Siyaram Silk Mills Ltd-$ — Q1 FY27 earnings call
Summary generated by AI from the official transcript Siyaram Silk Mills Ltd-$ filed with BSE on 05 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Siyaram Silk Mills reported Q1 FY27 total income of Rs 466 crore, up 16.4% year-on-year, with EBITDA of Rs 40 crore and PAT of Rs 11 crore, driven partly by operating leverage. Management said retail brands ZECODE and DEVO expanded to 30 and 19 stores respectively during the quarter, funded through internal accruals, with a plan to reach approximately 70 stores across both brands in FY27. The company also noted NCLT approval for a scheme to issue cumulative non-convertible redeemable preference shares as bonus to equity shareholders, with a record date of 22nd August 2026.
Numbers mentioned
Total income: INR466 crores (Q1 FY27)
p. 4
“We began FY27 on a positive note with total income increased to INR466 crores in Q1 FY27 from INR400 crores in the corresponding quarter of the previous year, representing a growth of 16.4%.”
Gaurav Poddar, page 4 of the filed PDF · View the filing
EBITDA: INR40 crores (Q1 FY27)
p. 4
“We are pleased to report an EBITDA of INR40 crores for the quarter compared to INR33 crores in the corresponding period of last year, registering year-on-year growth of 22.3%.”
Surendra Shetty, page 4 of the filed PDF · View the filing
EBITDA margin: 8.6% (Q1 FY27)
p. 4
“EBITDA margin for the quarter stood at 8.6%.”
Surendra Shetty, page 4 of the filed PDF · View the filing
Profit after tax: INR11 crores (Q1 FY27)
p. 4
“Profit after tax for the Q1 FY27 stood at INR11 crores as against INR5 crores in the quarter 1 of financial year '26 representing a year-on-year growth of 144.4%.”
Surendra Shetty, page 4 of the filed PDF · View the filing
PAT margin: 2.4% (Q1 FY27)
p. 5
“PAT margin for the quarter stood at 2.4%.”
Surendra Shetty, page 5 of the filed PDF · View the filing
Debt-to-equity: 0.24 (as on 30th June 2026)
p. 5
“Our debt-to-equity as on 30th June '26 stood at 0.24.”
Surendra Shetty, page 5 of the filed PDF · View the filing
ZECODE store count: 30 stores (Q1 FY27)
p. 3
“During the quarter, we added 3 ZECODE stores and 2 DEVO stores, taking the total store count to 30 and 19, respectively.”
Gaurav Poddar, page 3 of the filed PDF · View the filing
Retail business revenue: close to INR30 crores (Q1 FY27)
p. 8
“From the retail business, in this quarter, we've generated about close to INR30 crores of revenue.”
Gaurav Poddar, page 8 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Total store count (ZECODE + DEVO) — approximately 70 stores · FY27
stated firmly by Gaurav Poddar
p. 3
“We plan to reach approximately total 70 stores across both brands in FY27.”
Gaurav Poddar, page 3 of the filed PDF · View the filing
Retail business revenue — about INR160 crores · FY27
stated firmly by Gaurav Poddar
p. 8
“As indicated earlier as well, the full year expectation is about INR160 crores.”
Gaurav Poddar, page 8 of the filed PDF · View the filing
Capital expenditure — INR100 crores · FY27
stated firmly by Gaurav Poddar
p. 5
“The capital expenditure that we had envisaged for this year, as indicated earlier, was close to about INR100 crores with about INR40 crores to INR50 crores going into the retail project.”
Gaurav Poddar, page 5 of the filed PDF · View the filing
EBITDA margin drop from retail business — about 150 basis points · annual
stated firmly by Gaurav Poddar
p. 6
“We have already given an indication of an annual drop in EBITDA by about 150 basis points.”
Gaurav Poddar, page 6 of the filed PDF · View the filing
Revenue growth — approximately 12% · FY27
stated firmly by Gaurav Poddar
p. 11
“We have given a guidance earlier in the last quarter of about approximately 12% revenue growth with a 14% kind of EBITDA margin with a drop of 150-odd basis points of the retail business.”
Gaurav Poddar, page 11 of the filed PDF · View the filing
EBITDA margin — about 14% · FY27
stated firmly by Gaurav Poddar
p. 10
“I believe that in terms of the EBITDA guidance of about 14% that we give, we feel confident that we will remain with that kind of guidance and apart from the drop of the retail business.”
