Sai Silks (Kalamandir) Limited (SSKL) is one of South India's largest ethnic apparel retailers, primarily focusing on sarees and ethnic fashion across premium, ultra-premium, and value segments. It operates 69 stores across Telangana, Andhra Pradesh, Karnataka, Tamil Nadu, and Pondicherry. The company has built a strong presence in the ethnic apparel market, serving customers through multiple store formats and channels.
The company serves the wedding, festive, party, and daily wear segments for women, men, and children through offline and online channels. Through its four store formats—Kalamandir, VaraMahalakshmi Silks, Mandir, and KLM Fashion Mall—the Company offers products to various market segments including premium ethnic fashion, ethnic fashion for middle income, and value-fashion.
The business of Sai Silks (Kalamandir) Limited was started as a Partnership Firm under the name of "Sai Silks" on August 10, 2005, with Nagakanaka Durga Prasad Chalavadi and Jhansi Rani Chalavadi as its Partners. Subsequently, the name of the Firm was changed to "Sai Silks (Kalamandir)" on March 4, 2008. The status of the Firm was further converted into a Private Limited Company vide Certificate of Incorporation 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 became a Public Limited Company on May 21, 2009, and the name of the Company was changed to `Sai Silks (Kalamandir) Limited`.
The company has undergone several strategic transformations over the years. On August 18, 2016, the High Court of Hyderabad sanctioned the amalgamation of I-ONE Investments Private Limited with the Company and made it effective from October 1, 2015. Accordingly, the entire business undertaking of I-ONE Investments Private Limited was transferred to and vested into the Company as a going concern.
The company has been actively expanding its retail footprint across South India. It expanded the brand `KLM Fashion Mall` to 18 stores, with the first store launched in 2017. In 2022, the Company launched the `Kalamandir Royale` store and thereafter, launched `Valli Silks`, a combination of KLM Fashion Mall and VaraMahalakshmi Silks store formats.
Recent expansion activities include Sai Silks (Kalamandir) opening its 69th store under the Kanchipuram Varamahalakshmi Silks format, located at Davanagere, Karnataka, on June 13, 2025. The company also opened its 65th store under the format of Kanchipuram Varamahalakshmi Silks at Anna Salai Road, Pondicherry, on December 20, 2024.
The company's financial performance has shown mixed results in recent periods. For the full year, net profit declined 15.35% to ₹85.39 crore in the year ended March 2025, as against ₹100.87 crore during the previous year ended March 2024. Sales rose 6.44% to ₹1,462.01 crore in the year ended March 2025, as against ₹1,373.55 crore during the previous year ended March 2024.
- Revenue (FY25): ₹1,462.01 crore (vs ₹1,373.55 crore in FY24)
- Net Profit (FY25): ₹85.39 crore (vs ₹100.87 crore in FY24)
- Revenue Growth (FY25): 6.44%
- Net Profit Decline (FY25): 15.35%
- Market Capitalization: ₹2,371 Crore (as reported by Screener) / ₹2,278.03 Crore (as of July 11, 2025)
- PE Ratio: 27.32 (as of July 02, 2025)
- Dividend Yield: 0.65 (current reporting)
Net profit of Sai Silks (Kalamandir) declined 52.98% to ₹13.51 crore in the quarter ended March 2025, as against ₹28.73 crore during the previous quarter ended March 2024. Sales rose 10.90% to ₹398.84 crore in the quarter ended March 2025, as against ₹359.64 crore during the previous quarter ended March 2024.
The company showed stronger performance in Q3 FY25, with net profit of Sai Silks (Kalamandir) rising 43.90% to ₹46.02 crore in the quarter ended December 2024, as against ₹31.98 crore during the previous quarter ended December 2023. Sales rose 17.29% to ₹448.56 crore in the quarter ended December 2024, as against ₹382.45 crore during the previous quarter ended December 2023.
In Q4 FY '25, the company demonstrated resilience with an 11% revenue increase, driven by a recovery in the Indian ethnic wear market, particularly during the wedding season. Despite facing challenges such as a 1.5% decline in same-store sales and rising employee costs, management remains optimistic about future growth, targeting a revenue of INR 1,750 crores for FY '26.
Strategic retail expansion, including the addition of 67,000 square feet of space, aims to enhance brand visibility and capitalize on untapped market potential. Efforts to optimize inventory and improve operational efficiencies are underway, with a focus on leveraging digital marketing to boost customer engagement and loyalty, particularly in the bridal segment.
Sai Silks (Kalamandir) announced that the Board of Directors of the Company at its meeting held on May 16, 2025, inter alia, have recommended a final dividend of ₹1 per equity Share (i.e., 50%), subject to the approval of the shareholders.
The company operates in a specialized niche of ethnic apparel retail, with a strong regional presence in South India. The company has delivered a poor sales growth of 4.46% over the past five years. However, the company is cautiously optimistic about navigating market dynamics while enhancing profitability through strategic initiatives.
Analysts maintain a positive outlook, with 100% of analysts recommending a 'BUY' rating for Sai Silks (Kalamandir) Ltd. The average target price is ₹150. The company's focus on expanding its store network and improving operational efficiency positions it well for future growth in the ethnic apparel segment.
