CARYSIL LIMITED — Call Transcript 2026

Feb 12, 2026

==> picture [196 x 152] intentionally omitted <==

February 12, 2026

To, To, BSE LIMITED National Stock Exchange of India Limited Department of Corporate Services Exchange Plaza, Plot No. C/1 Phiroze Jeejeebhoy Towers, 'G' Block, Bandra – Kurla Complex Dalal Street, Bandra East, Mumbai- 400 001 Mumbai 400 051 Scrip Code: 524091 Trading Symbol: CARYSIL

Sub: Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure – Requirements) Regulations, 2015 Transcript of Earnings Conference call held on February 05, 2026.

Pursuant to Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose herewith the transcript of Q3 FY2026 Earnings Conference Call for the un-audited Financial Results for the quarter and nine months ended December 31, 2025 held on Thursday, February 05, 2026

Thanking you, Yours faithfully,

For CARYSIL LTD.

REENA Digitally signed by REENA TEJAS TEJAS SHAH Date: 2026.02.12 SHAH 21:35:20 +05'30'

REENA SHAH COMPANY SECRETARY & COMPLIANCE OFFICER

Encl.: a/a

==> picture [183 x 111] intentionally omitted <==

==> picture [139 x 34] intentionally omitted <==

“Carysil Limited Q3 & 9M FY-26 Earnings Conference Call”

February 05, 2026

==> picture [139 x 35] intentionally omitted <==

==> picture [96 x 63] intentionally omitted <==

==> picture [109 x 52] intentionally omitted <==

– MANAGEMENT: MR. CHIRAG PAREKH CHAIRMAN & MANAGING

DIRECTOR, CARYSIL LIMITED

– MR. ANAND SHARMA EXECUTIVE DIRECTOR &

GROUP CHIEF FINANCIAL OFFICER, CARYSIL LIMITED – MODERATOR: GOINDIA ADVISORS LLP INVESTOR RELATIONS ADVISORS

Page 1 of 17

Carysil Limited February 05, 2026

==> picture [139 x 34] intentionally omitted <==

Moderator:

Ladies and gentlemen, good day and welcome to Carysil Limited Q3 and 9 months FY26 earnings conference call hosted by GoIndia Advisors LLP.

This conference call may contain some forward-looking statements about the Company which are based on the beliefs, opinions and expectations of the Company as on the date of this call. These statements are not the guarantees of future performance and involve risks and uncertainties that are difficult to predict.

As a reminder all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing ‘*’ then ‘0’ on your touchtone phone. Please note that this conference is being recorded.

I now hand the conference over to Mr. Chirag for his opening remarks. Thank you and over to you, sir.

Chirag Parekh:

Good evening, ladies and gentlemen. Thank you for joining us for the Carysil Limited Q3 and 9 monthly FY26 Earnings Conference Call.

I trust you have an opportunity to review our Financial Results and Investor Presentation, both available on the Company's website and on stock exchanges. Joining me on this call is Mr. Anand Sharma – Executive Director and Group CFO and GIA, our Investor Relations Advisors.

Global and Indian Economy:

Under the leadership of our Honorable Prime Minister Shri Narendrabhai Modi, India has finally struck the Free Trade Agreement with UK, Australia, UAE, Oman and mother of all trade deals with the EU. This development is expected to provide strong momentum to businesses and open new horizons in the export market. Finally, the good news happened a few days back. We are happy to understand that the bilateral trade tariff between India and the US agreed for the tariff at 18% from the base of 50%. This is a significant development for the country and the potential to grow our export further and enhance our competitiveness in the US market.

This positive developments along with our strong product portfolio and operational excellence energizes us as a Company and reinforces the confidence of the resilience of Carysil's global business. The IMF's latest reports indicate India is projected to contribute nearly 17% to the global real GDP growth, second only to China. India's GDP growth for 2025 is projected at 6.7%, positioning it as the fastest growing major economy.

Building on the foundations, We continue to focus on the key pillars that have guided Carysil's growth over the past three decades.

1. well-equipped manufacturing facilities that have supported steady growth over the years.

Page 2 of 17

Carysil Limited February 05, 2026

==> picture [139 x 34] intentionally omitted <==

1. Long-standing trust-based relationship with customers and partners worldwide, which remain a key driver to our success.

2. Focus on quality, design, and reliability to meet global standards and deliver superior products.

3. a strategic vision anchored in resilience innovation enabling us to adapt to global challenges while creating sustainable value of all stakeholders.

4. As global markets evolve amid shifting trade dynamics and supply chain changes, these strength help us to navigate complexity with clarity. They also give us the confidence to continue building the Carysil brand across key markets and to explore opportunities even amid challenges.

Business performance and growth highlights:

The 3[rd] Quarter of FY26 was quite decent, especially in the context of the prevailing global headwinds and tariff-related challenges, especially with the US. To the conclusion of the Free Trade Agreement with major economies and more recently the positive news around the US trade deal, we expect the business environment to improve. To navigate the earlier tariff impact, the Company had extended additional discounts to our key US customers. With the reduction in tariffs, which is with immediate effect under the new trade agreement, we plan to roll back these incremental discounts with immediate effect. Further with the signing of the EU trade deal, we foresee significant growth opportunities in and around European markets.

