Sai Silks (Kalamandir) Limited (KALAMANDIR)
₹73.78 -0.09% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Sai Silks' revenue was ₹375 Cr (-1.0% year on year, -10.5% on the previous quarter), and net profit ₹25.6 Cr (-14.5% year on year); the operating margin was 13.8%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹375 | -1.0% | -10.5% |
| Operating profit | ₹51.9 | -9.0% | -15.0% |
| Net profit | ₹25.6 | -14.5% | -22.3% |
| EPS (₹) | 1.74 | -11.2% | -18.3% |
| Operating margin | 13.8% | — | — |
KALAMANDIR delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 43.21% of the KALAMANDIR shares traded on NSE were taken to delivery, against the stock's own 20-session average of 51.28%. That is close to its usual level.
Delivery in the last 5 sessions: 49.2% · 44.4% · 47.1% · 52.2% · 43.2%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Sai Silks (Kalamandir) Limited has announced the appointment of GoIndia Advisors LLP as its Investor Relations (IR) Agency to provide advisory services effective October 6, 2026. The filing contains no financial outlays, fee details, or operational adjustments. With an existing market capitalization of Rs 1,115 Cr and TTM revenue of Rs 1,203 Cr, this is a routine corporate communication appointment. The administrative change has no direct impact on core operational metrics or balance sheet structure.
- Appointment of GoIndia Advisors LLP as the official Investor Relations advisory agency.
- Effective date of appointment is October 6, 2026.
- Submission made pursuant to Regulation 30 of SEBI LODR Regulations.
- No commercial terms, fees, or contractual duration were disclosed in the intimation.
Sai Silks (Kalamandir) reported a preliminary turnover of ₹434 crore for Q2 FY27, down 2.25% YoY from ₹444 crore in Q2 FY26. Total turnover for H1 FY27 reached ₹809 crore compared to ₹823 crore in H1 FY26, marking a 1.7% contraction. On the retail front, the company expanded capacity by adding 4 new stores totaling 26,324 sq. ft. across Karnataka and Andhra Pradesh. This pushes the total retail space to approximately 8.20 lakh sq. ft., with FY27 year-to-date retail additions standing at around 56,000 sq. ft.
- Q2 FY27 turnover stood at ₹434 crore, declining from ₹444 crore in Q2 FY26
- H1 FY27 turnover reached ₹809 crore vs ₹823 crore in H1 FY26
- Added 4 new stores with aggregate retail space of 26,324 sq. ft. during Q2
- Total retail footprint expanded to ~8.20 lakh sq. ft., with FY27 additions reaching ~56,000 sq. ft.
Sai Silks (Kalamandir) Limited has approved the reallocation and timeline extension of ₹20.27 crore of unutilised IPO balance proceeds, shifting funds originally earmarked for warehouse development toward setting up new retail stores by March 31, 2027. The ₹20.27 crore represents approximately 1.7% of TTM revenue (₹1,203 crore) and will be deployed within six months. The planned warehouses will instead be financed via internal accruals following unexpected delays in legal diligence. Additionally, the company appointed Ms. Shilpa Kotagiri as Company Secretary and Compliance Officer effective October 01, 2026, succeeding Mr. Bhaskar Teja.
- ₹20.27 crore unutilised IPO proceeds reallocated from warehouse construction to opening new stores
- Deployment deadline set for a maximum period of six months, ending on or before March 31, 2027
- Warehouse construction delayed due to legal diligence, to be funded through internal accruals instead
- Ms. Shilpa Kotagiri appointed Company Secretary & Compliance Officer effective October 01, 2026
Sai Silks (Kalamandir) Limited has approved the redeployment of ₹20.27 crore of unutilised IPO proceeds from warehouse setup to new store rollouts, to be completed by March 31, 2027. The warehouse construction had faced legal diligence delays and will now be funded via internal accruals instead. The redeployed amount represents ~1.7% of TTM revenue (₹1,203 crore). Additionally, Ms. Shilpa Kotagiri was appointed as Company Secretary and Compliance Officer effective October 1, 2026.
