Annual Report

August 25, 2026 To, To, Bombay Stock Exchange Limited National Stock Exchange of India Limited Department of Corporate Services Exchange Plaza, Plot No. C/1 2nd Floor, PJ Towers, ‘G’ Block, Bandra- Kurla Complex, Dalal Street, Bandra East, Mumbai – 400 001 Mumbai 400 051 Scrip Code: 524091 Trading Symbol: CARYSIL Sub: Annual Report for the Financial Year 2025-26 Pursuant to Regulation 34(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclose herewith the Annual Report of the Company for the Financial Year 2025-26 along with the Notice convening the 39th Annual General Meeting (AGM) scheduled to be held on Tuesday, September 22, 2026 at 03:00 p.m. (IST) through Video Conferencing/ Other Audio-Visual Means in accordance with relevant circulars issued by the Ministry of Corporate Affairs and SEBI. In compliance with the aforesaid circulars, the Annual Report along with the Notice of the AGM is being sent by electronic mode to those shareholders whose e-mail address is registered with the Company/ Registrar and Transfer Agent of the Company /Depository Participants. Further, pursuant to Regulation 36(1)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company is also sending a letter to those shareholders whose e-mail addresses are not registered with the Company/RTA/Depositories, providing them a web-link and QR code from where the Annual Report can be accessed on the Company’s website. The Annual Report along with the Notice of the 39th AGM for the Financial Year 2025-26 is also available on the website of the Company at www.carysil.com This is for your information and records. Thanking you, Yours faithfully, For CARYSIL LIMITED REENA SHAH COMPANY SECRETARY & COMPLIANCE OFFICER ACROSS THE PAGES BUSINESS OVERVIEW The Foundation of Carysil 2.0 1 Legacy Tribute 2 Prelude 4 This is Carysil 32 6 Our Unique Edge Financial Capital 8 Carysil by the Numbers 10 From the Chairman's Desk 16 Leadership Perspectives The Market Shift 22 The Opportunity Landscape 26 Global Partnerships and Presence 28 Strategic Pillars Driving Growth From the Scan this QR code to access Value Creation Framework Chairman's Desk investor-related information 30 Creating Value across Stakeholders 32 Financial Capital 36 Manufactured Capital 46 Intellectual Capital 50 Human Capital 52 Natural Capital 56 Social and Relationship Capital Governance 66 Approach to Governance Board of Directors 68 Board of Directors 70 Leadership Team 72 Corporate Information Investor Information Disclaimer Market Capitalisation : `2,143.86 Crore This document contains statements about expected future STATUTORY REPORTS events and financials of Carysil Limited (‘The Company’), (as of March 31, 2026) which are ‘forward-looking.’ By their nature, forward-looking 73 Management Discussion and Analysis CIN : L26914MH1987PLC042283 statements require the Company to make assumptions and are subject to inherent risks and uncertainties. There is a significant 95 Business Responsibility and Sustainability Report BSE Code : 524091 risk that the assumptions, predictions, and other forward-looking 144 Notice NSE Symbol : CARYSIL statements may not prove to be accurate. Readers are cautioned 161 Board’s Report not to place undue reliance on forward-looking statements as 187 Corporate Governance Report Dividend Declared : `3 per Share several factors could cause assumptions, actual future results and events to differ materially from those expressed in the forward- AGM Date : September 22, 2026 looking statements. Accordingly, this document is subject to FINANCIAL STATEMENTS the disclaimer and qualified in its entirety by the assumptions, AGM Venue : Video Conferencing (VC)/Other qualifications and risk factors referred to in the Management Audio-Visual Means (OAVM) Discussion and Analysis section of this Annual Report. 216 Standalone Financial Statements 280 Consolidated Financial Statements Legacy Tribute THE LEGACY THAT STILL LEADS US HONOURING LATE Some journeys begin SHRI ASHWINBHAI PAREKH with opportunity. His began with belief. Late Shri Ashwinbhai Parekh built Carysil with determination, strong values, and the courage to imagine something larger than the present. From a modest beginning in Bhavnagar, he laid the foundation of a company shaped by quality, integrity, and long-term relationships. He believed that excellence was a responsibility carried into every product, every process, and every promise made to customers. His entrepreneurial spirit and thoughtful leadership created a culture grounded in discipline, resilience, and continuous innovation. Today, as Carysil enters a new phase of growth and global ambition, his vision continues to guide our thinking and inspire our journey. We move forward with pride and gratitude, carrying his legacy into every milestone we build together. Prelude CARYSIL 2.0 | A BOLDER VISION There comes a point in a company’s journey when growth evolves into transformation. For us, that moment is now. Carysil 2.0 represents our next phase domestic B2B presence across of evolution as we transition from a premium real estate, hospitality, quartz sink manufacturer to building architects, and institutional projects. an integrated global kitchen and With disciplined multi-year bathroom solutions platform. Built investments across manufacturing on German-engineered technology, expansion, automation, innovation, manufacturing excellence, trusted distribution, experience centres, partnerships, and design-led modern retail, and digital-first innovation, we are expanding across initiatives, our ambition is to build appliances, faucets, surfaces, and India's largest integrated kitchen hub bathroom solutions to create a one- and create a globally admired Indian stop destination for modern homes. brand, with a clear pathway towards As kitchens evolve into spaces of becoming a USD 1 Billion company. aspiration and intelligent living, we are strengthening our global OEM partnerships while expanding our Business Overview | The Foundation of Carysil 2.0 Showcasing the Future of Carysil 2.0 In April 2026, Carysil brought together its global leadership, channel partners, retail customers, architects, and investors at Grand Hyatt, Mumbai, for InnoVaxpo 2026, the most significant showcase in the Company's history. Under the theme 'Building the Future of Kitchen & Bathroom in India', the event marked a defining milestone, with Carysil stepping beyond its identity as a quartz sink manufacturer to unveil itself as a comprehensive kitchen and bathroom solutions platform. The full depth of the Carysil 2.0 product ecosystem was on display, demonstrating for the first time the breadth and coherence of what the Company has built. The Carysil 2.0 strategic framework and its six pillars were presented to stakeholders, anchored by a long-term ambition of building India's largest integrated kitchen hub and a clear pathway towards becoming a USD 1 Billion company. The response was the most encouraging the Company has seen, reinforcing management's conviction that the strategy is right, the timing is right, and the platform is ready. INNOVAXPO 2026 This is Carysil MADE IN INDIA. BUILT FOR THE WORLD. Carysil Limited (also With over three decades of referred to as 'Carysil', manufacturing excellence, we have combined scale with deep 'The Company' or 'We') is market understanding to create a kitchen and bathroom products designed for modern solutions company built lifestyles and evolving living on German-engineered spaces. Headquartered in India and exporting to over 55+ countries, our technology, precision solutions serve residential, retail, manufacturing, and design- hospitality, and institutional markets led innovation. What worldwide through a growing began as a specialised network of retail customers, OEM partners, and channel relationships. quartz sink business has evolved into an integrated As Asia's largest quartz kitchen sink manufac [Showing first 8,000 characters — download PDF for full document]