Key Metrics of Carysilnox Limited
About Carysilnox Limited
Company details
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 | BBB+ | A2 | Stable | ₹37.1 Cr | View |
Credit strengths (ICRA, Mar 2026)
+ Strong parentage and experience of the promoters in kitchen sink industry
CNL is a subsidiary of Carysil Limited, which is a leading manufacturer of granite-based kitchen sinks (also known as composite quartz sinks) in India and, hence, benefits from www.icra.in Sensitivity Label : Public Page |1 its established brand name.
+ Healthy capacity utilisation levels and stable profit margins
The company’s manufacturing plant is located in Bhavnagar, Gujarat, with an installed capacity of manufacturing 1,00,000 kitchen sinks using the traditional pressing line and 80,000 kitchen sinks using the fabrication line.
+ Comfortable gearing and debt coverage indicators
The company’s gearing remained comfortable at 0. 6 times in FY2025.
Credit challenges
− Modest scale of operations
The company’s scale remained modest, as indicated by an operating income (OI) of Rs. 67.0 crore in FY2025.
− Working capital intensive nature of business
The working capital intensity remained high at 32% in FY2025 owing to high inventory days and reduced creditor days , as it is required to maintain an inventory of various designs to meet urgent requirements.
− Exposed to intense competition
The presence of both large and organised players as well as numerous small-scale manufacturers, coupled with low entry barriers in the kitchen sink industry, increases competition.
− Exposure of margin to volatility in raw material prices
CNL’s profitability continues to be vulnerable to any price increase of the key raw material, stainless steel.
Could lead to an upgrade
ICRA could upgrade CNL’s ratings if there is a significant scale-up of operations, coupled with an improvement in margins, leading to an overall enhancement in the
Could lead to a downgrade
Pressure on the ratings may arise if there is a deterioration in the credit profile of the parent company or weakening of linkages with it. A significant decline in CNL’s scale and profitability or a stretch in the working capital cycle, resulting in a decline in cash accruals and overall weakening of the financial/
Agency-reported financials (ICRA, 26 Mar 2026)
| Metric | FY2024 | FY2025 | 9M FY2026 |
|---|---|---|---|
| Operating income | ₹59.10 Cr | ₹67.00 Cr | ₹55.20 Cr |
| PAT | ₹3.30 Cr | ₹3.90 Cr | ₹3.30 Cr |
| OPBDIT/OI | 14.2% | 15.1% | 14.6% |
| PAT/OI | 5.5% | 5.8% | 6.0% |
| Total outside liabilities/Tangible net worth (times) | 1.60× | 1.00× | — |
| Total debt/OPBDIT (times) | 2.90× | 2.30× | — |
| Interest coverage (times) | 4.90× | 4.90× | 5.70× |
| Revenue growth (YoY) | — | 13.4% | — |
| EBITDA (margin × income) | ₹8.39 Cr | ₹10.12 Cr | ₹8.06 Cr |
| Implied total debt (debt/EBITDA × EBITDA) | ₹24.33 Cr | ₹23.28 Cr | — |
| Implied interest cost (EBITDA ÷ coverage) | ₹1.71 Cr | ₹2.07 Cr | ₹1.41 Cr |
Borrowings & rated debt
Facility mix
Maturity ladder
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term Fund-based – cash credit | Working capital & bank lines | ₹12.0 Cr | ₹12.0 Cr | 0.0% | BBB+ (Stable) | Reaffirmed | ICRA |
| loan | Other | ₹20.3 Cr | ₹20.3 Cr | 0.0% | BBB+ (Stable) | Reaffirmed | ICRA |
| Shipment Credit Short-term – Non-fund based | Non-fund based limits | ₹1.20 Cr | ₹1.20 Cr | 0.0% | A2 | Reaffirmed | ICRA |
| foreign bill discounting Short-term – Non-fund based | Non-fund based limits | ₹2.00 Cr | ₹2.00 Cr | 0.0% | A2 | Reaffirmed | ICRA |
| pre-settlement risk Short-term – Non-fund based | Non-fund based limits | ₹1.00 Cr | ₹1.00 Cr | 0.0% | A2 | Reaffirmed | ICRA |
| letter of credit | Non-fund based limits | ₹60.0 L | ₹60.0 L | 0.0% | A2 | Reaffirmed | ICRA |
Debt instruments
| ISIN | Instrument | Type | Coupon | Issued | Maturity | Amount | Rating | Status |
|---|---|---|---|---|---|---|---|---|
| — | Term loan FY FY | Term loans | — | 31 Mar 2018 | 31 Mar 2030 | ₹20.3 Cr | BBB+ | Outstanding |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2024-25
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) | 56% |
| Information on file | 33% · missing: Audited financial statements (last 18 months), Annual results history (3+ years), Debt obligations and repayment schedule, Capex / investment plans, Auditor details, Shareholding pattern |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 55% chance the next rating action is stable or better
- Current rating BBB+ (investment grade)
- Interest coverage 5.7×
- Working-capital limits 72% utilised on average
Rated limits by facility
Timeline
From the report
Further, the company has carried out rights issue of Rs. 10 crore in the current fiscal, which is likely to support the capex planned and the liquidity.
From the report
CNL carried out rights issue of Rs. 5 crore in FY2025 and Rs. 10 crore in the current fiscal, which were subscribed by the promoter and CL in the ratio of their existing shareholding.
From the report
The average utilisation of the working capital limit stood at around 72% for the 12-month period ending in December 2025.
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.
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.