KALAMANDIR
Sai Silks share price & financials
- Price
- ₹109.31
- Market cap
- ₹1.4k Cr
- Sector
- Consumer Services
- Calls analysed
- 7
Sai Silks Q1 FY27
What went well
- Gross margins held up well, remaining close to 42% despite challenging environment, reflecting pricing discipline and merchandise mix management.
- Added approximately 30,000 square feet of retail space during the quarter, taking the total store count to 83 and retail footprint to 8,14,000 sq ft.
- Company continues to be debt-free, demonstrating strong financial discipline and prudent capital management.
What to watch
- Revenue from operations was almost flat at INR375 crores in Q1 FY27 compared to INR379 crores in Q1 FY26, a degrowth of -1.05% YoY.
- Same-store sales growth (SSSG) saw a degrowth of up to 7.5% to 7.8% during the quarter, primarily due to Adhik Maas and cautious consumer sentiment.
What Sai Silks does
Sai Silks (Kalamandir) Limited is one of the largest ethnic apparel retailers in South India, focused primarily on sarees along with lehengas, men's ethnic wear, children's wear and value fashion for weddings, festive and daily occasions. It operates company-owned stores in prime, central locations under a cluster-based model, organised into five distinct brand formats that target different price points and customer segments. Products are sourced through direct procurement from third-party manufacturers and a long-standing network of artisans and master weavers, managed via an in-house ERP and dedicated regional warehouses. Alongside physical stores, the company sells through its own e-commerce websites and live/video-based commerce channels.
Segments
- Kalamandir
- Mandir
- Kanchipuram Varamahalakshmi Silks
- KLM Fashion Mall
- Valli Silks
- Store network
- 81 stores across 24 cities in 5 states (Telangana, Andhra Pradesh, Karnataka, Tamil Nadu, Puducherry)
- Combined retail store area
- 7,84,853 sq. ft (avg. ~9,690 sq. ft per store)
- Employees
- 6,311
- Brand formats operated
- 5 (Kalamandir, Mandir, Varamahalakshmi, KLM Fashion Mall, Valli)
- Warehousing capacity
- 2,20,360 sq. ft across 5 warehouses (1 each in Karnataka, Andhra Pradesh, Telangana; 2 in Tamil Nadu)
- Procurement team
- 80-member team managing vendor relationships and production tracking
Guidance record · Q1 FY27
what the last two calls moved 18 tracked 2 delivered 8 missed 8 open- Retail Space Addition delivered said Q1 FY26 Promised: 65,000 sq ft for FY26 Q1 FY27: The target was achieved in FY26. No new information this quarter.
- Overall SSSG went quiet said Q3 FY25 Promised: Neutral SSSG for FY25 year-end Q1 FY27: The reporting period for FY25 is long past, and the final outcome remains unaddressed.
- EBITDA Margin at risk said Q1 FY26 Promised: ~20% by FY27 Q1 FY27: Management reported a ~1% decline in EBITDA margins in Q1 FY27 due to negative SSSG. While they expect improvement through the year, the weak start puts the revised 17.5-18% target at risk.
All 18 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue down 1.1%, net profit down 13.3% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 347 | 449 | 399 | 379 | 444 +28% | 411 −8% | 419 +5% | 375 −1% |
| EBITDA | 55 | 79 | 58 | 57 | 72 +31% | 70 −11% | 61 +5% | 52 −9% |
| Net profit | 24 | 46 | 14 | 30 | 40 +67% | 38 −17% | 33 +136% | 26 −13% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −52.4% 1Y
1Y: ₹173.43 on 10 Sept 2025 → ₹82.57. High ₹200.35 (28 Oct 2025), low ₹82.57 (11 Sept 2026).
