Carysil Limited has submitted its quarterly monitoring agency report for the utilization of funds raised through its Qualified Institutions Placement (QIP) for the quarter ended December 31, 2025. The report, prepared by ICRA Limited as the appointed monitoring agency, was filed with BSE Limited and National Stock Exchange of India Limited in compliance with Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

QIP Issue Details and Fund Utilization

The company's QIP issue was completed between July 01, 2024, and July 03, 2024, raising ₹125.00 crore through equity shares. After accounting for issue-related expenses of ₹3.35 crore, the net proceeds available for utilization stand at ₹121.65 crore, revised from the originally planned ₹121.70 crore due to higher expenses by ₹0.05 crore.

Object-wise Fund Deployment

The monitoring agency report reveals the progress across three main objectives of the QIP issue:

Capital Expenditure for Manufacturing Facilities: Out of the allocated ₹62.50 crore for procurement and installation of machines, equipment, and moulds, the company has utilized ₹23.37 crore by December 31, 2025, leaving ₹39.13 crore unutilized for this purpose.

Working Capital Requirements: The entire allocated amount of ₹31.25 crore has been fully utilized for funding the company's working capital needs.

General Corporate Purposes: The complete allocation of ₹27.90 crore has been utilized across various corporate activities including advertising and publicity expenses (₹2.22 crore), Acrysil USA loan payment (₹2.81 crore), raising funds for right issue CSL (₹4.25 crore), supplier payments (₹18.20 crore), and sales promotion expenses (₹0.42 crore).

Deployment of Unutilized Proceeds

The company has strategically deployed the unutilized funds of ₹39.13 crore in fixed deposits with HDFC Bank across 15 different accounts. These investments are earning returns ranging from 6.25% to 6.35% with maturity dates extending from August 2026 to March 2027. The total earnings from these deployments amount to ₹0.78 crore, bringing the market value of unutilized proceeds to ₹39.91 crore.

Monitoring Agency Assessment

ICRA Limited, in its capacity as the monitoring agency, has confirmed that there is no material deviation from the objects of the issue. The utilization of proceeds remains in line with the disclosures made in the offer document. The agency noted that all government and statutory approvals related to the objects have been obtained, and technical assistance arrangements are operational.

The report emphasizes that while the capital expenditure component shows remaining utilization of ₹39.13 crore, this is expected to be deployed by the fiscal year ending March 31, 2026, as per the company's implementation timeline.

Carysil Limited has released its comprehensive Q3FY26 investor presentation showcasing exceptional financial performance and strategic growth momentum. The company, positioned as Asia's largest and the world's fourth-largest quartz kitchen sink manufacturer by scale, demonstrated robust operational excellence across all business segments.

Outstanding Financial Performance

The company delivered remarkable growth in profitability during Q3FY26, with consolidated net profit after minority interest reaching ₹21.10 crores compared to ₹12.50 crores in Q3FY25, representing an impressive 68.6% year-on-year growth. Total consolidated income grew 9.0% to ₹223.9 crores from ₹205.5 crores in the previous year.

Strategic Market Leadership and Business Positioning

Carysil has established itself with over 30 years of experience as one of only four companies worldwide equipped with proprietary German-engineered technology. The company operates an integrated kitchen-bath portfolio with extensive global reach across 60+ countries and maintains a strong domestic presence with 4,500+ dealers across India and 140 galleries.

Capacity Expansion and Production Excellence

The company is implementing significant capacity expansion across multiple product lines. An additional 1 lakh units of quartz sink capacity is scheduled to come on stream by April 2026, with current capacity utilization at approximately 80% in Q3FY26. Similarly, an additional 70,000 units of stainless-steel sink capacity is expected to be operational by April 2026, with capacity utilization at 82% in Q3FY26.

Nine-Month Performance and Strategic Partnerships

For the nine months ended December 31, 2025, consolidated revenue reached ₹695.2 crores compared to ₹614.9 crores in the previous year, representing 13.1% growth. The company has strengthened its international partnerships, including long-term agreements with major clients like IKEA and Karran USA for supplying 150,000 quartz sinks annually. Carysil serves as the sole supplier of quartz sinks to both Karran and Grohe, demonstrating strong client relationships built on decades of excellence.

Brand Development and Market Expansion

Carysil has signed renowned public figure Mira Kapoor as brand ambassador for its marketing campaign and unveiled a state-of-the-art Experience Centre in Ahmedabad. The company has expanded its experiential retail footprint with new openings in Muscat, Pune, Indore, and Ahmedabad, strengthening direct customer engagement through an omnichannel strategy anchored by Carysilshop.com.