Carysil

₹875.1 20.1 | 2.4%

WEBSITE BSE:524091 NSE : CARYSIL 10 May, 16:01

Market Cap ₹2347 Cr.

Stock P/E 42.8

P/B 6.9

Current Price ₹875.1

Book Value ₹ 127.2

Face Value 2

52W High ₹1148.1

Dividend Yield 0.23%

52W Low ₹ 545.4

Edit Ratio

Carysil Research see more...

Acrysil: Business Analysis

Equity Research Report - Acrysil Limited

Overview Inc. Year: 1987Industry: Household & Personal Products

Acrysil Limited, collectively with its subsidiaries, manufactures and trades in kitchen sinks and appliances, tub products, tiles, and accessories in India. The company gives quartz sinks, stainless-steel sinks, and wash basins; home equipment, together with taps, chimneys, hobs, ovens, cook dinner tops, wine chillers, food waste disposers, dishwashers, wine chiller, and hoods; 3-D tiles; and bathroom suites underneath the Carysil and Sternhagen emblem names. It additionally imports and markets kitchen sinks; and deals in quartz sinks, metallic sinks, taps and accessories, and different traded products. In addition, the company markets its products in approximately 55 nations. Acrysil Ltd was founded in 1987 and is centred in Bhavnagar, India.

Carysil Share Price

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Peer Comparison

Carysil Quarterly Results

#(Fig in Cr.)	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023
Net Sales	119	128	139	171	139	138	146	142	164	188
Other Income	3	2	2	0	0	0	1	1	1	1
Total Income	122	130	141	171	139	138	147	143	165	189
Total Expenditure	93	100	111	138	117	113	119	116	131	153
Operating Profit	29	30	30	34	23	25	27	27	34	36
Interest	2	2	3	3	4	4	4	5	5	6
Depreciation	4	5	5	6	6	7	7	7	8	8
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	22	23	22	25	13	14	16	16	22	22
Provision for Tax	5	6	5	6	3	2	4	4	6	7
Profit After Tax	18	17	17	19	9	12	13	12	16	15
Adjustments	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Profit After Adjustments	18	17	16	19	9	12	12	12	15	15
Adjusted Earnings Per Share	6.6	6.5	6.1	7	3.5	4.5	4.6	4.3	5.8	5.7

Carysil Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	80	106	127	174	181	196	252	276	310	484	594	640
Other Income	1	1	1	2	3	5	2	5	8	10	2	4
Total Income	80	107	128	176	184	201	254	281	318	494	595	644
Total Expenditure	66	87	103	143	154	169	209	229	243	379	484	519
Operating Profit	14	20	25	32	29	32	45	52	75	115	111	124
Interest	4	5	8	9	11	8	12	10	8	11	17	20
Depreciation	4	5	4	5	6	7	9	12	13	18	26	30
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	6	10	13	18	13	17	24	30	54	86	68	76
Provision for Tax	1	3	4	6	5	5	7	8	15	21	15	21
Profit After Tax	5	8	9	12	8	12	17	23	39	65	53	56
Adjustments	0	-0	-0	-1	-1	-0	-0	-1	-0	-0	-0	0
Profit After Adjustments	5	8	9	11	7	12	17	22	39	65	52	54
Adjusted Earnings Per Share	2.2	3.4	3.7	4.2	2.8	4.6	6.6	8.3	14.7	24.3	19.6	20.4

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	23%	29%	25%	22%
Operating Profit CAGR	-3%	29%	28%	23%
PAT CAGR	-18%	32%	35%	27%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	42%	38%	54%	32%
ROE Average	19%	24%	20%	19%
ROCE Average	19%	23%	20%	19%

Carysil Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	28	34	42	80	112	118	135	158	191	254	303
Minority's Interest	0	0	3	2	2	1	2	2	3	3	4
Borrowings	5	11	27	22	20	19	17	21	22	39	78
Other Non-Current Liabilities	1	1	2	3	2	3	3	3	9	15	17
Total Current Liabilities	45	50	74	93	105	128	135	140	166	243	310
Total Liabilities	79	97	147	199	240	269	291	325	391	553	712
Fixed Assets	32	35	58	67	98	111	119	125	152	206	328
Other Non-Current Assets	1	5	6	4	6	6	7	14	18	39	23
Total Current Assets	45	57	82	128	136	152	164	186	221	308	361
Total Assets	79	97	147	199	240	269	291	325	391	553	712

Carysil Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	2	1	1	6	28	22	3	5	6	8	5
Cash Flow from Operating Activities	2	6	7	11	6	16	24	30	45	52	71
Cash Flow from Investing Activities	-8	-9	-27	-13	-14	-20	-17	-19	-35	-73	-136
Cash Flow from Financing Activities	6	4	25	19	2	-0	-4	-10	-9	18	64
Net Cash Inflow / Outflow	-0	0	5	17	-6	-5	2	1	2	-2	-1
Closing Cash & Cash Equivalent	1	1	6	23	22	17	5	6	8	5	4

