Siyaram Silk Mills Ltd(SIYSIL)

NSE: SIYSILBSE: 503811

₹ 477.9-2.45%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 8,673 crNext results: 27 Oct 2026Website: www.siyaram.com/Updated: 24 Oct 2026

About

Siyaram Silk Mills Limited, incorporated in 1978, manufactures and markets fabrics, readymade garments and dyed yarn, holding a market-leading position in India's poly-viscose fabric market. The company operates 11 manufacturing plants across Tarapur, Daman, Amravati and Silvassa, and distributes across 36 states and union territories and 21 countries. Total income for FY26 reached ₹2,653 crores, crossing the ₹2,500 crore milestone, with fabrics at 78% of turnover, readymade garments at 16% and dyed yarn at 6%.^[1][2][3]

Business segments

Fabrics contributed 78% of total turnover in FY26, readymade garments 16% and dyed yarn 6%.^[1]
In Q1 FY27, revenue mix shifted to fabrics 71%, garments 19% and yarn & others 10%, reflecting garment segment growth.^[4]
Fabric segment volume grew ~10% and value ~11% in FY26, outperforming the broader fabric market.^[2]
Garment revenue grew 31.7% in FY26, while fabric revenue grew 11.7% over the same period.^[4]

Brands and products

Fabric brands include Siyaram's, J. Hampstead and Cadini; garment brands include Oxemberg, J. Hampstead and Mistair.^[1]
ZECODE is a fast-fashion retail brand; DEVO is a modern ethnic wear retail brand launched in Delhi and Uttar Pradesh with expansion planned across North India.^[1]
The company uses poly-viscose as a substitute fibre for cotton, providing cost-efficiency and durability while reducing exposure to cotton price volatility.^[1]

Manufacturing capacity

As of March 31, 2026, the company operates 494 looms with 55.2 million metres of fabric capacity across 11 plants in Tarapur, Daman, Amravati and Silvassa.^[1]
Garmenting capacity stands at 490 machines with 2.0 million pieces per year as of March 31, 2026.^[1]
Additional capacity includes 2.4 million kg knitted fabric and 4.8 million kg indigo capacity as of March 31, 2026.^[1]
Approximately 50% of fabric production is outsourced as of Q2 FY26, with outsourcing in garments at an even higher share; ZECODE is 100% outsourced.^[5]

Key operating numbers

EBITDA margin was 8.6% in Q1 FY27 (+40 bps YoY), 17.4% in Q4 FY26 (+70 bps YoY) and 15.6% for full-year FY26 (+20 bps YoY).^[4][2]
Total income in Q1 FY27 was ₹466 crores vs ₹400 crores in Q1 FY26, a growth of 16.4% YoY.^[4]
Export share is ~10% of total turnover as of FY26, with exports to 21 countries.^[1][5]
ZECODE and DEVO combined generated ~₹30 crores of revenue in Q1 FY27, against ₹80 crores for the full year FY26.^[4][2]

Distribution and customers

The legacy business reaches 50,000 - 70,000 retailers across India as of Q2 FY26, distributed through distributors, multi-brand outlets, exclusive shops, institutional channels and online marketplaces.^[5][1]
The company is present across 36 states and union territories domestically and exports to 21 countries including the UK, Middle East, USA, Europe, Australia, Far East and Sri Lanka.^[1]
As of Q1 FY27, ZECODE has 30 stores and DEVO has 19 stores, totalling 49 company-owned retail outlets.^[4]
ZECODE is expanding geography from its Karnataka base into Tamil Nadu, Hyderabad and south Maharashtra in FY27.^[2]

Expansion and capex

FY27 total capex is guided at ~₹100 crores: ₹40 - 50 crores for retail store expansion and the balance for maintenance; all funded through internal accruals with no new debt planned.^[4][2]
Target store count of ~70 (ZECODE + DEVO combined) by end of FY27; ZECODE new stores target 6,000 - 10,000 sq ft average format.^[4][2]
ZECODE and DEVO combined retail revenue is targeted at ~₹160 crores in FY27, roughly doubling from ₹80 crores in FY26.^[4]
A one-off residential project of ~77,000 sq ft at Dombivali is underway; ~₹45 crores incremental outlay, ~₹80 crores estimated revenue, 24-month completion timeline from Q2 FY27.^[2][4]

Recent developments

NCLT Mumbai approved the CNCRPS bonus scheme on 21 July 2026; the Board declared it effective on 30 July 2026 with a record date of 22 August 2026. Issue size is ₹318 crores, issued in two series from general reserves.^[4]
FY27 full-year revenue growth guidance is ~12%, inclusive of both legacy and new retail businesses; legacy EBITDA margin guided at ~14% with retail losses dragging group EBITDA by ~150 bps.^[4]
Renewable energy target set at 15% of total electricity consumption through renewable sources by 2030.^[4]

Market Cap

₹8,673 Cr

High / Low

₹850 / 434

Stock P/E

49.5

Price / Book

8.0

Book Value

₹322

EPS

₹50.9

No. of Shares

4.54 Cr

ROCE

19.8%

ROE

16.8%

OPM

12.7%

Debt / Equity

0.22

Sales

₹2,573 Cr

Net Profit

₹231 Cr

Promoter holding

67.4%

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