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Revenue
₹419 Cr
verification pending
Revenue YoY
5.1%
reported change
EBITDA
Pending
latest reported figure
Source
manual review required
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Sai Silks delivered a mixed Q4 FY26 with revenue of ₹419 crore (+5.1% YoY) and PAT of ₹32.65 crore (+140% YoY), driven by gross margin expansion (+37bps to 42.08%) and cost controls. Full-year revenue grew 13.1% to ₹1,654 crore with EBITDA margin expanding 128bps to 15.76%. Growth was led by the Vara Mahalakshmi format (52% of sales) and strong performance in Karnataka (+27%) and Andhra Pradesh (+15%), while Telangana remained soft due to KM format decline. Management guided for ~100,000 sq ft of retail addition in FY27 (20%+ YoY), same-store sales growth of 3-5%, and EBITDA margin improvement of at least 50bps to ~17.5-18%. Key risk: aggressive expansion into new states (e.g., Maharashtra) could pressure margins and execution bandwidth.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects at least 20% more square footage addition than FY26, targeting ~100,000 sq ft net addition, with potential upside after H1.
- Management guided for EBITDA margin to improve by at least 50 basis points from FY26's 15.76%, targeting 17.5-18%.
- The company plans to open its first store outside core markets, likely in Maharashtra, with advanced discussions underway.
- Despite new store openings and entry into new states, management expects ad spend to stay at similar percentage levels as FY26.
Risks flagged
- Telangana revenue declined from ₹600cr in FY23 to ~₹500cr in FY26, and Andhra growth is slowing. Management attributes this to KM format weakness but has not provided a concrete revival plan.
- Entering Maharashtra and opening ~100,000 sq ft of new space could increase pre-operating expenses and drag on EBITDA margins in the near term.
- Despite improvement, inventory days are still high (~180 days). Management avoided giving a specific target, citing risk of impacting sales if inventory is cut too aggressively.
- Rising gold prices may reduce wedding budgets for apparel, though management sees potential diversion from gold to sarees. Impact is uncertain.
Key quotes
- We are commanding the highest EITA margins and PAT margins. The challenge is not opening retail stores and be able to like you know be okay with reduced margins.
- We should be able to expect at least 20% more than last year square edition easily.
- It should be possible that we should at least be in the uh 17 and half to 18 guaranteed 17 and a half to 18 guaranteed.
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