Siyaram Silk Mills Limited (SIYSIL)
₹531.15 -1.12% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Siyaram Silk's revenue was ₹446 Cr (+14.4% year on year, -47.8% on the previous quarter), and net profit ₹11.0 Cr (+137.3% year on year); the operating margin was 4.1%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹446 | +14.4% | -47.8% |
| Operating profit | ₹18.1 | -13.1% | -86.8% |
| Net profit | ₹11.0 | +137.3% | -88.8% |
| EPS (₹) | 2.43 | +138.2% | -88.7% |
| Operating margin | 4.1% | — | — |
SIYSIL delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 54.81% of the SIYSIL shares traded on NSE were taken to delivery, against the stock's own 20-session average of 54.72%. That is close to its usual level. Turnover was only ₹77 lakh, so a handful of trades can move this figure.
Delivery in the last 5 sessions: 55.6% · 50.5% · 49.4% · 61.9% · 54.8%
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
Siyaram Silk Mills Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the period ended September 30, 2026. The certificate from the Registrar and Share Transfer Agent, MUFG Intime India Private Limited, confirms that dematerialisation requests received during the quarter were duly processed within prescribed timelines. The underlying physical share certificates were verified, mutilated, cancelled, and substituted in the register of members.
- Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
- Pertains to the quarter ended September 30, 2026
- Issued by RTA MUFG Intime India Private Limited dated October 5, 2026
- Filed with stock exchanges on October 6, 2026
Siyaram Silk Mills Limited has scheduled interactions with analysts and institutional investors at the Ashwamedh – Elara India Dialogue 2026 Conference on September 3, 2026. The participation will include both one-on-one and group meetings. The company stated that discussions will be based strictly on publicly available information. This is a procedural filing pursuant to Regulation 30(6) of SEBI LODR Regulations.
- Investor conference scheduled for 03rd September, 2026
- Participation at the Ashwamedh – Elara India Dialogue 2026 Conference
- Interaction format covers both one-on-one and group meetings
- Discussions to be confined to publicly available information
Siyaram Silk Mills has completed the allotment of bonus preference shares to equity shareholders pursuant to its NCLT-approved Scheme of Arrangement. Eligible equity shareholders as of 22nd August, 2026 were allotted 4 Series I (3-year maturity) and 3 Series II (5-year maturity) 9% cumulative non-convertible redeemable preference shares of ₹10 face value each per 1 equity share. In total, 18.15 crore Series I and 13.61 crore Series II preference shares were allotted, representing ₹317.59 crore in nominal value (~21.7% of net worth). The company will apply for listing and trading of these preference shares on BSE and NSE.
- Allotted 18,14,80,352 Series I 9% Preference Shares redeemable on or before 24th August, 2029 (4 per 1 equity share).
- Allotted 13,61,10,264 Series II 9% Preference Shares redeemable on or before 24th August, 2031 (3 per 1 equity share).
- Total nominal value of allotted preference shares is ₹317.59 crore, carrying a 9% per annum coupon rate.
- Scheme of Arrangement was sanctioned by NCLT Mumbai Bench vide order dated 21st July, 2026.
CRISIL Ratings has reaffirmed its credit ratings for Siyaram Silk Mills Limited's bank loan facilities totalling Rs 350.69 crore. The long-term bank facilities have been reaffirmed at 'CRISIL AA-/Stable', while short-term facilities are reaffirmed at 'CRISIL A1+'. The total rated facilities almost fully match the company's total debt of Rs 352 crore, reflecting a stable credit profile and consistent debt service capabilities.
- Long-term bank loan rating reaffirmed at 'CRISIL AA-/Stable'
- Short-term facility rating reaffirmed at 'CRISIL A1+'
- Total bank loan facilities rated stand at Rs 350.69 crore
- Rated facilities include Rs 255 crore in cash credit/WCDL and Rs 40 crore in term loans
CRISIL Ratings has assigned a 'CRISIL AA-/Stable' rating to Siyaram Silk Mills Limited's 9% Cumulative Non-Convertible Redeemable Preference Shares aggregating to Rs 318 crore. The rating indicates a high degree of safety regarding timely debt servicing and very low credit risk. The proposed issue represents approximately 21.8% of the company's net worth (Rs 1,462 crore) and 12.1% of TTM revenue (Rs 2,628 crore). The rating letter specifies an issuance window of 180 days from August 24, 2026.
- CRISIL assigned 'CRISIL AA-/Stable' rating to 9% Cumulative Non-Convertible Redeemable Preference Shares
- Total aggregate amount rated is Rs 318 crore
- Instrument carries a fixed 9% coupon rate
- Company must place the issue within 180 days of August 24, 2026, to avoid revalidation
Siyaram Silk Mills Limited has appointed M/s Purva Sharegistry (India) Private Limited as the Registrar and Transfer Agent (RTA) for its 9% cumulative non-convertible redeemable preference shares. The appointment was approved by the Allotment Committee on August 10, 2026, for a fixed term of 5 years. This procedural step is required for the upcoming issuance and allotment of these preference shares, which have a face value of Rs 10 each. The company currently maintains a healthy debt-to-equity ratio of 0.24 and TTM revenue of Rs 2,572 Cr.
