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Swing Capital

Sai Silks (Kalamandir) Ltd

NSE: KALAMANDIR BSE: 543989Textile

Incorporated in 2005, Sai Silks (Kalamandir) Limited provides ethnic apparel and value-fashion products through its four store formats - ‘Kalamandir‘, ‘VaraMahalakshmi Silks‘, ‘Mandir‘ and ‘KLM Fashion Mall''.[1]

₹99.6
52W: ₹89.8 — ₹223
PE 10.9 · Book ₹82.2 · +21% vs book
Market Cap₹1,528 Cr
Stock P/E10.9Price to Earnings
ROCE14%Return on Capital
ROE11.8%Return on Equity
Div. Yield1%Face Value ₹2

Weaknesses

  • −Company has a low return on equity of 10.8% over last 3 years.
  • −Dividend payout has been low at 10.6% of profits over last 3 years

Shareholding Pattern

Promoters60.97%
FIIs0.56%
DIIs8.55%
Public26.02%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters60.8%60.8%60.8%60.87%▲0.160.97%▲0.160.97%60.97%60.97%
FIIs2.86%3.29%▲0.43.26%▼0.03.17%▼0.13.44%▲0.33.85%▲0.41.47%▼2.40.56%▼0.9
DIIs19.12%16.16%▼3.015.41%▼0.815.74%▲0.312.38%▼3.411.23%▼1.28.21%▼3.08.55%▲0.3
Public13.31%15.82%▲2.516.6%▲0.816.31%▼0.319.29%▲3.020.03%▲0.725.43%▲5.426.02%▲0.6

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales382360267347449399379444411419
Expenses324305248292370340322372341358
Operating Profit58541955795857727061
OPM %15%15%7%16%18%15%15%16%17%15%
Net Profit3229224461430403833
EPS ₹2.091.870.141.5530.881.962.612.492.13

AI Insights

Revenue Trend

Mar 2026 revenue at ₹1,654Cr, up 13.1% YoY. OPM at 16%.

Debt Position

Borrowings at ₹361Cr. Debt-to-equity ratio: 0.29x. Healthy balance sheet.

Capex Cycle

CWIP at ₹1Cr (0% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 8.55% (-10.30pp change). FIIs: 0.56% (-6.55pp change). Promoters hold 60.97%.

Margin & Efficiency

ROCE improving from 0% (Mar 2018) to 14% (Mar 2026). Working capital days: 139.

Valuation

PE 10.9x with 14% ROCE. Price is 21% above book value of ₹82.2. Dividend yield: 1%.

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