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Sai Silks (Kalamandir) Ltd (KALAMANDIR)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543989 NSE: KALAMANDIR Retailing | Small Cap | Sai Silks (Kalaman) Share Price

₹105.40 -0.55 (-0.52%)

As on 04-Jun'26 16:59

Sai Silks (Kalamandir) Ltd (KALAMANDIR)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 543989 NSE: KALAMANDIR Retailing | Small Cap | Sai Silks (Kalaman) Share Price

₹105.40 -0.55 (-0.52%)

As on 04-Jun'26 16:59

Key Metrics
Valuation Multiples
Market Cap
₹1,616 Cr.
Current Price
₹105.4
52-Week Low / High
₹90 / 223
TTM EPS
₹9.2
TTM Sales
₹1,654 Cr.
Book Value per Share
₹82.3
P/E Ratio
11.47
Lower than its 5-year historical median
Industry PE
70.6
Price to Book (P/B)
1.28
Lower than its 5-year historical median
Price to Sales (P/S)
0.98
Lower than its 5-year historical median
EV/EBITDA
4.61
Lower than its 5-year historical median
Dividend Yield
0.76%
Profitability Efficiency
Return on Equity (ROE)
7.78%
Outperforms industry median
Return on Capital Employed (ROCE)
14.48%
Outperforms industry median
Return on Assets (ROA)
5.20%
Operating Profit Margin
14.9%
Net Profit Margin
5.84%
Gross Profit Margin
13.4%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Slowing versus 3-year growth rate
6.44%
Operating Profit Growth (1 Year)
Slowing versus 3-year growth rate
-0.45%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
-15.35%
Asset Quality
Promoter Holding
60.97%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹1,231 Cr.
Equity
₹30.7 Cr.
Face Value
₹2
All Time Low / High
₹89.80 / 311.40

Sai Silks (Kalamandir) stock performance

Key Ratios
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Check Before You Invest

Valuation

Fair

Price Trend

Semi Strong
Q.1 Is Sai Silks (Kalamandir) Ltd a good quality company?
Sai Silks (Kalamandir) Ltd is a good quality company, based on a consistently good multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Sai Silks (Kalamandir) Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Sai Silks (Kalamandir) Ltd vs industry peers?
Sai Silks (Kalamandir) Ltd revenue CAGR is 4.46%, compared to the industry median CAGR of 0.00%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Sai Silks (Kalamandir) Ltd?
Promoters hold 60.97% of the Sai Silks (Kalamandir) Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Stock return of Sai Silks (Kalamandir) Ltd over the last decade?
Over the last 1 year(s), the stock has delivered a CAGR of -11.05% based on the current price.

10 Year X-Ray :

Analysis of Financial Track Record (Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end)

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Sai Silks (Kalamandir) Ltd has performed well in majority of the past ten years indicating its past ten year financial track record is very good

Value Creation

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
ROCE % 17.4%16.6%17.3%22%21.4%8.1%21.8%28.5%18.9%14.5%-
Value Creation
Index
0.20.20.20.60.5-0.40.61.00.40.0-

Growth Parameters

Sales 4575406921,0441,1766771,1291,3511,3741,4621,654
Sales YoY Gr.-18.2%28%50.9%12.6%-42.4%66.8%19.7%1.6%6.4%-
Adj EPS 1.11.21.32.63.60.44.88.16.85.89.2
YoY Gr.-10.8%6.5%97%38.8%-88%1014%69.1%-15.6%-15.4%-
BVPS (₹) 10.912.113.616.219.720.2253372.176.882.3
Adj Net
Profit
12.814.115.330.2425.157.797.510185.3141
Cash Flow from Ops. 35.344.859.129.885.3-15.245.641.2-21.5107-
Debt/CF from Ops. 3.12.41.95.81.9-14.35.78.4-121.6-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 13.8%4.5%9%6.4%
Adj EPS 20.2%10.1%6.5%-15.4%
BVPS24.3%31.2%45.4%6.5%
Share Price - - - -23.8%

