Sector Alpha Week of 2026-07-24
Sector Alpha — machine-written from the numbers · Data as of 2026-07-24

Sai Silks (Kalamandir) Ltd

KALAMANDIR
Textiles - Readymade Apparel

Sai Silks (Kalamandir) Ltd is cheap for a reason. The P/E sits at the 1st percentile of its own range, and the quarters are still getting worse.

The sharpest disagreement: annual EPS moved +65.0% against a −45.1% price move — the market has not yet caught up with the delivery.

The price is in a downtrend (28 weeks in) while the P/E sits at the 1st percentile of its own 3-year range. Underneath, the last four quarters read deteriorating — profit −13.3% year on year, and 125% of the last 3 years' profit arrived as cash. What settles it: whether the price catches up with earnings that have already moved.

Stage
Mixed
partial read
Price
₹92.0
−45.1% 1Y
P/E
9.9×
1st pctile
of its own 3-year range
Revenue (Jun 26)
₹375 Cr
−1.1% YoY
Profit (Jun 26)
₹26.0 Cr
−13.3% YoY
Operating margin
14.0%
−1.0 pp YoY
ROCE
14%
FY26
ROIC
12.0%
vs WACC 12.0% → +0.0 pp
Cash conversion
125%
of profit, last 3 FY
Unverified figures: Some figures on this page come from a second financial-data feed that could not be cross-checked against the primary source — the two do not share enough overlapping reported history to compare. They are drawn, because they are the only evidence there is, and every section carrying one is marked unverified. PEG is the exception: the quarterly curve is not drawn at all. PEG asks what is being paid for growth — both sides of that division come from the source that could not be checked, so it is withheld instead of marked.
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Sai Silks (Kalamandir) Ltd trades at ₹92.0, in a downtrend and 28 weeks into that stage. That is −24.3% against its own 200-day average. It sits at 0% of a 52-week range of ₹92 to ₹187. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (4 weeks and counting).

Today the stock is in a downtrend — week 28 of stage 4, confirmed. At ₹92.0 it trades −24.3% versus its 200-day average and sits at 0% of its 52-week range (₹92–₹187).

Jul 26: ₹92.0 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
−24.3% versus the 200-day line, week 28 of stage 4
Price50-day avg200-day avg
S2S4S2S4₹315₹255₹195₹135₹75.4₹92₹122Sep 23Jun 24Mar 25Nov 25Jul 26
S2S4S2S4₹315₹255₹195₹135₹75.4₹92₹122Sep 23Mar 25Jul 26
Beating or trailing, week by week since 2023 Each cell is one week from 2023 to now (151 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Sep 23Jul 26

Against the market, two honest reads. Cumulative: over the last 2.8 years the stock moved −64% while the NIFTY 500 moved +36% — behind the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (4 weeks and counting; last ahead the week of 2026-06-25) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 1st percentile of its own range.

02 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Sai Silks (Kalamandir) Ltd trades at 9.9× P/E, about the cheapest it has ever traded. Its long-run median P/E is 27.4×, measured across 2.8 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 9.9× is about the cheapest it has ever traded, against a long-run median of 27.4× measured over 2.8 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

One caveat before moving on: margins are the best this company has ever printed — cheap against its own history on record margins is not the same thing as cheap. If profitability mean-reverts, today's multiple is higher than it looks.

P/E 9.9× vs a 27.4× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 2.8-year window; loss-period spikes above 36× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
about the cheapest it has ever traded
P/EMedianEPS (TTM) (quarterly)
38.5×₹9.930.8×₹7.423.1×₹5.015.5×₹2.57.8×₹0.0×9.90×₹9Sep 23Jun 24Mar 25Dec 25Jul 26
38.5×₹9.930.8×₹7.423.1×₹5.015.5×₹2.57.8×₹0.0×9.90×₹9Sep 23Mar 25Jul 26
P/E
9.9×
1st percentile of 3y

Why the multiple sits where it does: over the past year annual EPS moved +65.0% against a −45.1% price move — earnings outran the price, pushing the multiple DOWN its own range.

Put together: the multiple is low against its own past, so the story rests on the earnings line underneath it, not the multiple.

A quarterly PEG curve, which only the second data source carries, is not drawn on this page: its two data sources do not share enough overlapping reported history to be compared. A figure nobody could check is not used to price growth — the gap is a decision, not missing data.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

03 · Stage: Mixed

Stage: Mixed Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Sai Silks (Kalamandir) Ltd reads as mixed on its fundamental arc. Mixed — growth is normalizing off a hyper-growth base: profit growth has eased from +49.4% at its peak to +20.2% but is still expanding, ROCE holding at 14.0%. The read is built from 8 quarters across 4 curves, on partial evidence.

Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. A missing point means that reading is not held for the quarter.
the trajectory the stage is read from
RevenueProfitEPS
25%72%19%47%12%23%6.1%0.0%0.0%−25%%%4.8%20.2%20.4%Sep 23Dec 24Jun 26
25%72%19%47%12%23%6.1%0.0%0.0%−25%%%4.8%20.2%20.4%Sep 23Dec 24Jun 26
ROCE Annual readings — the quarterly balance-sheet pieces this curve needs are not held for this stock, so the returns read moves once a year and carries less weight in the call.
the return curve, annual readings
ROCE
25%21%18%15%11%%14%FY23FY24FY26
25%21%18%15%11%%14%FY23FY24FY26
Revenue growth
Rolling over
latest +4.8% · span +1.6% to +23.2%
Profit growth
Rolling over
latest +20.2% · span −14.9% to +64.0%
EPS growth
Rolling over
latest +20.4% · span −18.5% to +65.0%
ROCE
Stuck low
latest 14.0% · span 12.0%–24.0%

Why it matters: when the curves disagree, the per-curve reads above matter more than any single verdict.

Return readings here are annual, not quarterly — read as level and direction only; they can confirm the growth curves but never drive the stage on their own.

A partial read: at least one curve is short, or the returns curve is not the computed quarterly series — hold the stage word a little more loosely.

Growth, year by year: revenue +13.1% in FY26, profit +65.9% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn. Turnaround-year spikes shown pinned (▲).
Revenue YoYProfit YoYEPS YoY
76%331%44%218%12%106%−19%−6.6%−51%−119%%%13.1%65.9%FY18FY22FY26
76%331%44%218%12%106%−19%−6.6%−51%−119%%%13.1%65.9%FY18FY22FY26
TTM growth by quarter Trailing-twelve-month growth versus the year-ago TTM, per quarter, %: revenue (left axis); profit and EPS (right axis). The acceleration read compares the last 4 quarters (+4.8%) with the last 8 annualized (+11.1%).
revenue rolling over, profit rolling over
Revenue TTM YoYProfit TTM YoYEPS TTM YoY
25%72%19%47%12%23%6.1%0.0%0.0%−25%%%4.8%20.2%Sep 23Dec 24Jun 26
25%72%19%47%12%23%6.1%0.0%0.0%−25%%%4.8%20.2%Sep 23Dec 24Jun 26
Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+13.1%+7.0%+19.6%
Profit+65.9%+12.9%+95.0%
EPS+65.0%+6.0%+34.0%
Share price−45.1%
Revenue YoY (Jun 26)
−1.1%
latest quarter vs a year ago
Profit YoY (Jun 26)
−13.3%
latest quarter vs a year ago
Revenue 10y
11.5%
long-run compound pace

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

04 · 4-Factor Sector Score

4-Factor Sector Score

48.9/100 — rank 17 of 26 in Textiles - Readymade Apparel · 81% evidence confidence

Sai Silks (Kalamandir) Ltd scores 48.9 out of 100 against the 26 companies it is compared with in Textiles - Readymade Apparel, ranking 17. Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.

The four contributions add to the total exactly: 13.5 + 16.5 + 14.7 + 4.2 = 48.9. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

05 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

Sai Silks (Kalamandir) Ltd reported ₹375 Cr of revenue in the Jun 26 quarter, −1.1% year on year. Over 8 years it has compounded at 11.5% a year. The last full year, FY26, came in at ₹1,654 Cr. The last four reported quarters add to ₹1,649 Cr.

Sai Silks (Kalamandir) Ltd reported ₹375 Cr of revenue in the Jun 26 quarter, −1.1% year on year. Over 8 years it has compounded at 11.5% a year. The last full year, FY26, came in at ₹1,654 Cr. The last four reported quarters add to ₹1,649 Cr.

FY26 revenue came in at ₹1,654 Cr (+13.1% on the year), capping 8 years at 11.5% compound. The latest quarter (Jun 26) printed ₹375 Cr, −1.1% year on year.

