Carysil Q1 FY27: consolidated PAT +40% YoY to ₹32 Cr as OPM expands to 20.4%

Carysil's consolidated revenue for Q1 FY27 (quarter ended June 30, 2026) came in at ₹262.14 Cr, up 15.5% YoY from ₹226.99 Cr and 12.2% QoQ from ₹233.72 Cr. Consolidated PAT (profit for the period) was ₹32.05 Cr, up 39.9% YoY (₹22.91 Cr) and 17.1% QoQ (₹27.38 Cr), with profit attributable to shareholders at ₹31.43 Cr after ₹0.62 Cr of non-controlling interest. EPS came in at ₹11.05 against ₹8.03 a year ago and ₹9.52 last quarter. Neither this quarter nor the year-ago quarter carried exceptional items, so the growth is unadjusted. Standalone (parent-only) numbers were milder — revenue ₹137.20 Cr (+9.9% YoY) and PAT ₹18.85 Cr (+23.0% YoY) — underscoring that subsidiaries, not the parent, drove the bulk of the consolidated beat.

Profitability improved on both counts: OPM (EBITDA/revenue) expanded to 20.37% from 19.32% a year ago and 19.27% last quarter, while NPM rose to 12.23% from 10.04% YoY. The expansion came despite raw-material cost creeping up to 39.1% of revenue (from 35.2% a year ago) — it was offset by a lower share of stock-in-trade purchases (6.3% of revenue vs 8.5% YoY) and a smaller drag from inventory movements, plus a modest reduction in other expenses as a share of sales. Finance costs held roughly flat at ₹4.68 Cr.

The stock went into the print at ₹1,257, up 7.2% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; PAT has now risen for 2 consecutive quarters; revenue is at a 6-quarter high.

Against management's own guidance of 15-20% revenue growth and 18-20% EBITDA margin, this quarter's 15.5% YoY revenue growth lands at the floor of the range while the 20.37% OPM sits at/above the top — a margin beat alongside growth that only just clears the bar. Street estimates (Univest's Q1 FY27 preview) had pegged revenue at ₹238-274 Cr; the actual ₹262.14 Cr falls comfortably mid-range, and no specific PAT consensus could be found. No management press release accompanied this filing beyond the standard board-outcome letter, so there is no fresh management commentary to cross-check against the print. On the corporate-action side, the board raised the corporate guarantee to HDFC Bank by ₹18 Cr to ₹55.10 Cr for 85%-held subsidiary Carysilnox, tied to its ongoing steel-sink capacity build-out (following the 70,000-sink capacity addition flagged in May); two dormant subsidiaries, Carysil Brassware (UK) and Carysil Ceramictech, were struck off/dissolved during the quarter as a structural cleanup with no P&L effect; and a separate subsidiary was fined a nominal ₹1.44 lakh by the RBI for a reporting delay, immaterial to the results.