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Sai Silks (Kalamandir) Q2 FY27 results: net profit down 22.5% to ₹31.08 crore, revenue down 2.3%
Sai Silks (Kalamandir) Limited reported standalone Q2 FY27 revenue of ₹434.05 crore, EBITDA of ₹61.59 crore and a net profit of ₹31.08 crore. Revenue was lower than Q2 FY26, while profit and EBITDA recovered from Q1 FY27.
Key points
- Q2 FY27 revenue was ₹434.05 crore, down ₹10.28 crore or 2.3% from Q2 FY26.
- EBITDA was ₹61.59 crore, down ₹10.43 crore or 14.5% from Q2 FY26, with the margin at 14.2%.
- Net profit was ₹31.08 crore, down ₹9 crore or 22.5% from Q2 FY26, while EPS was ₹2.11.
- Against Q1 FY27, revenue rose ₹58.97 crore or 15.7%, and net profit rose ₹5.45 crore or 21.3%.
- H1 FY27 revenue was ₹809.13 crore, down 1.7%, while net profit was ₹56.73 crore, down 19.1%.
How did Sai Silks (Kalamandir) perform in Q2 FY27?
Sai Silks (Kalamandir) reported standalone revenue of ₹434.05 crore for Q2 FY27, down ₹10.28 crore or 2.3% from ₹444.33 crore in Q2 FY26. EBITDA was ₹61.59 crore, down ₹10.43 crore or 14.5%, and the margin fell 2.0 percentage points to 14.2%.
Profit before tax was ₹41.45 crore, down ₹12.96 crore or 23.8% from Q2 FY26. Net profit was ₹31.08 crore, down ₹9 crore or 22.5%, while basic EPS fell by ₹0.61 to ₹2.11. The company had no subsidiaries, associates or joint ventures, so there is no consolidated result for comparison.
Against Q1 FY27, revenue rose ₹58.97 crore or 15.7% to ₹434.05 crore. EBITDA increased ₹9.74 crore or 18.8% to ₹61.59 crore, while the margin rose 0.4 percentage points to 14.2%. Net profit rose ₹5.45 crore or 21.3% to ₹31.08 crore, and EPS increased by ₹0.37 to ₹2.11.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 434.05 | 375.08 | 444.33 | −2.3% | +15.7% |
| Other income | 4.82 | 5.69 | 4.51 | +6.9% | −15.3% |
| Total expenses | 397.42 | 346.37 | 394.43 | +0.8% | +14.7% |
| EBITDA | 61.59 | 51.85 | 72.02 | −14.5% | +18.8% |
| EBITDA margin | 14.2% | 13.8% | 16.2% | −2.0 pp | +0.4 pp |
| Profit before tax | 41.45 | 34.40 | 54.41 | −23.8% | +20.5% |
| Tax | 10.37 | 8.77 | 14.33 | −27.6% | +18.2% |
| Net profit | 31.08 | 25.63 | 40.08 | −22.5% | +21.3% |
| EPS (₹) | 2.11 | 1.74 | 2.72 | −22.4% | +21.3% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in Sai Silks (Kalamandir)'s costs and profit?
Total expenses were ₹397.42 crore in Q2 FY27, up ₹2.99 crore or 0.8% from ₹394.43 crore in Q2 FY26. Employee cost rose ₹9.31 crore or 17.4% to ₹62.92 crore, finance costs increased ₹1.91 crore or 27.4% to ₹8.89 crore, and depreciation increased ₹0.93 crore or 6.1% to ₹16.07 crore.
Other expenses declined ₹2.32 crore or 3.8% to ₹58.21 crore, while other income increased ₹0.31 crore or 6.9% to ₹4.82 crore. Tax expense fell ₹3.96 crore or 27.6% to ₹10.37 crore. There was no exceptional item, and the filing did not state the reasons for the cost movements.
