Key Metrics of Carysil Limited
About Carysil Limited
Sectors
Company details
- Registered office
- A-702, 7th Floor, Kanakia Wall Street Andheri- Kurla Rd,, Citi Point, Andheri Kurla Road,, Andheri East, Andheri (e), Mumbai, In-mh, 400093
- Listed
- NSE: CARYSIL · ₹991.95
Operational Areas of Carysil Limited
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
Sign in to continue See plans & pricingFiling compliance
Due dates follow the Companies Act: AGM within six months of the year end, AOC-4 within 30 days and MGT-7 within 60 days of the AGM. A filing made but not yet uploaded here shows as pending.
Vendor checks & payment capacity
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 26 Mar 2026 | ICRA | Reaffirmed | A | A2+ | Stable | ₹193 Cr | View |
Credit strengths (ICRA, Mar 2026)
+ Extensive experience of promoters and established presence of the Group in kitchen sink industry
CL was incorporated in 1987 and is the leading manufacturer of composite quartz kitchen sinks in India.
+ Diversified product portfolio
The company has diversified into various products such as granite and stainless-steel kitchen sinks, kitchen countertop fabrication and bath segment s.
+ Financial profile continues to be comfortable, reflected by healthy debt coverage indicators and comfortable capital structure
At the consolidated level, the company’s revenues rose at a healthy CAGR of around 24% during FY2020 –FY2025, largely driven by inorganic acquisitions and capacity expansions along with healthy demand.
Credit challenges
− Working capital intensive business and negative free cash flows due to high capex
The company’s operations are working capital intensive with NWC/OI of 36% as on March 31, 2025 owing to high inventory holding and a relatively longer receivable cycle.
− Vulnerability of profitability to fluctuation in raw material prices and foreign exchangerates
CL’s profitability remains vulnerable to adverse movements in the price of key raw materials, i.e. resins .
− Heightened business risks due to escalation in West Asia
Escalation in West Asia conflict could result in high freight costs, longer shipping routes for exports, and increased fuel and raw material costs.
Could lead to an upgrade
ICRA could upgrade the ratings if the company is able to significantly scale up its operations while sustaining its profitability or improving its working capital intensity and the overall
Could lead to a downgrade
Pressure on the ratings could arise if there is a decline in the scale of operations along with a moderation in profitability, or if a stretched working capital cycle or higher-than-expected debt-funded capex materially impacts its debt coverage indicators or
Agency-reported financials (ICRA, 26 Mar 2026)
| Metric | FY2024 | FY2025 | 9M FY2026 |
|---|---|---|---|
| Operating income | ₹684 Cr | ₹816 Cr | ₹690 Cr |
| PAT | ₹58.40 Cr | ₹64.30 Cr | ₹71.60 Cr |
| OPBDIT/OI | 19.1% | 17.2% | 19.1% |
| PAT/OI | 8.5% | 7.9% | 10.4% |
| Total outside liabilities/Tangible net worth (times) | 1.40× | 0.90× | — |
| Total debt/OPBDIT (times) | 2.40× | 2.00× | — |
| Interest coverage (times) | 5.70× | 5.40× | 8.80× |
| Revenue growth (YoY) | — | 19.3% | — |
| EBITDA (margin × income) | ₹131 Cr | ₹140 Cr | ₹132 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹313 Cr | ₹281 Cr | — |
| Implied interest cost (EBITDA ÷ coverage) | ₹22.91 Cr | ₹25.98 Cr | ₹14.98 Cr |
Borrowings & rated debt
Facility mix
Maturity ladder
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Fund-based Cash Credit/Working Capital Limit | Working capital & bank lines | ₹123 Cr | ₹128 Cr | 4.5% | A (Stable) | Reaffirmed | ICRA |
| Fund-based Interchangeable Limit (122.50) (128.00) Fund-based Term Loan | Term loans | ₹59.5 Cr | ₹55.0 Cr | −7.6% | A (Stable) | Reaffirmed | ICRA |
| Non-fund Based Letter of Credit | Non-fund based limits | ₹10.0 Cr | ₹10.0 Cr | 0.0% | A2+ | Reaffirmed | ICRA |
| Non-fund Based Stand by Line of (10.00) (10.00) Credit Non-fund Based Bank Guarantee (25.00) (25.00) Unallocated Limits | Non-fund based limits | ₹1.40 Cr | ₹40.0 L | −71.4% | A2+ | Reaffirmed | ICRA |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| — | Fund based Term Loan FY FY | Non-fund based limits | — | 31 Mar 2014 | 31 Mar 2031 | ₹55.0 Cr | A | Outstanding |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Next action stable or better (model) | 62% |
| Information on file | 78% · missing: Capex / investment plans, Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 60% chance the next rating action is stable or better
- Current rating A (investment grade)
- Interest coverage 8.8×
- ₹0.4 cr of rated limits not yet tied to a lender
Rated limits by facility
Timeline
From the report
The company had a cash and investment balance of Rs. 54 crore, and unutilised limits of ~Rs. 33 crore as on December 31, 2025.
From the report
Against these sources of funds, the company has repayment obligations of around Rs. 40 crore and capex plans of Rs. 50-60 crore in FY2027.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Carysil Limited
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
| Cement · Cement, Building Materials & Polymers | ultratechcement.com | 1983 | Mumbai, India | |
| Cement · Cement, Building Materials & Polymers | ambujacement.com | — | Ahmedabad, India | |
| Cement · Cement, Building Materials & Polymers | acclimited.com | — | Gandhinagar, India | |
 Shree Cement |
Cement · Cement, Building Materials & Polymers | shreecement.com | — | Beawar, India |
| Cement · Cement, Building Materials & Polymers | dalmiacement.com | — | Tiruchirapalli, India | |
| Cement · Cement, Building Materials & Polymers | jkcement.com | — | Rajasthan, India | |
 Nuvoco Vistas |
Cement · Cement, Building Materials & Polymers | nuvoco.com | — | Mumbai, India |
| Discovered Companies · Other Industries | birlacorporation.com | — | Kolkata, West Bengal, India | |
 The Ramco Cements |
Cement · Cement, Building Materials & Polymers | ramcocements.in | — | Rajapalayam, India |
| Tiles & Ceramics · Cement, Building Materials & Polymers | prismjohnson.in | — | Hyderabad, India |
Similar companies
Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
No filings on record yet.