How the price took the results
close before → close after
- Q1 FY27
- −2.8%
- 16 Jul
- Q4 FY26
- +6.2%
- 13 May
- Q3 FY26
- −7.1%
- 20 Jan
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 6.9% a year over 3 years, FY23 to FY26. Operating margin held at 15.7%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹1.4k Cr | ₹1.4k Cr | ₹1.5k Cr | ₹1.7k Cr |
| Operating profit | ₹213 Cr | ₹212 Cr | ₹211 Cr | ₹260 Cr |
| Operating margin | 15.8% | 15.4% | 14.4% | 15.7% |
| Interest | ₹44 Cr | ₹53 Cr | ₹40 Cr | ₹30 Cr |
| Depreciation | ₹41 Cr | ₹47 Cr | ₹53 Cr | ₹59 Cr |
| Net profit | ₹97 Cr | ₹101 Cr | ₹86 Cr | ₹141 Cr |
| Net margin | 7.2% | 7.4% | 5.9% | 8.5% |
| Cash from operations | ₹41 Cr | ₹-21 Cr | ₹107 Cr | ₹323 Cr |
| Free cash flow | ₹-19 Cr | ₹-63 Cr | ₹54 Cr | ₹272 Cr |
| ROCE | 24.0% | 16.0% | 12.0% | 14.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹24 Cr | ₹24 Cr | ₹24 Cr | ₹29 Cr | ₹29 Cr | ₹29 Cr |
| Reserves | ₹219 Cr | ₹277 Cr | ₹373 Cr | ₹1.0k Cr | ₹1.2k Cr | ₹1.2k Cr |
| Borrowings | ₹279 Cr | ₹347 Cr | ₹526 Cr | ₹464 Cr | ₹301 Cr | ₹361 Cr |
| Other liabilities | ₹143 Cr | ₹195 Cr | ₹297 Cr | ₹114 Cr | ₹314 Cr | ₹227 Cr |
| Total liabilities | ₹665 Cr | ₹842 Cr | ₹1.2k Cr | ₹1.6k Cr | ₹1.8k Cr | ₹1.8k Cr |
| Fixed assets | ₹225 Cr | ₹249 Cr | ₹379 Cr | ₹414 Cr | ₹503 Cr | ₹583 Cr |
| Capital work in progress | ₹2 Cr | ₹0 Cr | ₹0 Cr | ₹2 Cr | ₹3 Cr | ₹1 Cr |
| Investments | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other assets | ₹438 Cr | ₹593 Cr | ₹841 Cr | ₹1.2k Cr | ₹1.3k Cr | ₹1.3k Cr |
| Total assets | ₹665 Cr | ₹842 Cr | ₹1.2k Cr | ₹1.6k Cr | ₹1.8k Cr | ₹1.8k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Mutual funds in KALAMANDIR
Filings to Aug 2026
0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).
- Held by funds
- ₹33 Cr
- 2 schemes
- Biggest holder
- SBI MultiCap Fund
- ₹29 Cr · 0.1% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI MultiCap Fund SBI Mutual Fund | ₹29 Cr | held | Sep '23 |
| HDFC Dividend Yield Fund HDFC Mutual Fund | ₹4 Cr | held | Nov '23 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
0 added, 0 trimmed — net 0 shares (+0.0%)
- Funds are sitting on
- -58%
- vs est. average cost
- Held by funds
- ₹33 Cr
- 2 schemes · ≈ 3.1% of the company
- Biggest holder
- SBI MultiCap Fund
- ₹29 Cr · 0.1% of that fund
Shares held by these funds −61%
Sep '23 38.18 L shares Jul '26
What the price assumes
AttractiveTo justify its price of ₹83, this stock must grow earnings at -2% every year for 7 years. Our analysis caps realistic growth at ~13%. At that growth it is worth ₹187 — upside of 127%.
- Growth the price implies
- -1.9% a year
- for 7 years, fading to 4%
- It has actually compounded at
- 13.3% a year
- net profit, FY23–FY26
- The gap
- -0.2 pp
- 127% downside if it only repeats history
All earnings calls (5)
Read the Q1 FY27 call →Learn to analyse Sai Silks
Guides on how to read this kind of business and the numbers that matter.