NSE: SIYSIL · BSE: 503811
SIYARAM SILK MILLS LTD
Mills and sells fabrics, garments and dyed yarn, with fabrics contributing 71% of Q1 FY27 standalone revenue and garments and yarn-plus-others accounting for 19% and 10% respectively. The business generated FY26 revenue of Rs 2,572.5 crore at a 16.18% EBITDA margin. A branded retail push is underway under the Z-Cod and Devo labels — the network stood at 49 stores at the end of Q1 FY27 (30 Z-Cod, 19 Devo), targeting around 70 stores by FY27 year-end, with retail revenue guided to roughly double from Rs 80 crore in FY26 to Rs 160 crore in FY27. Some ZECODE stores are already EBITDA positive at the store level, though the segment is expected to drag group EBITDA margin by about 150 bps in FY27. Material inputs are the largest cost line at 38.8% of FY26 revenue, with other operating expenses at 31.8% and employee costs at 8.2%. Management has flagged a one-off ~Rs 80 crore Dombivali residential construction opportunity spread over 24 months that is not part of a real estate strategy. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Fabrics (71%), Garments (19%), Yarn and others (10%), Retail (Z-Cod + Devo), Dombivali residential project. Branded textile and apparel manufacturer expanding into direct value-fashion retail
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,905 | 2,233 | 2,092 | 2,222 | 2,572 |
| EBITDA (ex other income) | 333 | 368 | 285 | 276 | 333 |
| margin % | 17.5 | 16.5 | 13.6 | 12.4 | 12.9 |
| Owners' profit | 0 | 0 | 185 | 197 | 231 |
| EPS, as reported (₹) | 46.14 | 53.55 | 39.99 | 43.45 | 50.89 |
| ROE % · ROCE % | 23.2 · 29.3 | 22.1 · 28.7 | 16.2 · 22.1 | 15.4 · 20.7 | 15.8 · 21.4 |
| Debt / equity (x) | 0.23 | 0.13 | 0.14 | 0.18 | 0.22 |
| Cash from operations | 45 | 235 | 129 | 255 | 93 |
| Capex | (74) | (58) | (59) | (143) | (75) |
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 | 608 | 571 | 736 | 389 | 706 | 624 | 853 | 446 |
| Profit before tax | 91 | 62 | 100 | 6 | 115 | 55 | 127 | 14 |
| Net profit | 68 | 45 | 72 | 5 | 87 | 42 | 98 | 11 |
| EPS (₹) | 15.03 | 10.01 | 15.88 | 1.02 | 19.11 | 9.21 | 21.55 | 2.43 |
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. % |
|---|---|---|---|---|---|---|---|---|
| KPR MILL LTD. | 37,325 | 40.9 | 6.55 | 27.0 | 15.2 | 19.3 | 13.5 | 21.2 |
| WELSPUN LIVING LIMITED | 20,367 | 74.1 | 4.09 | 26.1 | 4.3 | 4.0 | 5.1 | 12.7 |
| VARDHMAN TEXTILES LIMITED | 14,669 | 17.0 | 1.39 | 11.3 | 7.1 | 7.4 | 10.0 | 20.4 |
| TRIDENT LIMITED | 10,870 | 27.4 | 2.28 | 13.4 | 7.9 | 8.6 | 8.1 | 17.7 |
| INDO COUNT INDUSTRIES LTD | 8,471 | 56.1 | 3.60 | 20.4 | 5.4 | 5.4 | 10.5 | 13.3 |
| GARWARE TECH FIBRES LTD | 7,310 | 35.3 | 5.40 | 22.9 | 14.7 | 18.7 | 8.1 | 20.5 |
| FILATEX INDIA LTD | 4,207 | 22.0 | 2.80 | 11.5 | 12.2 | 13.8 | — | 7.6 |
| SANATHAN TEXTILES LIMITED | 4,178 | 68.8 | 2.23 | 18.6 | 4.1 | 3.5 | — | 8.4 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 8.6 | 16.8 | 43 of 179 | 76% |
| P/B | 1.4 | 1.1 | 104 of 185 | 44% |
| ROCE | 19.2 | 4.3 | 17 of 215 | 93% |
| ROE | 15.8 | 4.7 | 20 of 188 | 90% |
| Debt / Equity | 0.2 | 0.4 | 73 of 188 | 62% |
| EBITDA margin | 8.9 | 9.8 | 110 of 198 | 45% |
| Revenue growth | 14.4 | 6.9 | 64 of 192 | 67% |
| Profit growth | 137.3 | 20.0 | 42 of 203 | 80% |
| Market cap | 2036 | 61 | 16 of 223 | 93% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Newspaper publication of Q2 and H1 FY27 unaudited results | compliance | minimal | — | — |
| 28 Oct 2026 · Earnings call audio for Q2 and H1 FY2027 uploaded | investor communications | low | — | — |
| 27 Oct 2026 · Q2 FY27 revenue rises 15%, but profit after tax falls 14% and margins narrow | investor communications | medium | — | — |
| 27 Oct 2026 · Q2 FY27 income rises 15.1%, but profit falls 13.8% | compliance | low | — | — |
| 27 Oct 2026 · Dinesh Kumar Jaithliya elevated to Deputy Chief Financial Officer | management changes | medium | — | — |
| 27 Oct 2026 · Siyaram Silk Mills appoints Cygnus Partners as investor relations agency | general | low | — | — |
| 27 Oct 2026 · Rs 4 first interim dividend: record date set for 31 October 2026 | corporate actions | high | — | — |
| 27 Oct 2026 · Q2 revenue up 15%, profit down 14%; Rs 4 interim dividend declared | results | high | — | — |
| 27 Oct 2026 · Quarter revenue up 15%, profit down 14%; 200% interim dividend declared | results | high | — | — |
| 22 Oct 2026 · Siyaram Silk Mills schedules second-quarter results call | 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 |
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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.