Sai Silks (Kalamandir) Ltd
Incorporated in 2005, Sai Silks (Kalamandir) Limited provides ethnic apparel and value-fashion products through its four store formats - ‘Kalamandir‘, ‘VaraMahalakshmi Silks‘, ‘Mandir‘ and ‘KLM Fashion Mall''.[1]
- Market Cap ₹ 1,532 Cr.
- Current Price ₹ 100
- High / Low ₹ 223 / 94.6
- Stock P/E 12.6
- Book Value ₹ 77.4
- Dividend Yield 1.00 %
- ROCE 12.4 %
- ROE 7.78 %
- Face Value ₹ 2.00
Pros
- Company has reduced debt.
Cons
- The company has delivered a poor sales growth of 4.46% over past five years.
- Company has a low return on equity of 13.0% over last 3 years.
- Dividend payout has been low at 10.6% of profits over last 3 years
- Working capital days have increased from 103 days to 145 days
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Consumer Discretionary Consumer Services Retailing Speciality Retail
Part of BSE Allcap BSE Consumer Discretionary
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|
| 692 | 1,044 | 1,176 | 677 | 1,129 | 1,351 | 1,374 | 1,462 | 1,633 | |
| 638 | 961 | 1,072 | 615 | 991 | 1,132 | 1,154 | 1,244 | 1,376 | |
| Operating Profit | 53 | 83 | 104 | 62 | 138 | 219 | 219 | 218 | 258 |
| OPM % | 8% | 8% | 9% | 9% | 12% | 16% | 16% | 15% | 16% |
| 0 | 1 | 3 | 2 | 4 | 7 | 23 | 24 | 20 | |
| Interest | 18 | 20 | 27 | 27 | 34 | 52 | 60 | 47 | 33 |
| Depreciation | 9 | 14 | 26 | 29 | 31 | 41 | 48 | 53 | 59 |
| Profit before tax | 27 | 49 | 53 | 7 | 77 | 134 | 135 | 143 | 185 |
| Tax % | 43% | 38% | 21% | 30% | 25% | 27% | 25% | 40% | |
| 15 | 30 | 42 | 5 | 58 | 98 | 101 | 85 | 122 | |
| EPS in Rs | 6.54 | 12.93 | 17.95 | 2.13 | 23.97 | 7.72 | 6.58 | 5.57 | 7.94 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 15% | 17% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 4% |
| 3 Years: | 9% |
| TTM: | 15% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 15% |
| 3 Years: | 14% |
| TTM: | 21% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | -21% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 13% |
| 3 Years: | 13% |
| Last Year: | 8% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 23 | 23 | 23 | 24 | 24 | 24 | 29 | 29 | 29 |
| Reserves | 135 | 166 | 208 | 219 | 277 | 373 | 1,033 | 1,102 | 1,158 |
| 112 | 172 | 233 | 279 | 347 | 526 | 464 | 405 | 301 | |
| 121 | 205 | 229 | 143 | 195 | 297 | 114 | 104 | 314 | |
| Total Liabilities | 392 | 566 | 693 | 665 | 842 | 1,220 | 1,642 | 1,641 | 1,802 |
| 113 | 152 | 251 | 225 | 249 | 379 | 414 | 465 | 503 | |
| CWIP | 0 | 0 | 0 | 2 | 0 | 0 | 2 | 0 | 3 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 279 | 414 | 442 | 438 | 593 | 841 | 1,225 | 1,175 | 1,296 | |
| Total Assets | 392 | 566 | 693 | 665 | 842 | 1,220 | 1,642 | 1,641 | 1,802 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|
| 59 | 30 | 85 | -15 | 46 | 41 | -21 | 107 | |
| -49 | -47 | -47 | -18 | -42 | -60 | -332 | 118 | |
| -10 | 37 | -45 | 19 | 1 | 15 | 393 | -184 | |
| Net Cash Flow | 0 | 19 | -7 | -14 | 4 | -4 | 40 | 41 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|
| Debtor Days | 2 | 2 | 1 | 1 | 1 | 1 | 1 | 1 |
| Inventory Days | 163 | 170 | 160 | 300 | 236 | 306 | 324 | 334 |
| Days Payable | 58 | 71 | 73 | 88 | 64 | 102 | 27 | 11 |
| Cash Conversion Cycle | 107 | 101 | 87 | 213 | 172 | 205 | 298 | 323 |
| Working Capital Days | 17 | 17 | 12 | 46 | 34 | 49 | 114 | 145 |
| ROCE % | 22% | 20% | 7% | 19% | 24% | 16% | 12% |
Insights
In beta| Mar 2013 | Mar 2014 | Mar 2016 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Number of Stores Number |
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| Number of Employees Number |
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| Total Retail Area Sq. Ft. |
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| Average Revenue Per Sq. Ft. INR |
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| Average Revenue Per Store INR Crore |
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| Total Customers (Cumulative) Million |
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| Same Store Sales Growth (SSSG) % |
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Documents
Announcements
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81St Store Launch Intimation
16h - Opened 81st store in Kakinada, Andhra Pradesh on March 14, 2026 under Kanchipuram Varamahalakshmi Silks format.
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Intimation Of New Store Launch At Bengaluru, Karnataka Dated 09.03.2026
9 Mar - Opened 80th Kalamandir store at Konanakunte Cross, Bengaluru on March 9, 2026.
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 5 Feb
- Announcement under Regulation 30 (LODR)-Earnings Call Transcript 27 Jan
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
22 Jan - Virtual one-on-one analyst meeting on Jan 30, 2026 at 11:30 AM; no unpublished price-sensitive information.
Annual reports
Concalls
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Jan 2026Transcript PPT REC
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Nov 2025Transcript PPT REC
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Jul 2025Transcript PPT REC
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May 2025TranscriptPPT
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May 2025Transcript PPT REC
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Feb 2025Transcript PPT REC
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Nov 2024Transcript PPT REC
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Aug 2024Transcript PPT REC
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May 2024Transcript PPT
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Feb 2024TranscriptPPT
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Feb 2024TranscriptPPTREC
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Nov 2023TranscriptPPTREC
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Sep 2023TranscriptAI SummaryPPT
Leading Ethnic Brand[1][2]
Sai Silks (Kalamandir) Limited (SSKL) is one of South India's largest ethnic apparel retailers, primarily focusing on sarees and ethnic fashion across premium, ultra-premium, and value segments. It operates 79 stores across 22 cities in Telangana, Andhra Pradesh, Karnataka, Tamil Nadu, and Pondicherry. The company serves the wedding, festive, party, and daily wear segments for women, men, and children through offline and online channels.