Key Financial Parameters

Mar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25TTM
Return on
Equity %
11.810.710.317.4202.221.227.913.87.811.6
Op. Profit
Mgn %
9.68.87.77.98.89.212.216.21614.915.8
Net Profit
Mgn %
2.82.62.22.93.60.85.17.27.35.88.5
Debt to
Equity
0.90.80.70.90.70.90.90.90.20.20
Working Cap
Days
164145130117126225155181215213128
Cash Conv.
Cycle
1211027862571139610914317699

Profit And Loss

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Sales4575406921,0441,1766771,1291,3511,3741,462
Operating Expenses + 4144936389611,0726159911,1321,1541,244
Manufacturing Costs101416270031444847
Material Costs333393507734846447738818810846
Employee Cost 182431451058599133157191
Other Costs 52628615512183124136139160
Operating Profit 4447538310462138219219218
Operating Profit Margin (%) 9.5%8.8%7.7%7.9%8.8%9.2%12.2%16.2%16.0%14.9%
Other Income + 000132482424
Exceptional Items 0000000000
Interest 19171820282734526047
Depreciation 68914262931414853
Profit Before Tax 1923274953777134135143
Tax 69111911220363457
Profit After Tax 13141530425589810185
PAT Margin (%) 2.8%2.6%2.2%2.9%3.6%0.8%5.1%7.2%7.3%5.8%
Adjusted EPS (₹)1.11.21.32.63.60.44.88.16.95.8
Dividend Payout Ratio (%)0%0%0%0%0%0%0%0%14.60%17.30%

Valuation of Sai Silks (Kalaman) - Standalone

YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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YTD 1Y 3Y 5Y 10Y Max
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Analyst's Notes

data not found
No data found!

Balance Sheet

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25

Equity and Liabilities

Shareholders Fund + 1251391591892322433013971,0631,132
Share Capital 23232323232424242929
Reserves 1021161351662082192773731,0331,102
Debt +9898102158153197239313241155
Long Term Debt2315440355749652318
Short Term Debt758398118118140191247218137
Minority Interest0000000000
Trade Payables1926801421701081292305927
Others Liabilities 50365277139118173281279328
Total Liabilities 2902983925666936658421,2201,6421,641

Fixed Assets

Net Fixed Assets +7382113152251225249379414465
Gross Block97113153207291294347464547626
Accumulated Depreciation2431405440699785133161
CWIP 1000020020
Investments 0000000000
Inventories175175226341372367476690723778
Trade Receivables1246222333
Cash Equivalents flag 3222123234750402295
Others Assets 373847464646689997100
Total Assets 2902983925666936658421,2201,6421,641

Cash Flow

(All Figures are in Crores.)
PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Cash Flow From Operating Activity + 3545593085-154641-21107
PBT 1923274953777134135143
Adjustment 25252734576168909590
Changes in Working Capital -3212-45-1-79-98-137-204-87
Tax Paid -6-5-6-8-23-5-2-46-47-39
Cash Flow From Investing Activity + -31-27-49-47-47-18-42-60-332118
Capex -27-16-40-53-47-6-25-60-41-53
Net Investments 0000-3-14-20-7-312148
Others -4-10-9631372223
Cash Flow From Financing Activity + -6-17-1037-4519115393-184
Net Proceeds from Shares 2105106005650
Net Proceeds from Borrowing 5-9-1136-623-917-43-5
Interest Paid -16-17-18-20-26-27-27-43-52-40
Dividend Paid 000000000-15
Others -1691520-13173742-77-124
Net Cash Flow -11019-7-144-44041

Financial Ratio

PARTICULARSMar'16Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25
Ratios
ROE (%)11.8310.710.317.43202.1621.2227.9613.827.78
ROCE (%)17.3516.6417.3321.9621.378.1221.7628.5218.8814.48
Asset Turnover Ratio1.681.8422.181.8711.51.310.960.89
PAT to CFO Conversion(x)2.693.213.9312.02-30.790.42-0.211.26
Working Capital Days
Receivable Days111.501.801.201.100.700.600.800.70
Inventory Days137118.30105.7099.10110.60199136.30157.50187.70187.40
Payable Days20.4020.8038.2055.2067.30113.4058.6080.1065.2018.50

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Top 5 Mutual Funds Holding

Last Visited Stocks

Announcements

Sai Silks (Kalamandir) Ltd FAQs

The current trading price of Sai Silks (Kalaman) on 04-Jun-2026 16:59 is ₹105.4.

Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 03-Jun-2026 the market cap of Sai Silks (Kalaman) stood at ₹1,616.5 Cr

The latest P/E ratio of Sai Silks (Kalaman) as of 03-Jun-2026 is 11.47.

The latest P/B ratio of Sai Silks (Kalaman) as of 03-Jun-2026 is 1.28.

The 52-week high of Sai Silks (Kalaman) is ₹222.9 and the 52-week low is ₹89.80.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Sai Silks (Kalaman) is ₹1,654 ( Cr.) .

Past 10 year's financial track record analysis by Moneyworks4me indicates that Sai Silks (Kalamandir) Ltd is a good quality company.

The key valuation ratios of Sai Silks (Kalamandir) Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Sai Silks (Kalamandir) Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

About Sai Silks (Kalamandir) Ltd

The company’s business was started as a partnership firm under the name and style of “Sai Silks” on August 10, 2005 with Nagakanaka Durga Prasad Chalavadi and Jhansi Rani Chalavadi as its partners. Subsequently, Kalyan Srinivas Annam and Subash Chandra Mohan Annam joined the partnership firm on April 1, 2006 and Suchitra Annam, Sowjanya Annam and Venkata Rajesh Annam joined on March 4, 2008. Further, the name of the partnership firm was also changed to “Sai Silks (Kalamandir)” on March 4, 2008 to incorporate the brand in its name. The partnership firm was subsequently converted into a private limited company and a certificate of incorporation was obtained dated July 3, 2008 under the name and style of ‘Sai Silks (Kalamandir) Private Limited’ from the Registrar of Companies, Andhra Pradesh at Hyderabad. The company was further converted into a public limited company pursuant to a special resolution passed by its Shareholders on May 14, 2009 and a fresh certificate of incorporation consequent upon conversion to public limited company was obtained on May 21, 2009 from the Registrar of Companies, Andhra Pradesh. The name of the company was changed to its present name, ‘Sai Silks (Kalamandir) Limited.

The company is amongst the top 10 retailers of ethnic apparel, particularly sarees, in south India in terms of revenues and profit after tax in Fiscal 2020, 2021 and 2022. Through its four store formats, i.e., Kalamandir, VaraMahalakshmi Silks, Mandir and KLM Fashion Mall, it offers its products to various segments of the market that include premium ethnic fashion, ethnic fashion for middle income and value-fashion, with a variety of products across different price points, thereby catering to customers across all market segments. It leverages its store network of 54 stores as of July 31, 2023, to focus on spreading India’s vibrant culture, traditions and heritage by offering a diverse range of products which includes various types of ultra-premium and premium sarees suitable for weddings, party wear, as well as occasional and daily wear; lehengas, men’s ethnic wear, children’s ethnic wear and value fashion products comprising fusion wear and western wear for women, men and children. Today, it offers one of the widest portfolios of saree SKUs among women’s apparel brands in India. With large retail outlets that provide customers a wide variety of options in ethnic wear across various price points.

Business area of the company

The company provides ethnic apparel and value-fashion products. Inspired by India's vibrant culture, traditions, and heritage, the company offers a diverse range of products which includes various types of ultra-premium and premium sarees suitable for weddings, party wear, occasional and daily wear, lehengas, men's ethnic wear, children's ethnic wear and value fashion products comprising fusion wear and western wear for women, men and children. 

