Siyaram Silk Mills Ltd-$ — Q4 FY26 earnings call
Summary generated by AI from the official transcript Siyaram Silk Mills Ltd-$ filed with BSE on 27 May 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 Q4 FY26 total income of Rs 871 crores, up 16.1% year-on-year, with EBITDA of Rs 152 crores and PAT of Rs 95 crores. For the full year, total income reached Rs 2,653 crores with PAT of Rs 228 crores, and management said the company crossed Rs 2,500 crores of revenue, Rs 300 crores of PBT and Rs 225 crores of PAT for the first time. Management also announced a special interim dividend of Rs 4 per share and a final dividend of Rs 5 per share, and disclosed plans for a residential construction project in Dombivali alongside continued retail store expansion under the ZECODE and DEVO brands.
Numbers mentioned
Total income: Rs 871 crores (Q4 FY26)
p. 4
“Our total income for the quarter 4 financial year '26 stood at INR 871 crores compared to INR 750 crores in quarter 4 of financial year '25, reflecting a year-on-year growth of 16.1%.”
Surendra Shetty, page 4 of the filed PDF · View the filing
Total income: Rs 2,653 crores (FY26)
p. 4
“For the full year financial year '26, total income reached INR 2,653 crores, up from INR 2,296 crores in financial year '25, marking a year-on-year growth of 15.5%.”
Surendra Shetty, page 4 of the filed PDF · View the filing
EBITDA: Rs 152 crores (Q4 FY26)
p. 4
“We are pleased to report an EBITDA of INR 152 crores in quarter 4 of financial year '26 compared to INR 125 crores in quarter 4 of financial year '25, a year-on-year growth of 21%.”
Surendra Shetty, page 4 of the filed PDF · View the filing
EBITDA margin: 17.4% (Q4 FY26)
p. 5
“The EBITDA margin for the quarter stood at 17.4%.”
Surendra Shetty, page 5 of the filed PDF · View the filing
EBITDA: Rs 413 crores (FY26)
p. 5
“For the full year financial year '26, EBITDA was INR 413 crores, up from INR 353 crores in financial year '25, reflecting a 17.1% year-on-year increase with a margin of 15.6%.”
Surendra Shetty, page 5 of the filed PDF · View the filing
PAT: Rs 95 crores (Q4 FY26)
p. 5
“Profit after tax for the quarter 4 of financial year '26 stood at INR 95 crores, reflecting a strong year-on-year growth of 30.6% with a PAT margin of 10.9%.”
Surendra Shetty, page 5 of the filed PDF · View the filing
PAT: Rs 228 crores (FY26)
p. 5
“For the full year financial year '26, PAT was INR 228 crores compared to INR 199 crores in financial year '25, representing a year-on-year growth of 14.8% with a margin of 8.6%.”
Surendra Shetty, page 5 of the filed PDF · View the filing
Total store count: 44 stores (27 ZECODE, 17 DEVO) (FY26 end)
p. 4
“we continue to strengthen our presence through calibrated store additions with total store count reaching 44 - 27 in ZECODE and 17 in DEVO.”
Gaurav Poddar, page 4 of the filed PDF · View the filing
Total dividend: Rs 16 per equity share (FY26)
p. 4
“Taking the total dividend for the financial year 2025 -'26 to INR16 per equity share.”
Gaurav Poddar, page 4 of the filed PDF · View the filing
Net debt: Rs 40-odd crores
p. 13
“So right now, the net debt is about INR40-odd crores.”
Gaurav Poddar, page 13 of the filed PDF · View the filing
Retail business revenue: Rs 80 crores (FY26)
p. 7
“we had estimated a sale of about INR 70 crores to INR 80 crores from this retail business, and we are happy to report that we were able to achieve INR 80 crores of revenue from this retail business.”
Gaurav Poddar, page 7 of the filed PDF · View the filing
Inventory days: about 135-138 days (March FY26 close)
p. 11
“If you see the inventory days that the company has ended at March, so due to the increase in sale, it is almost similar. It's about 135 or 138 days, something like this.”
Gaurav Poddar, page 11 of the filed PDF · View the filing
Export contribution to revenue: about 10% (FY26)
p. 6
“Export right now contributes about 10% of the overall revenue. For this year, it is about 10%.”
Gaurav Poddar, page 6 of the filed PDF · View the filing
Operating net cash flow: about Rs 150-odd crores (FY26)
p. 16
“In terms of cash flow, there has been an operating net cash flow of about INR 150-odd crores.”
Gaurav Poddar, page 16 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.
Store count (ZECODE and DEVO combined) — approximately 70 stores · end of FY27
stated firmly by Gaurav Poddar
p. 4
“As part of our expansion plans, we intend to reach a total of approximately 70 stores across both ZECODE and DEVO by the end of the coming financial year.”
Gaurav Poddar, page 4 of the filed PDF · View the filing
EBITDA margin — approximately 14% · FY27
stated conditionally by Gaurav Poddar
p. 5
“We will continue with our guidance of approximately 14% of EBITDA with the 150 basis points of drop due to retail.”
Gaurav Poddar, page 5 of the filed PDF · View the filing
Maintenance capex — Rs 50 crores to Rs 60 crores · FY27
stated firmly by Gaurav Poddar
p. 5
“We have about INR 50 crores to INR 60 crores of regular maintenance capex that is an annual feature every year.”
Gaurav Poddar, page 5 of the filed PDF · View the filing
Store expansion capex — about INR 40 crores · FY27
stated firmly by Gaurav Poddar
p. 5
“the additional stores, we would allocate about INR 40 crores or so of capital.”