- Appointment of Purva Sharegistry (India) Private Limited as RTA for a period of 5 years
- Relates to 9% cumulative non-convertible redeemable preference shares
- Preference shares carry a face value of Rs 10 each
- Approval granted by the Allotment Committee on August 10, 2026
Siyaram Silk Mills Limited has announced its participation in the Emkay Confluence 2026 - India: Full Throttle Ahead Conference. The company's officials are scheduled to interact with analysts and institutional investors on August 12, 2026. The interactions will consist of both one-on-one and group meetings. As per the filing, all discussions will be based on publicly available information, maintaining compliance with SEBI regulations.
- Investor interaction scheduled for August 12, 2026
- Participation in the Emkay Confluence 2026 conference
- Format includes both one-on-one and group meetings
- Discussions restricted to publicly available information
Siyaram Silk Mills Limited (SIYSIL) has issued a clerical correction regarding its previous disclosure about the Scheme of Arrangement for Bonus Preference Shares. The date of the NCLT order sanctioning the scheme was incorrectly stated as July 21, 2025, in a prior filing and has now been corrected to July 21, 2026. This update is purely administrative and does not alter the fundamental terms of the bonus issuance or the company's financial position, which includes a TTM revenue of Rs 2,572 Cr and a healthy ROCE of 20%.
- Corrected the NCLT order date for the Scheme of Arrangement to 21st July 2026
- Previous filing dated 01st August 2026 had incorrectly mentioned the year as 2025
- The scheme involves the issuance of Bonus Preference Shares to the company's shareholders
- All other terms and conditions mentioned in the August 1st disclosure remain unchanged
Siyaram Silk Mills reported a strong Q1 FY27 with revenue growing 16.4% YoY to ‡466 cr and PAT surging 144.4% to ‡11 cr, driven by operating leverage. The company is aggressively pursuing its 'Siyaram 2.0' strategy, aiming to double retail revenue to ‡160 cr in FY27 by expanding its ZECODE and DEVO store network to 70 outlets. While retail expansion is expected to compress EBITDA margins by ~150 bps initially, the company maintains a full-year revenue growth guidance of 12%. Additionally, the NCLT has approved a bonus issue of redeemable preference shares with a record date of August 22, 2026.
- Q1 FY27 PAT increased 144.4% YoY to ‡11 cr from ‡5 cr in the previous year
- Total income for the quarter rose 16.4% to ‡466 cr, supported by a 22.3% growth in EBITDA
- Retail revenue target for FY27 set at ‡160 cr, a 100% increase from ‡80 cr in FY26
- Company plans to reach 70 total retail stores in FY27, up from the current 49 stores
- Record date for bonus cumulative non-convertible redeemable preference shares fixed for August 22, 2026
Siyaram Silk Mills (SIYSIL) has fixed August 22, 2026, as the record date for issuing bonus preference shares to equity holders. Shareholders will receive 7 preference shares (face value ₹10 each) for every 1 equity share held, split into two series with 3-year and 5-year redemption periods. These shares carry a 9% cumulative dividend, creating a fixed annual payout obligation. Based on TTM PAT of ₹231 Cr, the estimated annual dividend cost of ~₹28.6 Cr represents a ~12.4% impact on earnings available to equity shareholders.
- Record date for bonus preference share allotment fixed for August 22, 2026.
- Total bonus ratio of 7 preference shares (₹10 FV) for every 1 equity share (₹2 FV) held.
- Preference shares carry a 9% cumulative non-convertible dividend rate.
- Issuance split into Series I (4 shares, 3-year redemption) and Series II (3 shares, 5-year redemption).
- Scheme utilizes general reserves; effective date confirmed as July 30, 2026.
Siyaram Silk Mills Limited (SIYSIL) concluded its 48th Annual General Meeting on August 1, 2026, where shareholders approved all four proposed resolutions with a requisite majority. A final dividend of ₹5 per share (250%) for FY26 was ratified, with payment scheduled to commence on or after August 7, 2026. The meeting also confirmed the re-appointment of Shri. Pawan D. Poddar as Director and ratified the cost auditor's remuneration of ₹6,00,000 for FY27. As of the cut-off date on July 25, 2026, the company had 46,505 shareholders.
- Final dividend of ₹5 per share (250%) approved for the financial year ended March 31, 2026.
- Total of 46,505 shareholders were on record as of the cut-off date, July 25, 2026.