Kitchen Sink:

Quartz Granite Sink Business

Sales volumes of the Quartz Granite Kitchen Sink have been strong and incremental investments in moulds have been made to meet the demand in India and worldwide. During the Q3 FY26, our sales increased by 27% as compared to Q3 FY25. We expect an additional capacity, which we had announced earlier, to become operational by Quarter 1,in April, 2026. This has been a bit delayed since we were waiting for the US deal news.

Stainless Steel Business:

Sales volumes of the Stainless-Steel Sink have increased by 23% in Quarter 3 FY26 compared to Quarter 3 FY25. Capacity expansion is underway and there is increased capacity in Stainless Steel Sink from 180,000 to 250,000 units by April, 2026. Considering demand from our global customers and OEM opportunities in India, the Company had acquired land adjacent to the factory and planned capital expenditure to enhance manufacturing in line and part of its diversified growth strategy.

Page 3 of 17

Carysil Limited February 05, 2026

==> picture [139 x 34] intentionally omitted <==

Built-in Appliances:

We are strengthening our manufacturing capacity in appliances. In Phase-1, we commence assembly and manufacturing of kitchen hoods and chimneys with an activated capacity of 50,000 units p.a.. In 2[nd] phase, we are starting assembling extended line of manufacturing to hobs, ovens, food waste disposers, etc. Scaling the overall capacity to 100,000 units per annum. This expansion will position us to scale operations in line with the demand. We are receiving good interest and enquiries from the established OEM opportunities in appliances, which is going to be significant due to the BIS certification. We are putting investing state-of-the-art technology for the built-in appliances, including glass cutting, forming, and coating of the glasses.

Kitchen faucets :

We commence assembly and manufacturing of kitchen faucets with an initial capacity of 50,000 faucets per annum. We are in the process of expanding 100,000 pieces per annum, guided by a vision to enable that we want that every kitchen faucet of Carysil should be portable for drinking by integrating an advanced filtration technology with most of our faucet offerings. We will be manufacturing two types of faucets, stainless steel faucets and the brass chrome faucets. The stainless steel faucets will be completely lead-free and which matches the new standard for exports in the United States and EU. We have been receiving several major inquiries from the large bathroom and kitchen brands across the world and the orders have also started flowing in for the faucets for export market. We see a significant volume in terms of faucets because everything needs a faucet. Use of the PVD technology; further will enhance the aesthetic durability and validation of the existing. Due to the ongoing demand of the PVD faucets, we decided to order another machine of the PVD for faucets. Necessary certifications are in the process for the UK, European and the US market. We will optimize our sales channels while increasing our overall value addition.

Coming to export business:

Our export business with the key customers in the United States, Europe and across the world has improved substantially during the quarter and is expected to further improve with the ongoing manufacturing capacity expansion and demand. The UK market remains relatively soft due to ongoing economic challenges and the fundamentals of business still remain very strong. To strengthen our brand presence, we are launching Carysil branded sinks and built-in appliances through experience centres which is coming up in Manchester exclusive Carysil showroom. New and emerging markets are becoming more important and meaningful to contributing to the growth, especially the Middle East. Following the response of the first experience centre, we opened a second experience centre in Muscat in January ‘26. The third one is coming in Sharjah, Dubai main highway, approximately 3,000 to 4,000 square feet showroom and we plan to open another one in March 2026. We are spreading our sales network across the Middle East and the Gulf, Qatar, Saudi Arabia, Bahrain, etc. while other targeting some key European markets like Romania, Morocco, Egypt and Bulgaria. We are strengthening our presence in other markets in Australia, New Zealand, Canada and South Africa with the

Page 4 of 17

Carysil Limited February 05, 2026

==> picture [139 x 34] intentionally omitted <==

Carysil brand and adding bathroom products and the kitchen built-in appliances. We had a very strong and a successful business model in UAE with our brand and Company plans to replicate the same model across the world with the Carysil brand.

Indian business ; India continues to be an important growth pillar of the Company like we said in the last investor call. Our domestic business registered growth of 30% in Quarter 3 as compared to Quarter 3 FY25. OEM India business is progressing well with the leading players such as Kohler, Hafele, etc. sourcing now stainless-steel sinks from our Company and has further plans to add a lot of new products. Capacity expansion in stainless steel appliances possibly put us in a growing domestic and export demand.

Strengthening online presence and upcoming experience centre with deepened consumer engagement and enhanced visibility. We are also strengthening our e-com and our sales distribution significantly to further enhance our presence in the Indian market.

Online business , we see a massive potential of the online business and part of our endeavor to have a story of 500 crores of India in the next 5 years. It's important when we start focusing on the online business which is the fastest growing business. We have strengthened our team; we recruited new people to expand our online presence. We are also launching the Carysil bathroom brand to a D2C model. Expanding experience centres across India and build a scalable growth platform.

