Q1 2027 Carysil Ltd Earnings Call

August 11, 2026

Speaker #1: Ladies and gentlemen, good day and welcome to the Carysil Limited Q1 2027 Earnings Conference Call. The conference call will begin shortly.

Operator: Ladies and gentlemen, good day and welcome to the Carysil Limited Q1 FY27 earnings conference call. The conference call will begin shortly. Please stay connected. Ladies and gentlemen, good day and welcome to the Carysil Limited Q1 FY27 earnings conference call hosted by Go India Advisors. This conference call may contain 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 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 star then zero on touchtone phone. Please note that this conference is being recorded.

Speaker #1: Please stay connected. Ladies and gentlemen, good day and welcome to the Carysil Limited Q1 FY27 Earnings Conference Call. The conference call will begin shortly.

Speaker #1: Please stay connected. Ladies and gentlemen, good day and welcome to the Carysil Limited Q1 FY27 Earnings Conference Call, hosted by Goa India Advisors.

Operator: Ladies and gentlemen, good day and welcome to the Carysil Limited Q1 FY 2027 earnings conference call hosted by Go India Advisors. This conference call may contain 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 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 star then zero on touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Chirag Parekh. Thank you, and over to you, sir.

Speaker #1: This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions, and expectations of the company as of the date of this call.

Speaker #1: These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes.

Speaker #1: Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded.

Speaker #1: I now hand the conference over to Mr. Chirag Parekh. Thank you, and over to you, sir.

Operator: I now hand the conference over to Mr. Chirag Parekh. Thank you, and over to you, sir.

Speaker #2: Good evening, ladies and gentlemen. I would like to extend my wishes to you and your families on the occasion of India's 79th Independence Day.

Chirag Parekh: Good evening, ladies and gentlemen. I would like to extend my wishes of healthy and families on the occasion of India's 75th Independence Day. I hope you had an opportunity to review our Q1 FY27 financial results and investor presentation, which we shared earlier and are also available on the company's website and stock exchanges. Our journey at Carysil is closely aligned with the spirit of Make in India to make us building world-class manufacturing capabilities in India, creating products to global standards, and bringing India manufacturing excellence to customers across the world. Joining me this call is Tanuj Sharma, Executive Director and Group CFO, along with our GI and investor relation advisors. Before I start with the details of our script, I would like to offer some key messages. First one is we are pleased with our quality of Q1 performance.

Chirag Parekh: Good evening, ladies and gentlemen. I would like to extend my wishes of healthy and families on the occasion of India's 75th Independence Day. I hope you had an opportunity to review our Q1 FY 2027 financial results and investor presentation, which we shared earlier and are also available on the company's website and stock exchanges. Our journey at Carysil is closely aligned with the spirit of Make in India to make us building world-class manufacturing capabilities in India, creating products to global standards, and bringing India manufacturing excellence to customers across the world. Joining me this call is Anand Sharma, Executive Director and Group CFO, along with our GI and investor relation advisors. Before I start with the details of our script, I would like to offer some key messages. First one is we are pleased with our quality of Q1 performance.

Speaker #2: I hope you have had an opportunity to review our Q1 FY27 financial results and investor presentation, which were shared earlier and are also available on the company's website and stock exchanges.

Speaker #2: Our journey at Carysil is closely aligned with the spirit of 'Make in India to Make Us,' building world-class manufacturing capabilities in India. We are creating products to global standards and making India a manufacturing excellence customer across the world.

Speaker #2: Joining me on this call is Darman Sharma, Executive Director and Group CFO, along with our GI, Investor Division Advisor. Before I start with the details of our stock, I would like to offer some key messages. The first one is that we are pleased with the quality of our Q1 performance.

Speaker #2: Most importantly, we believe that the underlying trends give us a lot of confidence in the full year. Additionally, we would like to mention that we are maintaining our existing net 27% margin guidance.

Chirag Parekh: Most importantly, we believe that the underlying trends give us a lot of confidence in the full year trajectory. We also would like to mention that we are maintaining our existing net FY27 margin guidance. However, based on Q1 performance and trends we are seeing, we currently see ourselves tracking towards the upper end of that guidance. Improvement in the profitability is not driven by a single factor or a one-off benefit. We are seeing benefits from operating leverage, product mix, efficiency, and scale, and we expect these factors to continue to support our margins. We think we have reached a scale where our focus is now no longer simply on growing our existing businesses. Our focus is now on how we are going to build the next INR 1,000 crore of Carysil. India is becoming an increasingly important growth engine for Carysil.

Chirag Parekh: Most importantly, we believe that the underlying trends give us a lot of confidence in the full year trajectory. We also would like to mention that we are maintaining our existing net FY 2027 margin guidance. However, based on Q1 performance and trends we are seeing, we currently see ourselves tracking towards the upper end of that guidance. Improvement in the profitability is not driven by a single factor or a one-off benefit. We are seeing benefits from operating leverage, product mix, efficiency, and scale, and we expect these factors to continue to support our margins. We think we have reached a scale where our focus is now no longer simply on growing our existing businesses. Our focus is now on how we are going to build the next INR 1,000 crore of Carysil. India is becoming an increasingly important growth engine for Carysil.

Speaker #2: However, based on Q1 performance and the trends we are seeing, we currently see ourselves tracking towards the upper end of that guidance. The improvement in profitability is not driven by a single factor or a one-off benefit.

Speaker #2: We are seeing benefits from operating leverage, product mix, efficiency, and scale, and we expect these factors to continue to support our margins. We think we have reached our scale, where our focus is now no longer simply on growing our existing businesses.

Speaker #2: Our focus is now on how we are going to build the next ₹1,000 crore of Carysil. India is becoming an increasingly important growth engine for Carysil.

Speaker #2: We are expanding our distribution, increasing our presence across categories, and improving gross selling across things like processing appliances. As far as export international, we have made a breakthrough with large international customer chains.

Chirag Parekh: We are expanding our distribution, increasing our presence across categories, and improving cross-selling across sinks, faucets, and appliances. As far as export international, we have major breakthrough with large international customer chains. We have been able to build strong customer relationship market position. We see a significant opportunity to grow exports while maintaining healthy margins. We are also continuing to invest in R&D, product development, technology, and the brand. Investments are designed to create the next phase of growth rather than simply optimize the current business. Our objective is not to maximize one-quarter earnings. Our objective is to build Carysil into a global kitchen solution company with sustainable double-digit growth and industry-leading margins. We remain confident that the combination of growth and operating leverage in these categories gives us a strong runway now for the next several years. Core sink business.

Speaker #2: We have been able to build strong customer relationships and market positions. We see a significant opportunity to grow exports by maintaining healthy margins.

Speaker #2: We are also continuing to invest in R&D, product development, technology, and the brand. These investments are designed to create the next phase of growth, rather than simply optimize the current business.

Speaker #2: Our objective is not to maximize one quarter's earnings. Our objective is to build Carysil into a global kitchen solutions company with sustainable double-digit growth and industry-leading margins.

Speaker #2: We remain confident that the combination of growth and operating leverage, new category vision, and strong runway is in place now for the next several years. Fourth thing, business.

Speaker #2: The fourth thing, business continues to bring strong momentum in FY26, supported by resilient export demand and improving domestic production. Our capacity utilization was at 80% during the first quarter.

Chirag Parekh: The core sink business continues to build a strong momentum in FY26, supported by resilient export demand and improving domestic traction. Our capacity stood at 80% during the first quarter. Demand visibility remains healthy. Company continues to invest in new models, machinery, automation, and product innovation. The expansion of 260,000 units are on track, and we expect the same to be completed by end of the FY2027. We would also like to announce that we have extended our partnership with The Home Depot US and Canada. We have also entered into a collaborative agreement with Wesley Australia and New Zealand for one of the biggest chain retail in Australia. We also would like to share that we just cracked our first order into Amazon USA. Stainless steel sinks continues to emerge as a very important growth engine, with volume growing at 16.3% YoY.

Speaker #2: Demand visibility remains healthy. Companies continue to invest in new models, machinery, automation, and product innovation. The expansion of 250,000 units is on track, and we expect it to be completed by the end of FY27.

Speaker #2: We also would like to announce that we have extended our partnership with Home Depot US and Canada. We have also entered into a collaborative agreement with Hafley Australia and New Zealand for one of the biggest chain retailers in Australia.

Speaker #2: We also would like to share that we just cracked our first order into Amazon USA. Interesting thing. We continue to emerge as a very important growth engine, with volume growing at 16.3% ROI, strong OEM demand, exports, and increasing opportunities in domestic markets.

Chirag Parekh: Strong OEM demand, exports, and increasing opportunities in domestic market. The company commenced the additional 70,000 annual capacity, taking now the capacity to 250,000 units. Approximate capacity utilization of 94%. The company acquired the adjacent land, and we have already started the expansion for our new B2C, B2B OEM customers like Kohler, Elkay, Grohe, et cetera. With increasing acceptance of premium-assessed sink in global market resulted capacity increase, the company expects steel to be one of the great growth drivers going forward. Faucets continue to remain a strong traction, with volume growing at 43.4%, making it one of the Carysil fastest growing categories. The company expanding its portfolio into stainless steel and the brass faucet with related finishes. We received traction in Europe and launch of our RO enabled drinking water faucets in the company's long-term potential. Every Indian should drink water from a Carysil faucet is our dream.

Speaker #2: The company commends the additional 70,000 annual capacity, taking the total capacity now to 250,000 units. Approximate capacity utilization is 94%. The company acquired the existing plant, and we have already started the expansion for our new B2C and B2B OEM customers like Kohler, Hafele, Grohe, et cetera.

