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- Q2 FY27 results
SIYARAM SILK MILLS Q2 FY27 results: net profit down 14.1% to ₹74.50 crore, revenue up 15.3%
SIYARAM SILK MILLS LTD reported consolidated Q2 FY27 revenue of ₹813.58 crore, up 15.3% from Q2 FY26, while profit after tax fell 14.1% to ₹74.50 crore. EBITDA rose 8.2% to ₹116.10 crore, but the margin narrowed 0.9 percentage points to 14.3%; against Q1 FY27, revenue and profit increased sharply.
Key points
- Consolidated Q2 FY27 revenue was ₹813.58 crore, up 15.3% year on year and 82.6% from Q1 FY27.
- EBITDA was ₹116.10 crore in Q2 FY27, up 8.2% from Q2 FY26, with the margin at 14.3%.
- Profit after tax was ₹74.50 crore in Q2 FY27, down 14.1% from ₹86.70 crore in Q2 FY26.
- Basic EPS was ₹16.42, compared with ₹19.11 in Q2 FY26 and ₹2.43 in Q1 FY27.
- For H1 FY27, revenue rose 15.0% to ₹1,259.24 crore, while profit after tax fell 6.4% to ₹85.51 crore.
How did SIYARAM SILK MILLS perform in Q2 FY27?
SIYARAM SILK MILLS reported consolidated revenue of ₹813.58 crore in Q2 FY27, up 15.3% from ₹705.64 crore in Q2 FY26 and 82.6% from ₹445.66 crore in Q1 FY27. Total income was ₹828.14 crore, compared with ₹742.83 crore a year earlier and ₹467.35 crore in the previous quarter.
EBITDA was ₹116.10 crore, up 8.2% from ₹107.29 crore in Q2 FY26 and ₹98.04 crore from Q1 FY27. EBITDA margin was 14.3%, down 0.9 percentage points year on year but up 10.2 percentage points from the previous quarter.
Profit before tax was ₹98.72 crore, down 14.1% from ₹114.94 crore a year earlier and up from ₹14.40 crore in Q1 FY27. After tax of ₹24.22 crore, the company reported a net profit of ₹74.50 crore, with basic EPS of ₹16.42. On a standalone basis, revenue was ₹813.48 crore and profit after tax was ₹74.96 crore.
| ₹ crore | Q2 FY27 | Q1 FY27 | Q2 FY26 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 813.58 | 445.66 | 705.64 | +15.3% | +82.6% |
| Other income | 14.56 | 21.68 | 37.19 | −60.8% | −32.8% |
| Total expenses | 729.42 | 452.95 | 627.89 | +16.2% | +61.0% |
| EBITDA | 116.10 | 18.06 | 107.29 | +8.2% | +542.9% |
| EBITDA margin | 14.3% | 4.1% | 15.2% | −0.9 pp | +10.2 pp |
| Profit before tax | 98.72 | 14.40 | 114.94 | −14.1% | +585.6% |
| Tax | 24.22 | 3.39 | 28.24 | −14.2% | +614.5% |
| Net profit | 74.50 | 11.01 | 86.70 | −14.1% | +576.7% |
| EPS (₹) | 16.42 | 2.43 | 19.11 | −14.1% | +575.7% |
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 SIYARAM SILK MILLS's costs and profit?
Total expenses were ₹729.42 crore, up 16.2% from ₹627.89 crore in Q2 FY26. Cost of materials was the largest increase, rising 20.7% to ₹308.26 crore from ₹255.35 crore, while employee cost increased 4.0% to ₹58.91 crore and finance costs rose 34.8% to ₹11.98 crore.
Depreciation fell 3.3% to ₹19.96 crore, while other expenses increased 2.7% to ₹221.27 crore. There was no exceptional item in either Q2 FY27 or Q2 FY26.
Other income fell 60.8% to ₹14.56 crore from ₹37.19 crore, while tax expense declined 14.2% to ₹24.22 crore from ₹28.24 crore. The filing does not state the reasons for the change in other income.
| ₹ crore | Q2 FY27 | Q2 FY26 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 308.26 | 255.35 | +52.91 | +20.7% |
| Employee cost | 58.91 | 56.63 | +2.28 | +4.0% |
| Finance costs | 11.98 | 8.89 | +3.09 | +34.8% |
| Depreciation | 19.96 | 20.65 | −0.69 | −3.3% |
| Other expenses | 221.27 | 215.53 | +5.74 | +2.7% |
| Total expenses | 729.42 | 627.89 | +101.53 | +16.2% |
| Other income | 14.56 | 37.19 | −22.63 | −60.8% |
| Tax | 24.22 | 28.24 | −4.02 | −14.2% |
Source: Company's results filing (XBRL).
