India · Delayed Price · Currency is INR Sai Silks (Kalamandir) Earnings Call Transcripts
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 gross margin expansion, despite negative SSGs. FY26 targets 15–20% revenue growth, margin improvement, and continued store expansion, especially in the Varamahalakshmi format. Income tax liabilities from prior years have been settled.
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Q3FY25 delivered strong revenue and margin growth, driven by festive and wedding demand, especially in Tier 2 cities. Premiumization and digital marketing boosted performance, while working capital improvements and debt reduction strengthened the balance sheet.
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Q2 FY24 revenue grew 6.25% year-over-year to INR 347 crore, with gross margin at 42.17% and PAT up 1.7%. H2 is expected to see strong growth due to more wedding dates and festive demand, with 45,000-50,000 sq ft of new retail space planned.
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Q1 FY25 saw revenue of INR 274 crore and improved gross margins despite a 20% drop in footfalls due to fewer wedding dates and external headwinds. Management expects a strong rebound in Q2 and H2, with positive SSG, margin recovery, and continued store expansion, targeting 100 stores and higher per sq ft productivity by FY26.