Speaker #2: With the increasing acceptance of premium assets in the global market, resulting in capacity increases, the company expects still to be one of the great growth drivers going forward.

Speaker #2: Process continues to remain our strong traction, with volume growing at 43.4%, making it one of Carysil's fastest growing categories. The company is expanding its portfolio into stainless steel and brass process with various 3D finishes.

Speaker #2: Initial traction in Europe and the launch of our RO-enabled drinking water further strengthened the company's long-term potential. Every Indian should bring water from the Carysil process—this is our dream.

Speaker #2: India story. Green hydration driving growth. India is increasingly becoming a three-growth engine, with domestic sales at around ₹56 crore, up to almost 40% ROI, driven by 25% volume growth and 12% average price revision growth.

Chirag Parekh: India story. Premiumization driving growth. India is increasingly becoming a key growth engine, with domestic sales at around INR 56 crores, up to almost 40% YoY, driven by 25% volume growth and 12% average price realization growth, reflecting premiumization and favorable product mix. Our all the broad four categories, quartz sinks, stainless sinks, appliances, and faucets in India have grown 31%, 16%, 28%, 45% respectively. We continue to see this momentum moving forward. Our focus always remains on premium products, high design technology, and consumer engagement. Strengthening our eco-system with expansion of our dealer brand store, experience center, our B2B channels, and on online. We are increasing our reach by opening 30 to 50 galleries, 11 brand stores, 34 are committed in Q2, 180 stores coming in the next two years' time.

Speaker #2: Reflecting colonization, and also brought four categories and process in India, have grown 31%, 60%, 28%, and 45% respectively. We continue to see this momentum moving forward.

Speaker #2: Our focus always remains on premium products, high-design technology, and consumer engagement. Continuing our ecosystem with the expansion of our dealers, brand stores, experience centers, our B2B channels, and online.

Speaker #2: We are increasing our reach by opening 40 to 50 galleries, 11 brand stores, and 34 are converted in the quarter, to 180 stores coming in the next two years' time.

Speaker #2: Because of the new B2B vertical for India, we have now penetrated into large builders in the B2B segment, particularly in tier two and tier three markets through complete kitchen combo selling.

Chirag Parekh: Because of the new B2B vertical for India, we are now penetrated into large builders in the B2B segment, particularly in tier 2 and tier 3 markets through complete kitchen contract selling. Digital is emerging as one of the most important growth channels in India. We are live with Amazon, Flipkart, offering faucet appliances. We expect e-commerce sales to grow by 3x this year. Global growth. Building a global premium franchise. Carysil global business continues to gain traction with a stronger order pipeline supported by broad-based across the international markets. The company is pursuing the global plot strategy by generating momentum across the world. With strategic relationships with IKEA, Grohe, Lowe's, Howdens UK, Amazon, we continue to deepen through adding new models and colors. Carysil is also expanding its presence into new emerging markets like Qatar and in the Gulf countries.

Speaker #2: Digitally emerging as one of the most important growth channels in India, where our breakthrough with Amazon, Alpha, and Flipkart offering profit appliances, we expect e-commerce sales to grow by 3x this year.

Speaker #2: Global growth. Building a global premium franchise. Carysil's global business continues to gain traction with a stronger order pipeline, supported by broad-based demand across the international markets.

Speaker #2: The company is pursuing the Europe Plus strategy by changing momentum across the world, with specific relationships with IKEA, Grohe, Lowe's, Halden's UK, and Amazon, which it will continue to deepen through adding new models and colors.

Speaker #2: Carysil is also expanding its presence into new emerging markets like Qatar, and in Qatar and in the Gulf countries. Our objective is to build Carysil not as an Indian exporter, but as a global premium kitchen solution provider with strong local presence in key markets.

Chirag Parekh: Our objective is to build Carysil not as an Indian exporter, but as a global premium kitchen solution with strong local presence in key markets. UK market outlook. Turning to the UK, our business continued to gain momentum across retail, merchant, contract, and OEM channels. Our new initiatives, our new Carysil showroom coming in Manchester, showcasing sinks, taps, and the appliances, and the launch of the new premium Surfaces ready to be matched across with the built-in appliances in the UK like water 365 24/7. We have also added a new customer like Boffey, Wall, Wadehood, across UK and Ireland for sinks and the bathrooms. We are also progressing discussions along France, Ireland, Greece, Israel, Iraq, Landmark Properties. The UK market is expected to remain modest. We remain cautiously optimistic and see strong opportunities to gain market share through distribution giants. Going ahead on FY27 guidance.

Speaker #2: UK market outlook: Turning to the UK, our business continues its momentum across retail, merchant, contract, and OEM channels. A new initiative is a new Carysil showroom coming in Manchester, showcasing sinks, taps, and the appliances, and the launch of the new premium surfaces, ready to be naturally integrated with the built-in appliances in the UK by Q3 of FY2027.

Speaker #2: We have also added new customers like Bordell, Warwick, and Veveo across the UK and Ireland for Think and the Pack range. We are also progressing discussions along and in parallel with Rules, Gray, Rope, E, and Landmark Properties.

Speaker #2: The UK market is expected to remain modest. We remain cautiously optimistic and see strong opportunities to gain market share through distribution channels. Going ahead on a 5/27 guidance.

Speaker #2: As we said, we continue to maintain our revenue guidance of 15%, and the upper side of the 18% to 20% EBITDA margin.

Chirag Parekh: As we said, we continue to maintain our revenue guidance of 15% and the upper side of the 18% to 20% EBITDA margin. Our domestic momentum is supported by strong 90-day subsidy plan from September to November and an eight-city celebrity share roadshow. We remain committed to disciplined capital allocation, invest ahead of growth across capacity, technology innovation products and brands. To conclude, FY27 is a strong start for Carysil. With that, I will hand over to our Group CFO Director, Mr. Anand Sharma for the financial performance. Thank you.

Chirag Parekh: As we said, we continue to maintain our revenue guidance of 15% and the upper side of the 18% to 20% EBITDA margin. Our domestic momentum is supported by strong 90-day subsidy plan from September to November and an eight-city celebrity share roadshow. We remain committed to disciplined capital allocation, invest ahead of growth across capacity, technology innovation products and brands. To conclude, FY 2027 is a strong start for Carysil. With that, I will hand over to our Group CFO Director, Mr. Anand Sharma for the financial performance. Thank you.

Speaker #2: Our domestic momentum is supported by funding a 90-day festive plan from September to November, and then an eight-city celebrity chef workshop. We remain committed to disciplined capital allocation and investing ahead of growth across capacity, technology innovation, products, and brands.

Speaker #2: To conclude, the acquisition is a firm and strong start for Carysil. With that, I will hand over to our Group CFO and Director, Mr. Arman Sharma, for the financial performance.

Speaker #2: Thank you.

Anand Sharma: Thank you, sir. Good evening, everyone. Let me take you through the company's consolidated financial performance for Q1 FY27. We have achieved consolidated profit from INR 164.8 crore in Q1 FY27 as compared to INR 227.3 crore in Q1 FY26, grew by 16.5%. EBITDA for Q1 FY27 stood at INR 56 crore as compared to INR 44.1 crore in last year's corresponding quarter, growth of 27%, with EBITDA margin expanding by 175 basis points to 21.2% from last year, 19.4%. EBIT stood at INR 46.8 crore, up by 31.2% year on year basis with EBITDA margin improving by 198 basis points to 27.7%. Profit after tax and minority interest stood at INR 21.4 crore compared to INR 22.8 crore in Q1 FY26, registering growth of 27.7% year on year basis. Price margin improved by 183 basis points to 11.9%. Our EPS stood at INR 11.05 as compared to INR 8.03 in Q1 FY26, growth of 37.6%.

Anand Sharma: Thank you, sir. Good evening, everyone. Let me take you through the company's consolidated financial performance for Q1 FY 2027. We have achieved consolidated profit from INR 164.8 crore in Q1 FY 2027 as compared to INR 227.3 crore in Q1 FY26, grew by 16.5%. EBITDA for Q1 FY 2027 stood at INR 56 crore as compared to INR 44.1 crore in last year's corresponding quarter, growth of 27%, with EBITDA margin expanding by 175 basis points to 21.2% from last year, 19.4%.

Speaker #1: Thank you, sir. Good evening, everyone. Let me take you through the company’s consolidated financial performance for quarter one of FY 2027. We have achieved consolidated total income of ₹264.8 crore in Q1 FY 2027, as compared to ₹227.3 crore in Q1 FY 2026.

Speaker #1: Group-wise, 16.5%. EBITDA for Q1 FY27 stands at ₹56 crore as compared to ₹44.1 crore in last year’s corresponding quarter, a growth of 27%.

Speaker #1: EBITDA margin expanded by 175 basis points to 21.2% from last year’s 19.4%. EBIT is at ₹46.8 crore, up by 31.2% on a year-on-year basis, with EBITDA margin appreciating by 198 basis points to 17.7%.

Anand Sharma: EBIT stood at INR 46.8 crore, up by 31.2% year on year basis with EBITDA margin improving by 198 basis points to 27.7%. Profit after tax and minority interest stood at INR 21.4 crore compared to INR 22.8 crore in Q1 FY26, registering growth of 27.7% year on year basis. Price margin improved by 183 basis points to 11.9%. Our EPS stood at INR 11.05 as compared to INR 8.03 in Q1 FY26, growth of 37.6%.

Speaker #1: Profit after tax and monetary interest is ₹31.4 crore compared to ₹22.8 crore in Q1 of FY26, registering growth of 37.7% year-on-year.

