% have to see, that how fast can we expand our capacity and we will be doing our best. As of now it says March 2027.

Pragyam Laddha

This is for steel sinks?

Chirag Parekh

Stainless steel, 70,000 is already added now. The another 150,000 will be added in March 2027.

250,000 of granite sink will be added by March 2027.

Pragyam Laddha

Okay, sir. Okay. Thank you.

Moderator

Thank you. The next question is from the line of Karan Gupta from Asit C. Mehta Investment.

Please go ahead.

Karan Gupta

Yes, hi. So, my question on this kitchen appliances. What other appliances we have so fridge, refrigerators we are ordering from other companies and then, giving the solution to the customer.

So this is what something that we are doing?

Chirag Parekh

Yes, we are already out -- we are outsourcing the..

Karan Gupta

Outsourcing those things.

Chirag Parekh

Yes.

Karan Gupta

Okay. Also can you share the margin side for each segment?

Chirag Parekh

Yes. We'll just contact our GIA, we will be able to give you the information for whatever you want on the category wise margins. Or also you can contact our CFO, will be happy to give you that on category wise.

Karan Gupta

Okay, sure. Thank you.

Moderator

Thank you. The next question is from the line of Saket, an Individual Investor. Please go ahead.

Saket

Sir, my question was regarding the 15% growth that has been given. That is a volume guidance or revenue guidance?

Chirag Parekh

Value guidance.

Saket

Value.

Chirag Parekh

Yes.

Saket

So like what kind of volume we are looking for this growth this year?

Chirag Parekh

Right now, we have taken 15% value and 15% quantity. It's same.

Saket

So 5% to 7% of volume growth this year?

Page 13 of 16

Carysil Limited

August 11, 2026

Chirag Parekh

15%.

Saket

Sir, I'm getting confused. You are talking 15% volume growth this year for the products?

Chirag Parekh

Yes. 15% on the value and 15% on the volume across the categories. So we have maintained the same price levels as of now.

Saket

Sir I don't know, I'm getting confused. Like suppose, sir, this quarter we have given 5%, 6% of volume growth and rest is price growth if I am not wrong.

Chirag Parekh

Okay. What you can do is -- what you can just make it simpler, you can take volume growth

15%.

Saket

Okay. So for the next 3 quarters of this year we should be seeing better growth to match the 15% volume that we are looking for?

Chirag Parekh

Our 15% volume growth is on an annual guidance.

Saket

So what I mean like the first quarter the volume was...

Moderator

Mr. Saket, may we request you return to the question queue for a follow-up question.

Saket

Okay.

Moderator

Thank you. The next question is from the line of Yash Nailwal from an Individual Investor.

Please go ahead.

Yash Nailwal

Good evening, Chirag sir. Congratulations on the good set of numbers. My question was regarding the product level, understanding of surfaces that we are selling in India. So how is our surfaces different from our competitors that we get in India? I mean, the kitchen solid surfaces.

Chirag Parekh

So we have still not started our surfaces business in India.

Yash Nailwal

Okay. And could I get the, I mean, the product-wise margin breakup and the domestic versus export breakup of the segmental revenue?

Chirag Parekh

Yes, sure. Can you tell?

Anand Sharma

So on the revenue side, we have segment wise quartz sink is 51%, steel sink is 12%, kitchen appliance is 11.8%, surfaces is 25%. This is the breakup of segment wise. Now domestic and export, we have 56 crores during the quarter -- 56 crores is domestic and 111 crores is export from India operations.Okay?

Yash Nailwal

Okay.

Anand Sharma

On the segment margin side you can write to GIA or myself, we will provide you.

Yash Nailwal

Okay. Thank you.

Page 14 of 16

Carysil Limited

August 11, 2026

Moderator

Thank you. The next question is from the line of Shiladitya, an Individual Investor. Please go ahead.

Shiladitya

Thanks for the opportunity. So I just had a follow-up on the question previous participant asked.

So you are giving a 15% volume growth guidance for FY27. Is that correct? And in that case the revenue growth should be higher. Can you please clarify?

Chirag Parekh

See, right now we have taken the same average price of the products. We are right now on the trend, it shows that the sales price is improving. So if the volume growth remains that sustained, then you will see the value growth remaing a bit higher.

Shiladitya

Okay. And one just a follow up on this, because you are doing all these capex right now on all the segments and as you mentioned the demand scenario is pretty strong domestic as well as exports. So for us to grow at a higher rate, like, is it FY28 or so, can be a higher growth rate or we will be growing at a similar kind of 15% kind of a growth rate? What is the growth rate?

Chirag Parekh

See, right now, our guidance is 15%. We have always given this 15% revenue guidance for the next 5 years. We would like to maintain this, because now we are focusing on the next 1000 crores. So if we have given that guidance and if we are trying to achieve as soon as possible within 5 years time is our targets. If we have to be add another 1,000 crores in the next 5 years, we have to grow at a 15% value guidance. That's number 1.

And 2 is, the capex if you would have seen is primarily focused on the kitchen sink business, where the granite sink is approximately INR50 crores and the stainless steel is INR20 crores.

And the faucets and appliances could be another INR20 crores. So primarily 80% of the investment is on our core products kitchen sink.

Shiladitya

Thank you.

Moderator

The next question is from the line of Pavan Kumar from Ratna Traya Capital. Please go ahead.

Pavan Kumar

Sir, just can you please reiterate the capexes that you just mentioned, it was not clear.

Chirag Parekh

Capex, what?

Pavan Kumar

Capex for this particular year. What are the total capex that we are estimating and how much would be on quartz and how much would be on steel sinks incrementally?

Chirag Parekh

Yes. So we are doing approximately INR80 to INR90 crores capex in the current financial year.

Where about 40 to 50 crores is going for the expansion of the granite sinks. 20 crores is approximately stainless steel.

Pavan Kumar

Okay.

Chirag Parekh

And 20 crores is towards the faucet and appliances.

Pavan Kumar

Okay, got it. And have we thought about even the next year capex given the capacity constraints right now or that is too far right?

Page 15 of 16

Carysil Limited

August 11, 2026

Chirag Parekh

I would say that, let's see how the momentum. If we have to grow at a 15% rate and you're looking at a INR1,000 crores and you have to add about INR150 to INR200 crores revenue, I think we need at least a 50, minimum, bare minimum INR50 to INR60 crores capex every year.

Pavan Kumar

Okay. Great. Thank you so much.

Chirag Parekh

Thank you.

Moderator

Thank you. Ladies and gentlemen, due to time constraints, that was the last question for the day.

And now I would like to hand over the conference to the management for closing comments.

Chirag Parekh

Thank you, everyone. Hope we've been able to satisfy your calls and for any clarifications or any questions, please do contact GIA, our investor relation advisors or our CFO. Thank you very much, have a great evening.

Moderator

Thank you. On behalf of Go India Advisors, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.

Page 16 of 16