Carysil financials and balance sheet

NSE: CARYSILBSE: 524091Consumer DurablesSmall Cap

Formerly Acrysil

₹966.20₹19.70 (2.00%)BSE ₹965.10

Share price at the NSE close on 23 Oct 2026. Previous close ₹985.90.

52-week range of traded prices to 23 Oct 2026

₹732.10Low, 21 Jan 2026₹1,280.90High, 15 Jul 2026

Next results date: the board meets on 4 Nov 2026 to consider: financial results.

Market cap: ₹2,748 Cr1,031st largest listed
P/E: 25.4
P/B: 4.5
Dividend yield: 0.31%
ROE: 19.1%
ROCE: 16.5%
Debt to equity: 0.44
Volume, NSE: 64,59756.2% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Carysil annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹924 Cr, year to Mar 2026

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 1.8% of operating profit in the first full year.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue924
Materials and goods−428
Employee costs−89
Other expenses−230
Operating profit177
Depreciation−40
Other income+13
One-off items−1.1
Finance costs−20
Profit before tax130
Tax−31
Net profit99

What the company owns

Plant, investments and other assets₹564 Cr
Inventory₹259 Cr
Receivables₹161 Cr
Cash and bank₹59 Cr

What pays for it: net worth and liabilities

Net worth₹614 Cr
Borrowings₹270 Cr
Owed to suppliers₹102 Cr
Other liabilities₹57 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Carysil quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 13 Jun	Mar 2021Filed 21 May	Mar 2022Filed 19 May	Mar 2023Filed 25 May	Mar 2024Filed 5 Jun	Mar 2025Filed 14 Jul	Mar 2026Filed 20 May
Revenue from operations	181	200	252	276	310	484	594	684	816	924
	152	171	211	230	244	381	487	555	678	747
Materials and goods bought	58	83	110	137	142	209	302	315	377	428
Employee costs	–	17	19	22	22	34	45	60	79	89
Other expenses	–	71	83	70	80	138	139	180	222	230
Operating profit before depreciation	30	30	40	46	66	103	107	129	137	177
Operating margin	16.3%	14.8%	16.1%	16.8%	21.2%	21.4%	18.1%	18.8%	16.8%	19.2%
Materials, % of revenue	–	41.2%	43.5%	49.7%	45.8%	43.3%	50.9%	46.0%	46.2%	46.4%
Employee costs, % of revenue	–	8.5%	7.4%	8.0%	7.2%	6.9%	7.6%	8.8%	9.7%	9.6%
Other expenses, % of revenue	–	35.5%	33.0%	25.4%	25.8%	28.4%	23.4%	26.3%	27.2%	24.9%
Depreciation and amortisation	6	7	9	12	13	18	26	32	36	40
Operating profit after depreciation	24	22	32	34	53	86	81	96	101	138
Other income	2	1	2	5	8	10	2	5	10	13
Finance costs	10	7	10	9	7	10	15	21	23	20
Profit before one-off items and tax	16	17	24	30	54	86	68	81	88	131
One-off items	0	0	0	0	0	0	0	0	0	−1
Profit before tax	16	17	24	30	54	86	68	81	88	130
	6	5	7	8	15	21	15	22	24	31
Current tax	–	–	6	8	12	20	15	21	23	32
Deferred tax	–	–	0	0	2	1	1	1	0	−1
Share of profit of joint ventures and associates	–	–	–	−1	–	–	–	–	–	–
	9	12	17	22	39	65	53	58	64	99
Belonging to the company's shareholders	9	12	17	22	39	65	52	58	64	99
Belonging to outside owners of subsidiaries	–	–	–	–	0	0	0	–	–	–
Other comprehensive income	–	–	0	−1	0	0	−1	−3	−4	−11
Total comprehensive income	–	–	18	21	39	65	51	56	60	88
Net margin	5.2%	6.0%	6.9%	8.0%	12.7%	13.5%	8.9%	8.5%	7.9%	10.7%
Net margin without joint ventures and associates	–	–	–	8.3%	–	–	–	–	–	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2017 they do not, so they are left blank.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 28 May	Mar 2020Filed 13 Jun	Mar 2021Filed 21 May	Mar 2022Filed 19 May	Mar 2023Filed 25 May	Mar 2024Filed 5 Jun	Mar 2025Filed 14 Jul	Mar 2026Filed 20 May
	136	160	194	257	307	358	531	614
	135	158	191	254	303	354	527	608
Share capital	5	5	5	5	5	5	6	6
Reserves	130	152	186	248	298	349	521	603
Belonging to outside owners of subsidiaries	2	2	3	3	4	4	5	6
	85	82	95	137	221	298	265	270
Repayable after a year	17	14	22	39	78	115	89	47
Repayable within a year	68	68	73	99	143	184	176	222
	119	148	166	243	310	355	350	362
Trade payables	31	29	42	79	78	87	80	102
Other financial liabilities	13	22	11	6	4	6	3	5
Other liabilities	5	4	8	7	31	19	26	20
Provisions	2	1	1	2	1	2	3	3
Tax owed	0	23	32	50	54	58	62	9
	19	17	31	54	95	132	104	66
Other financial liabilities	0	0	5	10	0	–	7	9
Other liabilities	0	1	0	–	11	10	–	–
Provisions	0	0	1	1	1	2	2	3
Deferred tax	2	2	4	5	5	6	6	8
Total assets	275	325	391	553	712	845	985	1,042
	127	139	170	246	351	430	459	521
Plant in use, after depreciation	94	98	121	168	210	235	249	311
Plant being built	4	9	10	21	14	10	12	25
Intangible assets	2	3	7	14	15	39	38	39
Goodwill	24	24	24	24	103	114	114	114
Investments	0	1	0	0	0	0	0	0
Stakes in joint ventures and associates	0	0	0	–	–	–	13	15
Loans given	0	0	0	0	0	0	1	0
Other financial assets	2	0	1	2	4	2	18	5
Other assets	2	3	7	17	6	30	14	11
	149	186	221	308	361	414	526	521
Inventories	54	60	55	104	131	173	221	259
Trade receivables	54	62	83	100	103	138	146	161
Cash and cash equivalents	14	6	8	5	4	9	13	8
Other bank balances	0	14	12	6	6	4	55	51
Loans given	0	0	0	0	0	0	0	1
Other financial assets	0	11	17	13	10	8	10	6
Tax paid in advance	0	21	29	46	49	51	53	1
Other assets	27	13	17	33	57	31	29	36
Net debt	71	62	74	126	211	286	197	211