Speaker #1: Pipe margin improved by 183 basis points to 11.9%. Our EPS is ₹11.05 as compared to ₹8.03 in Q1 of FY26, a growth of 37.6%.

Speaker #1: On a sequential basis, revenue grew by 12.2%. EBITDA increased by 16.8%. EBITDA margin expanded by 89 basis points, from 20.3% in Q4 FY26 to 21.2% in Q1 FY27.

Anand Sharma: On sequential basis, revenue grew by 12.2%, EBITDA grew by 15.8%, EBITDA margin expanded by 89 basis points from 20.3% in Q4 FY26 to 21.2% in Q1 FY27. Quartz volume in Q1 FY27 increased by 6% year-on-year basis to 2.01 lakh units compared to 1.89 lakh units in Q1 FY26. Standard sink volume increased by 16% to 49,400 units compared to 42,500 units in last year. Volume across kitchen appliances and other category increased by 12% year-on-year to 9.8 thousand units compared to 8.8 thousand units in Q1 FY26. Out of the total sale of kitchen appliances, 63% of the kitchen appliances produced in-house. Volume across faucetry increased by 43% year-on-year to 12.5 thousand units compared to 8.7 thousand units in Q1 FY26. Again, 67% of the faucetry is manufactured by in-house.

Anand Sharma: On sequential basis, revenue grew by 12.2%, EBITDA grew by 15.8%, EBITDA margin expanded by 89 basis points from 20.3% in Q4 FY26 to 21.2% in Q1 FY 2027. Quartz volume in Q1 FY 2027 increased by 6% year-on-year basis to 2.01 lakh units compared to 1.89 lakh units in Q1 FY26. Standard sink volume increased by 16% to 49,400 units compared to 42,500 units in last year. Volume across kitchen appliances and other category increased by 12% year-on-year to 9.8 thousand units compared to 8.8 thousand units in Q1 FY26. Out of the total sale of kitchen appliances, 63% of the kitchen appliances produced in-house. Volume across faucetry increased by 43% year-on-year to 12.5 thousand units compared to 8.7 thousand units in Q1 FY26. Again, 67% of the faucetry is manufactured by in-house.

Speaker #1: Quartzing volume in Q1 of '27 increased by 6%, rising to 2.01 lakh units compared to 1.89 lakh units in Q1 of '26.

Speaker #1: Stainless steel volume increased by 16% to 49.4 thousand unit compared to 42.5 thousand unit in last year. Volume across kitchen appliances and other critically increased by 12% while on to 9.8 thousand unit compared to 8.8 thousand unit in Q1 of 5/26.

Speaker #1: Out of the total sale of kitchen appliances, 63% of the kitchen appliances are produced in-house. Volume across profit increased by 43%, going up to 12.5 thousand units compared to 8.7 thousand units in Q1 of FY26.

Speaker #1: Again, 67% of the profit is manufactured in-house. Export from India operations grew by 10.6% in Q1 FY26 as compared to Q1 FY25.

Anand Sharma: Export from India operations grew by 10.6% in Q1 FY27 as compared to Q1 FY26, while domestic sales grow by 39.8%. Our domestic sales outpaced our exports. Overall, Q1 FY27 reflects healthy volume growth, strong rates, price realization, improving product mix, and operating leverage, resulting in meaningful improvement in profitability. With this, I open the floor for question and answer. Over to you, operator.

Anand Sharma: Export from India operations grew by 10.6% in Q1 FY 2027 as compared to Q1 FY26, while domestic sales grow by 39.8%. Our domestic sales outpaced our exports. Overall, Q1 FY 2027 reflects healthy volume growth, strong rates, price realization, improving product mix, and operating leverage, resulting in meaningful improvement in profitability. With this, I open the floor for question and answer. Over to you, operator.

Speaker #1: While domestic sales grew by 39.8%, our domestic sales outpaced our exports. Overall, Q1 of FY 2027 reflects heavy volume growth, strong rate/price realization, improving product mix, and lower operating costs.

Speaker #1: Resulting in meaningful improvement in profitability. With this, I open the floor for questions and answers. The floor is yours, operator.

Speaker #3: Thank you very much. We will now begin the question-and-answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone.

Operator: Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on the touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Pritesh Chheda from Lucky Investments. Please go ahead.

Speaker #3: If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question.

Speaker #3: Ladies and gentlemen, we'll wait for a moment while the question queue assembles. The first question is from the line of Pritesh Cheda from Lucky Investments.

Speaker #3: Please go ahead.

Pritesh Chheda: Sure. Hello. Hi. Any reason for the quartz growth being single digit in the quarter and the international subsidiaries of yours, where you have a lot of these on-site fabrication work as well. Even there, those three subsidiaries look really different in growth and the Carysil products revenue in UK also looks slightly lower as well. So some comments on these areas.

Speaker #1: Sure. Hello. Hi. Is there any reason for the quartz growth being in single digits this quarter? And regarding the international subsidiaries of yours, where you have a lot of onsite fabrication work as well—even there, those three subsidiaries really look, you know, different in terms of growth. And the Carysil products revenue in the UK also looks slightly lower.

Speaker #1: So, some comments on these areas.

Speaker #2: Yeah, it is there. So, you know, there is a lot of disruption happening on the logistics side. So while we had a very strong order booking, and I think we did well, we could not—we could not—we could not dispatch a lot of things.

Chirag Parekh: Yeah. Yeah, Pritesh Bhai. There is a lot of disruption happening in the logistics side. While we had a very strong order booking, I think we did well. We could not dispatch a lot of things because of the delay in containers and items. I think that is one. Two is, yes, UK is, I think, going through a bit of a tight phase. We have, as I said in my commentary, been able to break through a lot of new customers. You will be able to see this momentum coming back in the coming quarters.

Speaker #2: Because of the delay in containers, so I think that's one. Two is, yes, the UK is, I think, going through a bit of, you know, a bit of a tight phase.

Speaker #2: But, as I said in my commentary, we've been able to break through to a lot of new customers. So you will be able to see this momentum coming back in the coming quarters.

Speaker #1: Okay. Any other challenges on the material side, by any chance?

Pritesh Chheda: Okay. Any other challenges on the material side by any chance?

Speaker #2: No, there are no challenges as far as supplies are concerned. I think everything remains smooth, with just a bit of delay here and there due to logistics.

Chirag Parekh: No. There is no challenges as far as supply is concerned. I think everything remains smooth. A bit of delay here and there due to logistics, but by and far, we are equipped with stock. Just the nomination containers, which has been nominated by our customers, has been delayed by a week or two, and sometimes we could not dispatch a kind of huge amount of containers end of Q1, which was supposed to go there.

Speaker #2: But by and far we are equipped with stock. Yeah. Just the the nomination containers, which has been nominated by our customers, have been, you know, delayed by a week or two and sometimes like we could not we could not dispatch a kind of huge amount of containers end of quarter one which which got postponed to quarter two.

Speaker #1: Okay. And my last question. My last question is, in the last, you know, four to six quarters, we have announced a lot of these OE relationships on sourcing.

Pritesh Chheda: Okay. My last question is, in the last four to six quarters, we have announced a lot of these OEM relationships on sourcing. When do we start seeing the certification of those relationships, those volume commitments flowing through your P&L?

Speaker #1: So when do we start seeing the justification of those relationships, those volume commitments flowing through your P&L?

Speaker #2: OE? You're talking OE? OEM, right?

Chirag Parekh: OE means you are talking OEMs, right?

Speaker #1: Yeah, yeah. So some of the... yeah.

Pritesh Chheda: Yeah. Some of the-

Chirag Parekh: No.

Pritesh Chheda: Yeah.

Speaker #2: No. So we have already, in the Q1 average, we had 80%. For example, just for the month of June, I think we did almost 90% utilization.

Chirag Parekh: No. We have already in Q1 average, we are at 80%. For example, just for the month of June, I think we did almost 90% utilization for the quarter. But in June, we have done almost 90%. We are right now heavily booked. We probably have the strongest order booking position as of now. We have been able to break through with adding a lot of SKUs with Lowe's, The Home Depot, with Amazon. I think we are probably sitting on the highest ever export order booking right now. The momentum of the orders has already started coming in. Our challenge is how fast can we expand ourselves, which we are targeting by March FY27. Here it has the factory levels. We are trying to see how do we improve our productivity.

Speaker #2: For the quarter. But in June, we have done almost 90%. So, we are right now heavily booked. We probably have the strongest order booking position as of now.

Speaker #2: We've been able to break through with adding a lot of SKUs with Lowe's, Home Depot, and Amazon. So I think we are probably sitting on the highest ever export order booking right now.

Speaker #2: So, the momentum of the orders has already started coming in. Now, our challenge is how fast we will expand ourselves, which we are targeting by March FY27.

Chirag Parekh: Our challenge is how fast can we expand ourselves, which we are targeting by March FY 2027. Here it has the factory levels. We are trying to see how do we improve our productivity. It may happen that we may have to produce more than our production capacity also looking at the current order booking position. The flows have started coming in, Pritesh Bhai. The flows start coming in. Yeah.

Speaker #2: We are at the factory levels. We are trying to see how we improve our productivity. You know, it may happen that we may have to produce more than our production capacity also, looking at the current order booking position.

Chirag Parekh: It may happen that we may have to produce more than our production capacity also looking at the current order booking position. The flows have started coming in, Pritesh Bhai. The flows start coming in. Yeah.

Speaker #2: So the flows have started coming in, Pritesh. The flows have started coming in. Yeah.