FY26 revenue ₹1,654 Cr (+13.1% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 9-year window. A bar is red when it is lower than the year before.
11.5% a year over 8 years
RevenueYoY growth
1.8k76%1.3k44%89312%447−19%0−51%₹ Cr%₹1,65413.1%FY18FY22FY26
1.8k76%1.3k44%89312%447−19%0−51%₹ Cr%₹1,65413.1%FY18FY22FY26
Jun 26: ₹375 Cr (−1.1% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
Revenue (quarterly)YoY growth
48546%36430%24215%121−1.1%0−17%₹ Cr%₹375−1.1%Sep 23Dec 24Jun 26
48546%36430%24215%121−1.1%0−17%₹ Cr%₹375−1.1%Sep 23Dec 24Jun 26

Pace check: the last four quarters averaged +5.8% growth against the decade's 11.5% — the current year is running slower than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +4.8% over the last 4 quarters against +11.1%/yr over the last 8 — rolling over; TTM profit +20.2% vs +26.2%/yr — rolling over.

→ Revenue slipped — did margins hold as it scaled? Next: 14.0% this quarter (−1.0 pp YoY).

06 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Sai Silks (Kalamandir) Ltd's operating margin is 14.0% in the Jun 26 quarter, −1.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 9 fiscal years the operating margin has ranged 8.0% to 16.0%. The current quarter sits inside that band.

Sai Silks (Kalamandir) Ltd's operating margin is 14.0% in the Jun 26 quarter, −1.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 9 fiscal years the operating margin has ranged 8.0% to 16.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 14.0%, −1.0 pp against the same quarter a year ago. Across 9 fiscal years the operating margin has ranged 8.0%–16.0%, and FY26's 16.0% is the top of that band — a record year.

🚨 Why the margin moved: operating margin went −1.2 pp year on year while gross margin went −0.1 pp — the loss came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

FY26: 16.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 9-year window.
the widest a 8.0–16.0% band over 9 years
operating marginYoY change (pp)
17%4.4%14%3.0%12%1.5%9.7%0.0%7.4%−1.4%%%16%1%FY18FY22FY26
17%4.4%14%3.0%12%1.5%9.7%0.0%7.4%−1.4%%%16%1%FY18FY22FY26
Jun 26: 14.0% operating margin (−1.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
19%9.3%16%4.6%13%0.0%9.3%−4.6%6.1%−9.3%%%14%−1%Sep 23Dec 24Jun 26
19%9.3%16%4.6%13%0.0%9.3%−4.6%6.1%−9.3%%%14%−1%Sep 23Dec 24Jun 26

→ Margins slipped — did that reach the bottom line? Next: profit −13.3% in the latest quarter.

07 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Sai Silks (Kalamandir) Ltd earned ₹26.0 Cr of net profit in the Jun 26 quarter, −13.3% year on year. Full-year FY26 profit was ₹141 Cr. The 8-year compound rate is 32.3%. That is 6.9% of the quarter's revenue. The same quarter a year earlier earned ₹30.0 Cr.

Sai Silks (Kalamandir) Ltd earned ₹26.0 Cr of net profit in the Jun 26 quarter, −13.3% year on year. Full-year FY26 profit was ₹141 Cr. The 8-year compound rate is 32.3%. That is 6.9% of the quarter's revenue. The same quarter a year earlier earned ₹30.0 Cr.

Jun 26 profit was ₹26.0 Cr, −13.3% year on year. On the full year, FY26 printed ₹141 Cr (+65.9%), and the 8-year compound rate is 32.3%.

FY26 profit ₹141 Cr (+65.9% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 9-year window. A bar is red when it is lower than the year before.
32.3% a year over 8 years
Net profitYoY growth
1521,152%114819%76486%38153%0−180%₹ Cr%₹14165.9%FY18FY22FY26
1521,152%114819%76486%38153%0−180%₹ Cr%₹14165.9%FY18FY22FY26
Jun 26: ₹26.0 Cr (−13.3% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
Net profit (quarterly)YoY growth
501,519%371,087%25656%12224%0−207%₹ Cr%₹26−13.3%Sep 23Dec 24Jun 26
501,519%371,087%25656%12224%0−207%₹ Cr%₹26−13.3%Sep 23Dec 24Jun 26

🚨 Why profit moved: revenue contributed −1.1% and the margin −1.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +42.9% vs revenue +5.8%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 125% of the last 3 years' profit arrived as cash.

08 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 125% of Sai Silks (Kalamandir) Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹323 Cr of operating cash against ₹141 Cr of profit. After ₹178 Cr of capital spending, ₹145 Cr was left as free cash.