- ₹20.27 crore of unutilised IPO proceeds redirected from warehouse setup to setting up new stores
- Deployment deadline for the ₹20.27 crore extended by up to 6 months to March 31, 2027
- Warehouse setup to be pursued separately through internal accruals
- Shilpa Kotagiri appointed Company Secretary and Compliance Officer effective October 01, 2026
Sai Silks (Kalamandir) Limited has notified the exchanges of a scheduled physical one-on-one meeting with institutional investors/analysts on September 28, 2026, at 1:00 PM. The company noted that no unpublished price-sensitive information (UPSI) will be discussed during the interaction. This is a routine administrative disclosure pursuant to Regulation 30 of SEBI LODR Regulations.
- One-on-one physical interaction scheduled with investor(s)/analyst(s)
- Meeting date set for September 28, 2026, at 1.00 P.M.
- Company confirmed no unpublished price sensitive information will be discussed
Sai Silks (Kalamandir) Limited has announced that Mr. Matte Koti Bhaskara Teja, Company Secretary and Compliance Officer (KMP), resigned effective September 16, 2026, to pursue new professional opportunities. Following his departure, the Managing Director and Chief Financial Officer are authorized under Regulation 30(5) for determining materiality and making exchange disclosures. There are no reported material reasons for the resignation other than career progression. This is an administrative compliance turnover with no direct operational or financial impact on the company's ₹1,203 Cr TTM revenue base.
- Resignation of Company Secretary and Compliance Officer Mr. Matte Koti Bhaskara Teja effective September 16, 2026
- Departure stated to be solely for pursuing new professional opportunities
- Managing Director and CFO now authorized under Regulation 30(5) for stock exchange disclosures
Sai Silks (Kalamandir) Limited has announced the resignation of Mr. Matte Koti Bhaskara Teja, Company Secretary and Compliance Officer (Key Managerial Personnel), effective September 16, 2026. The resignation is to pursue new professional opportunities, with no other material reasons reported. Moving forward, the Managing Director and Chief Financial Officer will be severally authorized under Regulation 30(5) for determining disclosure materiality. The exit of a compliance officer does not impact the operational retail trajectory or FY26 revenue targets.
- Resignation of CS and Compliance Officer Matte Koti Bhaskara Teja effective September 16, 2026
- Reason cited is pursuing new professional opportunities with no other material reasons confirmed
- MD and CFO will severally handle materiality determination under Regulation 30(5)
- Filing made pursuant to SEBI Master Circular dated January 30, 2026
Sai Silks (Kalamandir) Limited has launched its 86th store under the 'Mandir' format in Vijayawada, Andhra Pradesh on August 15, 2026. This expands the company's physical retail footprint in its core South Indian ethnic wear market. The incremental store addition supports the company's retail growth strategy across its existing base of ₹1,203 Cr TTM revenue.
- Launched the company's 86th retail store on August 15, 2026
- Store opened under the 'Mandir' brand format
- Located in Vijayawada, Andhra Pradesh to deepen regional retail presence
Sai Silks (Kalamandir) has inaugurated its 85th store in Srikakulam, Andhra Pradesh, under the 'Kanchipuram Varamahalakshmi Silks' format. This expansion is a key step toward the company's FY26 revenue target of ₹1,750 Cr, representing a significant jump from the current TTM revenue of ₹1,203 Cr. The company is focusing on this specific format due to its higher margins and is working to improve store productivity from ₹36,000 to ₹50,000 per sq ft. This move reinforces their aggressive expansion strategy in South India, where they are currently maturing 125,000 sq ft of new capacity.
- Launch of the 85th store under the premium Kanchipuram Varamahalakshmi Silks format
- Company targeting ₹1,750 Cr in total revenue for FY26 vs TTM revenue of ₹1,203 Cr
- Aims to increase store productivity to ₹50,000 per sq ft from the current ₹36,000 per sq ft
- Strategic focus on the Varamahalakshmi format to maintain a steady 42% gross margin
- Part of a broader 125,000 sq ft capacity expansion currently in the maturity phase
Sai Silks (Kalamandir) Limited concluded its 18th AGM on August 10, 2026, where shareholders approved all seven resolutions, including a final dividend of Rs 1.50 per share. A significant development is the formal appointment of Mr. Bharadwaj Rachamadugu as CEO, although the resolution faced notable resistance from institutional investors, with 35.12% voting against it. Similarly, the proposal for commission payments to Non-Executive Independent Directors saw 35.63% institutional opposition. Despite these dissents, the promoter group's 100% support ensured all items were passed with the requisite majority.