How did the first half of FY27 go?
In H1 FY27, consolidated revenue was ₹1,259.24 crore, up 15.0% from ₹1,095.12 crore in H1 FY26. Total income rose 13.2% to ₹1,295.48 crore from ₹1,144.27 crore.
Profit before tax fell 6.8% to ₹113.12 crore from ₹121.35 crore, and profit after tax declined 6.4% to ₹85.51 crore from ₹91.34 crore. Basic EPS was ₹18.85, compared with ₹20.13 in H1 FY26.
| ₹ crore | H1 FY27 | H1 FY26 | Change |
|---|---|---|---|
| Revenue from operations | 1,259 | 1,095 | +15.0% |
| Profit before tax | 113.12 | 121.35 | −6.8% |
| Net profit | 85.51 | 91.34 | −6.4% |
| EPS (₹) | 18.85 | 20.13 | −6.4% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
As of 30 September 2026, total assets were ₹2,366.75 crore, against ₹2,191.49 crore as of 31 March 2026. Total equity was ₹1,184.36 crore, compared with ₹1,460.11 crore, while borrowings rose to ₹683.54 crore from ₹320.46 crore.
Cash was ₹3.91 crore at 30 September 2026, compared with ₹6.65 crore at 31 March 2026. Inventories were ₹639.71 crore against ₹533.67 crore, trade receivables ₹653.43 crore against ₹646.88 crore, and trade payables ₹317.09 crore against ₹226.93 crore.
H1 FY27 operating cash flow was ₹74.60 crore, compared with negative ₹51.56 crore in H1 FY26. Investing cash flow was negative ₹52.75 crore against negative ₹35.95 crore, financing cash flow was negative ₹24.59 crore against ₹92.75 crore, and capex was ₹53.71 crore against ₹31.23 crore.
| ₹ crore | As of 30 September 2026 | As of 31 March 2026 |
|---|---|---|
| Total assets | 2,367 | 2,191 |
| Total equity | 1,184 | 1,460 |
| Borrowings | 683.54 | 320.46 |
| Cash and equivalents | 3.91 | 6.65 |
| Inventories | 639.71 | 533.67 |
| Trade receivables | 653.43 | 646.88 |
Source: Company's results filing (XBRL).
| ₹ crore | H1 FY27 | H1 FY26 |
|---|---|---|
| Cash from operations | 74.60 | −51.56 |
| Cash from investing | −52.75 | −35.95 |
| Cash from financing | −24.59 | 92.75 |
| Capital expenditure | 53.71 | 31.23 |
Source: Company's results filing (XBRL).
How has SIYARAM SILK MILLS done over the last 8 quarters?
Revenue rose year on year in each of the last eight quarters. In the recent sequence, revenue fell to ₹445.66 crore and profit after tax to ₹11.01 crore in Q1 FY27, before both recovered to ₹813.58 crore and ₹74.50 crore in Q2 FY27.
The EBITDA margin fell to 4.1% in Q1 FY27 from 16.0% in Q4 FY26, then recovered to 14.3% in Q2 FY27. Across the listed quarters, revenue peaked at ₹853.29 crore in Q4 FY26 and bottomed at ₹389.48 crore in Q1 FY26, while profit after tax peaked at ₹97.78 crore and bottomed at ₹4.64 crore in the same quarters.
What else did the company announce?
The board approved the unaudited standalone and consolidated results for the quarter and half year ended 30 September 2026. It declared the first interim dividend for FY27 of ₹4 per equity share of ₹2 each, with the record date set as 31 October 2026 and payment or crediting from 5 November 2026.
The board elevated Dinesh Kumar Jaithliya from Vice President – Finance to Deputy Chief Financial Officer with effect from 1 November 2026. It also appointed Cygnus Partners Private Limited as the company’s new Investor Relations advisory company with effect from 1 November 2026.
What did the auditors point out?
The auditors’ review report included an emphasis of matter concerning CADINI S.R.L., a wholly owned subsidiary included in the consolidated financial results. The auditors stated that the subsidiary had incurred recurring losses, reducing its net worth.