Carysil plans to host its first international Carysil Summit Carysil 2.0 at the Grand Hyatt Mumbai on the 4[th] April 2026 where we are going to showcase the vision of the new Carysil 2.0. to our investors, stakeholders, channel partners and customers. Our vision is to build India's largest integrated kitchen hub. With that, I would like to hand over the call to Mr. Anand Sharma our Executive Director & Group CFO who will take you through the financial performance in more detail. Over to you Anand.

Anand Sharma:

Thank you, Sir. Good evening, everyone. Let me take you through the Company consolidated financial performance.

Quarter 3 FY26 performance:

Consolidated total income stood at Rs. 225.2 crores for Q3 FY26 as compared to Rs. 207.4 crores of Q3 FY25, growth of 8.6%. EBITDA for Q3 FY26 stood at Rs. 43.7 crores as compared to 33.1 crores of Q3 FY25, growth of 31.9%. EBITDA margin for Q3 FY26 stood at 19.4%. Profits after tax and monetary interest stood at Rs. 21.3 crores in Q3 FY26 as against Rs. 12.5 crores of Q3 FY25, growth of 69.7%. Sales volume for Quartz Sink stood at 199.123 units, stainless steel sink stood at 36,974 units, kitchen appliances and others stood at 15,620 units in Q3 FY26.

Page 5 of 17

Carysil Limited February 05, 2026

==> picture [139 x 34] intentionally omitted <==

Coming to 9 months FY26 performance:

Consolidated total income stood at Rs. 698.7 crores for 9 months FY26 as compared to Rs. 618.9 crores in 9 months FY25, growth of 12.9%. EBITDA of the Company for 9 months FY26 stood at Rs. 139.5 crores as compared to Rs. 109.9 crores in 9 months FY25, growth of 26.9%. EBITDA margin for 9 months FY26 stood at 20% as compared to 17.8% in last year 9 months FY25. Profit after tax and minority interest stood at Rs. 71.6 crores in 9 months FY26 as compared to Rs. 45.5 crores in 9 months FY25, growth of 57.3%. Gross debt stood at Rs. 228 crores as on 31[st] December 2025. Cash and bank balance stood at Rs. 11.4 crores. Total CAPEX for 9 months period FY26 stood at Rs. 44.6 crores which includes plant and machinery, buildings, moulds and other equipments. Thank you.

Now I open the floor for questions and answers. Over to you operator.

Moderator:

Thank you very much. We will now begin the question-and-answer session. We take the first question from the line of Sagar Jethwani from PhillipCapital PMS. Please go ahead.

Sagar Jethwani:

Congratulations on a good Q3. Due to the favorable tariff rates now, what will be our pricing strategy in the US market? Will we be rolling back the discounts in a calibrated way? In which case, when can the full rollback be effective from? So, that's my first question.

Chirag Parekh:

Like I said, the rollback is happening on a pro rata basis with immediate effect. I mean 50% tariff is still about 18%. So, post pro rata to that the rollback is already, we have already informed all our customers, it will be with immediate effect.

Sagar Jethwani:

Good to know that. And I can see the sharp realization drop in the coursing of course, for the obvious reason. Just wanted to understand, what was the effective discounting on the products to combat the high tariff rate in Q3?

Chirag Parekh:

I can just tell you range approximately it was I think between 15% to 20%.

Sagar Jethwani:

For the entire basket of products, you are saying?

Chirag Parekh:

US business.

Sagar Jethwani: Third is that, a couple of stores in Mumbai, we had seen a closure. I am not sure it's a closure. Are these stores getting relocated? Can you comment on that, please?

Chirag Parekh:

Mumbai, all this coastal highway coming in. We are doing it since last 5 years, now I think, we have done our purpose. Everybody knows there was no footfall happening. Mall is now kind of run down if you are talking about the Atria Mall. So, we have one in Andheri now, but we are opening new ones now towards the new Bombay. And also in South Bombay, we are looking at around the Mahalaxmi side.

