Carysil Limited disclosed the detailed voting results of its 39th Annual General Meeting (AGM) held on September 22, 2026. While all five ordinary resolutions were passed with the requisite majority, the revision of remuneration for Ms. Rhea Parekh witnessed significant dissent, with 26.41% of votes cast against the proposal.

The meeting, conducted via Video Conferencing and Other Audio-Visual Means, commenced at 3:00 pm and concluded at 4:25 pm. A total of 84 members attended through video conferencing, comprising 3 promoters and 81 public shareholders. The record date for voting entitlements was September 15, 2026.

Voting breakdown on key resolutions

The scrutiny report by P. C. Shah & Co. confirmed that Resolutions 1, 2, and 4 passed with near-unanimous support. However, Resolution 3 (re-appointment of Anand Sharma) and Resolution 5 (remuneration revision) drew notable opposition from institutional investors.

Institutional dissent on executive pay

The most significant divergence in voting occurred during the approval of Ms. Rhea Parekh's revised remuneration. While promoter group shareholders voted unanimously in favour, institutional investors cast 12,29,085 votes against the resolution, representing 44.53% of the total votes polled by institutions. Non-institutional public shareholders also registered a small dissent of 0.31%.

In contrast, the re-appointment of Executive Director & Group CFO Anand Sharma faced a 2.72% dissent from institutional investors, though it still secured overwhelming support overall. The adoption of financial statements and the declaration of the final dividend of ₹3 per equity share faced negligible opposition, with only 35 shares voted against across both resolutions.

Governance and compliance details

Chirag Parekh, Chairman & Managing Director, chaired the meeting. The Board members present included the Chairpersons of the Audit, Stakeholders' Relationship, Corporate Social Responsibility, Risk Management, and Nomination and Remuneration Committees. Reena Shah, Company Secretary & Compliance Officer, confirmed the meeting's compliance with Ministry of Corporate Affairs and SEBI circulars.

The scrutinizer, Punit Pradip Shah of P. C. Shah & Co., verified that the e-voting process was conducted fairly and transparently. The results have been disseminated to stock exchanges and placed on the company website.

Carysil Limited has unveiled its "Carysil 2.0 | A Bolder Vision" strategic presentation, aiming to establish itself as the leading global player in the kitchen and bath segment. The company plans to leverage its integrated manufacturing capabilities and German engineering DNA to drive volume and value growth across domestic and international markets.

The strategy focuses on building an integrated global kitchen solutions platform, supported by a network of 5,000+ dealers in India and presence in 55+ countries. Carysil operates 5 manufacturing plants with an installed capacity of 10 lakh quartz sinks, 2.5 lakh stainless steel sinks, and 0.5 lakh each for kitchen appliances and faucets annually.

Strategic pillars and market positioning

The company identifies five key areas defining its trajectory: building an integrated global platform, accelerating momentum, achieving global leadership, leveraging competitive advantages, and ensuring volume and value growth. Carysil positions itself as India's only one-stop kitchen solution provider with in-house manufacturing of sinks, built-in appliances, and faucets.

Key competitive advantages include:

• Technology-driven innovation embedded in product development.
• Precision manufacturing backed by decades of German engineering expertise.
• Automation to optimise costs and enhance productivity.
• Consistent product innovation setting industry benchmarks.

Financial performance and growth metrics

Carysil reports a 18% revenue CAGR and 19% EBITDA CAGR over the period from 1996 to 2026, with average EBITDA margins of 18.3%. The company's total income grew from ₹492 crore in FY22 to ₹932 crore in FY26, reflecting an 89% growth rate over this period. EBITDA rose from ₹115 crore to ₹185 crore, while PAT after minority interest increased from ₹65 crore to ₹98 crore.

Volume growth across categories

The company has demonstrated strong volume growth across its product categories. Quartz sink volumes grew at a 20% CAGR from 650,000 units in FY22 to 782,000 units in FY26. Stainless steel sink volumes expanded by 59% from 105,000 units to 167,000 units during the same period. Kitchen appliances and others saw a 48% increase, rising from 48,000 units to 71,000 units.

Global footprint and partnerships

Carysil's international expansion is supported by overseas subsidiaries including Carysil Products Limited (UK), Carysil Surfaces Limited (UK), United Granite LLC (USA), and Carysil FZ LLC (UAE). The UAE entity, incorporated in 2023, saw revenues grow from Mn AED 2 in FY24 to Mn AED 10 in FY26.

Strategic partnerships include sole supply agreements with global brands like Howdens, Karran, and Lowe's for quartz sinks. The company has also initiated OEM supply for Kohler India and Häfele in the stainless steel segment, alongside new partnerships with Home Depot US/Canada and Amazon USA.

Domestic expansion and ESG commitments

Domestic revenue is targeted to reach ₹500 crore by FY29/FY30, up from ₹178 crore in FY26. Growth drivers include expanding the dealer network, separate business heads for each category, and a strong online presence. Currently, Carysil operates 150+ galleries, 100+ franchise service centres, and 110+ distributors in India.

The company holds a Synesgy ESG Certificate with an 'A' rating (Excellent), valid until November 20, 2026. CSR initiatives include educational scholarship programmes and partnerships with charitable trusts.