India · Delayed Price · Currency is INR Sai Silks (Kalamandir) Earnings Call Transcripts
Fiscal Year 2027
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Revenue remained flat at INR 375 crore in Q1 FY 2027, with SSSG declining 7.5%-7.8% due to Adhik Maas and weak demand. Gross margins held at 42%, and full-year revenue growth guidance is maintained at 12%-15%, with expectations of margin improvement in H2.
Fiscal Year 2026
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FY 2026 saw double-digit revenue and PAT growth, margin expansion, and significant retail expansion, led by Varamahalakshmi Silks. FY 2027 targets 100,000 sq ft new space, improved EBITDA margins, and entry into new states, with continued focus on operational discipline.
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Q3 FY 2026 saw lower revenue due to festive calendar shifts, but nine-month results showed strong growth in revenue and profit. Expansion continues with disciplined store additions, and FY 2026-27 guidance targets 15%-20% growth, improved margins, and robust internal funding.
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Q2 and H1 FY 2025-26 delivered robust revenue and profit growth, driven by festive and wedding demand, store expansion, and strong SSG. Full-year growth guidance was raised to 18-20%, with continued focus on digital, new formats, and operational efficiency.
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Q1 FY26 delivered 42% revenue growth and 200% EBITDA growth, driven by strong wedding demand and saree sales. SSG reached 29%, with sustainable margins and a 15% annual growth target. Inventory days are set to reduce, and new formats like Valli Silks will expand the market.
Fiscal Year 2025
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Q4 FY25 revenue grew 11% YoY, with full-year gross margin expanding to 41.8%. FY26 targets 15%-20% revenue growth, driven by Varamahalakshmi Silks expansion and a favorable wedding calendar. Inventory and payables are being optimized, and the company expects margin improvement as new stores mature.
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Q3FY25 delivered strong revenue and margin growth, driven by festive and wedding demand, especially in Tier 2 cities. Premiumization and store expansion, particularly in the Varamahalakshmi format, boosted margins and reduced debt, while digital marketing gained traction.
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Revenue grew 6.25% year-over-year in Q2 FY24, with gross margin up to 42.17% and PAT rising 1.7%. Vara Mahalakshmi format led growth, digital ad spend doubled, and H2 outlook is strong due to more wedding dates and festive demand.
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Q1 FY25 saw revenue of INR 274 crore and improved gross margin despite a 20% drop in footfalls due to fewer wedding dates and external factors. Store expansion was delayed but remains on track, with Q2 expected to rebound on higher wedding dates and positive SSG trends.