Carysil shares can surge 33%, says Anand Rathi; cites these factors
Carysil shares: Anand Rathi increased its target price to ₹1,265, valuing at 30x FY27e/FY28e average EPS.
- Nov 25, 2025,
- Updated Nov 25, 2025 4:28 PM IST
Shares of Carysil are set to see an upside of 33% from the current level, according to brokerage Anand Rathi. The brokerage firm retained its 'Buy' rating on Carysil and raised the price target to Rs 1,265 from Rs 1,161 earlier, valuing the stock at 30 times FY27e/FY28e average EPS.
Carysil reported healthy earnings in the September 2025 quarter. Revenue rose 16% YoY to Rs 240 crore, EBITDA increased 24% YoY to Rs 46 crore, and profit grew 62% YoY to Rs 27 crore.
While economies of scale aided healthy growth in EBITDA, higher other income and lower depreciation/interest expense boosted earnings, said the brokerage adding that the management expects revenue to grow by 15% in FY26 with EBITDA margin of 18-20%.
"Expecting revenue/profit after tax to clock 17/25% CAGR over FY25-28, we maintain BUY rating on the stock with a 12-mth target price of Rs 1,265 (from Rs 1,161 earlier)," said Anand Rathi.
Carysil shares were trading on a flat note at Rs 957.20 in the afternoon session today. The stock has gained 25% in six months.
Looking ahead, the management expects 15% revenue growth in FY26 with an 18-20% EBITDA margin.
Anand Rathi projects continued strength for the company: Anand Rathi forecasts 17% revenue CAGR and 25% PAT CAGR over FY25-28.
Carysil's sinks business' revenues rose 22.3% year-on-year to ₹120 crore, led by a 23.5% jump in volumes to 198,000 sinks, with realisation per unit largely unchanged at ₹5,931. Stainless steel sink revenue increased 7.8% to ₹24.5 crore, on a 7.6% rise in volumes to 43,000 units and steady realisation at ₹5,656 per unit. Kitchen appliances and other categories registered a 38% year-on-year growth in revenue to ₹33.9 crore, while the surface business rose by 2.2% to ₹650 crore.
Carysil is currently expanding capacity across quartz sinks, stainless steel sinks, kitchen appliances, and faucets, with investments sourced from internal accruals and capital raised in FY25.
Shares of Carysil are set to see an upside of 33% from the current level, according to brokerage Anand Rathi. The brokerage firm retained its 'Buy' rating on Carysil and raised the price target to Rs 1,265 from Rs 1,161 earlier, valuing the stock at 30 times FY27e/FY28e average EPS.
Carysil reported healthy earnings in the September 2025 quarter. Revenue rose 16% YoY to Rs 240 crore, EBITDA increased 24% YoY to Rs 46 crore, and profit grew 62% YoY to Rs 27 crore.
While economies of scale aided healthy growth in EBITDA, higher other income and lower depreciation/interest expense boosted earnings, said the brokerage adding that the management expects revenue to grow by 15% in FY26 with EBITDA margin of 18-20%.
"Expecting revenue/profit after tax to clock 17/25% CAGR over FY25-28, we maintain BUY rating on the stock with a 12-mth target price of Rs 1,265 (from Rs 1,161 earlier)," said Anand Rathi.
Carysil shares were trading on a flat note at Rs 957.20 in the afternoon session today. The stock has gained 25% in six months.
Looking ahead, the management expects 15% revenue growth in FY26 with an 18-20% EBITDA margin.
Anand Rathi projects continued strength for the company: Anand Rathi forecasts 17% revenue CAGR and 25% PAT CAGR over FY25-28.
Carysil's sinks business' revenues rose 22.3% year-on-year to ₹120 crore, led by a 23.5% jump in volumes to 198,000 sinks, with realisation per unit largely unchanged at ₹5,931. Stainless steel sink revenue increased 7.8% to ₹24.5 crore, on a 7.6% rise in volumes to 43,000 units and steady realisation at ₹5,656 per unit. Kitchen appliances and other categories registered a 38% year-on-year growth in revenue to ₹33.9 crore, while the surface business rose by 2.2% to ₹650 crore.
Carysil is currently expanding capacity across quartz sinks, stainless steel sinks, kitchen appliances, and faucets, with investments sourced from internal accruals and capital raised in FY25.