- Cost auditor remuneration for FY27 ratified at ₹6,00,000 for M/s. K. G. Goyal & Associates.
- Resolution for adoption of FY26 financial statements passed with 32,267,824 votes in favor and only 21 against.
- Final dividend payment to be initiated on or after August 7, 2026.
Siyaram Silk Mills has made the audio recording of its earnings call held on July 31, 2026, available to the public. The call addressed the company's financial performance for the quarter ended June 30, 2026. This follows a fiscal year (FY26) where the company reported a revenue of Rs 2,572 crore and a PAT of Rs 231 crore. The recording provides management's perspective on current market conditions and their 12-14% growth guidance.
- Earnings call conducted on July 31, 2026, for the quarter ended June 30, 2026
- Company maintains a TTM revenue of Rs 2,572 crore with an OPM of 12.9%
- Management previously guided for 12-14% revenue growth in FY26
- Retail expansion plan involves adding 35 new stores to increase direct-to-consumer reach
Siyaram Silk Mills has significantly increased its authorized share capital from Rs 12 crore to Rs 328.84 crore following an NCLT-approved Scheme of Arrangement. The new capital structure primarily introduces Rs 317.59 crore in Redeemable Preference Shares (31.76 crore shares at Rs 10 each). This administrative change follows the NCLT order dated July 21, 2026, and aligns the company's legal framework with its restructuring plans. While the authorized capital has expanded, the equity share component remains unchanged at 5.5 crore shares of Rs 2 each.
- Authorized capital increased by approximately 27x from Rs 12 crore to Rs 328.84 crore
- Addition of 31,75,90,616 Redeemable Preference Shares of Rs 10 each to the capital structure
- NCLT Order approving the underlying Scheme of Arrangement was dated July 21, 2026
- Equity share capital component remains at 5,50,00,000 shares with a face value of Rs 2 each
- Necessary filings completed with the Registrar of Companies (ROC), Mumbai
Siyaram Silk Mills (SIYSIL) reported a strong Q1 FY27 with total income rising 16% YoY to ₹466.3 cr and PAT jumping 144% to ₹11.2 cr. The company has finalized August 22, 2026, as the record date for a ₹318 cr bonus issue of 9% Cumulative Non-Convertible Redeemable Preference Shares (CNCRPS). EBITDA margins improved slightly to 8.6% from 8.2% YoY, despite stable demand and inflationary pressures. The company continues its retail expansion, adding 5 new stores across its ZECODE and DEVO brands during the quarter.
- Total income increased 16.4% YoY to ₹466.3 cr in Q1 FY27 compared to ₹400.5 cr in Q1 FY26.
- Net Profit (PAT) grew by 144.4% YoY to ₹11.2 cr, with PAT margins expanding to 2.4%.
- Announced ₹318 cr bonus issue of 9% CNCRPS, representing ~21.7% of the company's net worth.
- Retail footprint expanded to 30 ZECODE stores and 19 DEVO stores as of June 30, 2026.
- Fabric segment remains the primary revenue driver, contributing 71% of total income.
Siyaram Silk Mills reported a strong Q1 FY27 with total income rising 16.4% YoY to ₹466 crore. Net profit surged 144.4% to ₹11 crore, driven by margin expansion from 1.1% to 2.4% YoY. The company continued its retail expansion by adding 5 new stores (3 ZECODE, 2 DEVO), bringing the total count to 49 towards its FY27 target of 70. Despite seasonal moderation in wedding demand due to the 'Adhik Maas' period, the fabric segment remained the primary revenue driver at 71%.
- Total Income increased 16.4% YoY to ₹466 crore in Q1 FY27 from ₹400 crore.
- EBITDA grew 22.3% YoY to ₹40 crore, with margins improving to 8.6% from 8.2%.
- PAT jumped 144.4% YoY to ₹11 crore compared to ₹5 crore in Q1 FY26.
- Retail footprint expanded with 5 new stores, reaching a total of 30 ZECODE and 19 DEVO outlets.
- Revenue mix was led by Fabric (71%), Garments (19%), and Yarn & Others (10%).
Financial Performance
Revenue Growth by Segment
In Q2 FY26, Fabric contributed 77% (approx. INR 572 Cr), Garments 15% (approx. INR 111 Cr), and Yarn/Others 8% (approx. INR 60 Cr). For FY25, Fabric was 81% (INR 1,803 Cr), Garments 13% (INR 287 Cr), and Others 6% (INR 130 Cr). Growth is driven by volume and better realizations in the fabric segment.
Geographic Revenue Split
Not disclosed in available documents, though the company highlights a growing presence in Tier-2 and Tier-3 cities to capture rural and semi-urban demand.