Gaurav Poddar, page 5 of the filed PDF · View the filing
Residential project outlay and revenue — expense of about INR 60 crores including land cost, revenue of around INR 80 crores · 24 months
stated firmly by Gaurav Poddar
p. 6
“We estimate to complete this project within 24 months, with an expense of about INR 60 crores in total, including the land cost and the revenue estimation would be around INR 80 crores.”
Gaurav Poddar, page 6 of the filed PDF · View the filing
Revenue growth — approximately 12% · FY27
stated as an aspiration by Gaurav Poddar
p. 9
“FY27, we look at an approximate guidance of about 12% of revenue growth for this coming year.”
Gaurav Poddar, page 9 of the filed PDF · View the filing
Advertising spend as % of revenue — 4% to 5%
stated firmly by Gaurav Poddar
p. 11
“we've been indicating a 4% to 5% contribution of ad spend throughout the year, and we would continue to give that kind of guidance.”
Gaurav Poddar, page 11 of the filed PDF · View the filing
Fabric segment margins — FY26 (current year)
stated conditionally by Gaurav Poddar
p. 10
“In this year, if you see in terms of margin expectation, while we hope to maintain margins, this year, there is a lot of volatility in input prices.”
Gaurav Poddar, page 10 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 retail stores are still very new and pre-nascent, and reiterated the existing ~14% EBITDA guidance with a 150 bps drop from retail, subject to input price volatility.
Answered by Gaurav Poddar
Asked by Vishvender Singh: Are you looking to increase the EBITDA margin guidance given store stabilization?
p. 5
“we would wait for some time for it to stabilize to be able to give a better concrete answer. But for the moment, we are positive for the whole year in terms of our growth, and we expect that a normal EBITDA margin of 14% as we guide constantly, we will attempt to achieve.”
Gaurav Poddar, page 5 of the filed PDF · View the filing
Management attributed the shortfall to a lean team focused on business operations and delays from under-construction properties, and set a more conservative target of 70 stores for FY27.
Answered by Gaurav Poddar
Asked by Dev Gulwani: Why was store addition guidance of 35 stores for ZECODE and DEVO not met in FY26?
p. 8
“most of the delays are related to that. But yes, we have been short of that target, and that is why we are taking a more conservative target this year of about a total of 70 stores, which I'm confident we will achieve.”
Gaurav Poddar, page 8 of the filed PDF · View the filing
Management said growth was largely from market share gains given a slower-growing fabric market and a favorable wedding season.
Answered by Gaurav Poddar
Asked by Rajiv: How much of FY26 revenue growth was from market share gains versus channel inventory build-up?
p. 10
“Look, the major business is the fabric business. And the fabric market is not growing as fast. We have performed much better than the industry.”
Gaurav Poddar, page 10 of the filed PDF · View the filing
Management declined to share this metric, citing the early stage of the business and the misleading nature of averages given differing store sizes.
Answered by Gaurav Poddar
Asked by Kush Gangar: Can you share average revenue per store for ZECODE stores over one year old?
p. 11
“It's still very early. I would refrain from sharing that at the moment. Also, please note that the first few stores in ZECODE that we opened were smaller-sized stores.”
Gaurav Poddar, page 11 of the filed PDF · View the filing
Management said it is not targeting a specific store count for EBITDA positivity and noted some ZECODE stores are already EBITDA positive.
Answered by Gaurav Poddar
Asked by Sohani Singh: At what scale of revenue or store count does management expect the retail business to become EBITDA positive?
p. 12
“As I mentioned, some of the stores in ZECODE have already started showing EBITDA positive numbers.”
Gaurav Poddar, page 12 of the filed PDF · View the filing
Management gave volume and value growth figures separately for fabric and garment segments.
Answered by Gaurav Poddar
Asked by Soumya Raghuwanshi: What is the volume versus value growth breakup in fabric and garment segments?
p. 14
“So in the fabric business, the volume is about 10% growth, value is about 11% odd. So in garment without this new retail business is about 9% volume and about 8% value.”
Gaurav Poddar, page 14 of the filed PDF · View the filing
Management said the NCLT hearing concluded on 16th April and the order is expected by early June, with completion taking another three to four months after that.
Answered by Surendra Shetty
Asked by Dev Gulwani: Any update on the preferential issue expected to conclude by end of FY26?
p. 9
“Till NCLT's final hearing which is already over on 16th of April. They have to pronounce the final order. And the next date for the order has not been mentioned. We expect that by first week of June, when they will pronounce the order”
Surendra Shetty, page 9 of the filed PDF · View the filing
Risks flagged
Elevated input and logistics costs and inflationary pressures
p. 3
“At the same time, elevated input and logistics costs, along with inflationary pressures and evolving geopolitical conditions continue to pose challenges for the industry.”
Gaurav Poddar, page 3 of the filed PDF · View the filing
Volatility in raw material and input prices affecting margin guidance
p. 5
“But all of this is subject to the global environment at the moment and volatile input prices, which are very dynamic at the moment.”
Gaurav Poddar, page 5 of the filed PDF · View the filing
Weak first quarter combined with geopolitical and raw material issues and heat wave
p. 12
“Now this first quarter generally is the weakest quarter for the company. And over and on top of that, there is all these geopolitical issues and raw material issues, heat wave and so many other things that are impacting.”
Gaurav Poddar, page 12 of the filed PDF · View the filing
Delays in store openings due to under-construction properties
p. 8
“One of the main reasons for delays in store openings is because some of the projects that we identified are under construction properties.”
Gaurav Poddar, page 8 of the filed PDF · View the filing
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