The filing shows lower operating earnings alongside higher employee, finance and depreciation costs. It does not provide a separate explanation for why revenue declined or why the cost lines changed during the quarter.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0 | 0 | 0 | |
| Employee cost | 62.92 | 53.61 | +9.31 | +17.4% |
| Finance costs | 8.89 | 6.98 | +1.91 | +27.4% |
| Depreciation | 16.07 | 15.14 | +0.93 | +6.1% |
| Other expenses | 58.21 | 60.53 | −2.32 | −3.8% |
| Total expenses | 397.42 | 394.43 | +2.99 | +0.8% |
| Other income | 4.82 | 4.51 | +0.31 | +6.9% |
| Tax | 10.37 | 14.33 | −3.96 | −27.6% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In the first half of FY27, standalone revenue was ₹809.13 crore, down ₹14.22 crore or 1.7% from ₹823.35 crore in H1 FY26. Total income declined ₹13.92 crore or 1.7% to ₹819.64 crore.
Profit before tax fell ₹18.79 crore or 19.9% to ₹75.86 crore. Net profit declined ₹13.41 crore or 19.1% to ₹56.73 crore, while EPS was ₹3.85 compared with ₹4.76 in H1 FY26.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 809.13 | 823.35 | −1.7% |
| Profit before tax | 75.86 | 94.65 | −19.9% |
| Net profit | 56.73 | 70.14 | −19.1% |
| EPS (₹) | 3.85 | 4.76 | −19.1% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 30 September 2026, total assets were ₹1,956.33 crore, compared with ₹1,848.9 crore on 31 March 2026. Total equity rose to ₹1,293.6 crore from ₹1,260.47 crore, while inventories increased to ₹959.59 crore from ₹815.93 crore.
Borrowings declined to ₹15.73 crore from ₹20.22 crore. Cash and cash equivalents fell to ₹12.26 crore from ₹19.37 crore, while bank balances other than cash and cash equivalents were ₹236.32 crore compared with ₹329.04 crore. Trade receivables were ₹4.11 crore and trade payables were ₹199.2 crore.
H1 FY27 operating cash flow was negative ₹29.72 crore, compared with ₹180.37 crore in H1 FY26. Investing cash flow was ₹75.1 crore against negative ₹34.97 crore, while financing cash flow was negative ₹52.49 crore against negative ₹192.17 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 1,956 | 1,849 |
| Total equity | 1,294 | 1,260 |
| Borrowings | 15.73 | 20.22 |
| Cash and equivalents | 12.26 | 19.37 |
| Inventories | 959.59 | 815.93 |
| Trade receivables | 4.11 | 2.38 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | −29.72 | 180.37 |
| Cash from investing | 75.10 | −34.97 |
| Cash from financing | −52.49 | −192.17 |
| Capital expenditure | 0 | 22.32 |
Source: Company's results filing (XBRL).
How has Sai Silks (Kalamandir) done over the last 8 quarters?
Revenue reached its highest level of the reported period at ₹434.05 crore in Q2 FY27 and its lowest at ₹375.08 crore in Q1 FY27. Revenue increased from the preceding quarter but remained below ₹444.33 crore in Q2 FY26.
Net profit peaked at ₹46.01 crore in Q3 FY25 and bottomed at ₹13.51 crore in Q4 FY25. The latest profit of ₹31.08 crore was higher than Q1 FY27, while the EBITDA margin rose to 14.2% from 13.8% but remained below 17.6% in Q3 FY25.
What else did the company announce?
The board approved the unaudited financial results for the quarter and half year ended 30 September 2026, along with the statement of assets and liabilities, cash-flow statement and the statutory auditors’ limited-review report. The statutory auditors issued an unmodified opinion on the results.
The board also retained ₹20.27 crore of unutilised IPO funds for setting up warehouses and extended the utilisation deadline to 30 September 2027. The company said management had reported progress in vendor negotiations and an accelerated legal due-diligence process. No dividend, fund raise or appointment was disclosed in the cited same-day filings.
What did Sai Silks (Kalamandir)'s management say?
Management maintained FY27 overall turnover guidance and said the business was expected to return to positive double-digit same-store sales growth in the second half. It also expected double-digit revenue growth for the full year and approximately 5% annual same-store sales growth. The CEO said: “We expect that business momentum to normalize in the second half, with a return to positive and double-digit same-store sales growth, supporting our expectation of double-digit revenue growth for the full year.”