Page 6 of 17

Carysil Limited February 05, 2026

==> picture [139 x 34] intentionally omitted <==

Sagar Jethwani:	And lastly, this non-US market IKEA sales, can you comment, how is it progressing?
Chirag Parekh:	Overall, across Europe, we see a good increase. I would say some of the area there's a sharp
	increase. IKEA per se is doing exceptionally well. We had some, probably the highest sales last
	month IKEA. So, it's doing pretty well. They like our things. We invested in new malls. We have
	been investing as we announced last time, we have about close to 70%-80% of the IKEA's global
	business.
Sagar Jethwani:	Would you be able to please quantify the volume number, if so, for non-US market IKEA?
Chirag Parekh:	Because of the agreements with them, we cannot just openly announce what numbers we do
	with them. But I think you can contact our investor relations. They will provide you as much as
	information we can to you.
Sagar Jethwani:	Sure. Thanks a lot, and all the best.
Chirag Parekh:	You are welcome.
Moderator:	Thank you. Our next question is from the line of Avijit Sheel from SBI Cap Securities. Please
	go ahead.
Avijit Sheel:	Hi, sir. Thanks for the opportunity. I just want to understand, in the last quarter, you mentioned
	that you want to enter into the hard surfaces in UK business. So, any progress on that?
Chirag Parekh:	Sorry, I am not able to understand. What did you say last time I said?
Avijit Sheel:	Your guidance on entering into the hard surfaces for UK business. So, any progress on that part?
Chirag Parekh:	The fabrication business first prototype is coming up by April when we are doing the expo, the
	2.0 summit. We are going to display this new fabrication business in that expo. So, it is going to
	come as fast as in Quarter 1.
Avijit Sheel:	Understood. Any guidance on the borrowing part for FY27 and FY28?
Chirag Parekh:	I will just hand over my CFO. Anand, you want to come in?
Anand Sharma:	So, on the borrowing side, if you look at our debt, we actually reduced the debt from March of
	Rs. 253 crores to current Rs. 228 crores. So, we don't have any plan as such on the borrowing
	on the CAPEX side. Maybe for the growth, we will have some borrowing on the working capital.
Chirag Parekh:	We don't want to borrow. We are having a budget meeting in March. So, we can provide you
	with some information after we do our board meeting on budget for the next financial year.
Avijit Sheel:	Understood. On the kitchen appliance’s part, how much is the mix in terms of domestic and
	international?

Page 7 of 17

Carysil Limited February 05, 2026

==> picture [139 x 34] intentionally omitted <==

Chirag Parekh:	Right now, we are doing all 100% Indian business.
Avijit Sheel:	100% international?
Chirag Parekh:	Right now, whatever the appliances business we are assembling, manufacturing or trading in
	India is 100%, it is India. UAE and the Gulf market is one peculiar case where we are now doing
	appliances about 80% to 90% is appliances sales. For example, we were targeting, I think, we
	did Rs. 10 Cr, Rs. 20 Cr. So, targeting Rs. 30 Cr next year, for example, where 80% will be the
	built-in appliances business of Carysil.
Avijit Sheel:	All right, sir. That's it for my side. Thanks for answering my question.
Moderator:	Thank you. Our next question is from the line of Pritesh from Lucky Investment. Please go
	ahead.
Pritesh:	Hi. Just trying to correlate the presentation. So, just wanted to check United Granite LLC. So,
	that arm of the business is basically the surfaces portion of the business in US or it is something
	else? Because I am just trying to correlate with the bar chart which is put ahead of that pie chart.
Chirag Parekh:	No, it is 100% surfaces fabrication business.
Pritesh:	100% surfaces.
Chirag Parekh:	I mean, it could be. I would not quote 100% could be 5% could be sinks and faucets and some
	other things. So, what it is majority is surfaces fabrication.
Pritesh:	So, then when it comes to surfaces, it's Carysil surfaces and United Granite, right? These are the
	two subsidiaries which will do the surface business.
Chirag Parekh:	Yes. That is why now we are getting into India.
Pritesh:	Can you little bit highlight the growth rate there in these two portions of the businesses, the
	surface as a whole? And what are the what are the near-term demand trends basically?
Chirag Parekh:	I think one big change in profits, and I think we probably would have our investor relations or
	probably Anand can brief later. But one big thing change we are doing is we mantra is “cut less,
	make more”. So, we are now cutting exotic stones, very-very high-end stones. Our gross margin
	approximately has improved from 35% to 50% plus. I think that is one that's a one big shift what
	we are doing in the fabrication. Second, we have started doing all complicated business of like
	fire, of the fire surfaces and wash basins for the bathrooms. And so, we started taking orders
	more complicated to increase our gross margins. Basically, we are targeting high end market in
	the in the DMV area. As far as the UK is concerned, I think UK is kind of going through a slow
	pace. It's soft, its market is quite soft and muted but we are now targeting newer customers who

Page 8 of 17

Carysil Limited February 05, 2026

==> picture [139 x 34] intentionally omitted <==

are making specialized surfaces into the bathroom into the DIY stores into yachts. So, and we introducing new colors to expand our current range in the UK market.

