Sai Silks (Kalamandir) Ltd(KALAMANDIR)

NSE: KALAMANDIRBSE: 543989

₹ 67.37-3.89%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,033 crWebsite: www.sskl.co.inUpdated: 24 Oct 2026

About

Sai Silks (Kalamandir) Limited is a South India-focused specialty retailer of ethnic wear - sarees, dress materials and allied categories - operating four store formats: Kalamandir, Varamahalakshmi Silks (VML), KLM Fashion Mall and Valli Silks. The company reported FY26 revenue of ₹1,653.67 crore and PAT of ₹140.92 crore, operating 83 stores across 8,14,499 sq ft as of Q1 FY27. It is effectively debt-free and funds expansion entirely from internal accruals.^[1][2][3]

Store formats and revenue mix

Varamahalakshmi Silks (VML) and Valli combined contributed 52% of total revenue in FY26; VML's share within the combined pie is growing.^[3]
KLM Fashion Mall saw a revenue decline of ~3% in FY26, concentrated in Telangana where over 60 - 65% of KLM stores are located.^[3]
Valli Silks, a smaller-format (3,000 - 3,500 sq ft) digital-first entry-level concept, scaled to 11 stores by end of FY26 and operated at productivity comparable to or better than Kalamandir.^[2][4]
KLM carries men's and kids' wear (~12% of mix in Q3 FY26, down from ~15% prior year) alongside sarees; VML and Kalamandir are saree-led formats.^[5]

Retail footprint

Total network stood at 83 stores across 8,14,499 sq ft as of Q1 FY27, with an average store area of 9,813 sq ft.^[2]
H1 FY27 added 4 new stores (56,000 sq ft) in Karnataka and Andhra Pradesh, taking total retail space to 8.20 lakh sq ft as at 30 September 2026.^[6]
FY26 added 13 new stores and 1 extension store (78,618 sq ft gross, ~69,000 sq ft net), expanding from 68 to 81 stores across 5 states and 24 cities.^[3]
One KLM Fashion Mall store in Telangana is confirmed for permanent closure after a downsizing initiative failed to revive performance; a second KLM store is under monitoring as of Q1 FY27.^[2]

Key operating metrics

Same-store sales growth (SSSG) was -7.5% to -7.8% in Q1 FY27, impacted by one full month of Adhik Maas (May 17 - June 15) and KLM underperformance in Telangana; full-year FY26 SSSG was +3%.^[2][3]
Average revenue per sq ft was ₹21,070 in FY26; average revenue per store was ₹204 mn in FY26.^[2]
Gross margin held at 41.93% in Q1 FY27 (vs 42.07% in Q1 FY26); full-year FY26 gross margin was 42.07%, up 29 bps YoY.^[2][3]
Rent-to-revenue ratio was maintained at ~4% in Q2 FY26 despite expansion into higher-rent geographies, versus an industry norm of 8 - 9%.^[4]
VML stores in Tamil Nadu averaged ₹37,000 - 37,500 per sq ft in Q3 FY26, up from ~₹35,000 in Q2 FY26, against an optimal target of ₹45,000 - 50,000.^[5][4]

Geographic presence

Telangana revenue was ~₹500 crore in FY26 versus ~₹600 crore in FY23; Andhra Pradesh was flat at ~₹474 crore in FY26, with KLM concentration dragging both states.^[3]
Karnataka grew 27% in FY26 and is now the leading geography for new store additions, with 15 Kalamandir stores as of Q1 FY27.^[3][2]

Distribution and channel strategy

The company operates an offline-first model; marketplace channels (Amazon, Myntra) have been explicitly ruled out due to commission structures of 20 - 45% that are incompatible with existing gross margins.^[2]
Ad spend is targeted at under 2.5% of sales for advertising alone and under 4% including all business promotion; total A&P was reduced by ~₹10 crore in FY26 versus FY25.^[5][3]

Expansion and capex

FY27 net retail sq ft addition target is ~1,00,000 sq ft, with potential upside of 10,000 - 15,000 sq ft in Q4 to be confirmed; H1 FY27 cumulative addition is targeted at ~58,000 - 60,000 sq ft.^[2]
FY27 format mix for new openings is ~60% Kalamandir (Karnataka-focused) and ~40% Varamahalakshmi; no new KLM stores are planned for FY27.^[3]
Entry into Pune (Maharashtra) is confirmed for Q4 FY27 or early Q1 FY28; Kerala is also being actively explored.^[2]
Against an IPO target of 1,42,500 sq ft, the company added approximately 90,000 - 1,00,000 sq ft of additional retail area over and above the original target using the same fund allocation.^[2]
Valli Silks next expansion wave is paused for 1 - 3 quarters to address rent-to-revenue economics at smaller format sizes; pipeline is planned for Q4 FY27 and beyond.^[2]

New product initiatives

Fashion jewellery is being phased into Kalamandir and KLM stores, beginning with the 2 new Kalamandir stores opened in Q4 FY26; space is reallocated from existing floor area to improve productivity per sq ft.^[2]
Innerwear within KLM stores has a 20% YoY growth target for FY27.^[2]

Recent developments

Ms. Shilpa Kotagiri was appointed Company Secretary and Compliance Officer effective 1 October 2026, replacing Mr. Bhaskar Teja who resigned on 16 September 2026.^[7]
The timeline for utilisation of ₹20.27 crore in balance IPO proceeds (earmarked for warehouses) was extended to 31 March 2027 from the earlier deadline.^[7]
H1 FY27 turnover was ₹809 crore versus ₹823 crore in H1 FY26; Q2 FY27 turnover was ₹434 crore versus ₹444 crore in Q2 FY26.^[6]
ROE improved from 7.78% to 11.78% and ROCE from 13.7% to 16.7% in FY26; the company turned effectively debt-free and expects no borrowings for the next 2 - 3 years.^[3]

Market Cap

₹1,033 Cr

High / Low

₹223 / 73

Stock P/E

8.2

Price / Book

0.9

Book Value

₹82

EPS

₹9.2

No. of Shares

15.34 Cr

ROCE

15.7%

ROE

11.8%

OPM

13.2%

Debt / Equity

0.02

Sales

₹1,654 Cr

Net Profit

₹141 Cr

Promoter holding

61.0%

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