CARYSIL LIMITED — Q3 FY26
Carysil reported a decent Q3 FY26 with consolidated total income of 225.2 cr (+8.6% YoY) and EBITDA of 43.7 cr (+31.9% YoY), driven by strong volume growth in quartz (+27%) and...
bullish
high
✓ Verified against BSE filing
Claim Ledger
Did management answer the analysts?
Every material analyst question, graded on whether management actually answered it — with the verbatim exchange and quantitative claims checked against filed numbers.
55%Questions answered2Evaded / deflected11Questions auditedContradictedNumbers vs filing
Partial answer
High priority
Pricing strategy in US after tariff rate change
Asked by Sagar Jwani, Philip Capital PMS
Acknowledged rollback but did not specify exact timing or magnitude.
vague timelineno specific percentage
Read the exchange
Question
due to the favorable tariff rates now uh what will be our pricing strategy in US market? Will we be uh rolling back the discounts in a calibrated way?
Management (likely CEO)
the roll back is happening on a pro data basis in with immediate effect. I mean 50% tariff is still about 18% right? So to according so post pro data to that the roll back is already we have already informed all our customers it will be with im immediate effect.
Answered
High priority
Effective discounting on products in Q3
Asked by Sagar Jwani, Philip Capital PMS
Provided a range for discounting.
Read the exchange
Question
what was the discounting on the effective discounting on the products to combat the high tariff rate in Q3.
Management (likely CEO)
I can just tell you range approximately it was I think between 50 to 50 to 20%.
Partial answer
Medium priority
Closure of stores in Mumbai
Asked by Sagar Jwani, Philip Capital PMS
Acknowledged closure but did not confirm relocation details.
vague about closureno specific timeline
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Question
a couple of stores in Mumbai we had seen a closure. I'm not sure it's a closure. Uh are these stores getting relocated?
Management (likely CEO)
Bombay is you know this is all this coaster highway coming in now I think I think we have done our purpose everybody knows there was no goodfall happening mall is now kind of run down if you're talking about the atria mall so we have one in now but we are opening new ones now towards the new new Bombay and also in south Bombay we are looking at around the Mahalakshmi hill side.
Partial answer
Medium priority
Non-US market IKEA sales progress
Asked by Sagar Jwani, Philip Capital PMS
Qualitative positive but no quantitative data.
no numbers given
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Question
this non uh US market IKEA sales can you comment how is it progressing?
Management (likely CEO)
overall across Europe we we see uh good increase. Uh I would say some of the area there's a sharp increase. Uh IKEA per se is doing exceptionally well. Uh we had some probably the highest sales last month IKEA.
Declined
Medium priority
Quantify volume for non-US IKEA
Asked by Sagar Jwani, Philip Capital PMS
Refused to provide numbers citing agreements.
confidentiality agreementdeferred to IR
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Question
would you be able to please quantify the volume number if so for for non- US market IKEA?
Management (likely CEO)
because of the agreements with them, we cannot just openly announce what numbers we do with them. But I think uh you can contact our investor relation.
Answered
High priority
Progress on entering hard surfaces in UK
Asked by Aijit Shid, SBI Cap Securities
Provided specific timeline for prototype.
Read the exchange
Question
in the last quarter you mentioned that you want to enter into the hard surfaces uh in the UK business. So sir any progress on that?
Management (likely CEO)
The fabrication business first prototype is coming up uh by April. Uh when we are doing the expo the 2.0 summit we would like we are going to display this new uh traffication business in that expo. So it is going to come as fast as in quarter one.
Partial answer
Medium priority
Guidance on borrowing for FY27 and FY28
Asked by Aijit Shid, SBI Cap Securities
Gave current debt but no specific future borrowing guidance.
no forward guidancedeferred to budget meeting
Read the exchange
Question
any guidance on the borrowing part uh for FI27 and FI28?
CFO (Anand)
on the borrowing side if you look at our debt uh we actually reduce the debt from uh March of 253 cr to current 228 cr. So uh we don't have any plan as such on the borrowing on the capex side.
Partial answer
Medium priority
Kitchen appliances revenue mix domestic vs international
Asked by Aijit Shid, SBI Cap Securities
Answer was unclear and did not provide a clean domestic vs international split.
confusing answerno clear split
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Question
on the kitchen appliances part sir uh how much is the mix uh in terms of domestic and international revenue mix?
Management (likely CEO)
No right now we are doing all 100% Indian business 100% international right now the whatever the appliances business we are assembling manufacturing or trading in India is 100% it is India UAE and the Gulf market is one peculiar case where we are now doing appliances about 80 to 90% is appliances sales
Partial answer
Low priority
Correlation of United Granite LLC with surfaces business
Asked by Prates, Lucky Investments
Initially said 100% then backtracked, not precise.
contradictoryvague
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Question
United Granite LLC. So that arm of the business is basically the surfaces portion of the business in US or it is something else?
Management (likely CEO)
No, it is 100% surfaces fabrication designs 100% surfaces. Okay. So I mean I mean I mean I mean could be I would not quote 100 100%. It could be five% could be sinks and faucets some other things. So but it is majority surfaces fabrication.
Partial answer
High priority
Growth rates and demand trends for surfaces business
Asked by Prates, Lucky Investments
Discussed margin improvement but did not provide growth rates.
no growth rate givenfocused on margins
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Question
Can you uh little bit uh you know highlight the ch the the growth rates there in these 2% of the three businesses the surface as a whole and what are the what are the near-term demand trends basically
Management (likely CEO)
one big change we are doing is we Mantra is cut less make more. So we are now cutting exotic stones a very very high-end stones. So our gross margin approximately have improved from 35% to 50% plus.
Evasive
Medium priority
Growth rate for UK surfaces business
Asked by Prates, Lucky Investments
Did not provide any growth rate, cited challenging environment.
no number givenvague
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Question
what should be the growth rate with in UK business in surfaces uh you know once you you know go through this part.
Management (likely CEO)
right now it is very very challen challenge challenging environment. It's you know it's kind of very very tough to say. I think we are taking a quarter at a time.
Answered
High priority
Gross margin expansion including currency tailwinds
Asked by Vik Bafna, Monarch Network Capital Limited
Clearly attributed margin expansion to raw material price decline.
Read the exchange
Question
more about the gross margin expansion uh which has taken place. So does this include our currency tailwinds um you know currency difference uh profits over here?
CFO (Anand)
this margin expansion came mainly from the raw material price imported raw material price. MMA prices has gone down from 2.2 $2.02 02 in April to $1.5 in December.
Quantitative claims vs filed numbers
| Claim | Management said | Filing | Verdict |
|---|---|---|---|
| Gross margin improved from 35% to 50% plus | 50% | 19% | Overstated vs filing |
| UAE subsidiary targeting 10 cr, ending >20 cr | ₹20 cr | ₹223 cr | Understated vs filing |
| US surfaces to grow 15% this year | 15% | 8.6% | Overstated vs filing |
| Appliances targeting 30 cr next year | ₹30 cr | ₹223 cr | Understated vs filing |
Filed figures sourced from Screener.in. Claims within a small tolerance of the filing are marked “matches filing”.