FY26: operating cash of ₹323 Cr against reported profit of ₹141 Cr, leaving free cash of ₹145 Cr after ₹178 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 125% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY26: CFO ₹323 Cr vs profit ₹141 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 9-year window, annual resolution.
125% of 3-year profit arrived as cash
Operating cashNet profitFree cash
35922897−35−166₹ Cr₹323₹141₹145FY18FY22FY26
35922897−35−166₹ Cr₹323₹141₹145FY18FY22FY26
FY26: CFO = 229% of profit (three-year rate 125%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash; outlier years shown pinned.
Conversion100%
348%174%0.0%−174%−348%%229%FY18FY22FY26
348%174%0.0%−174%−348%%229%FY18FY22FY26

Why conversion sits at 125%: the cash cycle stretched 36 days between FY21 and FY26 — more of each rupee of profit waits inside the cycle before arriving.

Router verdict: the bigger cash user is investment — capital spending ran 2.3× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹365 Cr of building over 3 years.

09 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Sai Silks (Kalamandir) Ltd's cash conversion cycle runs 249 days in FY26, up from 213 days in FY21. Capital spending ran ₹365 Cr over the last 3 years. At FY26 sales of ₹1,654 Cr each day of that cycle holds about ₹4.5 Cr, so roughly ₹1,128 Cr sits inside the business at any moment.

FY26: debtors at 1 days, inventory at 311 days — roughly 10.2 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 249 days, looser than FY21's 213.

The full loop: cash goes out to suppliers and production on day 0; stock waits 311 days to sell; customers pay about 1 days after that; and suppliers themselves are paid at 62 days — netting out to the 249-day cycle.

In money terms: at FY26 sales of ₹1,654 Cr, each day of the cycle holds about ₹4.5 Cr — so the 249-day loop keeps roughly ₹1,128 Cr sitting inside the business at any moment.

FY26: a 249-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 9-year window.
+36 days vs FY21
Cash cycleInventory daysDebtor daysPayable days
36126416871−26days249d311d1d62dFY18FY20FY22FY24FY26
36126416871−26days249d311d1d62dFY18FY22FY26

On the investment side: capital spending of ₹365 Cr over the last 3 fiscal years against ₹160 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹1.0 Cr (FY26) — capacity paid for but not yet earning.

FY26: capex ₹178 Cr, work-in-progress ₹1.0 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
a build-out
CapexWork-in-progress
19214496480₹ Cr₹178₹1FY19FY20FY22FY24FY26
19214496480₹ Cr₹178₹1FY19FY22FY26

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 14% and the ROIC − WACC spread is +0.0 pp.

10 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.⚠ unverified

Sai Silks (Kalamandir) Ltd earns a ROCE of 14% in FY26. That is up from a trough of 7% in FY21. Return on invested capital clears the cost of that capital by +0.0 percentage points, so growth here is not yet paying for the capital it uses. The wiring behind it is 8.5% net margin on 0.89× asset turns.

FY26 ROCE is 14%, recovered from a FY21 trough of 7% — the full ladder below shows the fall and the climb, undoctored.

🚨 Why the return is what it is — the wiring (FY26): 8.5% net margin × 0.89× asset turns × 1.47× balance-sheet leverage ≈ 11.1% on equity. Margin does its share; leverage is modest — this is an earned return, not a borrowed one.

The capstone test — ROIC − WACC: 12.0% − 12.0% = a +0.0 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. Negative — growth at these returns destroys value until the returns recover.

FY26: ROCE 14% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 8-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY21's 7%
ROCEROIC (annual)WACC
25%20%16%11%5.6%%14%11.9%FY19FY22FY26
25%20%16%11%5.6%%14%11.9%FY19FY22FY26
Q4 FY26: ROCE 12.5% (TTM) vs WACC 12.0% Trailing-twelve-month ROCE and ROIC, per quarter, %; dashed line = the cost of capital. Last 12 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)ROIC (TTM)WACC
15%13%11%9.1%7.3%%12.5%12.1%Q2 FY24Q3 FY25Q1 FY27
15%13%11%9.1%7.3%%12.5%12.1%Q2 FY24Q3 FY25Q1 FY27

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.29.

11 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.⚠ unverified

Sai Silks (Kalamandir) Ltd carries total debt of ₹361 Cr against shareholder equity of ₹1,260 Cr as of Jun 26, a debt-to-equity of 0.29 — effectively unlevered. On the annual view that ratio went from 1.32 in FY23 to 0.29 in FY26. The returns elsewhere on this page are therefore earned rather than borrowed.

Jun 26: total debt of ₹361 Cr against shareholder equity of ₹1,260 Cr — a debt-to-equity of 0.29. On the annual view, debt-to-equity went from 1.32 (FY23) to 0.29 (FY26). The returns on this page are earned, not borrowed.

