turnaround script SAI SILKS (KALAMANDIR)**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.