Carysil Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	2.17	3.43	3.75	4.21	2.8	4.61	6.65	8.27	14.66	24.26	19.58
CEPS(Rs)	4.12	5.57	5.7	6.77	5.26	7.47	10.07	13.03	19.47	31.08	29.58
DPS(Rs)	0.66	0.8	0.8	1	1	1	1.2	1.2	2	2.4	2
Book NAV/Share(Rs)	12.5	14.91	17.89	30.68	43.06	45.6	51.2	59.12	71.7	93.65	112.35
Core EBITDA Margin(%)	17.1	17.83	18.52	17.01	14.89	13.74	16.85	17.23	21.6	21.63	18.44
EBIT Margin(%)	12.4	13.99	15.8	14.98	13.16	12.45	14.26	14.63	20.09	20.04	14.27
Pre Tax Margin(%)	7.6	9.54	10	9.9	7.01	8.59	9.62	11.03	17.38	17.79	11.47
PAT Margin (%)	5.93	7.12	6.84	6.77	4.41	6.23	6.95	8.28	12.69	13.49	8.9
Cash Profit Margin (%)	11.32	11.56	10.08	9.8	7.54	9.86	10.38	12.59	16.78	17.15	13.33
ROA(%)	6.89	8.84	7.41	7.02	3.63	4.88	6.25	7.43	10.99	13.82	8.35
ROE(%)	18.29	25.19	23.94	20.03	8.33	10.64	13.92	15.73	22.52	29.57	19.18
ROCE(%)	18.77	23.01	22.16	20.56	14.06	12.18	16.25	16.45	22.53	28.38	18.52
Receivable days	81.52	77.3	79.45	76.18	81.39	80.19	74.33	77.03	85.61	69.17	62.51
Inventory Days	62.26	67.72	76.69	67.72	76.47	82.87	73.89	74.95	67.35	59.88	72.15
Payable days	111.95	119.25	116.47	129.47	155.54	141.77	115.17	93.97	110.49	131.01	104.74
PER(x)	8.02	10.73	29.1	23.02	38.85	22.53	16.68	6.77	21.13	34.25	27.75
Price/Book(x)	1.39	2.47	6.1	3.16	2.52	2.28	2.17	0.95	4.32	8.87	4.84
Dividend Yield(%)	3.8	2.18	0.73	1.03	0.92	0.96	1.08	2.14	0.65	0.29	0.37
EV/Net Sales(x)	0.85	1.12	2.52	1.67	1.88	1.75	1.47	0.84	2.93	4.84	2.8
EV/Core EBITDA(x)	4.69	5.98	12.78	8.97	11.53	10.87	8.32	4.43	12.12	20.43	14.99
Net Sales Growth(%)	27.08	33.78	19.39	36.76	4.12	8.55	28.06	9.79	12.12	56.24	22.73
EBIT Growth(%)	110.12	51.05	36.88	29.23	-11.41	2.73	46.67	12.63	53.99	55.87	-12.64
PAT Growth(%)	221.41	60.73	16.41	34.8	-34.36	53.49	42.86	30.77	71.98	65.97	-19.04
EPS Growth(%)	195.8	58	9.42	12.19	-33.47	64.63	44.33	24.39	77.23	65.53	-19.29
Debt/Equity(x)	1.12	1.17	1.75	0.84	0.72	0.77	0.73	0.65	0.53	0.55	0.73
Current Ratio(x)	1	1.13	1.12	1.38	1.3	1.18	1.22	1.33	1.33	1.27	1.16
Quick Ratio(x)	0.63	0.67	0.69	1.01	0.9	0.81	0.82	0.9	1	0.84	0.74
Interest Cover(x)	2.58	3.14	2.72	2.95	2.14	3.23	3.07	4.07	7.41	8.88	5.09
Total Debt/Mcap(x)	0.8	0.47	0.29	0.27	0.28	0.34	0.34	0.68	0.12	0.06	0.15

Carysil Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	44.04	44.04	43.91	43.91	43.91	43.91	43.84	43.84	43.84	43.84
FII	0.38	0.36	0.26	0.26	0.27	0.28	0.34	0.56	0.64	0.87
DII	6.21	6.24	6.22	6.37	6.45	6.41	6.71	7.08	9.08	7.32
Public	49.37	49.36	49.6	49.46	49.37	49.4	49.1	48.52	46.45	47.98
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	1.18	1.18	1.18	1.18	1.18	1.18	1.18	1.18	1.18	1.18
FII	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.02	0.02
DII	0.17	0.17	0.17	0.17	0.17	0.17	0.18	0.19	0.24	0.2
Public	1.32	1.32	1.33	1.32	1.32	1.32	1.32	1.3	1.25	1.29
Others	0	0	0	0	0	0	0	0	0	0
Total	2.67	2.67	2.68	2.68	2.68	2.68	2.68	2.68	2.68	2.68

Pros

Company has delivered good profit growth of 34% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 24%
Debtor days have improved from 131.01 to 104.74days.

Cons

Promoter holding is low: 43.84%.
Stock is trading at 6.9 times its book value.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.