Carysil Share Price Target 2026–2030 and What Drives It

Carysil share price today

Most people who search for the carysil share price are looking at a company that does something unglamorous very specifically: it moulds quartz composite into kitchen sinks in Bhavnagar and ships them to roughly 55 countries. That is a manufacturing business with a branded front end, which is an unusual combination for a company this size, and it is the reason the shares trade at a premium to a plain engineering multiple.

At the 10 September 2026 close the stock was ₹1,173.80, giving a market capitalisation of about ₹3,342 crore on trailing EPS of ₹37.54. That works out to roughly 31.3 times trailing earnings and 5.5 times a book value of ₹213.73 per share. The quote above updates after publication; every ratio and scenario input below is fixed to that stated cut-off and does not move with it.

The shares sat 6.22% below their 52-week high of ₹1,251.70 and well above the 52-week low of ₹737.05, which is a rise of about 59% from the bottom of the band. So the interesting question is not whether the stock has been weak. It is whether a mid-teens revenue grower with a 17.8% return on capital and real export concentration deserves to keep a multiple in the low thirties.

What Carysil actually sells

Carysil Limited, formerly Acrysil Limited, was incorporated in 1987 and is headquartered in Bhavnagar. It manufactures and trades quartz and stainless steel kitchen sinks, bath products, tiles, kitchen appliances and accessories, selling under the Carysil and Sternhagen brands. Yahoo Finance classifies it under Consumer Cyclical, in Furnishings, Fixtures & Appliances, and reports 504 employees.

Product line	What it covers	Economic character
Quartz kitchen sinks	The core moulded-composite product, exported widely	Capital-intensive manufacturing with brand and design pull
Stainless steel sinks	The volume alternative to quartz	More commoditised, competes on cost and finish
Faucets and disposers	Taps, food waste disposers, kitchen surfaces	Attaches to the sink sale, raises value per kitchen
Built-in appliances	Chimneys, hobs, cook-tops, ovens, dishwashers, wine chillers	Largely a sourcing and distribution business
Bath products and tiles	The Sternhagen side of the portfolio	Extends the brand beyond the kitchen
Accessories	Chopping boards, colanders, floor grids, glass rinsers	Small ticket, supports the installed base

The logic of that ladder is simple. A sink is the anchor product and the hardest one to make; everything above it is an attempt to sell more into the same kitchen and the same distribution relationship. Whether that widening works is an economic question, not a catalogue question, and it shows up in margin and return on capital rather than in the length of the product list.

FY23 to FY26: revenue compounded, profit finally stepped up

Yahoo Finance’s annual rows, labelled by the calendar year in which the March financial year ended, show revenue rising from ₹594 crore in FY23 to ₹924 crore in FY26, an increase of about 56% over three years. Net profit went from ₹52 crore to ₹98 crore over the same span. The important detail is that the profit line did not move in a straight line with sales.

Financial year	Revenue	Net profit	Net margin
FY23	₹594 Cr	₹52 Cr	About 8.8%
FY24	₹684 Cr	₹58 Cr	About 8.5%
FY25	₹816 Cr	₹64 Cr	About 7.8%
FY26	₹924 Cr	₹98 Cr	About 10.6%
Trailing twelve months	₹959 Cr	About ₹107 Cr	11.14% reported

Between FY23 and FY25 revenue grew 37% while net margin drifted down from 8.8% to 7.8%, so profit added only ₹12 crore across two years. FY26 broke that pattern: revenue rose to ₹924 crore and profit jumped to ₹98 crore. Yahoo’s trailing figures put revenue growth at 15.5% year on year and earnings growth at 37.6%, which is the same story stated as a rate.

That gap between the two growth rates is the whole investment case in miniature. If it reflects operating leverage in a plant that was carrying spare capacity, it should persist. If it reflects a favourable year for input costs, freight or currency, it should not. One year of margin recovery after two years of erosion is not yet proof of a structurally better business.

The revenue trend into 2026

Yahoo also reported four recent quarterly revenue readings, under its own quarter labelling. No matching quarterly profit line was captured for this company, so these show the sales trend and nothing about margin.

Quarter (Yahoo label)	Revenue	Sequential reading
3Q2025	₹241 Cr	Reference quarter
4Q2025	₹223 Cr	Down about 7%
1Q2026	₹234 Cr	Recovered part of the dip
2Q2026	₹262 Cr	Highest of the four

The shape is mildly encouraging: a soft quarter, then two better ones, with the most recent reading roughly 9% above the first. It is also the kind of movement an exporter produces routinely as shipments land in one period rather than another. Without the profit line beneath it, this table should be read as a demand check, not as a results analysis.

