Financial Performance Highlights

Q1 FY27 Consolidated Results:

  • Total Income: ₹264.8 crores (up 16.5% YoY from ₹227.3 crores in Q1 FY26)
  • EBITDA: ₹56 crores (up 27% YoY from ₹44.1 crores)
  • EBITDA Margin: 21.2% (expanded 175 bps from 19.4%)
  • EBIT: ₹46.8 crores (up 31.2% YoY)
  • EBIT Margin: 17.7% (improved 198 bps)
  • PAT (after minority interest): ₹31.4 crores (up 37.7% YoY from ₹22.8 crores)
  • PAT Margin: 11.9% (improved 183 bps)
  • EPS: ₹11.05 (up 37.6% from ₹8.03)

Sequential Performance (Q1 FY27 vs Q4 FY26):

  • Revenue growth: 12.2%
  • EBITDA growth: 16.8%
  • EBITDA margin expansion: 89 bps (from 20.3% to 21.2%)

Volume Performance by Category

  • Quartz Sinks: 2.01 lakh units (up 6% YoY)
  • Stainless Steel Sinks: 49.4 thousand units (up 16% YoY)
  • Kitchen Appliances: 9.8 thousand units (up 12% YoY)
  • Faucets: 12.5 thousand units (up 43% YoY)

Geographic Performance

  • Export from India operations: 10.6% YoY growth
  • Domestic sales: 39.8% YoY growth to ₹56 crores
  • Domestic sales outpaced exports

Capacity Utilization & Manufacturing

  • Quartz Sinks capacity utilization: 88%
  • Stainless Steel Sinks capacity utilization: 94%
  • In-house manufacturing: 53% of kitchen appliances, 67% of faucets

Business Segment Updates

Quartz Sinks Business:

  • Strong momentum supported by export demand and domestic traction
  • Capacity expansion of 250,000 units on track for completion by end of FY27
  • Partnership extended with Home Depot US and Canada
  • New collaborative agreement with Hafele Australia and New Zealand
  • First orders secured with Amazon USA

Stainless Steel Sinks:

  • Volume growth of 16.3% YoY
  • Additional 70,000 annual capacity added, total capacity now 250,000 units
  • Acquired adjacent land and started construction of new factory
  • Targeting B2C and B2B OEM customers including Kohler, Hafele, Grohe

Faucets Business:

  • Volume growth of 33.4% YoY
  • Expanding portfolio into stainless steel and brass faucets with PVD finishes
  • RO enabled drinking water production launched
  • Traction initiated in European markets

India Market Performance:

  • Domestic sales grew 40% YoY driven by 25% volume growth and 12% price realization growth
  • Category-wise growth: Quartz Sinks 31%, Stainless Sinks 60%, Appliances 28%, Faucets 45%
  • Expanding distribution with 40-50 galleries, 11 brand stores, 34 committed in Q2, 180 stores planned in next two years
  • B2B vertical penetration in Tier 2 and Tier 3 markets
  • Ecommerce sales expected to grow 3x this year through Amazon Alpha and Flipkart

Global Expansion:

  • Europe plus strategy with relationships with IKEA, Lowe's, Howdens UK, Amazon
  • Expanding into emerging markets like Qatar and other Gulf countries
  • New Carysil showroom coming in Manchester, UK
  • Launch of premium surfaces with built-in appliances in UK by Q3 FY27
  • New customers added: Bodel, Barwick, JJO across UK and Ireland

Guidance & Outlook

  • Maintaining FY27 revenue guidance: 15% growth
  • Maintaining EBITDA margin guidance: 18-20% (currently tracking toward upper band)
  • Growth drivers: operating leverage, product mix, efficiency, scale
  • Focus on building next ₹1,000 crores of business

Capital Expenditure

  • FY27 Capex: ₹80-90 crores
  • ₹40-50 crores for granite sinks expansion
  • ₹20 crores for stainless steel expansion
  • ₹20 crores for faucets and appliances

Management Commentary

  • Improvement in profitability driven by multiple factors, not one-off benefits
  • Benefits from operating leverage, product mix, efficiency, and scale expected to continue
  • India becoming increasingly important growth engine
  • Objective to build Carysil into global kitchen solution company with sustainable double-digit growth
  • Discipline capital allocation to invest ahead of growth across capacity, technology, innovation, products, and brand

Future Initiatives

  • Fabrication unit for surfaces business in India expected by March 2027
  • Carysil Blue D2C brand for bathroom suite with first 10 stores planned by March 2027
  • Technical collaboration for faucet technology enhancement
  • Focus on premium products and high-end appliances including built-in refrigerators