Key Awards, Accreditations and Recognition

  • 2012: Awarded as Master Brand by CMO Council & CMO Asia.
  • 2012: Awarded as Best CSR Practice to Kalamandir Foundation by Responsible Business Award & World CSR Day.
  • 2012: Recognized as Retailer of the Year in Traditional Fashion & Lifestyle Retailing by Asia Retail Congress
  • 2013: Recognized as Indian Power Brands by Planman at the Power Brands Glam by IIPM Think Tank.
  • 2013: Awarded as the Most Admired Regional Fashion Retailer of the Year – South India at the IMAGES Fashion Awards.
  • 2013: Awarded as Arch of Excellence by All India Achievers Conference.
  • 2015: TV5 Business Leaders Award – Retailer of the Year (Retailing Apparels) by TV5 News
  • 2015: Awarded as Retail Designer of the Year by Franchise India
  • 2015: Awarded as Most Admired Regional Fashion Retailer of the Year – South by Indian Fashion Forum at the IMAGES Fashion Awards
  • 2015: Recognized as Pioneer in Ethnic Retail Business by Asia Retail Congress.
  • 2015: Indian Fashion Apparel Speciality Store Award by VM & RD Retails Awards 2015.
  • 2015: Award for Retail Icon Award for Best Silk Showroom by Times of India at the Times Business Awards.
  • 2016: Fast 50 India’s Fastest Growing Brand Award for Brand Kalamandir by World Consulting & Research Corporation, Asia.
  • 2016: Times Retail Icon Award for Best Silk Showroom & Best Family Store by Times of India at the Times Business Awards.
  • 2017: Award for Best Silk Showroom & Best Family Store by Times of India at the Times Business Awards
  • 2017: Fast 50 India’s Most Promising Brand Award in Retail category by World Consulting & Research Corporation, Asia.
  • 2018: Award for Most Admired Retailer of the Year Store Design and VM by Indian Fashion Forum at the IMAGES Fashion Awards.
  • 2019: Award for the Most Admired Affordable Fashion Retailer of the Year – Regional by Indian Fashion Forum at the IMAGES Fashion Awards.
  • 2019: Award for Best Silk Showroom & Best Affordable Fashion Brand by Times of India at the Times Business Awards.
  • 2020: Award for the Best Silk Showroom, the Best Affordable Fashion Brand and the Best Designer Saree Showroom in the Retail category by Times of India at the Times Business Awards.
  • 2021: Fit and Fab Award by Global Spa.
  • 2021: Times Retail Icon Award for Best Silk Showroom, Best Affordable Fashion Brand and Best Designer Saree Showroom by Times of India.
  • 2022: Most Admired Company of the Year (Apparel) by CMO Global.
  • 2022: Best Ethnic Fashion Retail Group by Times Business Awards Hyderabad – 2022.
  • 2022: Awarded as The Best of South Awards 2022 by e4m Pride of India Brand.

Major events and milestones

  • 2005: Started the business as a partnership firm on August 10, 2005 under the name and style of “Sai Silks”.
  • 2005: Launched the first retail outlet in Ameerpet, Hyderabad.
  • 2008: Converted the partnership firm into a private limited company on July 3, 2008 under the name and style of ‘Sai Silks (Kalamandir) Private Limited’.
  • 2009: The company’s private limited company was converted into a public limited company and received fresh Certificate of Incorporation on May 21, 2009.
  • 2011: Launched ‘Varamahalakshmi’ through the first store in July 31, 2011.
  • 2011: Launched the brand ‘Mandir’ through the first store launched in February 13, 2011.
  • 2011: Entered into registered user license agreement for the brand name “Kalamandir” with Jhansi Rani Chalavadi which was subsequently assigned to I-ONE Investment Private Limited at a consideration of Rs 25.33 million.
  • 2016: SSKL Scheme was approved pursuant to which I-ONE Investments Private Limited was amalgamated into the Company in order to acquire the brand “Kalamandir”, amongst other things.
  • 2017: Expansion of brand KLM Fashion Mall to 19 stores with the first store launched in 2017.
  • 2020: Launching of e-commerce platform.
  • 2022: The company entered into a business assets transfer agreement dated April 1, 2022 with Sai Retail India Limited in order to acquire the business assets related to its apparel business.
  • 2022: Launched ‘Kalamandir Royale’, an extension of our Kalamandir format in which it offers products with higher price points and more exclusive collections.
  • 2022: Launched ‘Valli Silks’, a combination of KLM Fashion Mall and VaraMahalakshmi Silks store formats.

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