Pritesh:	So, sum total this piece of surfaces should grow at what rate? When I look at the 9 months
	number also, your quartz has grown 24, SS has grown 12%, appliance is around 20%. But it
	looks like that the surfaces piece is flat; I am combining both of them. So, if I have to look
	slightly ahead, what should the surfaces business growth rate be?
Chirag Parekh:	I think on likelihood end of this year, the US services will grow by 15% in the current year, UK
	business will be still soft for the current year.
Pritesh:	And what I see in Quarter 3 is your growth rate coming off because of the surfaces business.
	Otherwise, your growth rate would have been even better.
Chirag Parekh:	Yes, that's correct. It is a seasonal quarter for sinks also.
Pritesh:	And what should be the growth rate in UK business in surfaces once you go through dispatch?
Chirag Parekh:	So, right now, it is very-very challenging environment. It's kind of very tough to say I think we
	are taking quarter at a time. But I think the good part is we have our business under control and
	we have the margins under control and we have customers. But it's very challenging UK
	surfaces. But the good part is, like I said, we make good money. And I think we got the situation
	under control, but it's challenging.
Pritesh:	And my last question is, based on the quartz capacity that you added, we will add by the Quarter
	1 and SS capacity that you are adding in Quarter 1, your peak utilization of these expanded
	capacities, you should attain in which quarter? You should attain in Quarter 4 of next year or it
	will go beyond that?
Chirag Parekh:	See, all likelihood now with the US tariff sorting out with what the growth we have with IKEAs
	and all I think we are looking at a very immediate utilization of the capacity.
Pritesh:	So, even Quarter 4 FY26 is better than even Quarter 3 FY26.
Chirag Parekh:	Kind of should be now with all this, things all which have gone off our head now.
Pritesh:	Correct. Thank you very much, sir. All the best to you.
Chirag Parekh:	Thank you.
Moderator:	Thank you. Our next question is from the line of Vaidik Bafna from Monarch Networth Capital
	Limited. Please go ahead.

Page 9 of 17

Carysil Limited February 05, 2026

==> picture [139 x 34] intentionally omitted <==

Vaidik Bafna: Congratulations sir on the good set of numbers. So, firstly, I want to understand more about the gross margin expansion, which has taken place. So, does this include our currency, tailwinds, currency difference profits over here?

Anand Sharma: So, Vaidik, this margin expansion came mainly from the raw material price, imported raw material price. MMA prices have gone down from $2.02 in April to $1.5 in December. So, there is a good value we got in the raw material pricing. And therefore, this margin expansion happened on the gross margin side. That's the main reason.

Vaidik Bafna: So, do we expect this to continue for the coming few quarters as well?

Anand Sharma: Now the world is so dynamic, it's very difficult to predict. But what we do normally, we do a 3- month forecast and we give the orders based on that. I think we will continue with this range $1.5 to 1.6 for at least next 2-3 months. That's the prediction we have.

Vaidik Bafna: Got it. On the kitchen appliance part, which are the products which are growing and which are the products which are not performing well for us? Is there any view over it?

Chirag Parekh: Well, I think it's pretty similar. The 70% of the sales are of kitchen hoods and the hobs and out of which 80% are the hoods since we are starting our own assembly and manufacturing and 30% is ovens and wine chillers. I think it's pretty stable. We have not seen any decline happening in any other category. But what we have seen a big increase is obviously in terms of the new Bio6 ovens which we launched and our wine chillers that has shown a sharp increase.

Vaidik Bafna: Got it, sir. That's it from my end.

Chirag Parekh: Thank you.

Moderator: Thank you. Our next question is from the line of Resha Mehta from Green Edge Wealth. Please go ahead. Resha Mehta: Thank you for the opportunity. So, one is just a clarification. So, while volumes have grown very handsomely, revenue growth has only been 10%. So, all of this is attributed only to the discounts that we have passed on to our customers in the US or is there also a product mix change impact?

Chirag Parekh: Mostly, it's due to discounts to the US.

Resha Mehta: Right. And the other part like we have announced some capacity expansions across products. So, now with all this, the tariff headwind kind of behind us and so many trade deals having been signed, what is our growth projection for the next financial year, assuming status quo remains on the deals and the tariffs, etc. So, what is our growth projection? And with that, do you think that in the next 4 to 5 months, we may again have to kind of add capacities, especially on the quartz sink side? Because if I recall correctly, around two quarters ago, we were very buoyant

Page 10 of 17

Carysil Limited February 05, 2026

==> picture [139 x 34] intentionally omitted <==

and optimistic on so many new customer deals that we were signing. And I think we were planning to add 2 lakh quartz capacity, which is now 1 lakh quartz capacity addition instead. So, do you think the capacities will fall short based on our revenue targets?

Chirag Parekh:

So, I mean, interesting question, Resha. I think let me just address you. This will probably benefit a lot of members in this. So, first of all, all these deals happening around the globe and Carysil being more like internationally exposed as far as exports are concerned.So, the good thing that happened is that we have always invested in customer relationships and these whole discounts being offered to sustain the US customers, showing your goodwill, showing the gesture, it is only going to pay back to you. I believe or maybe I am wrong, but there are a lot of companies who have not passed on this, maybe sooner or later. I don't know if it works, but for us, I got these calls. I would also like to express that the Lowe's senior team was here a few months back. We also got a joint supplier best award from Lowe's. I think we have all-time high sales right now at the Lowe's. The Lowe's is planning to double the SKUs at their stores in this 2026. All the customers have been calling across the world. US, yes, obviously, because it happened recently. Europe was very upbeat. So, I think there's a great mood with India right now. And I think the way we have been seeing the inquiries floating in, I think whatever the deals we promised, I don't think we were buoyant. I think we are still very buoyant on it. Quarter 3, it is up with a 50% tariff. I would like to tell that my team did a great job in order to counter this headwind. It's not easy when you are sitting at your office and factory and you are hitting with a 50% tariff. So, I think we are not slowing down. The only thing this can put you up now is on a fast growth track. Nothing can be backtracked. With all this momentum building in the United States with our current customers, new customers, and the European customers, I think we only see that there is a definitive, I would not say small, but I would say there is a high probability of capacity expansion in 2026. Further to what we have announced.

