Current/ Expected Orderbook/ Pending Orders?

No specific details on current or expected order book or pending orders were disclosed in the transcript. Management focused on store openings, operational efficiency, and retail expansion rather than order book metrics. The company is targeting to open 35 stores during the financial year '26, with 26 already opened by the time of the call. There was a mention of new retail business revenue guidance of approximately INR 75-80 crores for the year. Discussions primarily revolved around growth strategies, market demand, store performance, and integration of new businesses rather than order backlo

Any current/future new fundraising through debt or equity?

Siyaram Silk Mills Limited is currently in the process of completing a preferential issue; approvals from stock exchanges and SEBI have been received, and the next step is filing with NCLT. The company hopes to conclude this within the current financial year. Regarding funding for retail expansion, the company believes its free cash flow is sufficient to fund the planned growth, including opening 35 new stores in FY '26. There is no mention of any new borrowing or plans to raise debt for these expansions. Overall, the company is relying on internal accruals rather than raising new debt o

Any current/future capex/capital investment/strategic investment?

Siyaram Silk Mills Limited is focused on expanding its retail footprint with a target of opening approximately 35 stores across its two brands, ZECODE and DEVO, in the financial year 2025-26. As of Q1 FY '26, 7 stores have been opened, aiming to complete all 35 by year-end, with some stores signed and others in the process of signing. The expansion is funded through the company’s free cash flow; no additional debt is planned for these investments. The stores are a mix of sizes, with a preference for larger (6,000-10,000 sq. ft.) stores yielding better operational performance. No specific menti

Future growth expectations in sales/revenue/volumes?

Siyaram Silk Mills targets overall revenue growth of 10% to 12% for FY '26, including its new retail businesses. Fabric segment volume growth was approximately 20%, and garment segment volume growth was around 18% in Q1 FY '26. Expansion of new retail brands ZECODE and DEVO is expected to increase their contribution from the current ~3% of overall revenue. Company plans to open about 35 stores across both brands during FY '26, focusing on cluster-based expansion in Karnataka for ZECODE and North India for DEVO. Management remains optimistic about stronger demand during the upcoming festive sea

Future growth expectations in earnings/operating earnings/profits/EPS?

The company maintains a conservative full-year revenue growth guidance of 10% to 12% despite strong Q1 growth of 21%, attributing the high Q1 growth to a low base. EBITDA and PAT margins are expected to improve over the year, with efforts ongoing to improve operational efficiency in both traditional and new retail businesses. New retail ventures (ZECODE and DEVO) are in early stages; profitability at store level is expected to improve as stores mature (estimated EBITDA breakeven in 15-18 months). The apparel segment, currently about 3% of revenue, is anticipated to grow in volume and val

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Siyaram Silk Mills LtdQ2 FY25Textiles & Apparels

Siyaram Silk Mills Ltd Q2 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹645P/E: 12.6Market Cap: ₹2.6K CrSector: Textiles & Apparels

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Order

N/A

Capex

Yes

1 of 4 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

→Siyaram Silk Mills targets overall revenue growth of 10% to 12% for FY '26, including its new retail businesses.
→Fabric segment volume growth was approximately 20%, and garment segment volume growth was around 18% in Q1 FY '26.
→Expansion of new retail brands ZECODE and DEVO is expected to increase their contribution from the current ~3% of overall revenue.
→Company plans to open about 35 stores across both brands during FY '26, focusing on cluster-based expansion in Karnataka for ZECODE and North India for DEVO.
→Management remains optimistic about stronger demand during the upcoming festive season, anticipating improved consumer sentiment and purchasing.
→Export business, currently about 9-10% of revenue, is expected to grow in volume and value but remains secondary to domestic branded growth.
→Early-stage retail stores are expected to mature and contribute more significantly over time, with operational efficiencies improving gradually.

Margin guidance

Category 3

→The company maintains a conservative full-year revenue growth guidance of 10% to 12% despite strong Q1 growth of 21%, attributing the high Q1 growth to a low base.
→EBITDA and PAT margins are expected to improve over the year, with efforts ongoing to improve operational efficiency in both traditional and new retail businesses.
→New retail ventures (ZECODE and DEVO) are in early stages; profitability at store level is expected to improve as stores mature (estimated EBITDA breakeven in 15-18 months).
→The apparel segment, currently about 3% of revenue, is anticipated to grow in volume and value, increasing its share in total revenue as the brands expand.
→Long-term outlook remains positive driven by festive season demand, rising disposable incomes, and expanding retail infrastructure.
→No specific EPS guidance given, but management is focused on achieving and potentially exceeding current guidance as opportunities arise.

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Fundraise plans

→Siyaram Silk Mills Limited is currently in the process of completing a preferential issue; approvals from stock exchanges and SEBI have been received, and the next step is filing with NCLT. The company hopes to conclude this within the current financial year.
→Regarding funding for retail expansion, the company believes its free cash flow is sufficient to fund the planned growth, including opening 35 new stores in FY '26.
→There is no mention of any new borrowing or plans to raise debt for these expansions.
→Overall, the company is relying on internal accruals rather than raising new debt or equity for its current expansion plans.

Order book

→No specific details on current or expected order book or pending orders were disclosed in the transcript.
→Management focused on store openings, operational efficiency, and retail expansion rather than order book metrics.
→The company is targeting to open 35 stores during the financial year '26, with 26 already opened by the time of the call.
→There was a mention of new retail business revenue guidance of approximately INR 75-80 crores for the year.
→Discussions primarily revolved around growth strategies, market demand, store performance, and integration of new businesses rather than order backlog or pending orders data.

Capex plans

Yes

→Siyaram Silk Mills Limited is focused on expanding its retail footprint with a target of opening approximately 35 stores across its two brands, ZECODE and DEVO, in the financial year 2025-26.
→As of Q1 FY '26, 7 stores have been opened, aiming to complete all 35 by year-end, with some stores signed and others in the process of signing.
→The expansion is funded through the company’s free cash flow; no additional debt is planned for these investments.
→The stores are a mix of sizes, with a preference for larger (6,000-10,000 sq. ft.) stores yielding better operational performance.
→No specific mention was made of other capital expenditure or strategic investments beyond retail store expansion and operational improvements.
→E-commerce or omni-channel expansions are considered for the future but currently not initiated.

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