Exports are the engine and the exposure

Selling into approximately 55 countries is what allows a company with a ₹3,342 crore market capitalisation to run a manufacturing base at scale. It is also a concentration of risk that a purely domestic building-products company does not carry. Three things travel with export revenue: freight and container costs, currency translation, and the trade policy of the destination market.

The last of those is the live one. A tariff change in a major destination market raises the landed price of a sink without changing anything the company itself does, and the manufacturer usually absorbs part of it to protect shelf position. That is a margin risk that no amount of operating discipline in Bhavnagar can offset, and it deserves to sit near the top of any risk list for this name rather than in a footnote.

The offset is that the product has genuine differentiation. Quartz composite sinks are a specified, designed component, not a fastener, and the customer relationships behind them are built around tooling, colour matching and consistent supply. That makes the revenue stickier than a commodity export, but it does not make it tariff-proof.

The balance sheet: leverage is real but contained

This is not a debt-free compounder, and the numbers should be read plainly. Yahoo reported total debt of ₹283 crore against cash of ₹59 crore at the 10 September 2026 capture, which is net debt of about ₹224 crore, and a debt-to-equity ratio of 45.99%.

Balance-sheet measure	10 September 2026 reading	Why it matters
Total debt	₹283 Cr	Growth has been part-funded by borrowing
Cash and equivalents	₹59 Cr	Thin relative to the debt load
Net debt	About ₹224 Cr	Adds roughly 7% to enterprise value over market cap
Debt to equity	45.99%	Moderate, but it magnifies any demand shock
Book value per share	₹213.73	The price is 5.5 times this
Promoter holding	47.76%	Just under half of the equity
Promoter pledge (5 Aug 2026)	0%	Removes one common micro-cap risk

Forty-six percent debt to equity is manageable for a business earning a 17.8% return on capital, because the return on the borrowed rupee comfortably exceeds its likely cost. It stops being manageable if export volumes fall while the interest bill stays fixed, which is exactly the combination a tariff shock produces. If you want the mechanics of that ratio, the debt-to-equity ratio guide sets out how to read it against interest cover rather than in isolation.

Returns on capital: steady rather than spectacular

On Screener-derived figures dated 5 August 2026, return on equity was 17.45% and return on capital employed 17.77%, with a five-year ROCE of 19.12% on the same basis. The five-year figure being higher than the current one is the honest reading here: returns have compressed slightly rather than expanded. That is what returns often look like when the asset base and borrowings grow faster than profit, and it is also what a business looks like when growth is being bought rather than earned.

The margin picture needs a note of caution. The Screener-derived operating margin captured on 5 August 2026 was 19.18%, while Yahoo’s trailing operating margin at 10 September was 16.34%. Those are not contradictory readings so much as different definitions of operating profit; Yahoo’s own EBITDA of ₹188 crore on trailing revenue of ₹959 crore is about 19.6%, which lands close to the Screener figure. Treat the level loosely and the direction as the useful signal.

Against the growth history, the return profile is the constraint. Screener-based figures from 5 August 2026 put the five-year sales CAGR at 24.43% and the five-year profit CAGR at 20.42%. A company compounding sales at 24% while earning 17–19% on capital is growing faster than it is compounding value, and the difference has to be financed. The return on equity guide explains why that spread, rather than the growth rate on its own, decides how much a growth business is actually worth.

Valuation at the 10 September 2026 close

Valuation measure	10 September reading (ROE/ROCE, PEG and EV/EBITDA as at 5 August 2026)	Interpretation
Closing price	₹1,173.80	Fixed research input, not a live level
Market capitalisation	₹3,342 Cr	Micro-cap; liquidity and execution risk matter
Trailing EPS	₹37.54	Yahoo trailing basis
Recalculated P/E	31.27×	Price divided by trailing EPS; 31.3 as reported
Price to book	5.5×	Against book value of ₹213.73
EV / EBITDA	About 19×	₹3,342 Cr market cap plus ₹224 Cr net debt over ₹188 Cr EBITDA gives 18.97×; the 5 August Screener-derived reading was 18.73×
PEG (5 Aug 2026)	1.66	Growth is priced, though not at an extreme
Dividend yield	0.26%	The case rests on reinvestment, not income
ROE / ROCE (5 Aug 2026)	17.45% / 17.77%	Sound, below what a low-thirties multiple usually implies
52-week range	₹737.05 – ₹1,251.70	6.22% below the high

One comparison is worth making explicitly. Screener-derived figures captured on 5 August 2026 showed a P/E of 33.81 on trailing EPS of ₹34.85 at a market capitalisation of ₹3,349 crore. By 10 September the market capitalisation was essentially unchanged at ₹3,342 crore, but trailing EPS had moved up to ₹37.54 and the multiple had fallen to 31.27. Almost all of that de-rating came from the earnings base catching up, not from the price falling. That is the cheaper kind of multiple compression, and it is worth knowing which kind you are looking at before calling a stock cheaper than it was. The P/E ratio guide covers why the denominator moves more often than people assume.

