Carysil Ltd

- There is no specific mention of any current or future fundraising through debt or equity in the provided transcript. - The company reported a gross debt of Rs. 265.5 crores as of March 31, 2025, with a debt-to-equity ratio less than 0.5. - Cash at bank balance stood at Rs. 68 crores, including fixed deposits earmarked for CAPEX. - CAPEX plans for FY‘26 include about Rs. 50 crores for expansion in sinks fabrication and built-in appliances. - No clear indication of raising funds through new debt or equity was discussed during the call. - The company appears focused on organic growth through internal accruals and operational improvements rather than immediate external fundraising.

- Carysil invested Rs. 45 crores in FY'25 for new machinery, equipment, and molds to support upcoming manufacturing facilities and enhance production capacity. (Page 9) - CAPEX of about Rs. 50 crores planned for current year FY'26, covering expansion from sinks to fabrication to built-in appliances. Further capacity expansions for quartz sinks and stainless-steel sinks will be decided based on market demand. (Page 14) - Foundation stone for a new Appliances factory to be laid next month; expected surface and countertop facility operational within 150-180 days. (Page 15-16) - Additional capex of Rs. 7-10 crores earmarked for expanding stainless-steel sink capacity by 70,000 units, increasing total capacity to 250,000 units by Q3 FY'26. (Page 6) - Ongoing investment in R&D for new sink materials, faucet engineering, and built-in appliances to support innovation and product portfolio expansion. (Page 8)

- Expecting 15% revenue growth for FY 2025-26, targeting around Rs. 925-930 crores; potential to reach Rs. 1,000 crores annual run rate by Q3/Q4. - Quartz sink capacity utilization anticipated to hit 85-90% within next 3-4 months, with volumes potentially increasing to 240,000 units with new US deals by FY 2027. - Domestic India business targeted to grow from Rs. 150 crores to Rs. 300 crores midterm, driven by growth across quartz sinks, steel sinks, Faucets, and Appliances. - Stainless-steel sink capacity expansion planned with additional 70,000 units, total capacity to reach 250,000 units by Q3 FY 2026. - UK subsidiary focuses on new products and increasing customers, targeting to be among the top three in UK sinks market. - US subsidiary improving margin by focusing on high-end exotic marble and quartz; margins turning positive with expectations of further improvement. - New contracts with retailers (e.g., Howdens in UK) and large electronics chains in India aiming to expand channels and increase sales.

- The company expects significant growth driven by new deals, especially the IKEA business, with volume potential increasing 3x to around 180,000-200,000 units. - Quartz sink capacity utilization is projected to reach 85%-90% within the next 3-4 months, supporting revenue growth. - FY‘26 margin guidance is maintained at 18%-20% EBITDA, with margin improvement expected due to cooling raw material and freight costs, better product mix, and operational efficiencies. - Subsidiary profitability is improving; for example, the US subsidiary moved from a loss of 8-10% to breakeven and now 2-3% profit, with further margin gains expected. - Domestic premium segment focus and capacity expansions in sinks, faucets, and appliances are expected to drive medium-term revenue growth to Rs. 300+ crores from Rs. 150 crores currently. - CAPEX plans of Rs. 50 crores in FY‘26 include enhancements to support production and new manufacturing facilities. - Overall profit growth is anticipated with margin stability and capacity scale-up, aiming to surpass FY‘22 margins over time.

- Carysil has signed a long-term contract with KARRAN (US) to supply 150,000 quartz sinks annually to 1,800 stores. - The current supply to KARRAN in FY‘24 was approximately 120,000 units. - With the addition of the Lowe’s deal, total expected supply to US customers including KARRAN could reach about 240,000 units by FY‘25-‘26. - The contract with KARRAN is multi-year without a fixed time period, with past contracts lasting over 15 years. - Carysil won an RFQ award from IKEA to increase their quartz sink supply market share from 25% to approximately 75%, a 3x volume increase. - The company is building capacity and ordering necessary moulds to support this increased IKEA order. - Overall, Carysil anticipates significant order growth driven by large global customers like IKEA, Lowe’s, and KARRAN, with capacity utilization expected at 85-90% soon.