Resha Mehta:

Right. And then 15% revenue growth is doable or we don't still have that visibility for FY27?

Chirag Parekh:

I think we got it. I think people who kind of know me and my Company will be very candid about it. I mean, the Company was not even doing 100 crores turnover, right, 10 years back. So, it is good. Our momentum has been very strong. Carysil, we are closing in by the closing to the Quarter 4, very confident we will cross the $100 million mark. We have told you that Carysil 2.0, we are looking at adding another $100 million. So, you will see a great lot of excitement if you are going to be there on 4[th] of April.

Resha Mehta:

Sure. Thank you for that. The last question is on the UK business. While you did answer about Carysil surfaces, but on Carysil products, is there any firepower or any internal initiatives that, we can look at just to get on to the growth trajectory because we understand that the UK economy is not doing well. But still, are there any levers left for in terms of initiatives to guide growth?

Chirag Parekh:

Right. See, the diversification and product expansion is the fastest way by adding new customers. We have a great English team. We recruited some new, senior and experienced people to put the appliances and the faucets on a fast road track in the UK. We recruited business development managers to further expand in the companies which people have left or some companies have

Page 11 of 17

Carysil Limited February 05, 2026

==> picture [139 x 34] intentionally omitted <==

got closed. We got experienced people from there to maximize our market share. Third, we have did, I announced that Carysil is putting its first huge showroom. It is in Manchester, right on the Design District. So, I think kind of launching your brand, building momentum on your brand, increasing your market presence is the way to go. So, there's a lot of fire around my UK team right now to build a Carysil there. I think you have seen in the UAE, I think they got very excited seeing the UAE project, how it turned out to be literally like, it's going to be zero to 30 crores in 3 years’ time with Carysil brand. So, I think my team is all fired up. I was in the UK last week. I just tried to assess the situation and what more opportunities we have.

Resha Mehta:

So, basically what you are trying to say is Carysil products can probably arrest degrowth or get onto the growth path because we have rejuvenated the team with new hiring and also with new customer addition largely, right?

Chirag Parekh: We are not going to leave any stone unturned to fire up growth there. That's all I can say.

Resha Mehta: Fair enough. Thank you so much and all the best.

Moderator: Thank you. Our next question is from the line of Sanjay Ladha from Bastion Research. Please go ahead.

Sanjay Ladha: Hi, sir. Thank you for the opportunity and congratulations on a good set of numbers. So, my question would be, what will be the benefit from EU bilateral trade, which previously when we export to EU, how much percentage of increase in our product price and now what will be the benefit from this since the trade deal has been done on that side?

Chirag Parekh:

See, as far as our current business is concerned, to be very honest, it's not going to be like, it's not like the US, right? But what has happened, like I said, this customer, this whole feeling good factor now with India and Europe, we see more inquiries will be coming into us. So, that's one. And also number two, you will be able to see a lot of synergies and collaborations now happening with Europe. So, I see a big upside from that point of view. It could be from the point of brand; it could be from the point of technology distribution across. Since we are actively present in the European market, people are with this trade deal, they feel very good about this India-EU relationship. And I think both from our side and my European customers have been seeing that they want to invest in us more and more. So, I think that's going to turn out quite positive for us.

Sanjay Ladha:

Secondly, since you already mentioned that in the Q3, there is a discount factor attached to that. I am assuming because of 18% tariff in the US market, in Q4, the discount will be gone up largely. And therefore, we will see momentum building up going forward. Is that the right understanding?

Chirag Parekh:

We are going to roll back the prices based on the pro-rata 50% to 18%, 100%. We announced with our customers and we are going to do that.

Page 12 of 17

Carysil Limited February 05, 2026

==> picture [139 x 34] intentionally omitted <==

Sanjay Ladha:

In the past, you have said that you are building up from. So, we are largely right now US, UK and India focused. And you said that you are developing new market as well. Any color on that side, which market we are focusing more, which market we see more attraction on that side? Any color on that side?

Chirag Parekh: Sure. I mean, I didn't say that we have been focusing on a lot of new markets. We have been focusing, as I said, on the Gulf, which is very-very huge. We are doing across North Africa. We are expanding into the European belt. I gave 4-5 countries from Morocco, Croatia and all that part. We are also strengthening our presence in Europe now with Spain. In Italy, for example, we just got a new OEM customer, which is probably the number one luxury brand in the appliances. It's called Smeg. You would have heard about the brand and appliances. We got our first orders from there. So, we have a lot of action now from Europe, inside the European countries, which is again of 58 nations. We are hardly at 20% in that. So, we have seen overall IKEA business across Europe happening. We have presence in more countries than it us just the Sweden. We are developing our brand in South Africa, Australia. So, the emerging markets is going to show, I am pretty sure, if you just minus America, because that's a huge pie. And so, if you want to compare, but I think the significant growth will come from the emerging markets in 2026.

