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Siyaram Silk Q3 FY26: Total Income Up 9% to ₹639 Cr, PAT Declines 9% to ₹42 Cr
Siyaram Silk Mills reported a 9% YoY growth in total income to ₹639 crores for Q3 FY26, supported by festive demand. However, Profit After Tax (PAT) declined by 9% YoY to ₹42 crores as EBITDA margins contracted from 14.1% to 13.2% due to higher operating and finance costs. The company is aggressively expanding its retail footprint, adding 7 new stores under the ZECODE and DEVO brands during the quarter. While 9-month performance remains steady with 15.3% revenue growth, the quarterly bottom-line pressure reflects a post-festive slowdown in discretionary spending.
Key Highlights
Total Income for Q3 FY26 rose 9% YoY to ₹639 crores, while 9M FY26 income grew 15.3% to ₹1,782 crores.
EBITDA margins contracted to 13.2% from 14.1% YoY, resulting in a modest 2% growth in EBITDA to ₹84 crores.
Net Profit (PAT) for the quarter fell 9% YoY to ₹42 crores, impacted by a 63% increase in finance costs.
Retail expansion continued with the addition of 2 ZECODE and 5 DEVO stores, taking the total counts to 25 and 17 respectively.
Fabric segment remains the primary revenue driver at 78%, followed by Garments at 15% and Yarn at 7%.
💼 Action for Investors
Investors should monitor the scaling efficiency of the new ZECODE and DEVO retail formats and their impact on overall margins. While revenue growth is healthy, the pressure on profitability suggests waiting for margin stabilization before increasing exposure.
Siyaram Silk Mills Q3 FY26: Income Up 8.9% to ₹639 Cr, PAT Declines 8.7% to ₹42 Cr
Siyaram Silk Mills reported a moderate 8.9% YoY growth in total income for Q3 FY26, reaching ₹639 crores, though net profit declined by 8.7% to ₹42 crores due to margin pressure. The EBITDA margin contracted to 13.2% from 14.1% in the previous year, reflecting fluctuating demand post-festive season. For the nine-month period (9MFY26), the company showed stronger performance with a 15.3% revenue growth and a 5.7% increase in PAT. Additionally, the board declared a second interim dividend of ₹3 per share and continued its retail expansion with 7 new store openings in the quarter.
Key Highlights
Total income grew 8.9% YoY to ₹639 crores in Q3 FY26, while 9M FY26 income rose 15.3% to ₹1,782 crores.
Net profit for the quarter fell 8.7% YoY to ₹42 crores, with PAT margins dropping from 7.8% to 6.6%.
Declared a second interim dividend of ₹3 per equity share (150% of face value).
Retail footprint expanded with 7 new stores (2 ZECODE, 5 DEVO), bringing the total count to 42 outlets.
Revenue mix remains dominated by Fabric at 78%, followed by Garments at 15% and Yarn at 7%.
💼 Action for Investors
Investors should monitor the recovery in margins and the performance of the new retail formats (ZECODE and DEVO) as discretionary spending fluctuates. The interim dividend provides a yield cushion, but the PAT contraction in Q3 suggests a need for caution regarding rising operational costs.