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Saraswati Saree Depot Q3 FY26 results: net profit down 59.3% to ₹3.21 crore, revenue down 20.7%
Saraswati Saree Depot Limited reported standalone revenue of ₹144.47 crore in Q3 FY26, down 20.7% from Q3 FY25, while EBITDA fell to ₹4.75 crore and margin declined to 3.3%. Net profit was ₹3.21 crore and basic EPS was ₹0.81; for the first nine months, revenue rose 4.3% to ₹497.63 crore, but net profit fell to ₹20.07 crore.
Key points
- Q3 FY26 revenue was ₹144.47 crore, down 20.7% from ₹182.14 crore in Q3 FY25 and 30.7% from ₹208.39 crore in Q2 FY26.
- Q3 FY26 EBITDA was ₹4.75 crore, down 62.9% from ₹12.82 crore, while EBITDA margin fell 3.7 percentage points to 3.3%.
- Q3 FY26 net profit was ₹3.21 crore, down 59.3% from ₹7.88 crore, and basic EPS fell to ₹0.81 from ₹1.99.
- For 9M FY26, revenue rose 4.3% to ₹497.63 crore, while net profit fell 14.8% to ₹20.07 crore and EPS declined to ₹5.06.
- Management said Q4 FY26 wedding-season demand was expected to support a recovery in volumes, while input cost pressures and operating deleverage affected Q3 margins.
How did Saraswati Saree Depot perform in Q3 FY26?
Saraswati Saree Depot reported standalone revenue from operations of ₹144.47 crore in Q3 FY26, down 20.7% from ₹182.14 crore in Q3 FY25 and 30.7% from ₹208.39 crore in Q2 FY26. Total income was ₹145.37 crore, compared with ₹183.27 crore a year earlier and ₹209.68 crore in the previous quarter. The company said the year-ago comparison reflected a high base from seasonally stronger festive demand.
EBITDA was ₹4.75 crore, down 62.9% from ₹12.82 crore in Q3 FY25 and 66.2% from ₹14.05 crore in Q2 FY26. EBITDA margin was 3.3%, down 3.7 percentage points from 7.0% and 3.4 percentage points from 6.7%. Profit before tax was ₹4.23 crore, net profit was ₹3.21 crore, and basic EPS was ₹0.81; the company did not provide separate consolidated figures for this quarter.
| ₹ crore | Q3 FY26 | Q2 FY26 | Q3 FY25 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 144.47 | 208.39 | 182.14 | −20.7% | −30.7% |
| Other income | 0.90 | 1.29 | 1.13 | −20.4% | −30.2% |
| Total expenses | 141.41 | 196.03 | 173.20 | −18.4% | −27.9% |
| EBITDA | 4.75 | 14.05 | 12.82 | −62.9% | −66.2% |
| EBITDA margin | 3.3% | 6.7% | 7.0% | −3.7 pp | −3.4 pp |
| Profit before tax | 4.23 | 13.99 | 10.41 | −59.4% | −69.8% |
| Tax | 1.02 | 3.48 | 2.53 | −59.7% | −70.7% |
| Net profit | 3.21 | 10.51 | 7.88 | −59.3% | −69.5% |
| EPS (₹) | 0.81 | 2.65 | 1.99 | −59.3% | −69.4% |
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 Saraswati Saree Depot's costs and profit?
Total expenses were ₹141.41 crore in Q3 FY26, down ₹31.79 crore from Q3 FY25. Employee cost rose ₹2.94 crore to ₹5.29 crore, while other expenses increased ₹3.06 crore to ₹6.73 crore. Finance costs fell ₹0.71 crore to ₹0.24 crore, and depreciation fell ₹1.48 crore to ₹1.45 crore; cost of materials was ₹0.72 crore against ₹0 crore in the year-ago quarter.
Other income fell ₹0.23 crore to ₹0.90 crore from ₹1.13 crore in Q3 FY25. The quarter included an exceptional gain of ₹0.27 crore, compared with a ₹0.34 crore gain a year earlier. Tax expense fell ₹1.51 crore to ₹1.02 crore, but net profit declined ₹4.67 crore to ₹3.21 crore. Management attributed the margin impact to input cost pressures and operating deleverage from lower volumes.
| ₹ crore | Q3 FY26 | Q3 FY25 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 0.72 | 0 | +0.72 | |
| Employee cost | 5.29 | 2.35 | +2.94 | +125.1% |
| Finance costs | 0.24 | 0.95 | −0.71 | −74.7% |
| Depreciation | 1.45 | 2.93 | −1.48 | −50.5% |
| Other expenses | 6.73 | 3.67 | +3.06 | +83.4% |
| Total expenses | 141.41 | 173.20 | −31.79 | −18.4% |
| Other income | 0.90 | 1.13 | −0.23 | −20.4% |
| Tax | 1.02 | 2.53 | −1.51 | −59.7% |
| Exceptional items | +0.27 (gain) | +0.34 (gain) |
Source: Company's results filing (XBRL).
How did the first nine months of FY26 go?
For the first nine months of FY26, standalone revenue rose 4.3% to ₹497.63 crore from ₹477.26 crore in 9M FY25. Total income rose 4.3% to ₹500.71 crore from ₹479.86 crore. EBITDA was ₹27.79 crore, compared with ₹32.99 crore, and EBITDA margin declined 133 basis points to 5.58% from 6.91%.