Speaker #1: Okay. Okay. Thank you, sir.

Pritesh Chheda: Okay. Thank you, sir.

Speaker #3: Thank you. Participants are requested to please mute their lines while the management answers your questions. The next question is from the line of Avijit Sheet from SBI Capital Securities.

Operator: Thank you. Participants are requested to please mute their lines while the management answers your question. The next question is from the line of Abhijit Sheth from SBICAP Securities. Please go ahead.

Speaker #3: Please go ahead.

Speaker #4: Hello. Am I audible?

Abhijit Sheth: Hello, am I audible?

Speaker #2: Yes. Yeah.

Chirag Parekh: Yeah. Clear.

Speaker #4: Hi, sir. Congrats on the good setup numbers. I have just two questions. First question: Have you taken any price hikes across categories during the quarter?

Abhijit Sheth: Hi, sir. Congrats on the good set of numbers. I have just two questions. First question is, any price hike that you have taken across categories during the quarter?

Speaker #1: What is that? Sorry, I didn't get it. Any?

Chirag Parekh: What is that? Sorry, I did not get it.

Abhijit Sheth: Any price hike you have taken?

Speaker #4: Any price hike you have taken?

Speaker #1: Oh, the price hike.

Chirag Parekh: Oh, the price hike. We have taken, like, in terms of increasing pricing. Are you talking about we increasing the price to the customers?

Speaker #2: We have taken, like, in terms of, like, you're talking about when we increase the price to the customers?

Speaker #4: Yeah. Yeah. Yeah. Any any particular categories they are still like in steel you're realizing it almost in double digits up by. So is it because of any mixed change or price hike you have taken?

Abhijit Sheth: Yeah. Any particular categories you are saying still, like in steel, you are realizing it's almost in double digits up by. Is it because of any mix change or price hike you have taken?

Speaker #2: See, one thing is very clear: we have definitely got a big operating leverage; that, that's one thing that is clear. Second is that the rollback of the discount in the generic states has also come back.

Chirag Parekh: See, one thing is very clear, that we have definitely got a big operating leverage. That one is clear. Second is that the rollback of the discounts in the United States has also come back, and third is that we have launched a full line of premium products in stainless steel and in the granite. So there's a big product mix change, and that has led to the higher margins.

Speaker #2: And third is that we have launched a full line of premium products in stainless steel and in granite. So, that's a big product—there's a big product next stage.

Speaker #2: And that has led to the higher margins. What I would say or or I would say has increased our ES ESP, our our ESP has increased.

Abhijit Sheth: All right.

Chirag Parekh: I would say has increased our ASP. Our ASP has increased.

Speaker #4: Mm-hmm. Mm-hmm.

Abhijit Sheth: Mm-hmm. And sir, just to confirm, in the presentation you have given that 94% of capacity utilization you have achieved for stainless steel.

Speaker #3: And sir, just to confirm, in the presentation you have given that 94% of capacity utilization you have achieved for stainless steel?

Chirag Parekh: Correct.

Speaker #2: Correct.

Speaker #4: Huh. So is it is it already included the 70,000 units of facility you have added in the one Q? So I just want to understand the.

Abhijit Sheth: Is it already included the 70,000 units of capacity you have added in Q1 too? I just want to understand.

Speaker #2: No, no. I'll tell you. This capacity came in the middle of the quarter, so it is on an unweighted average basis, number of days available.

Chirag Parekh: No, I will tell you, this capacity came in the middle of the quarter, so it is on a weighted average basis, number of days available.

Speaker #4: Okay. Okay. And sir, just a follow-up on this. Stainless steel sink volumes are up by 16%. I just want to understand if there is any particular reason for that.

Abhijit Sheth: Okay. And sir, just a follow-up on this. Stainless steel, I think volumes are up by 16%. I just want to understand any particular reason for that. Is it because of new designs or higher OEM demand or any new geographies you have targeted for stainless steel?

Speaker #4: Is it because of new designs, or higher OEMs, or is it any new geography you have targeted for stainless steel?

Speaker #2: Our first of all, our demand in India has gone up because of the way we are marketing the products and the new range has gone is gone has got a tremendous success.

Chirag Parekh: First of all, our demand in India has gone up because of the way we are marketing the products, and the new range has got a tremendous success. Two is we got breakthrough with large OEM customers like Kohler. So Kohler, for example, has almost doubled their volumes with us. So there is a large OEM opportunity which is coming, and I think that's why we need to speed up with the granite sinks also our stainless steel expansion.

Speaker #2: Second is, we got a breakthrough with large OEM customers, like Solar. Solar, for example, has almost doubled their volumes with us. So, there is a large OEM opportunity that is coming, and I think that’s why we need to speed up with the granite things, and also our stainless steel expansion.

Speaker #4: Okay. Yeah, thank you, sir. That is all from my side. Thank you for answering my questions.

Abhijit Sheth: Okay. Yeah. Thank you, sir. That is all from my side. Thank you for answering my questions.

Speaker #3: Thank you. The next question is from the line of Arisha Mehta from GreenEdge Wealth. Please go ahead.

Operator: Thank you. The next question is from the line of Resham Mehta from GreenEdge Wealth. Please go ahead.

Speaker #5: Thank you. So congratulations on, you know, consistently delivering good numbers. I my first question is basically on the UK market. So appreciate the challenges there, but I think in the export was mentioned that, you know, some one and a half million homes are, you know, to be kind of built in that market.

Resham Mehta: Thank you. So congratulations on consistently delivering good numbers. My first question is basically on the UK market. So appreciate the challenges there, but I think in the export was mentioned that some 1.5 million homes are to be built in that market. So here, do we also explore the project for the builder segment in UK? Do we do that already or do we plan to do it?

Speaker #5: So you're really also exploring the projects or the builder segment in the UK. Do we do that already, or do we plan to do it?

Speaker #2: Yeah, good, good question. And I would like to answer you. I just want to kind of go back to my notes, and I will say—you see, when I mentioned in my speech, these new customers like this Vodel, Boric, and JJO, these are the guys who deal with projects in the UK.

Chirag Parekh: Yeah. Good question, and I would like to answer you. I just want to kind of go back to my notes, and I will tell you. You see, when I mentioned in my speech these new customers like Bodel, Barratt, and CKO, these are the guys who deal with projects in UK. Till now we did not, but these are the customers who will give us now breakthrough in these projects. That is why I said that we see that UK will be improving in the coming quarters.

Speaker #2: So till till now we didn't, but these these are the these are the customers who will give us now breakthrough in these projects. So that's why I said that we see that we see that the UK is improving in the coming quarters.

Speaker #5: So, until now, this builder market was essentially not tapped in the UK. Would that understanding be right?

Resham Mehta: Until now, this builder market was essentially not tapped in UK. Would that understanding be right?

Speaker #2: Yes.

Chirag Parekh: Yes.

Speaker #5: Got it. The other one is on the faucet. So, you know, whatever revenues we report from the faucet side of the business, would it largely be from the domestic market, or—I think we had also acquired some tap company in the UK.

Resham Mehta: Got it. The other one is on the faucet. Whatever revenues we report from the faucet side of the business, would it largely be from the domestic market? I think we had also acquired some tap company in UK, so it is a combination of domestic as well as UK?

Speaker #5: So, it's a combination of domestic as well as UK.

Speaker #2: Yeah, yeah. So ma'am, I think it's more than 95%, 97% is the Indian market. We have still not started—we have just acquired it for faucets for the export market.

Chirag Parekh: Yeah. So ma'am, I think it is more than 95%, 97% is Indian market. We have huge inquiries for faucet for export market. Like everything needs a tap. I had said this in my last quarter also. But we need to build up our capabilities to start manufacturing world-class product for export. So I do not want to take any of the risks till we are streamlining my faucet operation. As we are seeking the companies investing in new technology machines to bring the faucet to the quality world standard. We are also in touch, I just came back from Europe. We are in touch with some major companies to do a technical collaboration to help us to give us an edge in terms of technology. I think once it is done, then we will pipe our exports. Till then, right now, I think mostly it is India.

Speaker #2: Like everything needs a tap. I had sent this in my last quarter also. But we need to build up our capabilities to start manufacturing world-class products for exports.

Speaker #2: I don't want to take any of the risks till we are streamlining my faucet operations. So as we are speaking, the company is investing in new technology and machines to bring the faucet to the quality world standard. We are also in touch.

Speaker #2: I just came back from Europe. We are in touch with some major companies to do a technical collaboration to help us give us an edge in terms of technology.

Speaker #2: I think once it is done, then we will spike our exports. Till then, right now, I think mostly it's India. To answer your question on the UK, we acquired this company primarily to get the technology of the RO water system, and that RO water system is launched in India.

Chirag Parekh: To answer your question on the UK, we acquired this company primarily to get the technology of the RO water system, and that RO water system we have launched in India, has been tremendous successful. The first consignment which we made or we imported is completely sold out. We honestly have a 60-day backlog if you want to get a Carysil RO water system. We have acquired this company to get the technology to India, and we want to slowly now start building on that.

Speaker #2: It's been tremendous, been successful. So the first consignment which we made or we imported is completely sold out, right? So we honestly have like a 60-day backlog if you want to get a Carysil RO water system.

Speaker #2: So yeah. So we have acquired this company to get the technology to India. And we have to slowly now start building on that.

Speaker #5: That's fantastic. And so, lastly, you know, on the India business—couple of questions here. So, I think we did around ₹176 crore in revenues in the last financial year.

Resham Mehta: That is fantastic. Lastly, on the India business, a couple of questions here.