Valuation framework

The scenario model starts with TTM EPS of ₹37.54. For each year it applies EPS_TTM × (1 + growth)^(year − 2026 + 112/365) × exit P/E, then rounds the result to the nearest ₹5. The 112/365 factor represents the fraction of the first forecast year remaining from 10 September to 31 December. Dividends are excluded, and so is any change in share count.

Scenario	Annual EPS growth	Exit P/E	Business interpretation
Bear	10%	22×	Tariffs or freight compress export margin, FY26’s margin gain proves temporary, and the multiple settles toward a manufacturer’s rating
Base	15%	28×	Mid-teens revenue growth continues, net margin holds near the FY26 level of about 10.6% and the premium narrows modestly
Bull	20%	34×	Appliance and bath lines scale on the same distribution, ROCE returns to the five-year 19% level and the brand premium widens

The multiple range runs from well below the current 31.27 to modestly above it. That is deliberate. A framework that assumed both a 20% earnings compounding rate and permanent multiple expansion would simply restate today’s optimism at five times the volume. Note also that the bull growth rate of 20% sits at the five-year profit CAGR of 20.42% rather than above it, because a company that compounded profit at 20% off a small base for five years is unlikely to do so for five more off a larger one. The method behind all of this is set out in how to value a stock.

Carysil share price target 2026 to 2030

The grid above is generated purely from the disclosed trailing EPS, the three growth rates and the three exit multiples. It does not model a fresh equity issue, an acquisition, a change in the tariff regime, currency translation, exceptional items or a change in capital structure, and it does not weight the three paths by probability. Each column is an arithmetic consequence of its own assumptions, which is why the assumptions are printed above it rather than buried. Update the inputs after each result before using the framework again.

What the Carysil share price already reflects

At 31.3 times trailing earnings and 5.5 times book, the market is paying a consumer-brand multiple for a company whose returns are those of a good manufacturer. That is not automatically wrong. Branded, designed products with export distribution do earn better multiples than contract manufacturers, and the FY26 margin step-up, if it holds, would justify a good part of it.

What the price does not obviously reflect is the fragility on the revenue side. A 46% debt-to-equity ratio, thin cash, a five-year ROCE that is above the current one, and a large share of sales crossing borders is a combination that handles a good year well and a policy shock badly. The evidence that would settle it is not a new product range; it is two or three more periods of the FY26 margin holding while exports keep growing.

Risks that can break the thesis

The first is trade policy. An exporter with a large overseas footprint has its gross margin partly set by other governments, and tariff changes arrive faster than a manufacturer can reprice or requalify a customer.

The second is that FY26’s margin recovery does not repeat. Net margin was 7.8% in FY25 and about 10.6% in FY26; if it reverts, earnings growth collapses toward revenue growth and a low-thirties multiple has nothing supporting it.

The third is competitive and structural. Kitchen sinks and built-in appliances face imports, local fabricators and large appliance brands, and the appliance lines are closer to distribution than to manufacturing, so they may dilute group margin as they scale. Add to that the ordinary micro-cap issues: a ₹3,342 crore market capitalisation means liquidity thins quickly in a correction, and a housing or renovation slowdown in any major destination market hits an entire product family at once.

What would change the picture

The case strengthens if net margin holds near the FY26 level of about 10.6% for several consecutive periods, if ROCE moves back toward the five-year 19.12% while debt does not rise, and if the appliance and bath lines grow without pulling group margin down. Falling net debt alongside continued revenue growth would be the cleanest signal of all, because it would show the growth funding itself.

It weakens if debt to equity rises above the current 46% without a matching rise in returns, if margin drifts back toward the FY25 level, if export growth stalls in a major market, or if inventory and receivables start growing faster than sales. Any of those would argue that the FY26 profit jump was a cyclical event rather than a structural change.

