Carysil Limited

Consumer Cyclical — Furnishings, Fixtures & Appliances · NSE

₹1,015.00−₹6.10 (−0.60%)

DalalBaazaar Score

74 / 100

🟢 Good

Verdict

REASONABLE

Risk

Moderate

Driven by negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: Strong business and financial position, with both sales and profits growing well. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 6:07 pm

Mixed / neutral. No major red flags jump out, but nothing here screams "obviously cheap" either. This is a name that needs a peer comparison and a view on near-term earnings triggers before sizing a position.

Understanding the Business

Company site ↗

The 60-second version of Carysil Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Carysil Limited, together with its subsidiaries, manufactures and trades in quartz kitchen and stainless steel kitchen sinks, bath products, tiles, kitchen appliances, and accessories in India.

IndustryFurnishings, Fixtures & Appliances

SectorConsumer Cyclical

Employees504

Annual revenue₹916 Cr

How does it make money?

Turns over ₹916 Cr a year. Of every ₹100 of sales, about ₹11 reaches shareholders as profit, with ₹21 left at the operating level before interest, tax and depreciation. Each of its 504 employees supports ₹1.82 Cr of revenue a year, the signature of a capital- or asset-led business.

EBITDA margin20.8%

Net margin10.7%

Revenue / employee₹1.82 Cr

Who are its competitors?

The closest listed comparisons in its industry are HAVELLS INDIA LIMITED, VOLTAS LTD, TITAN COMPANY LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

HAVELLS INDIA LIMITEDP/E 43.5x · ROE 17.1%

VOLTAS LTDP/E 75.8x · ROE 7.0%

TITAN COMPANY LIMITEDP/E 68.5x · ROE 36.7%

What is its competitive advantage?The numbers suggest a real one

ROCE has stayed above 15% in every year available and stands at 21.9%. Returns that high normally get competed away; when they persist, something is protecting them, and its ROE of 16.1% against a peer median of 17.1% is consistent with that. What that something is — brand, scale, switching costs, regulation — the accounts cannot tell you.

ROCE21.9%

ROE16.1%

Peer median ROE17.1%

What is the outlook?

5 analysts covering the stock expect revenue to grow about 16.6% and earnings to grow about 20.8% in the year to 2028. These are estimates by people who follow the company, not a forecast for the wider industry.

Est. revenue growth+16.6%

Est. earnings growth+20.8%

Analysts5

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +56% while net margin moved +20% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+56%

Margin effect+20%

DalalBaazaar Score

74/ 100

Good

Weighted across six categories. Every point is explained below.

✓ Beta of 0.63 — historically steadier than the index
✗ Micro Cap: thinner liquidity and sharper drawdowns are normal
✓ Profits have been consistent from year to year
✗ Negative free cash flow means dependence on external funding

Quality vs. Valuation

Company Quality

79/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

70/ 100

Cheap

What you are being asked to pay, ignoring how good the business is.

A good business currently available at an undemanding price — the combination this framework is built to look for.

Historical Valuation

Current P/E

27.0x

3Y Median

39.9x

40 monthly readings · mean 38.7x · range 23.9x–53.5x

Sector Median

68.5x

median of 3 sector peers

🟢Current valuation is approximately 32% below its 3y median of 39.9x. Cheaper than its own history, which is worth a reason too: the market may be pricing in something the backward-looking numbers do not show.

🟢Against its sector it trades 61% below the peer median of 68.5x.

vs. its own history

Cheap

39.9x median over 40 months · -32%

vs. sector peers

Cheap

68.5x median of 3 peers · -61%

vs. generic bands

Fair

15x–35x

P/E (Trailing)

27.0x

P/B

4.75x

EV/EBITDA

16.6x

PEG

1.16

Dividend Yield

0.30%

What's Good / What's Bad

🟢 What's Going Well4

Margins are improving
EBITDA margin is up from 18.8% to 20.8% over 3 years.
High return on capital employed
ROCE of 21.9% is the mark of a business that converts capital into profit efficiently.
Valuation below its historical average
At 27.0x the stock trades 32% below its own median of 39.9x.
Consistently profitable
Profitable in every one of the last 4 reported years.