Chirag Parekh: Yeah.

Resham Mehta: I think we did around INR 176 crore revenues in the last financial year.

Speaker #2: Correct.

Chirag Parekh: Correct.

Speaker #5: Can you give the split of B2B and B2C here?

Resham Mehta: Can you give the split of B2B and B2C here?

Speaker #2: Our B2B, I can tell you it's approximately 20%. Yeah.

Chirag Parekh: B2B, I can tell you it is approximately 20%.

Speaker #5: And this also includes the builders or the project segment?

Resham Mehta: And this also includes the builders or the project segment?

Speaker #2: Yeah. Yeah. Yes.

Chirag Parekh: Yeah.

Speaker #5: And so, typically in India, even these Grade A builders have generally shied away from putting, you know, premium spin. You know, you have seen this in the past also, right?

Resham Mehta: So, typically in India, even the Grade A builders have generally shied away from something premium sinks we have seen in the past also, right? Are we basically then going to sell a different kind of a sink especially for this segment because they are not going to pay us as much as what a retail segment would pay. Any thought there?

Speaker #5: So, are we basically, you know, then going to sell a different kind of thing specifically for this segment because they are not going to, you know, pay us as much as, you know, what a retail segment would pay?

Speaker #5: So any any thoughts there?

Speaker #2: So, I think it's quite relative, honestly, your question. There are very different builders asking for different quality of things, right? We are, for example, we got a breakthrough in DLF Delhi, in N3M, and they are asking for very high-end things.

Chirag Parekh: I think it is quite relative, honestly, your question. There may different builders asking for different quality of the sinks. For example, we got a breakthrough in DLF Delhi in M3M. They are asking for very high-end sinks. Some of the builders may not ask for high-end sinks. Some of the builders ask for high-end sinks. We are typically into the category where we do not promote cheap sinks. We do not sell it. We would probably ask our competition to go and sell it. We would like to focus on people and on the builders who believe in good quality. That is one thing. Now, two is, as you would have seen that there is a lot of bare shell apartments coming in because of the real estate, because the cost of the apartment and all.

Speaker #2: So, some of the builders may not ask for high-end things, while some of the builders do ask for high-end things. Typically, we are in the category where we do not promote cheap things.

Speaker #2: We do not sell it. We would probably ask our competition to go and sell it. We would like to focus on people and on the builders who believe in good quality.

Speaker #2: That's one thing. Now, two is, as you would have seen, there are a lot of bare shell apartments coming in because of the real estate market, because of the cost of the apartments and all that.

Chirag Parekh: Now, two is, as you would have seen that there is a lot of bare shell apartments coming in because of the real estate, because the cost of the apartment and all. Now that has given a flexibility to the owner to build their own kitchen, choose their own sink and all. That is why you have seen, we will probably be able to give you in Q2 how much of the B2B project fees have increased because of this. There is a significant increase.

Speaker #2: And now that has now given a flexibility to the owner to build their own kitchen choose their own sink and all. And that's why you have seen you will be we'll be probably give give you in the quarter two that how much of the B2B projects is have increased you know because because of this.

Chirag Parekh: Now that has given a flexibility to the owner to build their own kitchen, choose their own sink and all. That is why you have seen, we will probably be able to give you in Q2 how much of the B2B project fees have increased because of this. There is a significant increase.

Speaker #2: There is a significant increase.

Speaker #5: Got it. And the surfaces business in India, I think we were to set up the fabrication unit. So, any progress there? And also on the Carousel Blue B2C brand for bathroom suites, what's the progress there?

Resham Mehta: Got it. The Surfaces business in India, I think we were to set up the fabrication unit, so any progress there?

Chirag Parekh: Correct. Yeah. Correct.

Resham Mehta: Also on the Carysil Blue B2C brand for bathroom suite, what is the progress there?

Speaker #2: So we have already on track. I think the fabrication should be ready by FY27. The March the March 27th. Carousel blue is we have we have started with a with our with our first store.

Chirag Parekh: Good. We are already on track. I think the fabrication should be ready by FY27, so March 2027. Carysil Blue, we have started with our first store, and it is doing really well. There are some hiccups we would just want to. I think, for example, some quality we do not have, particular colors we do not have, particular SKUs we do not have. This is expected to be finished within the next 60 days' time. I think we will be doing at least about, by end of the calendar year or by latest March, at least our first 10 Carysil Blue brand stores in India.

Chirag Parekh: Good. We are already on track. I think the fabrication should be ready by FY 2027, so March 2027. Carysil Blue, we have started with our first store, and it is doing really well. There are some hiccups we would just want to. I think, for example, some quality we do not have, particular colors we do not have, particular SKUs we do not have. This is expected to be finished within the next 60 days' time. I think we will be doing at least about, by end of the calendar year or by latest March, at least our first 10 Carysil Blue brand stores in India.

Speaker #2: It is doing it's and it's doing really really well. There are some there are some pickups we would just want to like let's say for example some quality we are now we don't we don't have enough particular colors we don't have particular SKUs we don't have.

Speaker #2: This is expected to be finished within the next 60 days' time. I think we'll be doing at least, by the end of the calendar year or by latest March, at least our first 10 brand carousel blue brand stores.

Speaker #2: In India.

Speaker #5: Okay. And lastly on the you know United Granite business. So what's driving you know this 20% plus kind of revenue growth there?

Resham Mehta: Okay. Lastly on the United Granite business. What is driving this 20% plus kind of revenue growth there?

Speaker #2: See, there's one big fundamental strategy. When I was in the US a few months back, what we had done—I think there's one fundamental strategy—was to cut less, make more.

Chirag Parekh: See, there is one big fundamental strategy. When I was in the US a few months back, what we had done, I think that one fundamental strategy was that cut less, make more. So we invested in high exotic stones and marble. Because the cost of the manufacturing is same, so we increased our inventory by GBP 1 million to get a very high-end exotic Italian stones. I think that has turned around the corner where the margins have significantly improved. For example, I think it has gone from 35% to 50% gross margin.

Speaker #2: So we invested in high exotic stones in my marble and those others because the cost of manufacturing is the same. And so we increased our inventory by a million pounds to get very high-end exotic Italian stones.

Speaker #2: And I think that has turned around the corner, where the margins have significantly improved. For example, I think it has gone from 35% to 50% gross margin.

Resham Mehta: Got it. All right. Thank you so much, and best wishes.

Speaker #5: Right. All right. Thank you so much, and best wishes.

Speaker #2: Thank you.

Chirag Parekh: Thank you.

Speaker #1: Thank you. The next question is from the line of Achal Mehta from Bastion Research. Please go ahead.

Operator: Thank you. The next question is from the line of Achal Mehta from Bastion Research. Please go ahead.

Speaker #3: Hello. I'm Arun.

Achal Mehta: Hello. Am I audible?

Speaker #2: Yes.

Chirag Parekh: Yes.

Speaker #1: Yes. Please go ahead.

Operator: Yes, please go ahead.

Speaker #3: Hello, sir. Thank you for the opportunity. My first question is regarding your tariffs with the OEM. As the company grows and starts selling more products under its own brand name in both commercial and industrial markets, is there a possibility of having more competitive prices than the other white labels?

Achal Mehta: Hello, sir. Thank you for the opportunity. My first question is regarding your ties with the OEM. As the company grows and starts selling more products under its own brand name in both domestic and international markets, possibly at more competitive prices than the other white labels, could that create a conflict with your OEM partners? Do your current agreements permit that? Are the OEM partners aligned with this direction? How do you see this dynamic playing out in the future?

Speaker #3: Could that create a conflict with your OEM partners? Do your current agreements permit that, and are the OEM partners aligned with your direction?

Speaker #3: How do you see this dynamic playing out in the future?

Speaker #2: Yeah. First of all, our OEM partners are completely aligned aligned with us. Otherwise you would have not got a success. Two two is two is you are this is a very different category you are addressing in the in the market while it is your brand is the OEM brand.

Chirag Parekh: First of all, our OEM partners are completely aligned with us. Otherwise, we would have not got success. This is a very different category you are addressing in the market. While it is your brand, this is the OEM brand. The channels are different and the models are different. We don't see any conflict.

Speaker #2: You know, the channels are different and the models are different, so then we don't see any conflict.

Speaker #3: Okay. My next question is, like in the previous part, you were talking about entering the surfaces segment in India.

Achal Mehta: Okay. My next question is that in the previous call you were speaking about entering the Surfaces segment in India.

Speaker #2: Sorry. Can you—sorry, sorry. Can you speak a bit slower, please? I'm not able to hear you talk. Yeah.

Chirag Parekh: Sorry, can you speak a bit slowly? I'm not able to hear you properly.

Achal Mehta: Yeah. Okay. In your previous calls, you had spoken about entering the Surfaces segment in India. Could you give us an update on it, and how do you see this segment contributing in the overall domestic business going forward?

Speaker #3: Okay. So in your previous calls, you had spoken about entering the surfaces segment in India. Could you give us an update on it, and how do you see this segment contributing? Also, will the overall domestic business be positive?

Speaker #2: Yeah. I I've been I've been always very confident about about it and hence we'll be the first company in India to come with the whole TMC TMC automatic fabrication process because your things look excellent when they're installed to it.

Chirag Parekh: Yeah. I have been always very confident about it, and hence we will be the first company in India to come with the whole CNC automated fabrication process. Your things look excellent when they are installed to it. This technology exists across the world, like US is about $50 billion market, UK is about GBP 10 billion, world is about $100 billion. In India, we do not have this technology. In a modular kitchen per se, if you want to install a good high quality stainless steel or worktop in your kitchen, you still have these karigars and all doing your. Whether you have a 5,000 square feet marble or you have 100 square feet marble. I think this is going to significantly change.