Profitability Margins
Gross margins are impacted by material costs (30-40% of sales). Net Profit Margin stood at 8.95% in FY25 (INR 198.73 Cr) compared to 8.85% in FY24. Q2 FY26 PAT margin improved to 11.7% (INR 87 Cr) from 10.9% YoY due to higher sales volumes and festive demand.
EBITDA Margin
EBITDA margin for Q2 FY26 was 19.5% (INR 145 Cr), up from 17.5% (INR 110 Cr) in Q2 FY25, a 200 bps improvement. FY25 EBITDA margin was 15.88% (INR 352.66 Cr). The improvement is attributed to a better product mix and operational efficiencies.
Capital Expenditure
The company follows an asset-light outsourcing model, minimizing heavy manufacturing capex. However, it is investing in retail expansion with a target of approximately 35 new stores in FY26, with 16 already achieved in H1 FY26.
Credit Rating & Borrowing
CRISIL reaffirmed 'CRISIL AA-/Stable' for long-term and 'CRISIL A1+' for short-term/commercial paper. Interest coverage ratio was 13.04x in FY25, down from 14.00x in FY24, reflecting slightly higher finance costs of INR 2.38 Cr.
Operational Drivers
Raw Materials
Cotton and blended fibers are the primary raw materials, with material costs constituting 30-40% of the total cost of sales.
Capacity Expansion
Current capacity is not specified in MT; however, the company is expanding its retail footprint by 35 stores in FY26 to increase direct-to-consumer reach.
Raw Material Costs
Cost of materials consumed was INR 255.41 Cr in Q2 FY26. Sharp commodity price fluctuations in FY24 caused margins to moderate to 13.6% from 16.8% in FY23, demonstrating high sensitivity to input price volatility.
Manufacturing Efficiency
The company utilizes an asset-light model to maintain high ROCE (18.44% in FY25) and flexibility in production volumes based on seasonal demand.
Strategic Growth
Expected Growth Rate
12-14%
Growth Strategy
Growth will be achieved through a 12-14% revenue guidance for FY26, driven by the expansion of the retail store network (35 new stores), aggressive promotion of premium brands like Cadini, and leveraging the early onset of the festive season to drive volume growth in the Fabric and Garment segments.
Products & Services
Fabrics (Suiting and Shirting), Readymade Garments, and Yarn.
Brand Portfolio
Siyaram's, Cadini, J. Hampstead, Oxemberg.
New Products/Services
The retail business expansion is expected to contribute to topline growth but may initially hit EBITDA margins by approximately 150 basis points due to setup and promotional costs.
Market Expansion
Focusing on Tier-2 and Tier-3 cities and expanding the store network to 35 outlets in FY26.
Market Share & Ranking
The company is noted as one of the largest players in the organized fabric segment in India.
Strategic Alliances
Cadini SRL, Italy is a 100% subsidiary providing premium brand positioning and operational integration.
External Factors
Industry Trends
The textile industry is seeing a shift toward branded apparel and organized retail. SIYSIL is positioning itself by increasing its garment share (15% of Q2 revenue) and expanding its own retail outlets to capture higher margins.
Competitive Landscape
Operates in a highly fragmented industry with intense competition from both organized players and unorganized local manufacturers.
Competitive Moat
The moat consists of a 40-year-old legacy brand, a massive distribution network, and an asset-light model that ensures a healthy ROE of 15.42% and ROCE of 18.44% even during market volatility.
Macro Economic Sensitivity
Highly sensitive to consumer buying sentiment and the festive/wedding season, which drives significant quarterly volume fluctuations.
Consumer Behavior
Shift toward ready-to-wear garments is prompting the company to increase its focus on the Garment segment (15% of revenue) vs traditional Fabric (77%).
Geopolitical Risks
Geopolitical tensions and macroeconomic instability in export markets could impact the Cadini subsidiary and global sourcing of specialized fibers.
Regulatory & Governance
Industry Regulations
Subject to textile sector regulations and cotton procurement policies set by the government.
Taxation Policy Impact
Effective tax rate for FY25 was approximately 26% (INR 70.21 Cr tax on INR 268.94 Cr PBT).
Legal Contingencies
The company reports a 100% investor complaint redressal rate; specific pending litigation values are not disclosed in the provided text.
Risk Analysis
Key Uncertainties
Raw material price volatility (Cotton/Polyester) is the primary risk, with a potential 200-300 bps impact on margins during sharp price swings.
Geographic Concentration Risk
Not disclosed, but heavily reliant on the Indian domestic market, particularly during the festive season.
Third Party Dependencies
High dependency on third-party manufacturers due to the asset-light outsourcing model.
Technology Obsolescence Risk
The company is training employees to adapt to new digital tools to improve operational efficiency.
Credit & Counterparty Risk
Debtors turnover ratio of 4.47x in FY25 indicates stable receivables management, though it moderated slightly from 4.66x YoY.
