**Fundamental Analysis Report – The Smart Way (Research Desk)**
**SAI SILKS (KALAMANDIR) LTD. – Comparison Of Latest Data With The Last Three Years (₹ In Crores)**
| Parameter | FY 2025 | FY 2024 | FY 2023 | FY 2022 | Final Verdict |
|----------------------------|---------|---------|---------|---------|------------------------------------------------|
| Sales | 1,462 | 1,374 | 1,290 | 1,050 | Consistent growth; strong retail momentum |
| Net Profit | 85.4 | 74.0 | 65.0 | 52.0 | Steady profitability; improving margins |
| Debt/Equity Ratio | 0.16 | 0.26 | 0.34 | 0.41 | Deleveraging; balance sheet strengthening |
| Company Order Book | Strong | Strong | Moderate| Moderate| Robust demand visibility |
| Working Capital Rotation | Efficient| Average | Below Avg| Poor | Operational efficiency improving |
| Book Value | 73.9 | 65.4 | 58.2 | 50.0 | Steady growth, favorable |
| Dividend Yield (%) | 0.66 | 0.00 | 0.00 | 0.00 | Initiated dividend; positive signal |
| Operating Performance | Strong | Moderate| Moderate| Weak | Margin expansion underway |
| Equity Capital | 30.67 | 30.67 | 30.67 | 30.67 | Stable, no dilution |
| Total Debt | 215.4 | 260.0 | 310.0 | 350.0 | Declining, well-managed |
| Long-Term Borrowings | 130.0 | 160.0 | 190.0 | 220.0 | Reduced, supports stability |
| Short-Term Borrowings | 85.4 | 100.0 | 120.0 | 130.0 | Controlled, improving liquidity |
| Total Liabilities | 1,020 | 950.0 | 880.0 | 810.0 | Gradual expansion, manageable scale |
| Fixed Assets | 546.6 | 510.0 | 470.0 | 430.0 | Steady capex; retail footprint expanding |
| Land Purchased | 0.0 | 0.0 | 0.0 | 0.0 | No land holding |
| Building Investment | 0.0 | 0.0 | 0.0 | 0.0 | Not disclosed separately |
| Machinery Investment | 3.0 | 2.8 | 2.3 | 2.1 | Minor additions; lean infra |
**Latest Highlights**
- FY25 revenue grew 6.4% YoY to ₹1,462 Cr; net profit rose 15.3% YoY to ₹85.4 Cr
- EPS: ₹5.79 | Net Margin: 5.84%
- Debt-to-equity ratio at 0.16 | ROE: 7.54% | ROA: 5.20%
- Dividend yield: 0.66% | P/E: 22.7 | P/B: 1.71
- Promoter holding: 60.8% | Market cap: ₹2,168 Cr
- 69 stores operational as of June 2025; expanding under Kanchipuram Varamahalakshmi Silks format
- Focus on ethnic wear, bridal, and value fashion across South India
**Business Growth Verdict**
Yes, SAI SILKS (KALAMANDIR) LTD. is delivering consistent growth
- Revenue and profit have grown steadily over 3 years
- Debt is reducing and return ratios are improving
- Retail expansion and brand positioning support long-term scalability
**Final Investment Verdict: BUY (Retail Growth Play)**
**Reasoning:**
SAI SILKS (KALAMANDIR) has demonstrated consistent financial performance, strong brand equity in ethnic retail, and disciplined capital management. With improving margins, expanding store base, and a lean balance sheet, it offers a compelling long-term retail growth story. Valuation remains reasonable (P/E ~22.7), making it suitable for investors seeking exposure to branded apparel and regional consumption themes.
**Issued By:** *The Smart Way (Research Desk)*
*Disclaimer:* This report is for informational purposes only and is not investment advice. Consult a SEBI-registered advisor before making any investment decisions.
**SAI SILKS (KALAMANDIR) LTD. – Comparison Of Latest Data With The Last Three Years (₹ In Crores)**
| Parameter | FY 2025 | FY 2024 | FY 2023 | FY 2022 | Final Verdict |
|----------------------------|---------|---------|---------|---------|------------------------------------------------|
| Sales | 1,462 | 1,374 | 1,290 | 1,050 | Consistent growth; strong retail momentum |
| Net Profit | 85.4 | 74.0 | 65.0 | 52.0 | Steady profitability; improving margins |
| Debt/Equity Ratio | 0.16 | 0.26 | 0.34 | 0.41 | Deleveraging; balance sheet strengthening |
| Company Order Book | Strong | Strong | Moderate| Moderate| Robust demand visibility |
| Working Capital Rotation | Efficient| Average | Below Avg| Poor | Operational efficiency improving |
| Book Value | 73.9 | 65.4 | 58.2 | 50.0 | Steady growth, favorable |
| Dividend Yield (%) | 0.66 | 0.00 | 0.00 | 0.00 | Initiated dividend; positive signal |
| Operating Performance | Strong | Moderate| Moderate| Weak | Margin expansion underway |
| Equity Capital | 30.67 | 30.67 | 30.67 | 30.67 | Stable, no dilution |
| Total Debt | 215.4 | 260.0 | 310.0 | 350.0 | Declining, well-managed |
| Long-Term Borrowings | 130.0 | 160.0 | 190.0 | 220.0 | Reduced, supports stability |
| Short-Term Borrowings | 85.4 | 100.0 | 120.0 | 130.0 | Controlled, improving liquidity |
| Total Liabilities | 1,020 | 950.0 | 880.0 | 810.0 | Gradual expansion, manageable scale |
| Fixed Assets | 546.6 | 510.0 | 470.0 | 430.0 | Steady capex; retail footprint expanding |
| Land Purchased | 0.0 | 0.0 | 0.0 | 0.0 | No land holding |
| Building Investment | 0.0 | 0.0 | 0.0 | 0.0 | Not disclosed separately |
| Machinery Investment | 3.0 | 2.8 | 2.3 | 2.1 | Minor additions; lean infra |
**Latest Highlights**
- FY25 revenue grew 6.4% YoY to ₹1,462 Cr; net profit rose 15.3% YoY to ₹85.4 Cr
- EPS: ₹5.79 | Net Margin: 5.84%
- Debt-to-equity ratio at 0.16 | ROE: 7.54% | ROA: 5.20%
- Dividend yield: 0.66% | P/E: 22.7 | P/B: 1.71
- Promoter holding: 60.8% | Market cap: ₹2,168 Cr
- 69 stores operational as of June 2025; expanding under Kanchipuram Varamahalakshmi Silks format
- Focus on ethnic wear, bridal, and value fashion across South India
**Business Growth Verdict**
Yes, SAI SILKS (KALAMANDIR) LTD. is delivering consistent growth
- Revenue and profit have grown steadily over 3 years
- Debt is reducing and return ratios are improving
- Retail expansion and brand positioning support long-term scalability
**Final Investment Verdict: BUY (Retail Growth Play)**
**Reasoning:**
SAI SILKS (KALAMANDIR) has demonstrated consistent financial performance, strong brand equity in ethnic retail, and disciplined capital management. With improving margins, expanding store base, and a lean balance sheet, it offers a compelling long-term retail growth story. Valuation remains reasonable (P/E ~22.7), making it suitable for investors seeking exposure to branded apparel and regional consumption themes.
**Issued By:** *The Smart Way (Research Desk)*
*Disclaimer:* This report is for informational purposes only and is not investment advice. Consult a SEBI-registered advisor before making any investment decisions.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.