Speaker #2: This technology exists across the world—for example, the US is about a $50 billion market, the UK is about $10 billion, worldwide it's about $100 billion—but in India, we do not have this technology.

Speaker #2: So in a modular kitchen per se if you want to install a good high quality stainless steel or worktop in your in your kitchen you still have this kadas and all to doing your whether you have a 5,000 square ft marble or you have a 100 square ft marble.

Speaker #2: And I think this is going to significantly change. It's going to add so much value to us. We just didn't know that, in the UK, everything is then sold with a worktop in a modular kitchen.

Chirag Parekh: It is going to add so much of a value to us, just we did in UK, that everything is then sold with a worktop in a modular kitchen. This could be a big transformation for us, and it could be a transformation in India, that when you are trying to use the fabrication CNC process to get a very good looking countertop in your kitchen or in your bathroom. Yeah. It is going to be the next five years, a very significant amount of business to our Indian business.

Speaker #2: So this could be a big transformation for us, and it could be a transformation in India—that when you are trying to use the fabrication CNC process to get a very good-looking countertop in your kitchen or in your bathroom.

Speaker #2: Yeah. It is going to be, in the next five years, a very significant amount of the business to our Indian contribution, to our Indian business.

Speaker #3: Okay. Thank you so much, and thank you to all of you.

Achal Mehta: Okay. Thank you so much, and all the best.

Speaker #2: Yeah. Thanks.

Chirag Parekh: Yeah. Thanks.

Speaker #1: Thank you, ladies and gentlemen. To ensure that the management is able to address questions from all participants in the conference, please limit your questions to two per participant.

Operator: Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants in the conference, please limit your questions to two per participant. The next question is from the line of Balamurali from Oman Investment Authority. Please go ahead.

Speaker #1: The next question is from the line of Bala Krishna from Oman Investment Advisors. Please go ahead.

Speaker #3: Hi Charaji. Good evening. Earlier so the our quad since is running at the capacity earlier we had a plan to add a 1 lakh quad since capacity but we discarded by adding 2.2 lakh 50,000.

Balamurali: Hi, Chiragji. Good evening. Our quartz sinks is running at peak capacity. Earlier we had a plan to add 100,000 quartz sinks capacity, but we deferred it by adding 250,000. What is the reason for that? Is there any thought process you want to have a bulk capacity at a time or at that time is there any demand issue?

Bala Krishna: Hi, Chiragji. Good evening. Our quartz sinks is running at peak capacity. Earlier we had a plan to add 100,000 quartz sinks capacity, but we deferred it by adding 250,000. What is the reason for that? Is there any thought process you want to have a bulk capacity at a time or at that time is there any demand issue?

Speaker #3: So, what is the reason for that? Is there any thought process—you want to have a bulk capacity at a time? Or, at that time, is there any demand issue?

Speaker #2: No, there is 100% an issue on the demand because of the kind of deal the company has signed, and with the export momentum and India momentum that we have.

Chirag Parekh: No, there is 100% an issue on the demand because the kind of the deals what the company has signed and with the export momentum and India momentum what we have. We cannot expand 100,000 in isolation. We have to do it together. The infrastructure is made for half a million sinks while we will be doing the 450,000 sinks capacity. I have been saying this, and I am saying it again, that Carysil is now becoming, as far as the cost is concerned, so very competent in the global sink space. That is why we are seeing the huge opportunities in the market. You see our new tie-ups with some large companies across the world, and that momentum is on a continuous basis. It is very imperative that when your company reaches at almost 90% capacity utilization, you need to build another 20%, 25% of excess capacity utilization.

Speaker #2: So, we cannot expand to 100,000 in isolation. We have to do it together. So, the infrastructure is made for half a million units, while we'll be operating at a 250,000 unit capacity.

Speaker #2: You know, I've been saying this and I'll say it again. Carysil is now becoming, as far as the cost is going, very competent in the global sink space, and that's why we are seeing these huge opportunities in the market.

Speaker #2: You see our new tie-ups with some large companies across the world, and that momentum is on a continuous basis. So it's very imperative that when your company reaches above 90% capacity utilization, you need to build another 20-25% of excess capacity utilization.

Speaker #3: Okay, understood. The kitchen appliance side. So, do you have any plans to have some higher rates across, like, built-in refrigerators or built-in ovens, like this?

Balamurali: Okay, sir. Understood. Kitchen appliance side, do you have any plans to have some higher ASP product like built-in refrigerators or built-in ovens like that?

Bala Krishna: Okay, sir. Understood. Kitchen appliance side, do you have any plans to have some higher ASP product like built-in refrigerators or built-in ovens like that?

Speaker #2: So we have already launched the refrigerators under the CX. In our sales in UAE and in Oman I think you you are from Oman maybe if your company is Oman you are from Oman I don't know but there 80% of the sales are built in appliance and out of that 80% sales are built in appliances more than 40% is built in refrigerators and the same concept you have very very surprised to see that how can we sell refrigerators right and now we have seen many companies launching even the washing machines like wash and sim so I mean the things are getting transformed so we launched our refrigerators consignment for in sold out now so that so we gives us more confidence that carousel does have an opportunity to sell high end appliances in India.

Chirag Parekh: We have already launched the refrigerators under the CX series. In our sales in UAE and in Oman, I think you are from Oman, maybe your company is Oman.

Balamurali: Yes

Chirag Parekh: Maybe you are from Oman, I do not know. But 80% of the sales are built-in appliances. Out of that 80% sales of built-in appliances, more than 40% is built-in refrigerators. The same concept, we are very surprised to see that how can we sell refrigerators, right? Now we are seeing many companies launching even the washing machines, like wash and clean. The things are getting transformed. We launched our refrigerators, consignments for them got sold out now. It gives us more confidence that Carysil does have an opportunity to sell high-end appliances in India. Our new range of the CX appliances are with high-end ovens and refrigerators.

Bala Krishna: Yes

Speaker #2: So, our new range for the CX appliances includes high-end ovens and refrigerators.

Speaker #3: Okay. How do you see the market for built-in refrigerators or refrigerators in general? This is for a follow-up question.

Balamurali: Okay. How do you see that the market like built-in refrigerator or

Bala Krishna: Okay. How do you see that the market like built-in refrigerator or

Operator: Sir, actually returning to the question queue for a follow-up question.

Speaker #2: Yeah, small follow-up on the same question. Yeah.

Balamurali: Yeah, it is a small follow-up on same question, if it is allowed. How do you see that a similar kind of traction demands are in India, like for built-in refrigerators? How do you see the market maybe in the 3, 4 years?

Bala Krishna: Yeah, it is a small follow-up on same question, if it is allowed. How do you see that a similar kind of traction demands are in India, like for built-in refrigerators? How do you see the market maybe in the 3, 4 years?

Speaker #3: How do you see similar kinds of track demand or traction demands in India, like for built-in refrigerators? How do you see the market maybe in the next three to four years?

Speaker #2: You see I think it's I think we are in a very early stage of this probably in the probably the next few quarters I'll be able to answer this more precisely.

Chirag Parekh: I think we are in a very early stage of this. Probably in the next few quarters, I will be able to answer this more precisely.

Speaker #3: Okay, so that's all. Thank you.

Balamurali: Okay, sir. That is all. Thank you.

Bala Krishna: Okay, sir. That is all. Thank you.

Speaker #2: Thank you.

Chirag Parekh: Thank you.

Speaker #1: Thank you. The next question is from the line of Pragam Ledha from Omni Management LLP. Please go ahead.

Operator: Thank you. The next question is from the line of Pragyam Laddha from Omni Management LLP. Please go ahead.

Speaker #3: Good evening, Charaji. Congratulations on a great set of numbers. Sir, my first question is regarding dual status: are we seeing a reversal of the discounts that we had earlier given when tariffs were implemented?

Pragyam Laddha: Good evening, Siraj. Sir, congratulations for a great set of numbers. Sir, first question is on US tariffs, are you seeing a reversal of discounts that you earlier gave when tariffs were implemented?

Chirag Parekh: Sorry, what are you saying?

Speaker #2: Sorry what do you say?

Speaker #3: Sir any reversal of discounts or any payback from the yes yes we have we have the so the so the rollback the roll 90% of the rollback is already done.

Pragyam Laddha: Is there any reversal of discounts or any payback from the

Chirag Parekh: Yes. The rollback, 90% of the rollback is already done.

Pragyam Laddha: Is it in this quarter's revenue or how is it accounted for?

Speaker #3: So it is in this quarter's revenue or like how is it accounted for?

Speaker #2: Yeah. So we have got it. It has come in the last month of the last quarter. Yeah.

Chirag Parekh: Yes, we have got the. It has come in the last month of last quarter.

Pragyam Laddha: Okay. That is in June, right?

Speaker #3: That is in June, right?

Speaker #2: Yeah.

Chirag Parekh: Yeah.

Pragyam Laddha: What would be the quantum, sir? If you could specify.

Speaker #3: In what would be the quantum sir if you could specify?

Pragyam Laddha: What would be the quantum, sir? If you could specify.

Chirag Parekh: The quantum, my CFO will answer.

Speaker #2: the quantum quantum we will my my CFO will answer. So look the discount which we have given that was built in the price. Now the price is rolled back to the original level.

Anand Sharma: Sir, look, the discount which we have given, that was built in the price. Now the price will roll back to the original level. It is not that something bulk has come. The price has been revised now to the original level.

