Any current/future new fundraising through debt or equity?

The company has mentioned issuing cumulative non-convertible redeemable preference shares, but the regulatory approvals are still pending. The timeline for this issuance approval is estimated to be about 9 to 12 months from the previous announcement, expected sometime in the current year (2025). There is no confirmation yet on new equity fundraising; the company is waiting for regulatory approvals before starting the process. Regarding debt, the company has been prudently reducing its debt using free cash flows and aims to remain nearly net debt-free. Short-term borrowing is done opportunistic

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

FY '25 capital expenditure was INR143 crores mainly for installation of looms, balancing equipment, solar energy facilities, land and building investments. Solar investment in FY '25 was about INR8 crores, yielding cost savings of INR3 to INR3.5 per unit. For FY '26, planned capex includes approximately INR50 crores for opening 35 new retail stores and INR40-50 crores for maintenance capex in the traditional business. New retail stores (ZECODE and DEVO) focus on larger store formats (7,000 to 10,000 sq ft for ZECODE, 2,000 to 4,000 sq ft for DEVO) to improve consumer experience. Expans

Future growth expectations in sales/revenue/volumes?

Siyaram Silk Mills expects a top-line growth of about 10% to 12% for FY '26, covering all business segments including core and retail. EBITDA margin guidance is approximately 14% for FY '26 despite expected losses from new retail store expansions. New retail formats ZECODE and DEVO are nascent and currently contribute minimal revenue, but significant growth is anticipated as store openings increase. Expansion plans include opening approximately 35 new retail stores in FY '26, focused on larger store formats (7,000 to 10,000 sq. ft for ZECODE; 2,000 to 4,000 sq. ft for DEVO). Traditiona

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

The company expects a top-line growth of about 10% to 12% in FY '26 across all segments. EBITDA margin guidance for FY '26 is around 14%, with traditional business being strong enough to maintain overall margins despite some losses from new retail ventures. New retail formats (ZECODE and DEVO) are in the nascent stage and currently contribute minimally but are expected to grow with store expansions. Expansion plans include opening 35 new stores in FY '26, alongside ongoing focus on operational efficiencies and like-to-like growth in existing stores. The company aims to maintain stable

Current/ Expected Orderbook/ Pending Orders?

The transcript does not explicitly mention the current or expected order book or pending orders for Siyaram Silk Mills Limited. There is no direct reference to backlog or pending orders during the Q&A or management commentary. The management discussed investments, store openings, and business expansion plans but did not disclose specific order book figures. They indicated healthy sales in Q4 and routine increases in trade receivables due to strong quarterly sales. The company remains optimistic about gradual demand recovery and growth but did not quantify pending or future orders.

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Siyaram Silk Mills LtdQ1 FY25Textiles & Apparels

Siyaram Silk Mills Ltd Q1 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

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

→Siyaram Silk Mills expects a top-line growth of about 10% to 12% for FY '26, covering all business segments including core and retail.
→EBITDA margin guidance is approximately 14% for FY '26 despite expected losses from new retail store expansions.
→New retail formats ZECODE and DEVO are nascent and currently contribute minimal revenue, but significant growth is anticipated as store openings increase.
→Expansion plans include opening approximately 35 new retail stores in FY '26, focused on larger store formats (7,000 to 10,000 sq. ft for ZECODE; 2,000 to 4,000 sq. ft for DEVO).
→Traditional fabric and garment businesses continue to contribute strongly to growth, with new retail stores expected to gradually enhance revenues over coming quarters.
→Focus on operational efficiency and improved consumer experience aims to drive sustainable revenue and volume growth over time.

Margin guidance

Category 3

→The company expects a top-line growth of about 10% to 12% in FY '26 across all segments.
→EBITDA margin guidance for FY '26 is around 14%, with traditional business being strong enough to maintain overall margins despite some losses from new retail ventures.
→New retail formats (ZECODE and DEVO) are in the nascent stage and currently contribute minimally but are expected to grow with store expansions.
→Expansion plans include opening 35 new stores in FY '26, alongside ongoing focus on operational efficiencies and like-to-like growth in existing stores.
→The company aims to maintain stable profitability while investing in growth and marketing, with an emphasis on controlling costs and improving productivity.
→Despite some short-term losses from new formats, confidence remains in sustaining a PAT growth trajectory consistent with previous years (7.6% YoY increase in FY '25).

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Fundraise plans

→The company has mentioned issuing cumulative non-convertible redeemable preference shares, but the regulatory approvals are still pending.
→The timeline for this issuance approval is estimated to be about 9 to 12 months from the previous announcement, expected sometime in the current year (2025).
→There is no confirmation yet on new equity fundraising; the company is waiting for regulatory approvals before starting the process.
→Regarding debt, the company has been prudently reducing its debt using free cash flows and aims to remain nearly net debt-free.
→Short-term borrowing is done opportunistically at cheaper rates as and when required, with net debt around INR 22 crores presently.
→No explicit plans disclosed for large-scale new debt raising; focus remains on prudent balance sheet management.

Order book

→The transcript does not explicitly mention the current or expected order book or pending orders for Siyaram Silk Mills Limited.
→There is no direct reference to backlog or pending orders during the Q&A or management commentary.
→The management discussed investments, store openings, and business expansion plans but did not disclose specific order book figures.
→They indicated healthy sales in Q4 and routine increases in trade receivables due to strong quarterly sales.
→The company remains optimistic about gradual demand recovery and growth but did not quantify pending or future orders.

Capex plans

Yes

→FY '25 capital expenditure was INR143 crores mainly for installation of looms, balancing equipment, solar energy facilities, land and building investments.
→Solar investment in FY '25 was about INR8 crores, yielding cost savings of INR3 to INR3.5 per unit.
→For FY '26, planned capex includes approximately INR50 crores for opening 35 new retail stores and INR40-50 crores for maintenance capex in the traditional business.
→New retail stores (ZECODE and DEVO) focus on larger store formats (7,000 to 10,000 sq ft for ZECODE, 2,000 to 4,000 sq ft for DEVO) to improve consumer experience.
→Expansion emphasizes a company-owned, company-operated (COCO) model initially for better market testing and control, with potential franchise model in the future for scaling.
→Future solar investments and sustainability initiatives are planned to continue, considering internal payback period assessments.
→Capital subsidy/grants pending around INR6-7 crores to be accounted for upon receipt.

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