Sanjay Ladha: Right. And my last question would be, in the past, we have alluded that Indian market and, in the commentary, also, you said that you are looking Indian market at a 500 crores mark in a 5- year time frame. But in the past, you have said that you will share some strategy, how will you going to achieve that and what are your vision on that side? Any color on that side or will you see that in Q4, something sort of that?

Chirag Parekh: No, we are going to do this budgeting in our next budget meeting. And we would be rolling out this plan on 4[th] of April in Bombay, 100%. And it is just not talking, I won't like seeing is believing. So, we are going to display all the products, what we are planning to roll out in India within the next 5 years’ time. How are we going to build? What's our strategy going to be? Everything.

Sanjay Ladha: Looking forward, sir. Thank you so much.

Chirag Parekh: So, please tighten your seat belt for some time. And I think 4[th] April, you should get in touch with our team and they will let you know the slot where the investors can meet me and my team. There will be my global team also. There will be my key core team of India also, which will be there presenting you with the global and the India plan. So, we will walk through the 5 years of India. 100%.

Sanjay Ladha:

Thank you so much, sir. Thank you.

Moderator:

Thank you. Our next question is from the line of Naitik from NV Alpha Fund. Please go ahead.

Page 13 of 17

Carysil Limited February 05, 2026

==> picture [139 x 34] intentionally omitted <==

Naitik: Hi, sir. Thanks for taking our question. So, my first question is, I just wanted to know what sort of realizations both in our quartz and steel sinks are sustainable on an annual basis? Chirag Parekh: What sales price? Naitik: Realization per unit in both quartz and steel sinks. So, what levels are sustainable? Chirag Parekh: So, right now, as you see our past track, our average realization piece is going about, anywhere on a 5% to 10% year-on-year, our average sales price. See, what is sustainable is not that's a very finance question, but I will tell you answer what. The Company is constantly focusing on high value-added products. So, I do remember when I joined Carysil back in late 90s, the average price of a sink was Rs. 2,400. I think it's now it's about Rs. 6,000. Just to give you an idea. When we launched faucets, I think it was about Rs. 3,000-4,000 a faucet. Now it's about maybe Rs. 8,000-9,000 a faucet. So, I think we constantly endeavor to maximize our offerings on more value-added products. So, I think with that thing in mind, and obviously, we are a very margin conscious Company, we believe in high margin model. So, looking at that, I would not be able to do exactly but yes, it is sustainable with the strategy what Company has on developing and with high technology products, high design products and the value addition here only. Unless if there is some kind of a tariff and we are to discount the price, then that's a different story. Naitik: Got it. So, 6,000 and increase depending on how much value added or product mix changes. Chirag Parekh: I think it's about 5.5 to 6 here. Naitik: Second question is, given that majority of our degrowth has come from surfaces, this quarter and the US subsidy seem to have degrown the most. So, I just wanted to understand what is leading to this degrowth? Is it just a change in product mix that we are doing one and two, is that subsidy profitable or we are not making profits there? Chirag Parekh: So, maybe I kind of lost you in there because you are speaking too fast. Naitik: So, I was talking. Chirag Parekh: The US will show growth. US profits are considerably rose now and for the year. UK, like I said, it's going to be a challenging situation in UK. But still our profits are quite good. Not in terms of actual like last year, but it's quite good. Our subsidiaries in UAE, I think doing exceptionally well. We were targeting I think about 10 crores. I think we will be ending this year more than 20 crores. So, I think the rest of the subsidiaries are good. I think we just have to kind of sail through this a bit of rough time in UK. Naitik: And the US subsidiary currently is profiting. Moderator: Sorry to interrupt you Naitik, can you please rejoin?

Page 14 of 17

Carysil Limited February 05, 2026

==> picture [139 x 34] intentionally omitted <==

Naitik: Just a follow-up on the same. I am rejoining after this. Moderator: Thank you. Our next question is from the line of Chintan Shah from JM Financial Family Office. Please go ahead. Chintan Shah: Hi, thank you so much for the opportunity. I have two questions. So, one is again on this surfaces segment. If I see your PPT, it is one of the largest segments among all the product lines we have and is also growing at the fastest pace. So, just to get a better sense from an extra at least 4-5 year perspective, what are we really doing to sort of gain more market share here? Because potentially this could be a very large segment for us. Just wanted to know your thoughts on this. Chirag Parekh: No. I think you are absolutely right. We call it the KBS strategy, kitchen bathroom and surfaces strategy. The idea is to bring this, surfaces because we see a very high potential. So, fabrication is, we wanted to expand our fabrication business globally, especially right now it's just US and UK, but India we are bringing in. The idea is to build your fabrication competency of such a level and purchase those quartz and a granite business, which can be integrated seamlessly with your kitchen sink to add value to it. And then we want to kind of make that a branded product that Carysil technology and fabrication. We have seamless integration of a kitchen sink, which again, we will show to you on the April 4[th] at the expo. I don't think so we are going to give up. I think we completely believe that everything needs a faucet. It also needs a worktop. So, you are absolutely right. I think that scale could be done. I think it could be really different. As you know that we acquired these companies and we are learning this process how to grow. Just as the quartz sinks, we launched decades back and took time the same way. I think the surfaces may not take so much time, but we are kind of now getting the grip on it. Once we get the grip on it, I think we will be ready to scale across the world.