Monitoring scorecard

Question	Constructive evidence	Warning sign
Did the FY26 margin gain stick?	Net margin holds near FY26’s 10.6%	Reversion toward the FY25 net margin of 7.8%
Is the growing asset base paying?	ROCE climbs back toward 19.12%	Returns keep drifting below the five-year level
Is leverage falling?	Net debt shrinks from about ₹224 Cr	Debt to equity rises past 46%
Is export demand intact?	Revenue growth holds near 15.5%	Destination-market tariffs or a housing slowdown
Is the widening portfolio accretive?	Appliances grow without diluting margin	Group margin falls as the sourced lines scale
Is the promoter position stable?	Holding near 47.76% with no pledge	Pledging appears or holding falls materially

FAQ

What is Carysil’s share price target for 2026?

The 2026 figure in the grid is the shortest and least meaningful of the five, because only 112 days of the year remain from the 10 September cut-off. It is produced by applying each scenario’s growth rate to trailing EPS of ₹37.54 for that fraction of a year and multiplying by the scenario’s exit multiple. Read it as a valuation range under stated assumptions, not as a forecast of where the stock will close.

What is Carysil’s share price target for 2030?

The 2030 column extends the same arithmetic across roughly 4.3 years, so it is far more sensitive to the growth rate than the 2026 column is. Small changes in the assumed EPS growth compound into large differences by the final year, which is why three separate scenarios are shown rather than a single number. It is a range of outcomes, not a promised price or a recommendation.

What does Carysil do?

Carysil manufactures and trades quartz composite and stainless steel kitchen sinks, along with faucets, food waste disposers, kitchen surfaces, built-in appliances, bath products, tiles and sink accessories. It sells under the Carysil and Sternhagen brands and exports to approximately 55 countries. The company is headquartered in Bhavnagar and employs about 504 people.

Why is Carysil’s share price falling?

On the figures captured on 10 September 2026, the stock was 6.22% below its 52-week high of ₹1,251.70 and about 59% above its 52-week low of ₹737.05, so it was near the upper end of its own range rather than in a sustained decline. Any short-term move in a micro-cap of this size can be driven by liquidity alone. The structural pressures worth tracking are export tariffs, freight costs and whether the FY26 margin improvement holds.

Is Carysil the same company as Acrysil?

Yes. The company was formerly known as Acrysil Limited before adopting the Carysil name, which is also its main consumer brand. Searches for the older name still return meaningful volume, and the NSE symbol is CARYSIL.

What is the ROCE of Carysil?

Return on capital employed was 17.77% and return on equity 17.45% on Screener-derived figures dated 5 August 2026, against a five-year ROCE of 19.12% on the same basis. The current figure sitting below the five-year average suggests returns have compressed slightly as the asset base and borrowings grew. Whether that reverses is one of the more informative things to watch in the next few results.

Related research

• Pidilite Industries share price target
• Polycab India share price target
• Welspun Corp share price target
• How to value a stock
• P/E ratio formula and meaning
• Return on equity explained
• Debt-to-equity ratio guide

Sources and methodology

• Carysil on Screener.in
• Carysil quote and filings on NSE
• Carysil company website

All price, market capitalisation, trailing EPS, book value and balance-sheet figures were captured after the completed 10 September 2026 session and come from Yahoo Finance, along with the annual revenue and profit rows, the quarterly revenue readings, the employee count and the business description. One limitation should be stated plainly: no Screener financial tables were captured for this company in this cycle. The five-year sales and profit CAGRs, the 19.18% operating margin, the return on equity of 17.45%, the return on capital employed of 17.77%, the five-year ROCE of 19.12%, the PEG of 1.66, the EV/EBITDA of 18.73 and the zero promoter pledge therefore come from Screener-derived figures dated 5 August 2026, five weeks earlier, and are labelled as such wherever they appear above. No quarterly profit or margin figures were available at all, which is why this article contains a revenue trend rather than a quarterly results section, and why no quarterly earnings number is stated anywhere in it.

Yahoo’s annual rows are labelled by the calendar year in which the March financial year ended, so the row shown as 2026 is FY26. Analytical judgment begins with the scenario assumptions: the three growth rates and three exit multiples are chosen by reference to the five-year CAGRs and the current multiple, and the interpretation of tariff exposure, leverage and margin durability is ours rather than a reported figure.

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This article is research and education, not personalised investment advice or a recommendation to transact. Gale is not a SEBI-registered investment adviser. The scenarios are illustrations, not guarantees. Verify current exchange filings, liquidity, corporate actions and suitability, and consult a registered adviser before acting.