Speaker #2: So, it's not that some bulk order has come in. The price has been revised now to the original level.

Speaker #3: Okay. So the price reversal was already taken. I'm not talking about that. I'm talking about, like, the companies are receiving back the tariffs which were earlier implemented, right?

Pragyam Laddha: Okay. Sir, the price reversals were already taken. I am not talking about that. I am talking about the companies are receiving back the tariffs which were earlier implemented, right? Do we see any paybacks from the customers on that, maybe in the next billing or something?

Speaker #3: So, do we see any paybacks from the customers on that, maybe in the next billing or something?

Speaker #2: So we have I think the first thing you start to roll back the price prices that's very important. Second is that we have done a large deal with loads in the in the United States where we have to put about 5 to 6 million dollars on changing the displays of that.

Chirag Parekh: I think the first thing is try to roll back the price. That is very important. Second is that we have done a large deal with Lowe's in the United States, where we have to put about $5 to $6 million on changing the displays or that. Even if the rollback comes, our partner will be contributing this towards Lowe's.

Speaker #2: So even if the rollback comes, the rollback comes, our partner will be contributing this towards loads.

Speaker #3: Okay. Okay. So I mean, basically, I’ll tell you what is the net effect. If we had to share this load, let's say $3 or $4 million in 1,890 stores, where the customer asked us to share 50%.

Pragyam Laddha: Okay, sir.

Chirag Parekh: Yeah. I mean, basically, I will tell you what is the net effect. If we have to share this Lowe's, let us say $3 or $4 million in 80 or 90 stores, where customer asks us to share 50%. That discount will not happen now. That will lead into margin expansion.

Speaker #3: So that's discounts will not happen now. So that is that will that that will lead into margin expansion. Correct. Correct. Okay. So secondly on the commissioning of your new capex plan like can you tell the quarter like maybe it is in Q4 of FY27 and the timelines of all your projects?

Pragyam Laddha: Correct, sir. Sir, secondly, on the commissioning of your new CapEx plan, can you tell the quarter? Maybe it is in Q4 of FY27, and the timelines of all your credits.

Pragyam Laddha: Correct, sir. Sir, secondly, on the commissioning of your new CapEx plan, can you tell the quarter? Maybe it is in Q4 of FY 2027, and the timelines of all your credits.

Speaker #2: So we have said March quarter, Q4 '27. We are trying to do our best, what we can. Meanwhile, what we are trying to do is improve our productivity with the current capacity, because with the kind of order booking we have right now, at my factory we have to literally run now seven days a week.

Chirag Parekh: We have said March Q4 2027. We are trying to do as fast as what we can. Meanwhile, what we are trying to do is, how do we improve our productivity with the current capacity? Because the kind of order booking what we have right now, my factory has to literally run now seven days a week. We are in a serious strap. We 100% have to see how fast can we expand our capacity, and we will be doing our best. As of now, it says March 2027.

Speaker #2: So we we are in a serious trap. We 100% have to see that how fast can we how fast can we expand our capacity and we'll be doing our best.

Speaker #2: As of now, it says March 27th.

Speaker #3: this is for steel things.

Pragyam Laddha: This is for steel sales.

Speaker #2: Stainless steel, 70,000, is already added now.

Chirag Parekh: Sales steel, 70,000-

Pragyam Laddha: Yeah

Chirag Parekh: is already added now.

Speaker #3: Okay.

Pragyam Laddha: Okay.

Chirag Parekh: Another 150,000 will be added in March 2027. 250,000 of granite sink will be added in March 2027.

Speaker #2: Another 150,000 will be added in March 27. 250,000 of granite thing will be added in March 27.

Speaker #3: Okay. Okay, sir. Okay. Thank you. Thank you. Thank you.

Pragyam Laddha: Okay. Very good. Thank you.

Operator: Thank you. The next question is from the line of Karan Gupta from Asit C. Mehta Investment. Please go ahead.

Speaker #1: Thank you. The next question is from the line of Karan Gupta from Asset Sea Mehta Investment. Please go ahead.

Speaker #4: Yeah. Hi. so my question on this kitchen appliances what other appliances we have in the so so fridge fridge refrigerations we are ordering from other companies and then you know giving the solution to the customers or what is something that we are doing?

Karan Gupta: Yeah, hi. My question on these kitchen appliances, what other appliances we have? Refrigerations we are ordering from other companies and then giving the solution to the customer?

Karan Gupta: Yeah.

Karan Gupta: What is something that we are doing?

Speaker #2: Yes, we are already outsourcing the...

Chirag Parekh: Yes, we are already outsourcing the-

Speaker #4: Outsourcing those things.

Karan Gupta: Outsourcing those things.

Speaker #2: Yeah. Yeah.

Chirag Parekh: Yeah.

Speaker #4: Okay. So also, can you share the margin side for each segment?

Karan Gupta: Okay. Also, can you share the margin side for each segment?

Speaker #2: Yeah. We can you know why you just contact us yeah we'll be able to give you the information. Huh? Whatever you want on these category wise margins.

Chirag Parekh: Yeah. You just contact our Go India and we will be able to give you the information, whatever you want on the category-wise margins. Also, you can contact our CFO, we will be happy to give you that on category-wise.

Speaker #2: Or, or, or, or also you can contact us. The CFO will be happy to give you that information category-wise.

Speaker #4: Okay. Sure. Thank you.

Karan Gupta: Okay, sure. Thank you.

Speaker #1: Thank you. The next question is from the line of Sarket Anindyachal, investor. Please go ahead.

Operator: Thank you. The next question is from the line of Saket, an individual investor. Please go ahead.

Speaker #3: Sir, my question was: Does the 15% road badge guidance that has been given refer to volume guidance or revenue guidance?

[Company Representative]: Sir, my question was regarding the 15% growth guidance you have given. That was a volume guidance or it was a revenue guidance?

[Shareholder] (Private Investor): Sir, my question was regarding the 15% growth guidance you have given. That was a volume guidance or it was a revenue guidance?

Speaker #2: Value guidance.

Chirag Parekh: Value guidance.

Speaker #3: Value. So, like, what kind of volume are we looking for to grow this year?

[Company Representative]: Value?

[Shareholder] (Private Investor): Value?

Chirag Parekh: Yes.

[Company Representative]: What kind of volume you are looking for the growth this year?

[Shareholder] (Private Investor): What kind of volume you are looking for the growth this year?

Speaker #2: Right now, it is—we have taken the same price as 15%, 15%, 15% value and 50% quantity. It's the same.

Chirag Parekh: Right now, we have taken the same guidance, 15% value and 50% volume. It is same.

Speaker #3: So we can just see 5 to 7% of the volume growth this year.

[Company Representative]: You are looking just 5% to 7% of volume growth this year.

[Shareholder] (Private Investor): You are looking just 5% to 7% of volume growth this year.

Speaker #2: 15%.

Chirag Parekh: 15%.

Speaker #3: Sir, sir, I'm getting confused. Are you talking about 15% volume growth this year for the products?

[Company Representative]: Sir, I am getting confused. You are talking 15% volume growth this year for the products?

[Shareholder] (Private Investor): Sir, I am getting confused. You are talking 15% volume growth this year for the products?

Speaker #2: Yes. Fifteen percent of the value and fifty percent of the volume across the category. So we have maintained the same price levels as of now.

Chirag Parekh: Yes. 15% of the value and 50% of the volume, across the category. We have maintained the same price pipe levels as of now.

Speaker #3: Sir, I don't know, I'm getting confused. Like, suppose, sir, this quarter we have gained 5–6% of volume growth and the rest is price growth, if I'm not wrong.

[Company Representative]: Sir, I do not know, I am getting confused. Suppose, sir, this quarter we are doing 5%, 6% of volume growth and rest is price growth, if I am not wrong.

[Shareholder] (Private Investor): Sir, I do not know, I am getting confused. Suppose, sir, this quarter we are doing 5%, 6% of volume growth and rest is price growth, if I am not wrong.

Speaker #3: So for the year.

Chirag Parekh: Okay. What you can do is, what you can just make it simpler, you can take volume growth 15%.

Speaker #2: Okay. What you can do is, you can just make it simpler. You can take volume to grow 15%. Yeah.

[Company Representative]: 15? Okay. For the next three quarters of this year, we should be seeing better growth to match the 15% volume growth you are looking for.

[Shareholder] (Private Investor): 15? Okay. For the next three quarters of this year, we should be seeing better growth to match the 15% volume growth you are looking for.

Speaker #3: Okay. So for the next three quarters of this year, we should be seeing better growth to match the 15% volume growth we are looking for.

Speaker #2: Our 15% volume growth is on an annual year guidance.

Chirag Parekh: Our 15% volume growth is on an annual basis.

[Company Representative]: Yeah.

[Shareholder] (Private Investor): Yeah.

Chirag Parekh: Guidance.

Speaker #3: Mm-hmm.

Speaker #2: Correct.

Chirag Parekh: Correct.

Speaker #3: So what I mean is, like, the first quarter—the volume growth.

[Company Representative]: I mean, like the first quarter, the volume growth.

[Shareholder] (Private Investor): I mean, like the first quarter, the volume growth.

Operator: Mr. Saket, may we request you return to the question queue for a follow-up question? Thank you. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants in the conference, please limit the question to one per participant. The next question is from the line of Yash Malliwal, an individual investor. Please go ahead.

Speaker #1: Mr. Sarket, may we request your return to the question queue for a follow-up question? Thank you. Ladies and gentlemen, in order to ensure that management is able to address questions from all participants in the conference, please limit questions to one per participant.