🔴 What Needs Attention2

Free cash flow is negative
The business is not currently covering its capital spending from operations.
Inventory building faster than sales
Inventory is up 98% against revenue growth of 56% — stock may not be moving.

Red Flags

2 items require attention · 1 high · 1 watch

🔴Free cash flow negative for 3 yearsFinancial
The business has not covered its capital spending from operations for several years running, which has to be funded externally.
🟡Inventory building faster than salesFinancial
Inventory up 98% against revenue up 56% — stock may not be moving.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Capital compounds at a high rate
ROCE of 21.9% means each rupee reinvested earns well above what capital costs. If the company can keep deploying at this rate, growth creates value rather than just consuming cash.
Margin expansion has further to run
EBITDA margin has risen from 18.8% to 20.8%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Priced below its own history
The stock trades 32% below its own median multiple. If the business performs as it has and simply re-rates back to normal, that gap is return on its own.
Cheaper than its peers
It trades 61% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.
Earnings have proved durable
Profitable in every one of the last 4 reported years. Consistency lowers the risk that any single bad year is structural rather than cyclical.

🔴 Bear CaseWhat could go wrong?

Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 12% a year✓ 15.9% CAGR
Latest reported year was 15.5%. The bar is set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 19%✓ 20.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Free cash flow remains positive✗ -₹3 Cr
Profit that never becomes cash eventually stops being profit.
4Debt / EBITDA stays below 2x✓ 1.5x
The ratio lenders write covenants against; it survives a small or negative equity base, unlike Debt/Equity.
5ROCE stays above 19%✓ 21.9%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

10 / 12 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✓ Strong return on capital employed (ROCE ≥ 15%)
✓ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Revenue growing year-over-year
✓ Profit growing year-over-year
✓ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Analyst consensus isn't majority-sell
✗ Short-term technical trend isn't bearish

Price history

Quick Metrics

6 good · 4 neutral · 1 weak

Market Cap

₹2,887 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

27.0x

Fair

Fairly valued against the generic band

P/B Ratio

4.75x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹37.54

Profitable

Profitable on a per-share basis

ROE

16.1%

Strong

Strong capital efficiency

ROCE

21.9%

Strong

Earns comfortably above its likely cost of capital

Debt/Equity

0.46x

Low

Conservative leverage

Revenue Growth (YoY)

15.5%

Healthy

Healthy top-line growth

Profit Growth (YoY)

37.6%

Healthy

Profits growing at a healthy clip

Dividend Yield

0.30%

Modest

Small cash return — most of the return has to come from the price

Free Cash Flow

-₹3 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

CMP

₹1,015

P/E (Forward)

20.1x

Improving

Below the trailing multiple — the street expects earnings to grow into the price

Operating Margin

16.3%

Good

Healthy core-business profitability

Net Margin

11.1%

Good

Strong bottom-line conversion

Current Ratio

1.44

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.63

Defensive

Steadier than the market

52W Range Position

52%

Mid-range

Technical Snapshot

SMA 20 / SMA 50

1042.5 / 1112.7

Bearish alignment (short < long)

Price vs SMA 200

Above

Long-term uptrend

RSI (14)

35.7

Neutral momentum

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹588 Cr	₹679 Cr	₹808 Cr	₹916 Cr	+15.9%
EBITDA	₹111 Cr	₹139 Cr	₹148 Cr	₹191 Cr	+19.9%
EBITDA Margin	18.8%	20.4%	18.3%	20.8%	—
PAT (Net Profit)	₹52 Cr	₹58 Cr	₹64 Cr	₹98 Cr	+23.3%
EPS	₹19.52	₹21.55	₹22.41	₹34.52	+20.9%
ROE	17.3%	16.4%	12.1%	16.1%	—
ROCE	20.4%	20.6%	17.3%	21.9%	—
Total Debt	₹235 Cr	₹312 Cr	₹276 Cr	₹283 Cr	+6.3%
Free Cash Flow	₹13 Cr	-₹40 Cr	-₹54 Cr	-₹3 Cr	—

🟢 Revenue has grown at 15.9% a year over 3 years.