Gaurav Poddar, page 10 of the filed PDF · View the filing
Real estate project construction timeline — 24 months for completion · from this quarter
stated firmly by Gaurav Poddar
p. 8
“In this quarter, we expect to start construction, and we expect 24 months for this project to be completed.”
Gaurav Poddar, page 8 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said stores are still immature at 18 months in, that store profitability takes 1.5 to 2 years, and some stores have turned EBITDA positive though it's early to draw conclusions.
Answered by Gaurav Poddar
Asked by Yash Sedani: How is ZECODE performing on profitability and store breakeven, and how does the company view competition in the fast fashion retail space?
p. 5
“we are still about 18 months into business and stores are still not mature as yet. And we've indicated about 1.5 to 2 years for store profitability.”
Gaurav Poddar, page 5 of the filed PDF · View the filing
Management reiterated the 150 basis point annual EBITDA drop guidance and said franchising has not been considered as of now, with the company using internal capital.
Answered by Gaurav Poddar
Asked by Dixit Doshi: How much EBITDA loss is the retail business generating, and is the franchise model being considered for expansion?
p. 7
“We have not considered that as of now. Obviously, that's an opportunity available to us. At the moment, we are looking at the operational efficiency and using our own internal capital to build these stores.”
Gaurav Poddar, page 7 of the filed PDF · View the filing
Management said EBITDA and gross margins are stable and the land development entry has no net effect, cautioning against modeling the business on a single quarter.
Answered by Gaurav Poddar
Asked by Naitik: What is driving the margin expansion this quarter after excluding the land development cost?
p. 8
“I think EBITDA numbers are quite stable. If you look at the land expense, and that is just an entry that has been passed from moving into inventory to expenses. At the margin level, it remains the same.”
Gaurav Poddar, page 8 of the filed PDF · View the filing
Management noted Diwali is delayed this year by about three weeks and expressed confidence in reaching the annual guidance despite that shift.
Answered by Gaurav Poddar
Asked by Nakul Doshi: Has the company observed any changes in consumer spending patterns since the start of Q2 across premium and value segments?
p. 8
“This year, Diwali is pushed by, I think, 3 weeks or so. So we expect that delay in terms of demand.”
Gaurav Poddar, page 8 of the filed PDF · View the filing
Management described ongoing volatility in raw material costs, gradual pass-through to customers, and reaffirmed the EBITDA margin guidance.
Answered by Gaurav Poddar
Asked by Ravi Dubey: How is raw material cost inflation expected to trend through the rest of FY27 and what is the potential margin impact?
p. 10
“In the last few months, maybe 1 or 2 quarters, we've seen a lot of volatility in the global scenario, which has affected all kinds of raw materials, whether it is direct raw material or even chemicals and other things.”
Gaurav Poddar, page 10 of the filed PDF · View the filing
Management explained that redemption proceeds will be treated as dividend income for tax purposes, while a sale before redemption would be treated differently.
Answered by Surendra Shetty
Asked by Dixit Doshi: How will the new preference shares be taxed for investors?
p. 13
“But you will get it at the time of redemption. Whatever the amount you will be getting in the redemption, that will be treated as like a dividend income.”
Surendra Shetty, page 13 of the filed PDF · View the filing
Risks flagged
Wedding and occasion-led consumption moderated due to the Adhik Maas period
p. 3
“the demand environment remained stable during the quarter, although wedding and occasion-led consumption witnessed some moderation due to the Adhik Maas period, which traditionally leads to the postponement of discretionary purchases”
Gaurav Poddar, page 3 of the filed PDF · View the filing
Inflationary pressure on input costs during the quarter
p. 4
“Consumer spending also remained value conscious, while inflationary pressures on the input costs persisted during the quarter, influencing purchasing decisions across segments.”
Gaurav Poddar, page 4 of the filed PDF · View the filing
Volatility in global raw material prices affecting the textile industry
p. 10
“That has had an impact across different industries and also in the textile industry and also our company.”
Gaurav Poddar, page 10 of the filed PDF · View the filing
Delay in Diwali festive season timing affecting demand
p. 8
“This year, Diwali is pushed by, I think, 3 weeks or so. So we expect that delay in terms of demand.”
Gaurav Poddar, page 8 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.