NSE: SSDL · BSE: 544230
SARASWATI SAREE DEPOT LTD
Trades and distributes sarees from a base in Kolhapur, Maharashtra, operating as a wholesale and depot-style saree business. In FY26, revenue from operations was Rs 6,311.62 million, up 4.6% from Rs 6,035.90 million in FY25, but profit after tax fell 23.5% to Rs 234.06 million and EPS dropped to Rs 5.89 from Rs 7.72. The company went public in August 2024, raising Rs 1,600.13 million through the IPO, with Rs 810 million earmarked for working capital and Rs 96.67 million for general corporate purposes — both fully utilised by Q4 FY26. It holds a 50% stake in a partnership firm called Saraswati Saree Depot, which contributed Rs 9.73 million of income. The business is promoter-led by the Dulhani family; long-standing Chairman and Executive Director Shankar Laxmandas Dulhani resigned effective June 5, 2026. The statutory auditor has issued a qualified opinion for five consecutive years because the company does not maintain quantitative stock records for goods traded, though physical inventory counts are conducted. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Trading and wholesale of sarees, Partnership firm income. Trading-focused, family-promoted saree distribution business
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY25 | FY26 |
|---|---|---|
| Revenue | 614 | 631 |
| EBITDA (ex other income) | 43 | 33 |
| margin % | 7.0 | 5.2 |
| Owners' profit | 31 | 23 |
| EPS, as reported (₹) | 7.72 | 5.89 |
| ROE % · ROCE % | 17.2 · 22.1 | 12.0 · 16.4 |
| Debt / equity (x) | 0.02 | 0.00 |
| Cash from operations | 2 | 36 |
| Capex | 0 | (2) |
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 | 165 | 182 | 136 | 145 | 208 | 144 | 134 | 148 |
| Profit before tax | 13 | 10 | 10 | 9 | 14 | 4 | 4 | 9 |
| Net profit | 10 | 8 | 7 | 6 | 11 | 3 | 3 | 7 |
| EPS (₹) | 2.42 | 1.99 | 1.77 | 1.61 | 2.65 | 0.81 | 0.82 | 1.70 |
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. % |
|---|---|---|---|---|---|---|---|---|
| PAGE INDUSTRIES LTD | 38,604 | 51.1 | 25.69 | — | 50.8 | 58.6 | — | 21.1 |
| ARVIND LIMITED | 13,061 | 31.5 | 3.15 | 13.8 | 10.3 | 11.9 | 12.9 | 9.4 |
| PEARL GLOBAL IND LIMITED | 5,526 | 17.8 | 3.84 | 11.0 | 18.8 | 16.8 | 27.5 | 11.2 |
| GOKALDAS EXPORTS LTD. | 4,638 | 45.0 | 2.15 | 12.6 | 4.6 | 6.0 | 26.9 | 12.1 |
| LUX INDUSTRIES LIMITED | 3,465 | 32.5 | 1.90 | 19.3 | 5.8 | 7.3 | 8.4 | 8.2 |
| SBC EXPORTS LIMITED | 3,161 | 78.1 | 39.42 | 71.5 | 31.5 | 28.3 | — | 13.9 |
| KEWAL KIRAN CLOTHING LTD | 2,573 | 17.4 | 2.30 | 9.3 | 13.6 | 16.6 | 32.0 | 24.0 |
| KITEX GARMENTS LTD | 2,261 | — | 1.83 | 34.1 | (1.1) | 0.3 | 7.9 | 11.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 11.3 | 16.7 | 14 of 37 | 64% |
| P/B | 1.4 | 1.5 | 17 of 35 | 53% |
| ROCE | 15.9 | 8.4 | 10 of 44 | 79% |
| ROE | 12.0 | 5.8 | 9 of 35 | 77% |
| Debt / Equity | 0.0 | 0.3 | 1 of 35 | 88% |
| EBITDA margin | 6.4 | 10.4 | 27 of 35 | 24% |
| Revenue growth | 1.9 | 7.9 | 22 of 37 | 42% |
| Profit growth | 4.0 | 6.8 | 23 of 37 | 39% |
| Market cap | 267 | 150 | 19 of 44 | 58% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 19 Oct 2026 · CGST Kolhapur orders Rs 32.09 lakh penalty over IPO expense ITC claim | regulatory legal | high | — | — |
| 9 Oct 2026 · Routine compliance filing: Regulation 74(5) certificate for Q2 FY27 | compliance | minimal | — | — |
| 29 Sept 2026 · Trading window closed from Oct 1 till 48 hours after Q2 results | compliance | minimal | — | — |
| 24 Sept 2026 · Saraswati Saree Depot declares Rs 3 interim dividend, record date Sep 30 | corporate actions | high | — | — |
| 24 Sept 2026 · Board declares Rs. 3 interim dividend per share, record date Sep 30 | corporate actions | high | — | — |
| 21 Sept 2026 · Board meeting on Sept 24 to consider interim dividend; trading window closed | compliance | minimal | — | — |
| 21 Sept 2026 · Board to consider interim dividend on Sep 24 | corporate actions | high | — | — |
| 19 Sept 2026 · Shareholders approve auditor and two independent director appointments | management changes | medium | — | — |
| 19 Sept 2026 · AGM voting results: all 5 resolutions passed with over 99.99 percent approval | board shareholder meetings | low | — | — |
| 18 Sept 2026 · Saraswati Saree Depot 6th AGM: 5 resolutions moved, FY26 results shared | board shareholder meetings | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| 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.