🟢 EBITDA has grown at 19.9% a year over 3 years.

🟢 EBITDA Margin has risen from 18.8% to 20.8% over 3 years (+2.0 pts).

🟢 PAT (Net Profit) has grown at 23.3% a year over 3 years.

🟢 EPS has grown at 20.9% a year over 3 years.

🔴 ROE has fallen from 17.3% to 16.1% over 3 years (-1.1 pts).

🟢 ROCE has risen from 20.4% to 21.9% over 3 years (+1.5 pts).

🔴 Total Debt has grown at 6.3% a year over 3 years.

🔴 Free Cash Flow has turned negative, from ₹13 Cr to -₹3 Cr.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1,042 Cr

Total Liabilities

₹428 Cr

Total Debt

₹283 Cr

Cash & Equivalents

₹8 Cr

Operating Cash Flow

₹109 Cr

Capex

-₹111 Cr

Shareholding (proxy)

Institutional Holding

10.0%

Insider Holding

47.0%

Corporate Actions

Dividend Rate

₹3

Ex-Dividend Date

15 Sept 2026

Analyst Consensus

Recommendations

4 Buy · 0 Hold · 0 Sell

Target Price (Mean)

₹1,394.67

+37.4% vs CMP

Target Range

₹1,292 – ₹1,482

Peer Comparison

Company	P/E	ROE
HAVELLS INDIA LIMITED	43.5x	17.1%
VOLTAS LTD	75.8x	7.0%
TITAN COMPANY LIMITED	68.5x	36.7%

Recent News

2 positive4 mixed

Carysil net profit rises 23% to ₹32 crore in Q1FY26 on revenue growth

scanx.trade, 14 OctResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Carysil Limited (NSE:CARYSIL) Analysts Are Pretty Bullish On The Stock After Recent Results

Simply Wall Street, 15 AugAnalyst view

🟡Mixed / dependsBroker commentary — an opinion about the price rather than new information about the business.

Ashish Kacholia sells over 2 lakh Carysil shares in Q2. How has the stock fared?

The Economic Times, 09 OctResults

🟡Mixed / dependsA results event. The figures on this page update once the new statements reach the data feed, which usually lags the announcement.

Why Is CARYSIL Share Price Falling Key Reasons 2026

Univest, 03 JunPrice move

🟡Mixed / dependsA price move rather than a change in the business. If the figures on this page have not moved, the fall is either an opportunity or news they have yet to catch up with.

Carysil shares jump nearly 6% as Q1 profit rises 38%, margins improve

CNBC TV18, 10 AugResults

🟢Potentially positiveReported improvement. Check whether it came from volume, price or a one-off item before treating it as a trend.

Carysil Expands Sink Capacity; Shares Gain Over 3%

HDFC Sky, 21 MayPrice move

🟡Mixed / dependsA price move, which is not by itself a change in the business. Worth finding the cause before reading it as either good or bad.

Watch Items

Cross-check against the company's latest quarterly filing / investor presentation before acting.

DalalBaazaar Thesis

🟢Business QualityStrong15.4/20

🟢Financial HealthStrong13.2/20

🟢GrowthStrong18.5/20

🟢ProfitabilityStrong11.9/15

🟡ValuationFair9.5/15

🟡RiskModerate5.4/10

Attractive on both counts

A good business currently available at an undemanding price — the combination this framework exists to look for. The work left is qualitative: whether the advantage the numbers imply is one you can identify and expect to last. 1 high-severity red flag sits above this conclusion and should be read first.

This thesis breaks if

✓Revenue growth stays above 12% a year15.9% CAGR
✓EBITDA margin holds above 19%20.8%
✗Free cash flow remains positive-₹3 Cr
✓Debt / EBITDA stays below 2x1.5x
✓ROCE stays above 19%21.9%