Speaker #1: The next question is from the line of Yash Melwal from Anindyachal Investor. Please go ahead.

Speaker #5: Good evening. Good afternoon. Congratulations on the good set of numbers. My question was regarding the product-level understanding of the surfaces that we are selling in India.

Yash Malliwal: Good evening, Sirasya. Congratulations on the good set of numbers. My question was regarding the product level understanding of the Surfaces that we are selling in India. How is our Surfaces different from our competitors that we get in India, in kitchen solid Surfaces?

Speaker #5: So, how are our surfaces different from our competitors that we get in India and in the kitchen solid surfaces?

Speaker #2: So, we have still not started our surfaces business in India.

Chirag Parekh: We have still not started our Surfaces business in India.

Speaker #5: Okay. And could I get the, I mean, the product-wise margin breakup and the domestic versus export breakup of the segmental revenue?

Yash Malliwal: Okay. Could I get the product-wise margin breakup and the domestic versus export breakup of the segmental revenue?

Speaker #2: Yeah, yeah, sure. We'll be able to— it is, but he's asking. So, on the revenue side, we have segment-wise: quartz is 51%, steel is 12%, kitchen and appliances 11.8%, surfaces 25%.

Chirag Parekh: Yeah, sure. He is asking this. On the revenue side, we have segment-wise, quartz sink is 51%, steel sink is 12%, kitchen and appliances 11.8%, Surfaces 25%. This is the breakup of segment-wise. Now, domestic and export, we have INR 56 crore during the quarter, INR 56 crore in domestic and INR 111 crore in export for India operations.

Speaker #2: This is the breakup of segment wise. Now the domestic and export we have 56 crore during the quarter 56 crore is domestic and 111 crore is export.

Speaker #2: For India operations.

Speaker #5: Okay.

Yash Malliwal: Okay.

Speaker #2: On the margin side, you can write to GIA or myself and we'll provide you.

Chirag Parekh: On the segment margin side, you can write to Go India or myself, we will provide you.

Speaker #5: Okay. Thank you.

Yash Malliwal: Okay, thank you.

Speaker #1: Thank you. The next question is from the line of Sheladitya Anindyachal, Investor. Please go ahead.

Operator: Thank you. The next question is from the line of Shailaja Aditya, an individual investor. Please go ahead.

Speaker #2: Thank you for the opportunity. I just have a follow-up on the question the previous participant asked. You are giving a 15% volume growth guidance for FY27.

Shailaja Aditya: Thanks for the opportunity. I just a follow-up on the question previous participant asked. You are giving a 15% volume growth guidance for FY27. Is that correct? In that case, the revenue growth should be higher. Can you please clarify?

Shailaja Aditya: Thanks for the opportunity. I just a follow-up on the question previous participant asked. You are giving a 15% volume growth guidance for FY 2027. Is that correct? In that case, the revenue growth should be higher. Can you please clarify?

Speaker #2: Is that correct? And in that case, the revenue growth should be higher. Can you please clarify?

Speaker #3: See, right now we have taken the same average price of the product. If we are right now on the trend, it shows that the sales price is improving.

Chirag Parekh: See, right now we have taken the same average price of the product. We are right now on the trend, it shows that the average sales price is improving. If the volume growth remains as the same, you see the value growth remaining a bit higher.

Speaker #3: So, while if the volume growth is there, they may sustain that, and you see the value growth remaining a bit higher.

Speaker #2: Okay. And just one follow-up on this, because you are doing all this CAPEX right now across all the segments. As you mentioned, the demand scenario is pretty strong.

Shailaja Aditya: Okay. Just a follow-up on this, because you are doing all these CapEx right now on all the segments. As you mentioned, the demand scenario is pretty strong, domestic as well as exports. For us to grow at a higher rate, like is it FY28 or so can be a higher growth rate, or we will be growing at a similar kind of 15% kind of a growth rate? What is the-

Speaker #2: Domestic as well as exports. So, for us to grow at a higher rate, like in FY28 or so, can there be a higher growth rate or will we be growing at a similar kind of 15% growth rate?

Speaker #2: What is the—what is the...

Chirag Parekh: See, right now our guidance is 15%. We have always given this 15% revenue growth. In the next five years, we would like to maintain this because now we are focusing on the next INR 1,000 crores. We have given a guidance and we are trying to achieve as soon as possible within five years time is our target. We have to be at another INR 1,000 crore in next five years, you grow at a 15% value guidance. That is number one. Two is, the CapEx, if you would have seen, is primarily focused on the kitchen sink business, where the granite sink is approximately INR 50 crores and the stainless steel is INR 20 crores. The other miscellaneous faucets and appliance could be another INR 20 crores. Primarily, 80% of the investment is on our core products, kitchen sink, granite, and steel.

Speaker #3: See, right now our guidance is 15%. We've always given this 15% revenue guidance. For the next five years, we would like to maintain this.

Speaker #3: Because now we are focusing on the next 1,000 crores. So, if we had given a guidance, then we are trying to achieve it as soon as possible—within five years' time is our target.

Speaker #3: We fear to be at, add another ₹1,000 crore in the next five years. We are aiming to grow at a 15% value guidance. That's number one.

Speaker #3: And two, the CAPEX, if you would have seen, is primarily focused on the kitchen sink business, where the granite sink is approximately ₹50 crores.

Speaker #3: And the stainless steel is ₹20 crores. And the other miscellaneous faucets and appliances could be another ₹20 crores. So primarily, 80% of the investment is on our core products: kitchen sinks, granite, and steel.

Speaker #1: Thank you.

Speaker #2: Hello?

Operator: Hello. The next question is from the line of Pawan Kumar from RatnaTraya Capital. Please go ahead.

Speaker #1: The next question is from the line of Pawan Kumar from Ratna Trail Capital. Please go ahead.

Speaker #2: Sir, could you please reiterate the CAPEX numbers that you just mentioned? It was not clear.

Pawan Kumar: Sir, just can you please reiterate the CapEx that you just mentioned, it was not clear.

Pavan Kumar: Sir, just can you please reiterate the CapEx that you just mentioned, it was not clear.

Speaker #3: CAPEX what?

Chirag Parekh: CapEx what?

Pawan Kumar: CapEx for this particular year, what are the total CapEx that we are estimating and how much

Pavan Kumar: CapEx for this particular year, what are the total CapEx that we are estimating and how much

Speaker #2: CAPEX for this particular year—what are the total CAPEX that we are estimating? And how much on quartz, and how much could be on steel things?

Chirag Parekh: Yeah

Pawan Kumar: could be on products and how much could be on steel sinks?

Pavan Kumar: could be on products and how much could be on steel sinks?

Speaker #3: Yeah. So we are doing approximately Rs 80 to 90 crore CAPEX within the current financial year, where about Rs 40 to 50 crore is going for the expansion of the granite sink.

Chirag Parekh: Yeah. We are doing approximately INR 80 to 90 crore CapEx in the current financial year, where about INR 40 to 50 crore is going for the expansion of the granite sinks.

Chirag Parekh: Yeah. We are doing approximately INR 80 to 90 crore CapEx in the current financial year, where about INR 40 to 50 crore is going for the expansion of the granite sinks. INR 20 crore is approximately stainless steel.

Speaker #2: Uh-huh.

Speaker #3: 20 crores is approximately stainless steel.

Chirag Parekh: INR 20 crore is approximately stainless steel.

Speaker #2: Okay.

Pawan Kumar: Okay.

Pavan Kumar: Okay.

Speaker #3: And ₹20 crores is towards the faucet and appliance.

Chirag Parekh: INR 20 crore is towards the faucet and appliance.

Speaker #2: Okay, got it. And have you thought about even next year's CAPEX given the capacity constraints right now, or is that too far ahead at this point?

Pawan Kumar: Okay, got it. Have you thought about even the next year's CapEx given the capacity constraints right now, or that is too far away?

Pavan Kumar: Okay, got it. Have you thought about even the next year's CapEx given the capacity constraints right now, or that is too far away?

Speaker #3: I would say that, let's see how the momentum is. If we have to grow at a 15% rate and you're looking at ₹1,000 crores, and you have to add about ₹150 to ₹200 crores in revenue, I think we need at least a minimum of ₹50 to ₹60 crore CAPEX every year.

Chirag Parekh: I would say that let's see how the momentum. If we have to grow at a 15% rate and we are looking at a 1,000 crores and we have to add about 150 to 200 crores of the revenue, I think we need at least a bare minimum 50, 60 to 64 CapEx every year.

Speaker #2: Okay, great. Thank you so much.

Pawan Kumar: Okay, great. Thank you so much.

Pavan Kumar: Okay, great. Thank you so much.

Speaker #3: Thank you.

Chirag Parekh: Thank you.

Speaker #1: Thank you. Ladies and gentlemen, due to time constraints, that was the last question for the day. I would now like to hand over the conference to the management for closing comments.

Operator: Thank you. Ladies and gentlemen, due to time constraints, that was the last question for the day. Now I would like to hand over the conference to the management for closing comments.

Speaker #3: Thank you, everyone. Hope we've been able to satisfy your queries. For any clarifications or further questions, please do contact the GI Investor Relations Advisor.

Chirag Parekh: Thank you, everyone. Hope we have been able to satisfy your calls. For any clarifications or any questions, please do contact our Go India Advisors or our CFO. Thank you very much. Have a great evening.

Speaker #3: Or our CFO. Thank you very much. Have a great evening.

Operator: Thank you. On behalf of Go India Advisors, that concludes this conference. Thank you for joining us and you may now disconnect your lines.

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