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 21 May	Mar 2022Filed 19 May	Mar 2023Filed 25 May	Mar 2024Filed 5 Jun	Mar 2025Filed 14 Jul	Mar 2026Filed 20 May
	45	52	71	58	60	109
	58	71	85	77	81	141
	−20	−46	−26	−59	−60	−33
Receivables	−31	−7	−5	−34	−12	−11
Inventories	5	−50	−26	−43	−48	−38
Payables	10	38	0	10	−10	25
Other working capital	−4	−26	6	7	10	−10
Tax paid	−12	−19	−14	−19	−21	−33
Capital spending	37	77	58	93	47	111
Free cash flow	9	−26	13	−35	13	−3
	−35	−73	−136	−102	−110	−89
Plant and property sold	1	4	0	1	0	0
Interest received	1	1	1	0	5	4
	−9	18	64	48	53	−25
Borrowings raised	5	36	84	77	0	46
Borrowings repaid	0	0	0	0	−33	−42
Interest paid	−7	−10	−14	−21	−23	−20
Lease payments	−1	−2	−2	−3	−3	−4
Dividends paid	5	6	3	5	6	7
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	122	1
Net change in cash	2	−2	−1	5	4	−5

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Carysil dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 13 Jun	Mar 2021Filed 21 May	Mar 2022Filed 19 May	Mar 2023Filed 25 May	Mar 2024Filed 5 Jun	Mar 2025Filed 14 Jul	Mar 2026Filed 20 May
	–	–	₹6.64	₹8.38	₹14.66	₹24.26	₹19.59	₹21.26	₹22.75	₹34.52
As stated that year	₹18.02	₹23.03	₹6.64	₹8.38	₹14.66	₹24.26	₹19.59	₹21.26	₹22.75	₹34.52
	–	–	₹6.64	₹8.38	₹14.66	₹24.13	₹19.52	–	₹22.41	₹34.52
As stated that year	₹18.02	₹23.03	₹6.64	₹8.38	₹14.66	₹24.13	₹19.52	–	₹22.41	₹34.52
Dividend per share	–	–	–	–	₹2.00	₹2.40	₹2.00	₹2.00	₹2.40	₹3.00
Book value per share	–	–	₹52.00	₹59.12	₹71.70	₹95.03	₹113.32	₹132.01	₹185.39	₹213.86
Dividend payout	–	–	–	–	13.6%	9.9%	10.2%	9.2%	10.6%	8.6%
Shareholder yield	–	–	–	–	0.6%	0.3%	0.2%	0.2%	−6.6%	0.3%
Market cap at the year end (₹ crore)	282	269	288	149	822	2,215	1,460	2,633	1,772	2,143