- Final dividend of Rs 1.50 per equity share (75% of face value) approved for the financial year ended March 31, 2026.
- Appointment of Mr. Bharadwaj Rachamadugu as CEO passed with 95.22% total votes in favor, despite 35.12% institutional dissent.
- Institutional investors also showed 35.63% opposition to the payment of commission to Non-Executive Independent Directors.
- A total of 9,99,36,861 votes were polled across 66,778 shareholders on the record date of August 3, 2026.
Sai Silks (Kalamandir) concluded its 18th AGM on August 10, 2026, where shareholders approved a final dividend of Rs 1.50 per share. The management addressed investor concerns regarding the -48.5% share price decline over the past 12 months and sub-par Same Store Growth (SSG). The company reiterated its ambitious FY26 revenue target of Rs 1,750 Cr, representing a ~45% increase over TTM revenue. Key management changes were ratified, including the appointment of Bharadwaj Rachamadugu as CEO to lead the next growth phase.
- Approved a final dividend of Rs 1.50 per equity share (75% of face value) for FY 2025-26.
- Management targeting a significant revenue jump to Rs 1,750 Cr for FY26 from the TTM base of Rs 1,203 Cr.
- Goal to improve store productivity from the current Rs 36,000 to Rs 50,000 per sq ft by the end of FY26.
- Confirmed the appointment of Bharadwaj Rachamadugu as Chief Executive Officer (CEO).
- Addressed shareholder concerns regarding inventory turnover and the business rationale for new store openings amid low SSG.
Sai Silks (Kalamandir) has announced the opening of a new retail outlet under its 'Kalamandir' format in Banashankari, Bengaluru, on August 08, 2026. This expansion is part of the company's broader strategy to reach a revenue target of ₹1,750 Cr for FY26, up from its current TTM revenue of ₹1,203 Cr. While the specific size of this store was not disclosed, the company is currently focused on increasing store productivity from ₹36,000 to ₹50,000 per sq ft. This move strengthens its presence in the competitive South Indian ethnic wear market.
- New store launched under the 'Kalamandir' format on August 08, 2026, in Bengaluru.
- Company is targeting a total revenue of ₹1,750 Cr for FY26.
- Current store productivity stands at ₹36,000 per sq ft as of Q2 FY26, with a target of ₹50,000.
- The company maintains a steady 42% gross margin despite competitive pressures in the wedding segment.
Sai Silks (Kalamandir) Limited has announced the opening of a new retail outlet under its 'Kalamandir' format in Mysore, Karnataka, effective August 07, 2026. This expansion supports the company's stated goal of reaching INR 1,750 Cr in total revenue for FY26, a significant increase from its TTM revenue of INR 1,203 Cr. The company is currently focused on improving store productivity from the current INR 36,000 per sq ft to a target of INR 50,000 per sq ft. This move follows a recent capacity addition of 125,000 sq ft in Tamil Nadu as the company aggressively expands its South Indian footprint.
- New store launched under the 'Kalamandir' format in Mysore, Karnataka on August 07, 2026
- Company targeting total revenue of INR 1,750 Cr for FY26 vs TTM revenue of INR 1,203 Cr
- Current store productivity stands at INR 36,000 per sq ft as of Q2 FY26
- Targeting optimal productivity levels of INR 50,000 per sq ft by the end of FY26
- Maintains a steady 42% gross margin despite competitive pressures in the ethnic segment
Sai Silks (Kalamandir) has issued a corrigendum to its 18th AGM notice to specify 5-year tenures for the CEO appointment and Independent Director commissions. Mr. Bharadwaj Rachamadugu, the Managing Director's son-in-law, is appointed as CEO with a monthly remuneration of ₹5,00,000 (₹60 lakhs annually). Additionally, Non-Executive Independent Directors will be eligible for a commission capped at 0.5% of annual net profits starting FY 2026-27. These updates provide necessary regulatory clarity on the duration of these appointments and compensation structures.