Chintan Shah: Got it, understood. So, now just trying to understand the guidance better that you are giving of around 15% to 20% sort of revenue and growth rate over the next 3 years. So, if I see, surfaces is one segment which will grow fast and India is where we look into almost like 5X revenues and plus we are expanding a lot in other geographies as well. So, keeping all this in perspective, this revenue guidance sort of conservative. What are your thoughts on any particular reason why you sort of expected to be 15% to 20% only?

Chirag Parekh: Growth and speed is if anybody knows our Company and we know that we don't leave any stone unturned. Right. So, I think that is what the least I think anybody would expect from us to go out of 15% to 20%. The Company will not leave any stone unturned to achieve this. As we say that global markets are volatile, you know what are the geopolitical situations. So, it's very tough. But if you know us and my Company, we will leave no stone unturned to grow this Company to Carysil 2.0, which we will launch it in 4[th] April and try to see how do we now, how fast can we bring in another $100 million sales.

Chintan Shah:

All right, understood. Just last bookkeeping question for Mr. Anand. So, on the quartz sink side as well as stainless steel side, basically from the three customers, basically Kraus, Grohe as well

Page 15 of 17

Carysil Limited February 05, 2026

==> picture [139 x 34] intentionally omitted <==

as IKEA. So, just wanted to get a sense from a current capacity, what sort of volumes are contracted with these guys? And just sort of total basis, I don't want to separate for each of them.

Anand Sharma: So, I think customer wise not able to give you the numbers, because we have a confidentiality agreement with the customers.

Chirag Parekh: What does he want, overall IKEA and all margins. He just wants an idea.

Anand Sharma: Share of business?

Chintan Shah: Yes, that's right. I mean, in terms of volume, I think you share for all three customers.

Anand Sharma: So, all three putting together could be around 40% of business.

Chintan Shah: For both quartz and stainless as well?

Anand Sharma: Quartz I am talking about

Chirag Parekh: So, I can tell you this. Roughly, if you ask the US, IKEA and all put together would be about more than 60% of the business.

Chintan Shah: Okay fine. Thank you so much.

• Moderator: Thank you. Our next question is from the line of Mehul Panjwani from 40%. Please go ahead.

Mehul Panjwani: Thank you so much. I have some questions on the branding. So, first is the Sternhagen and Smeg Italy. And also, are we selling our products that are being sold in IKEA India as well. So, these three questions. Can you tell us a little bit on Sternhagen?

Chirag Parekh: The Sternhagen brand is now being launched in the UAE, will be launched in the UK and it's launched in Germany. Smeg is, we are not doing with Smeg, we are OEM suppliers to Smeg. And your third was, what was that? Sorry, I missed it.

Mehul Panjwani: Are we selling in IKEA India?

Chirag Parekh: Yes, we are selling IKEA India.

Mehul Panjwani: And Sternhagen is our own brand, is it?

Chirag Parekh: Yes, it's our own brand.

Mehul Panjwani: Thank you so much.

Moderator: Thank you. Our next question is from the line of Naman Parmar from Niveshaay Investment. Please go ahead.

Page 16 of 17

Carysil Limited February 05, 2026

==> picture [139 x 34] intentionally omitted <==

Naman Parmar: Thank you so much for the opportunity. So, just wanted to know any import duty is there on the kitchen sinks and bathroom fittings in the UK or the European market? Chirag Parekh: No, it's only about 1.5% to 2%. It's very low. Naman Parmar: And secondly, on the surface is business in the US market. So, what is the margin on that particular business is you can elaborate? Chirag Parekh: So, I can tell you on the gross margins, we have expanded from 35% to approximately 50%. Naman Parmar: So, overall, you are seeing a very good demand scenario on the US perspective compared to the UK market, right? Chirag Parekh: Yes. I mean, for the time being, I would not say long term, obviously, United States is a much bigger market. Naman Parmar: Understood. Thank you so much. Moderator: Thank you. Ladies and gentlemen, due to time constraints, we take that as the last question for today. I would now like to hand the conference over to Mr. Chirag for closing comments. Chirag Parekh: Thank you, everyone. I hope we have been able to answer all your questions satisfactorily. However, if you need further clarification or want to know more about our Company, please get in touch with GIA team, my investor relations advisors. Thank you and have a great day. Jai Hind. Moderator: Thank you. On behalf of Carysil Limited, that concludes this conference. Thank you for joining us and you may now disconnect your line.

Page 17 of 17