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

Consolidated, years to March.Carysil PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 28 May	Mar 2020Filed 13 Jun	Mar 2021Filed 21 May	Mar 2022Filed 19 May	Mar 2023Filed 25 May	Mar 2024Filed 5 Jun	Mar 2025Filed 14 Jul	Mar 2026Filed 20 May
Revenue growth	4.3%	10.5%	25.6%	9.8%	12.1%	56.2%	22.7%	15.1%	19.3%	13.3%
Operating profit growth	0.4%	0.4%	36.6%	14.7%	41.8%	57.0%	3.9%	19.9%	6.7%	29.0%
Net profit growth	−14.3%	27.8%	46.3%	26.3%	78.1%	66.0%	−19.0%	10.5%	10.2%	53.9%
Earnings per share growth	–	–	–	26.2%	74.9%	65.5%	−19.2%	8.5%	7.0%	51.7%
	–	–	13.0%	15.1%	22.4%	29.1%	18.8%	17.8%	14.6%	17.4%
	–	–	–	2.1 pts	7.3 pts	6.7 pts	−10.3 pts	−1.1 pts	−3.1 pts	2.8 pts
From the net margin	–	–	–	1.9 pts	8.8 pts	1.3 pts	−9.9 pts	−0.6 pts	−1.4 pts	5.2 pts
From asset turnover	–	–	–	0.1 pts	−1.4 pts	4.4 pts	−1.6 pts	−1.2 pts	0.2 pts	0.4 pts
From borrowing	–	–	–	0.1 pts	0.0 pts	1.0 pts	1.2 pts	0.7 pts	−2.0 pts	−2.8 pts
Return on capital employed	–	–	14.4%	14.2%	18.4%	21.7%	15.3%	14.7%	12.7%	15.6%
Cash conversion	–	–	–	–	115.5%	79.1%	134.7%	99.1%	93.5%	109.8%
Interest cover	2.3	3.3	3.3	4.0	7.3	8.9	5.6	4.6	4.3	7.0
Debt to equity	–	–	0.62	0.51	0.49	0.53	0.72	0.83	0.50	0.44
Receivable days	–	–	79	82	98	76	63	74	65	63
Inventory days	–	–	179	159	140	182	158	201	214	221
Payable days	–	–	104	77	108	138	95	101	77	87
Cash conversion cycle, days	–	–	154	164	131	119	126	174	202	198
Working capital days	–	–	121	115	126	115	112	123	127	128
Asset turnover	–	–	0.91	0.92	0.87	1.02	0.94	0.88	0.89	0.91
Assets per rupee of net worth	–	–	2.04	2.05	2.05	2.12	2.27	2.37	2.08	1.79
Sales per rupee of plant	–	–	2.67	2.82	2.56	2.87	2.83	2.91	3.27	2.98
Capital spending to depreciation	–	–	–	–	2.89	4.36	2.20	2.87	1.32	2.82
Plant being built, % of plant in use	–	–	3.7%	9.3%	8.3%	12.3%	6.5%	4.5%	4.7%	8.1%

No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 9.8%
Cash from operations against operating profit: 61.3%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	18.2%	24.4%	15.9%
Profit growth, yearly rate	24.7%	20.4%	23.6%
Return on equity, average	–	19.5%	16.6%
Return on capital employed, average	–	16.0%	14.3%
Operating margin, average	17.9%	18.9%	18.3%
Net margin, average	8.8%	9.9%	9.0%
Asset turnover, average	–	0.93	0.89
Cash conversion cycle, days, average	–	164	191
Interest cover, average	5.1	6.1	5.3
Debt to equity, average	–	0.60	0.59

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	349	227	109
Cash from investing	−509	−300	−89
Cash from financing	160	77	−25
Capital spending	387	252	111
Dividends paid	28	18	7
Shares bought back	0	0	0
Shares issued for cash	124	123	1
Borrowings raised	243	124	46
Borrowings repaid	75	75	42

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	7	6	3	4	5	5
Altman Z-scorePublished threshold 1.81	–	–	3.35	2.59	4.64	6.70	4.05	5.12	4.50	5.36
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.26	−2.07	−2.32	−2.22	−2.37	−2.42
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	8.00	18.24	18.67	13.12	12.42	7.84
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.07	1.02	1.08	1.02
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	4.84	21.21	−35.34	−20.06	18.58	−13.32	−3.20
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	−14.15	−11.89	43.31	−19.11	28.52	7.95	3.55
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	6.42	6.03	5.88	4.25	−3.85	0.06	−5.27
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.58	0.28	0.32	0.20	0.18	0.24	0.25
Effective tax ratePublished threshold 17.16 per cent	36.55	27.52	27.78	25.00	26.96	24.19	22.42	27.75	26.78	23.81
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	2.04	2.22	3.79	3.29	−1.45

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
26 Mar 2026	ICRA Limited (opens in a new tab)	Interchangeable limits-Standby line of credit	[ICRA]A2+Review, Re-affirm		10
26 Mar 2026	ICRA Limited (opens in a new tab)	Non-fund based-Letter of credit	[ICRA]A2+Review, Re-affirm		10
26 Mar 2026	ICRA Limited (opens in a new tab)	Fund-based-Cash credit	[ICRA]AReview, Re-affirm	Stable	128
26 Mar 2026	ICRA Limited (opens in a new tab)	Interchangeable limits-Others	[ICRA]AReview, Re-affirm	Stable	128
26 Mar 2026	ICRA Limited (opens in a new tab)	Fund-based-Term loan	[ICRA]AReview, Re-affirm	Stable	55
26 Mar 2026	ICRA Limited (opens in a new tab)	Interchangeable limits-Bank guarantee	[ICRA]A2+Review, Re-affirm		25
26 Mar 2026	ICRA Limited (opens in a new tab)	Unallocated limits-Unallocated limits	[ICRA]A2+Review, Re-affirm		0.40

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.