- CEO appointment of Mr. Bharadwaj Rachamadugu is for a fixed tenure of 5 years effective May 12, 2026.
- Monthly CEO remuneration is set at ₹5,00,000, totaling approximately ₹60 lakhs per annum.
- Independent Director commission is capped at 0.5% of annual net profits for a 5-year period starting FY 2026-27.
- The CEO is classified as a related party, being the son-in-law of the Managing Director.
- The 18th Annual General Meeting (AGM) is scheduled for August 10, 2026.
Sai Silks (Kalamandir) has announced a virtual one-to-one meeting with institutional investors/analysts scheduled for August 4, 2026. This interaction comes at a time when the company is pursuing an aggressive growth target of Rs 1,750 Cr in revenue for FY26, compared to its TTM revenue of Rs 1,203 Cr. The stock has faced significant pressure, declining 50.1% over the last 12 months. The company clarified that no unpublished price-sensitive information will be discussed during the session.
- One-to-one virtual interaction scheduled for August 4, 2026, at 3:00 PM IST
- Company is targeting a revenue of Rs 1,750 Cr for FY26, a significant jump from TTM revenue of Rs 1,203 Cr
- Store productivity target remains at Rs 50,000 per sq ft by the end of FY26, up from Rs 36,000 in Q2 FY26
- Stock has seen a 12-month price return of -50.1%, currently trading at a P/E of 15.9
Financial Performance
Revenue Growth by Segment
Revenue from operations grew 6.44% YoY to INR 1,462.01 Cr in FY25. In H1 FY26, revenue surged 33.96% YoY to INR 823.35 Cr. The KLM segment specifically showed recovery, generating INR 125 Cr in Q2 FY26 compared to INR 100 Cr in Q2 FY25, a 25% increase.
Geographic Revenue Split
The company operates primarily in South India, with key markets in Telangana, Andhra Pradesh, and Karnataka. Recent expansion efforts are heavily focused on Tamil Nadu, where store productivity reached INR 36,000 per sq ft in Q2 FY26, aiming for an optimal INR 45,000-50,000 per sq ft.
Profitability Margins
Gross margins improved from 40.69% in FY24 to 41.78% in FY25. Net Profit (PAT) for FY25 was INR 85.39 Cr, a 15.3% decline from INR 100.87 Cr in FY24 due to higher operational investments. However, H1 FY26 PAT saw a massive 171.2% YoY increase to INR 70.14 Cr as new stores matured.
EBITDA Margin
EBITDA margin stood at 14.48% in FY25 (INR 211.64 Cr). This improved significantly to 15.68% in H1 FY26 (INR 129.14 Cr), up from 12.09% in H1 FY25, driven by the higher-margin Varamahalakshmi format and improved store productivity.
Capital Expenditure
The company utilized IPO proceeds and internal accruals to reduce debt and fund expansion. Total property, plant, and equipment purchases (including CWIP) amounted to INR 22.32 Cr for the half-year ended September 30, 2025, compared to INR 52.53 Cr in the previous year's period.
Credit Rating & Borrowing
The company maintains a 'Stable' outlook with a sensitivity threshold requiring PBILDT margins above 12%. Debt-to-Equity ratio improved by 39.32% to 0.15 in FY25 from 0.24 in FY24 following the repayment of term loans using IPO funds.
Operational Drivers
Raw Materials
Finished textile goods and sarees (Kanchipuram, silk, and ethnic wear) represent the primary cost of goods sold, with gross margins maintained at approximately 42%.
Import Sources
Sourcing is conducted domestically across India, specifically from reputed textile hubs and weaver clusters to ensure an uninterrupted supply of ethnic wear.
Key Suppliers
The company procures directly from a vast network of independent weavers and manufacturers across India, bypassing intermediaries to maintain a 42% gross margin profile.
Capacity Expansion
Expanded retail capacity reached 125,000 sq ft. Current productivity is INR 36,000 per sq ft as of Q2 FY26, with a target to reach optimal levels of INR 50,000 per sq ft by the end of FY26.
