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 ₹ 2,794 Cr.
- Current Price ₹ 182
- High / Low ₹ 223 / 111
- Stock P/E 21.6
- Book Value ₹ 77.4
- Dividend Yield 0.55 %
- 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
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 | 1,671 | |
| 638 | 961 | 1,072 | 615 | 991 | 1,132 | 1,154 | 1,244 | 1,404 | |
| Operating Profit | 53 | 83 | 104 | 62 | 138 | 219 | 219 | 218 | 266 |
| OPM % | 8% | 8% | 9% | 9% | 12% | 16% | 16% | 15% | 16% |
| 0 | 1 | 3 | 2 | 4 | 7 | 23 | 24 | 21 | |
| Interest | 18 | 20 | 27 | 27 | 34 | 52 | 60 | 47 | 35 |
| Depreciation | 9 | 14 | 26 | 29 | 31 | 41 | 48 | 53 | 57 |
| Profit before tax | 27 | 49 | 53 | 7 | 77 | 134 | 135 | 143 | 196 |
| Tax % | 43% | 38% | 21% | 30% | 25% | 27% | 25% | 40% | |
| 15 | 30 | 42 | 5 | 58 | 98 | 101 | 85 | 130 | |
| EPS in Rs | 6.54 | 12.93 | 17.95 | 2.13 | 23.97 | 7.72 | 6.58 | 5.57 | 8.45 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 15% | 17% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 4% |
| 3 Years: | 9% |
| TTM: | 23% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 15% |
| 3 Years: | 14% |
| TTM: | 50% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 2% |
| 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% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
28 Oct - Audio recording of Oct 28, 2025 conference call for Q2/H1 Sep 30, 2025 results available online.
- Announcement under Regulation 30 (LODR)-Newspaper Publication 28 Oct
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Announcement under Regulation 30 (LODR)-Monitoring Agency Report
27 Oct - CARE MA: Rs600 crore IPO, Rs401.96cr utilized, Rs164.28cr unutilized, timeline delays to Mar 2026.
- Announcement under Regulation 30 (LODR)-Investor Presentation 27 Oct
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Unaudited Results Quarter And Half Year Ended 30.09.2025
27 Oct - Sai Silks (Kalamandir) files Q2/H1 FY2026 unaudited results and limited review dated 30-09-2025.
Annual reports
Concalls
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Oct 2025TranscriptNotesPPT 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 2023TranscriptNotesPPT
Leading Ethnic Brand[1]
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 68 stores across 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.