Profit before tax fell 13.4% to ₹26.82 crore from ₹30.98 crore. Net profit declined 14.8% to ₹20.07 crore from ₹23.55 crore, PAT margin was 4.03% against 4.93%, and basic EPS fell to ₹5.06 from ₹5.95. The company said the lower nine-month margin largely reflected input cost pressures affecting gross margins.
| ₹ crore | 9M FY26 | 9M FY25 | Change |
|---|---|---|---|
| Revenue from operations | 497.63 | 477.26 | +4.3% |
| Profit before tax | 26.82 | 30.98 | −13.4% |
| Net profit | 20.07 | 23.55 | −14.8% |
| EPS (₹) | 5.06 | 5.95 | −15.0% |
Source: Company's results filing (XBRL).
How has Saraswati Saree Depot done over the last 7 quarters?
Revenue peaked at ₹208.39 crore in Q2 FY26 after ₹182.14 crore in Q3 FY25, then fell to ₹144.47 crore in Q3 FY26. Net profit reached ₹10.51 crore in Q2 FY26 before declining to ₹3.21 crore in Q3 FY26, while EBITDA margin moved from 6.7% to 3.3%.
Across the quarterly series shown, the lowest revenue was ₹130.37 crore in Q1 FY25 and the highest was ₹208.39 crore in Q2 FY26. EBITDA margin peaked at 7.5% in Q2 FY25 and was lowest at 3.3% in Q3 FY26; the latest quarter therefore marked lower revenue, profit and margin than the preceding quarter.
What did Saraswati Saree Depot's management say?
Management said seasonal demand from the wedding season was expected to support a recovery in volumes in Q4 FY26. The company also cited spring festive demand and said its established wholesale network in Maharashtra, Karnataka, Tamil Nadu and Goa was positioned to benefit from a recovery in wholesale volumes.
Management identified prudent capital allocation, tighter working capital management, improved supply chain efficiency, stronger product breadth and consistent cash generation as priorities. It said the initial retail initiative had begun contributing during the quarter, with sales contribution around 1%. The presentation also cited inventory of ₹155.84 crore and receivables of ₹139.70 crore at September 2025, against March 2025, as working-capital risks.
How did Saraswati Saree Depot shares react?
After the filing appeared, the stock was down 5.6% after 5 minutes, 4.7% after 15 minutes and 4.9% after 30 minutes. It closed 9.7% below the previous close on the reaction day; by the next day's close it was down 10.4%, and by five sessions it was down 13.6% from the pre-results close.
The Garments & Apparels industry median fell 0.9% on the reaction day, 0.3% by the next day's close and 2.8% by five sessions. Saraswati Saree Depot's moves were 8.8 percentage points below the industry median on the reaction day, 10.1 percentage points below it by the next day's close and 10.8 percentage points below it by five sessions. Earlier reaction-day moves were 2.0% on 14 November 2025, -2.2% on 14 August 2025, 5.9% on 30 May 2025 and -8.8% on 13 February 2025.
| After the filing | Stock | Garments & Apparels median |
|---|---|---|
| 5 minutes | −5.6% | |
| 15 minutes | −4.7% | |
| 30 minutes | −4.9% | |
| Reaction day | −9.7% | −0.9% |
| Next day | −10.4% | −0.3% |
| 5 days | −13.6% | −2.8% |
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 |
|---|---|
| 14 November 2025 | +2.0% |
| 14 August 2025 | −2.2% |
| 30 May 2025 | +5.9% |
| 13 February 2025 | −8.8% |
| 12 November 2024 | −0.6% |
| 9 September 2024 | +4.9% |
Source: MarketPing price-reaction measurement.
How did other Garments & Apparels companies do?
Among 31 Garments & Apparels companies compared for the quarter, the median revenue growth was 6.6%. Three peers grew revenue more slowly than Saraswati Saree Depot, while 28 grew faster. The peer revenue comparison was available as of 5 November 2026.
Profit was compared across 34 peers, and 19 reported higher profit. Saraswati Saree Depot's Q3 FY26 standalone revenue declined 20.7% year on year, while its peer set showed a median revenue growth rate of 6.6%.
| Saraswati Saree Depot revenue growth (YoY) | −20.7% |
|---|---|
| Median of 31 other Garments & Apparels companies | +6.6% |
| Companies with slower revenue growth than Saraswati Saree Depot | 3 of 31 |
| Companies with faster revenue growth than Saraswati Saree Depot | 28 of 31 |
| Companies whose net profit rose | 19 of 34 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was Saraswati Saree Depot's revenue in Q3 FY26?
Revenue from operations was ₹144.47 crore, down 20.7% from ₹182.14 crore in Q3 FY25 (standalone).
Did Saraswati Saree Depot make a profit in Q3 FY26?
Yes. Net profit was ₹3.21 crore, against a net profit of ₹7.88 crore in Q3 FY25.
What was Saraswati Saree Depot's EPS in Q3 FY26?
Basic earnings per share were ₹0.81, against ₹1.99 in Q3 FY25.
How did Saraswati Saree Depot shares react to the Q3 FY26 results?
On the reaction day the stock moved −9.7% from the previous close; the median Garments & Apparels stock moved −0.9%.
When did Saraswati Saree Depot announce its Q3 FY26 results?
On 14 February 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Board Meeting Scheduled To Be Held On Saturday, 14Th February, 2026. (BSE, 20 January 2026) · PDF
- Outcome of Board Meeting (NSE, 14 February 2026) · PDF
- Press Release (NSE, 19 February 2026) · PDF
- General Updates (NSE, 28 February 2026) · PDF
- The investor presentation (19 February 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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