Raw Material Costs
Total purchases for FY25 were INR 905.54 Cr, up 6.7% from INR 848.56 Cr in FY24. Procurement strategies focus on direct weaver relationships to manage costs amidst a 42% gross margin target.
Manufacturing Efficiency
As a retailer, efficiency is measured by sales per square foot; productivity improved from INR 29,000 in Q1 FY26 to INR 35,000-36,000 in Q2 FY26, a 24% improvement.
Logistics & Distribution
Distribution is managed through a standalone retail model; the company is currently exploring an 'asset-light' Valli format but remains focused on company-owned stores for now.
Strategic Growth
Expected Growth Rate
18-20%
Growth Strategy
Growth will be driven by the maturation of the Varamahalakshmi format, which offers higher margins, and increasing store productivity from INR 36,000 to INR 50,000 per sq ft. The company plans to reach INR 1,750 Cr in total revenue for FY26 by leveraging the festive/wedding season and expanding in the Tamil Nadu market.
Products & Services
Sarees (Silk, Kanchipuram, Handloom), women's ethnic wear, and readymade garments.
Brand Portfolio
Kalamandir, Varamahalakshmi (VML), KLM Fashion Mall, Valli Silks.
New Products/Services
The 'Valli' format is in an infant stage and is being tested for future asset-light expansion, though no franchisee model is currently active.
Market Expansion
Aggressive expansion in Tamil Nadu with 125,000 sq ft of new capacity currently in the maturity phase (70-75% productivity reached).
Market Share & Ranking
Leading ethnic retailer in South India; faces competition from RS Brothers, Chandana Group, and Nalli Silks.
Strategic Alliances
The company maintains strong relationships with SRIL for supplier bargaining power but operates primarily on a standalone basis.
External Factors
Industry Trends
The industry is shifting from unorganized to organized retail. The wedding and festive ethnic sector is growing, with SSKL positioning itself through large-format stores (Varamahalakshmi) to capture higher-value transactions.
Competitive Landscape
Intense competition in Telangana, Andhra Pradesh, and Karnataka from RS Brothers Group, J.C. Brothers, and Kalanikethan Silks.
Competitive Moat
Moat is built on a strong brand image in the saree sector and a deep-rooted vendor network of weavers. This is sustainable due to the specialized nature of silk saree sourcing which is difficult for new entrants to replicate at scale.
Macro Economic Sensitivity
Highly sensitive to discretionary spending and rising per capita GDP in India, which drives the shift from unorganized to organized retail in the wedding/festive sector.
Consumer Behavior
Shift toward organized retail and premiumization in wedding attire, supporting the growth of the Varamahalakshmi format.
Geopolitical Risks
Minimal direct impact as operations and sourcing are domestic; however, broader economic slowdowns could affect the wedding industry spend.
Regulatory & Governance
Industry Regulations
Compliant with SEBI Listing Regulations (Regulation 17 to 27) and applicable Accounting Standards for financial reporting.
Environmental Compliance
The Risk Management Committee monitors sustainability and environmental risks; the company is not a manufacturer, reducing its direct environmental footprint.
Taxation Policy Impact
Effective tax rate is standard corporate rate; income tax paid was INR 37.76 Cr in FY25.
Legal Contingencies
The company confirms internal financial controls are adequate with no significant flaws; no specific pending litigation values were disclosed in the provided documents.
Risk Analysis
Key Uncertainties
Vulnerability to intense competition in the fragmented readymade garment industry and potential margin compression if productivity targets (INR 50k/sq ft) are not met.
Geographic Concentration Risk
High concentration in South India (Telangana, AP, Karnataka, Tamil Nadu), making it susceptible to regional economic downturns.
Third Party Dependencies
Reliance on a vast network of independent weavers; any labor unrest or decline in weaving traditions could impact product availability.
Technology Obsolescence Risk
The company is investing in IT and E-commerce (led by a Senior VP) to mitigate the risk of losing market share to online ethnic wear platforms.
Credit & Counterparty Risk
Trade receivables are low (INR 2.91 Cr average) as it is a retail cash-and-carry business, resulting in high-quality receivables.