Management identified discretionary-consumption weakness, festive-calendar shifts, seasonal inventory and markdown risk, regional exhibition-based competition and raw-material inflation as risks. It said raw-material inflation could constrain pricing and gross-margin protection, while seasonal inventory building could raise working-capital risk.
How did Sai Silks (Kalamandir) shares react?
After the filing appeared after market hours, the stock was down 0.8% after five minutes, 1.4% after 15 minutes and 1.7% after 30 minutes. By the close of the first session that could trade on the news, it was up 8.1% from the pre-results close, compared with a 0.3% decline for the other Speciality Retail stocks.
By the next day’s close, the stock was up 22.1% from its pre-results close. The other Speciality Retail stocks were up 0.6% over the same closes, while the Nifty Microcap 250 was up 2.2% on the reaction day. No five-day reaction was given.
Earlier reaction-day moves were mixed: the stock fell 2.0% on 15 July 2026, rose 6.6% on 12 May 2026 and fell 7.6% on 19 January 2026. It also fell 3.6% on 19 November 2025 and was up 0.2% on 25 July 2025.
| After the filing | Stock | Speciality Retail median |
|---|---|---|
| 5 minutes | −0.8% | |
| 15 minutes | −1.4% | |
| 30 minutes | −1.7% | |
| Reaction day | +8.1% | −0.3% |
| Next day | +22.1% | +0.6% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 15 July 2026 | −2.0% |
| 12 May 2026 | +6.6% |
| 19 January 2026 | −7.6% |
| 19 November 2025 | −3.6% |
| 25 July 2025 | +0.2% |
| 16 May 2025 | −5.1% |
| 28 January 2025 | −2.9% |
| 4 November 2024 | +1.1% |
Source: MarketPing price-reaction measurement.
How did other Speciality Retail companies do?
Among 14 other Speciality Retail companies that had filed for the quarter, the median revenue growth was 13.4%. Twelve grew faster than Sai Silks (Kalamandir) and two grew more slowly than the company.
Eight of the 12 peers for which profit was compared reported higher profit, while the company’s own Q2 FY27 revenue was lower than in Q2 FY26. The peer comparison was as of 6 November 2026.
| Sai Silks (Kalamandir) revenue growth (YoY) | −2.3% |
|---|---|
| Median of 14 other Speciality Retail companies | +13.4% |
| Companies with slower revenue growth than Sai Silks (Kalamandir) | 2 of 14 |
| Companies with faster revenue growth than Sai Silks (Kalamandir) | 12 of 14 |
| Companies whose net profit rose | 8 of 12 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Sai Silks (Kalamandir)'s revenue in Q2 FY27?
Revenue from operations was ₹434.05 crore, down 2.3% from ₹444.33 crore in Q2 FY26 (standalone).
Did Sai Silks (Kalamandir) make a profit in Q2 FY27?
Yes. Net profit was ₹31.08 crore, against a net profit of ₹40.08 crore in Q2 FY26.
What was Sai Silks (Kalamandir)'s EPS in Q2 FY27?
Basic earnings per share were ₹2.11, against ₹2.72 in Q2 FY26.
How did Sai Silks (Kalamandir) shares react to the Q2 FY27 results?
On the reaction day the stock moved +8.1% from the previous close; the median Speciality Retail stock moved −0.3%.
When did Sai Silks (Kalamandir) announce its Q2 FY27 results?
On 3 November 2026, in a filing to the BSE.
Sources
- Board Meeting Intimation for To Consider And Approve The Un-Audited Financial Results Of The Company For The Quarter And Half Year Ended September 30, 2026 (BSE, 28 October 2026) · PDF
- Board Meeting Outcome for Unaudited Financial Results For Quarter And Half Year Ended September 30, 2026 (BSE, 3 November 2026) · PDF
- Outcome Of Board Meeting - Unaudited Financials Quarter And Half Year Ended September 30,2026 (BSE, 3 November 2026) · PDF
- Unaudited Financials Results For Quarter And Half Yearly Ended 30 September 2026 (BSE, 3 November 2026) · PDF
- The earnings call (4 November 2026)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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