Sai Silks (Kalamandir) Limited (KALAMANDIR) share price

₹77.01 on NSE as of 2026-10-07. -0.45% on the day. market cap ₹1,181 Cr. P/E 8.3. 52-week range ₹74.37 to ₹200.35. Consumer Services.

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Sai Silks (Kalamandir) Q1 FY27: Revenue Flat at ₹375 Cr, PAT Down 15%, and a Rating Agency That Walked Away

At a glance

Sai Silks (Kalamandir) sells sarees and other ethnic clothing across south India. Revenue for the three months to June 2026 was ₹375 crore. That is 1% below the ₹379 crore of a year earlier. It is 10.5% below the ₹419 crore of the March 2026 quarter. Net profit was ₹25.6 crore, down 14.7% on a year earlier. Against the March quarter, profit fell 21.5%. Operating profit, which is what trading leaves before interest, tax and depreciation, was ₹51.9 crore. That works out at a margin of 13.8%, against 15.1% a year earlier.

Management attributed the softness to Adhik Maas, an inauspicious month in the Hindu calendar, falling almost entirely inside the quarter. They also pointed to same-store sales growth of roughly -7.5% to -7.8%. Same-store sales count only the shops open in both periods. Management said the decline was heavily driven by degrowth at the KLM Fashion Mall format. On the call, the company described itself as debt-free. The balance sheet of March 2026 carries ₹361 crore of borrowings.

Separately, in January 2026 India Ratings, a credit-rating agency, kept the company's bank-loan facilities in the non-cooperating category and withdrew the rating. The agency stated that the issuer had stopped cooperating since July 2025.

The full year to March 2026 sits alongside all of that. Revenue for the year was ₹1,654 crore and profit after tax was ₹141 crore. The company recorded both as records.

Introduction

Sai Silks (Kalamandir) Limited started in 2005 as a partnership firm in Hyderabad. It sells ethnic apparel across south India, and the business is built almost entirely around the saree. Western wear and other clothing sit alongside it in the value format. The firm converted to a public company and listed on the BSE and NSE in September 2023. That issue raised ₹1,201 crore. ₹600 crore of it was a fresh issue, earmarked for new stores and warehouses. The remainder of that fresh money was set aside for working capital and repaying debt.

The company runs five store formats, each aimed at a different budget. The range runs from a ₹200 daily-wear saree to a ₹3.5 lakh designer piece. The oldest name, Kalamandir, dates from the founding year. Mandir and Varamahalakshmi both followed in 2011. KLM Fashion Mall arrived in 2017, and Valli, the newest, in 2025. The shops sit in Telangana, Andhra Pradesh and Karnataka. Tamil Nadu and Puducherry complete the map.

As of 30 June 2026 the company operated 83 stores across 24 cities. Selling space came to about 8.14 lakh square feet. The company employed 6,315 people. Management puts the customer base at 8.07 million.

The corporate diary has been dense. On 12 May 2026 the board approved the results for the year to March 2026. The same meeting cleared a final dividend of ₹1.50 a share. It appointed Bharadwaj Rachamadugu as chief executive. An independent director resigned at that point too. On 15 July the board approved the results for the three months to June 2026. It reappointed the auditors, Sagar & Associates, for a second term of five years. The same meeting set the annual general meeting for August.

Business model

They sell sarees. Then they sell more sarees, at another price, under another sign.

The five formats are arranged by budget. Kalamandir, from 2005, is the middle-income workhorse, carrying Tusser, Kota and Georgette. Its prices run from roughly ₹1,000 to ₹1,00,000, across 12 stores. Mandir, from 2011, is the ultra-premium boutique, selling Banarasi, Patola and Paithani. Prices there reach ₹3.5 lakh, from three stores in Telangana alone. Varamahalakshmi, also from 2011, is the wedding and occasion brand. It is the largest format, at 38 stores. KLM Fashion Mall, from 2017, is the value end, with ₹200 sarees and western wear. It has 19 large-format stores. Valli, opened in 2025, sells entry-level powerloom silk from ₹250. Its 11 stores exist to test unit economics, meaning what one shop earns against what it costs to run.

Every store is company-owned and company-operated. Sai Silks therefore owns all the inventory sitting on all of those shelves. That inventory is spread over about 8.14 lakh square feet of selling space. Sarees alone brought 71.5% of revenue in the year to March 2025.

The systems are built in-house. An ERP keeps stock, sales and accounts in one place. The company uses artificial intelligence and machine learning to read design trends. Its own websites run live video shopping, where a shopper is shown items over a video call.

E-commerce stays deliberately small. Management refuses Amazon and Myntra, citing marketplace commissions of 20 to 45% and high rates of return. Management says roughly 95 to 96% of sales are made at full price.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Sai Silks (Kalamandir) Limited.

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