Sai Silks Q1 FY27 Results (NSE: KALAMANDIR)
Signal: Revenue declined
The read
Q1FY27 revenue declined 1% YoY and 10.5% QoQ, net profit dropped 14.7% YoY and 21.5% QoQ, with EBITDA margin compressing 123bps YoY to 15.34%; stable gross margin (~42%) suggests volume weakness rather than pricing pressure; board declared final dividend of ₹1.50/sh (record Aug 3).
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹375.08 Cr | -1.04% | -10.5% |
| Net profit | ₹25.64 Cr | -14.7% | |
| EPS | ₹1.74 | ||
| EBIT margin | 15.34% |
P&L walk
Revenue declined YoY and sharply QoQ; gross margin stable at ~42%, but EBITDA margin fell 123bps YoY to 15.34% as employee cost and depreciation grew faster than revenue; PAT decline of 14.7% YoY matched EPS decline, no dilution.
Segments
The company operates a single segment (textile retail); no segment breakdown.
Key positives
- Gross margin stable at 41.9% indicating pricing control.
- Final dividend of ₹1.50/sh declared (yield ~1.5% on CMP ₹99.8).
- Low debt (D/E 0.29) and unmodified audit opinion.
- IPO capex utilisation partly deployed (₹116.23 Cr of ₹125.08 Cr for stores, ₹5.12 Cr of ₹25.40 Cr for warehouses).
Key concerns
- Revenue declined YoY for the first time in recent quarters, accelerating QoQ drop of 10.5%.
- Profit declined faster than revenue (PAT -14.7% YoY) due to fixed cost deleverage.
- EBITDA margin fell 123bps YoI to 15.34%; employee and depreciation costs rising.
- No clarity on volume vs footfall trends; store-level data not disclosed.
Research and educational content only. Not investment advice.