Sai Silks

NSE: KALAMANDIR · Speciality Retail

52W Range₹86 ₹223

Snapshot

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Growth · Profitability · Valuation · Strength · Conviction

Company Overview

Business

Sai Silks (Kalamandir) Limited is a speciality retailer focused on ethnic apparel, primarily offering premium and ultra-premium sarees. The company operates a diverse portfolio of store formats including Kalamandir, Kancheepuram VaraMahalakshmi Silks, Brand Mandir, and KLM Fashion Mall.

Business Model

The company generates revenue through the direct retail sale of ethnic wear, fusion wear, and western apparel across multiple store formats tailored to different income segments. It leverages a multi-brand strategy to capture market share across wedding, occasional, and daily wear categories.

  • Founded:2005
  • Headquarters:Hyderabad, India

Growth Outlook

Growth is driven by the expansion of its retail footprint across various store formats and the continued demand for ethnic fashion in the Indian market. The company focuses on catering to a broad demographic ranging from middle-income customers to those seeking ultra-premium wedding attire.

Key Risks

  • Changing Consumer Preferences. The company faces the risk of shifting fashion trends and consumer preferences away from traditional ethnic wear towards western or fusion alternatives.
  • Intense Retail Competition. The speciality apparel retail sector in India is highly fragmented and competitive, with pressure from both organised retail chains and unorganised local players.
  • Inventory Management. Maintaining optimal inventory levels across multiple store formats is critical to avoiding stock obsolescence and managing working capital effectively.
  • Economic Sensitivity. As a retailer of premium and occasional wear, the company's performance is susceptible to fluctuations in discretionary consumer spending and general economic conditions.

Price

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Key Metrics

REVENUE

₹1,654 Cr

TTM · standalone

+13.1%YoY

NET PROFIT

₹141 Cr

TTM · standalone

+65.1%YoY

EPS

₹9.57

TTM · standalone

+65.3%YoY

RETURN ON EQUITY

12.1%

TTM · standalone

+4.2 ppYoY

RETURN ON CAPITAL EMPLOYED

15.2%

TTM · standalone

+1.3 ppYoY

P/E

9.8x

Q4 FY26 · standalone

9.8 vs 13.1x5Y avg

EV/EBITDA

5.0x

Q4 FY26 · standalone

5.0 vs 6.0x5Y avg

EBITDA MARGIN

16.9%

TTM · standalone

+0.8 ppYoY

NET PROFIT MARGIN

7.8%

Q4 FY26 · standalone

+4.4 ppYoY

DEBT TO EQUITY

0.0x

Q4 FY26 · standalone

-0.13xYoY

Peers · Speciality Retail

CompanyMkt Cap (Cr)P/EEV/EBITDARev Gr YoYEBITDA MgnROEROCE1Y Return
Sai SilksKALAMANDIR
1,5109.844.9713.1%16.9%12.1%15.2%-38.7%
Arvind Fashions LimitedARVINDFASN
5,26850.619.0614.0%14.2%19.3%22.1%+1.8%
Shankara BuildproBUILDPRO
2,4613.0%
Baazar StyleSTYLEBAAZA
2,02547.719.3237.1%15.0%11.3%11.9%+2.7%
Go Fashion (I)GOCOLORS
1,45432.147.00-1.2%31.4%8.5%11.5%-60.5%
Credo BrandsMUFTI
47211.793.07-4.2%27.9%11.4%13.6%-49.3%

As of Q4 FY26

Financials