NSE: KALAMANDIR · BSE: 543989
SAI SILKS (KALAMANDIR) L
Retails textile goods including sarees and ethnic wear through a chain of stores across South India under multiple brand formats, principally the Kalamandir and KLM Fashion Mall banners. As of Q1 FY27 the network stood at 83 stores spanning around 8.14 lakh square feet of retail space across four states (Andhra Pradesh, Telangana, Karnataka, Tamil Nadu) with presence in 24 cities, employing 6,315 permanent staff of which 40% are women. Q1 FY27 revenue was ₹375.08 crore, broadly flat against ₹379.02 crore in Q1 FY26, with same-store sales growth down 7.5–7.8% on weak rural consumption and an Adhik Maas calendar effect that compressed the wedding/festive selling window. The company is debt-free, continues to add retail space (~30,000 sq ft added in Q1, ~1,00,000 sq ft targeted for FY27), and is rationalising underperforming KLM Fashion Mall outlets (19 reduced to 18). Cost structure shows employees at 13.7% of revenue and other operating expenses at 12.6%, with depreciation at 3.6% of revenue, and gross margin held near 42% despite 10–15 bps pressure from dyeing and fuel costs. Expansion is planned into Pune (Maharashtra) by Q4 FY27/early FY28, with Kerala also under exploration. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Retail of sarees and ethnic wear, Kalamandir format stores, KLM Fashion Mall stores. Asset-light, debt-free, multi-format specialty retailer of seasonal ethnic wear with cluster-based expansion
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 1,374 | 1,462 | 1,654 |
| EBITDA (ex other income) | 212 | 212 | 261 |
| margin % | 15.4 | 14.5 | 15.8 |
| Owners' profit | 101 | 85 | 141 |
| EPS, as reported (₹) | 7.51 | 5.80 | 9.56 |
| ROE % · ROCE % | 9.5 · 14.5 | 7.5 · 13.2 | 11.2 · 13.7 |
| Debt / equity (x) | 0.24 | 0.15 | 0.02 |
| Cash from operations | (21) | 107 | 323 |
| Capex | (41) | (53) | (51) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 347 | 449 | 399 | 379 | 444 | 411 | 419 | 375 |
| Profit before tax | 39 | 62 | 39 | 40 | 54 | 51 | 44 | 34 |
| Net profit | 24 | 46 | 14 | 30 | 40 | 38 | 33 | 26 |
| EPS (₹) | 1.61 | 3.12 | 0.92 | 2.04 | 2.72 | 2.59 | 2.22 | 1.74 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| TRENT LTD | 1,50,394 | 61.3 | 21.16 | 40.0 | 24.2 | 26.2 | 50.6 | 20.1 |
| LENSKART SOLUTIONS LTD | 1,16,496 | 174.9 | 13.16 | 60.5 | 5.7 | 5.8 | — | 24.2 |
| VEDANT FASHIONS LIMITED | 11,516 | 28.6 | 7.54 | 15.8 | 8.5 | 8.4 | — | 52.7 |
| ADITYA BIRLA LIFES BRAN L | 9,142 | 51.7 | 6.47 | 7.2 | 12.1 | 5.0 | — | 16.0 |
| ADITYA VISION LIMITED | 7,307 | 52.5 | 10.61 | — | 17.0 | 17.4 | — | 10.6 |
| V2 RETAIL LIMITED | 5,721 | 3.7 | 6.34 | 12.1 | 18.0 | 14.2 | 41.6 | 14.1 |
| ARVIND FASHIONS LIMITED | 4,928 | 41.1 | 4.25 | 7.5 | 15.8 | 12.9 | 19.1 | 13.0 |
| ADITYA BIRLA FASHION & RT | 4,876 | — | 0.78 | 7.0 | (13.3) | (7.1) | 9.3 | 8.5 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 7.2 | 26.3 | 5 of 19 | 78% |
| P/B | 0.8 | 3.9 | 2 of 14 | 85% |
| ROCE | 11.7 | 10.0 | 10 of 20 | 53% |
| ROE | 11.2 | 11.7 | 8 of 14 | 46% |
| Debt / Equity | 0.0 | 0.1 | 4 of 14 | 77% |
| EBITDA margin | 15.3 | 15.7 | 8 of 14 | 46% |
| Revenue growth | (1.0) | 16.6 | 15 of 16 | 7% |
| Profit growth | (14.7) | 20.6 | 11 of 13 | 17% |
| Market cap | 987 | 735 | 10 of 20 | 53% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · SEBI DSEBI Reg 74(5) Certificate submission for Q2 FY27 | compliance | minimal | — | — |
| 6 Oct 2026 · Sai Silks Kalamandir appoints GoIndia Advisors as IR Agency | general | low | — | — |
| 1 Oct 2026 · Q2 FY27 revenue dips slightly, four new stores added | business updates | medium | — | — |
| 29 Sept 2026 · IPO funds reallocated to new stores and new Company Secretary appointed | management changes | medium | — | — |
| 29 Sept 2026 · IPO funds reallocated to new stores, new Company Secretary appointed | management changes | medium | — | — |
| 24 Sept 2026 · Trading window closure for Company Secretary appointment and Q2 results | compliance | minimal | — | — |
| 23 Sept 2026 · Analyst meeting scheduled for Sept 28 with Demeter Advisors | board shareholder meetings | low | — | — |
| 16 Sept 2026 · Company Secretary resigns from Sai Silks Kalamandir | management changes | medium | — | — |
| 13 Aug 2026 · Sai Silks opens 85th store at Srikakulam under Kanchipuram Varamahalakshmi Silks format | business updates | medium | — | — |
| 11 Aug 2026 · AGM: All 7 resolutions passed, Rs 1.50 dividend approved | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
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| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.