The auditors said the continuation of the subsidiary’s operations depends on implementing management’s business plans, including measures to improve profitability and arrangements for necessary financial support or recapitalisation. Its component auditor also drew attention to this matter; the auditors stated that their conclusion on the statement was not modified in respect of it.
What did SIYARAM SILK MILLS's management say?
Management raised FY27 revenue growth guidance to 14%-15%, citing confidence in festive-season demand and Tier-2 and Tier-3 markets. It maintained a consolidated EBITDA-margin framework of about 14% before a maximum 150-basis-point drag from ZECODE and DEVO, while noting raw-material pressure.
Management said ZECODE and DEVO had reached 61 stores and reiterated a target of 70 stores by FY27. It guided retail revenue to approximately ₹160 crores by the end of FY27, with expansion funded from internal accruals. FY27 capex guidance was ₹100 crores, of which approximately ₹51 crores was spent in H1.
Management identified raw-material inflation and geopolitical uncertainty as risks to gross margin, along with retail execution across store economics, supply chain, IT systems and new-store ramp-up. It also cited competition in fast fashion and ethnic wear, deferred e-commerce and D2C capabilities, and said preference-share listing was expected to take at least six months.
How did SIYARAM SILK MILLS shares react?
SIYARAM SILK MILLS shares were down 2.9% on the reaction day from the pre-results close. By the next day’s close, the stock was down 1.0% from that close, and by the fifth day’s close it was up 3.9%. The industry median was unchanged on the reaction day and the next day, and up 2.2% over five days.
Earlier reaction-day moves were mixed but mostly negative: up 0.1% on 30 July 2026, down 6.6% on 19 May 2026, down 6.4% on 27 January 2026, down 5.6% on 4 November 2025 and down 3.8% on 29 July 2025.
| After the filing | Stock | Other Textile Products median |
|---|---|---|
| 5 minutes | −0.2% | |
| 15 minutes | +1.1% | |
| 30 minutes | +1.8% | |
| Reaction day | −2.9% | +0.0% |
| Next day | −1.0% | +0.0% |
| 5 days | +3.9% | +2.2% |
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 |
|---|---|
| 30 July 2026 | +0.1% |
| 19 May 2026 | −6.6% |
| 27 January 2026 | −6.4% |
| 4 November 2025 | −5.6% |
| 29 July 2025 | −3.8% |
| 25 January 2025 | −10.6% |
| 26 October 2024 | −0.0% |
| 3 August 2024 | −7.8% |
Source: MarketPing price-reaction measurement.
How did other Other Textile Products companies do?
Among 61 Other Textile Products companies compared for Q2 FY27, the median revenue growth was 24.1%. Of these companies, 24 grew revenue more slowly than SIYARAM SILK MILLS and 37 grew faster than the company.
Profit increased for 44 of the 64 peers whose profit was compared. SIYARAM SILK MILLS recorded consolidated revenue growth of 15.3% in the quarter.
| SIYARAM SILK MILLS revenue growth (YoY) | +15.3% |
|---|---|
| Median of 61 other Other Textile Products companies | +24.1% |
| Companies with slower revenue growth than SIYARAM SILK MILLS | 24 of 61 |
| Companies with faster revenue growth than SIYARAM SILK MILLS | 37 of 61 |
| Companies whose net profit rose | 44 of 64 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was SIYARAM SILK MILLS's revenue in Q2 FY27?
Revenue from operations was ₹813.58 crore, up 15.3% from ₹705.64 crore in Q2 FY26 (consolidated).
Did SIYARAM SILK MILLS make a profit in Q2 FY27?
Yes. Net profit was ₹74.50 crore, against a net profit of ₹86.70 crore in Q2 FY26.
What was SIYARAM SILK MILLS's EPS in Q2 FY27?
Basic earnings per share were ₹16.42, against ₹19.11 in Q2 FY26.
How did SIYARAM SILK MILLS shares react to the Q2 FY27 results?
On the reaction day the stock moved −2.9% from the previous close; the median Other Textile Products stock moved +0.0%.
When did SIYARAM SILK MILLS announce its Q2 FY27 results?
On 27 October 2026, in a filing to the NSE.
Sources
- Board Meeting Intimation for Consideration And Approval Of Unaudited Financial Results For The Quarter And Half Year Ended 30Th September 2026 And Interim Dividend, If Any. (BSE, 21 October 2026) · PDF
- Outcome of Board Meeting (NSE, 27 October 2026) · PDF
- Outcome of Board Meeting (NSE, 27 October 2026) · PDF
- The earnings call (3 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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