FY26: debt ₹361 Cr at 0.29× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 4-year window.
Total debtDebt-to-equity
5681.4×4261.1×2840.8×1420.5×00.2×₹ Cr×₹3610.29×FY23FY24FY26
5681.4×4261.1×2840.8×1420.5×00.2×₹ Cr×₹3610.29×FY23FY24FY26
Jun 26: debt ₹361 Cr, debt-to-equity 0.29 Total debt per quarter, ₹ Cr (bars); debt-to-equity, × (line). Last 12 quarters. India reports the full balance sheet half-yearly, so the intervening quarter carries the prior reading forward.
Total debt (quarterly)Debt-to-equity
5620.54×4210.46×2810.39×1400.31×00.23×₹ Cr×₹3610.29×Sep 23Dec 24Jun 26
5620.54×4210.46×2810.39×1400.31×00.23×₹ Cr×₹3610.29×Sep 23Dec 24Jun 26

→ Who owns this, and are they adding or leaving? Next: Domestic institutions cut 12.8 points over 8 quarters.

12 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Domestic institutions cut 12.8 points of Sai Silks (Kalamandir) Ltd over 8 quarters, the biggest move on the register. That takes domestic institutions to 6.3% of the company. Foreign institutions moved −2.2 points over the same window, to 0.6%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Domestic institutions: −12.8 points over 8 quarters to 6.3%; Foreign institutions: −2.2 points over 8 quarters to 0.6%; Promoters: +0.2 points over 8 quarters to 61.0%.

🚨 Why the register moved: domestic institutions drove it (−12.8 points), alongside foreign institutions (−2.2 points) — distribution into the market’s bid.

Fiscal-year ends: promoters +0.2 pts from Mar 24 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 3 year-ends held.
PromotersForeign inst.Domestic inst.Public
66%48%31%13%−4.3%%61.0%0.6%8.6%26.0%Mar 24Mar 25Mar 26
66%48%31%13%−4.3%%61.0%0.6%8.6%26.0%Mar 24Mar 25Mar 26
Domestic institutions cut 12.8 points over 8 quarters Shareholding by holder class, % of the company, quarterly, last 12 quarters.
PromotersForeign inst.Domestic inst.Public
66%48%31%13%−4.3%%61.0%0.6%6.3%28.2%Sep 23Dec 24Jun 26
66%48%31%13%−4.3%%61.0%0.6%6.3%28.2%Sep 23Dec 24Jun 26

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

13 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Sai Silks (Kalamandir) Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Related companies · same sector · Textiles - Readymade Apparel Every company is compared on the shape of its own curves, not static ratios. The Revenue, EPS and ROCE columns each draw that company's last 12 quarters as a mini line of the ACTUAL level (trailing-twelve-month revenue and EPS, and the ROCE itself) — so a line that climbs is a business getting bigger, a line that sinks is one shrinking. The colour tracks the same line: green when it is rising or steadily healthy, amber when it is rolling over from a high (still elevated but turning down), red when it is falling, grey when flat or stuck. Colour and direction always agree — a green line never points down. The ROCE curve is the return on capital (annual readings for peers, so a slightly coarser line than the quarterly one at the top of this page). The Stage column then runs the same 12-quarter trajectory classifier used at the top of the page on each company and names where it sits. What lands a company in each bucket: CONSISTENT — growth stays positive across the window and returns are healthy (ROCE ≥ 15%, or ROE ≥ 12% for lenders); IMPROVING — profit or EPS fell into real decline, bottomed a few quarters back, and has climbed back to positive and held there; TURNING AROUND — the same kind of trough but more recent, with the latest quarters just lifting off it (an early, unconfirmed turn); TOPPING OUT — growth is still positive but decelerating hard from its own peak while returns have stopped rising; DETERIORATING — two or more growth curves are shrinking (latest below zero) and staying there, not one soft quarter; MIXED — the curves genuinely disagree, or no clean majority, so no single word fits; NO READ — fewer than eight usable quarters. It is a like-for-like read of every company against its own past, not a ranking against the group.
CompanyP/EMkt capRevenueEPSROCEStage
Sai Silks (Kalamandir) Ltd this page9.9×₹1,356 CrMixed
Trent Ltd89.3×₹1.5L CrConsistent
Vishal Mega Mart Ltd56.7×₹50,609 CrNo read
Aditya Birla Lifestyle Brands Ltd54.9×₹11,474 CrNo read
Vedant Fashions Ltd24.3×₹9,775 CrTurning around
Pearl Global Industries Ltd33.2×₹9,119 CrMixed
V2 Retail Ltd56.0×₹7,996 CrNo read
Aditya Birla Fashion & Retail Ltd₹6,865 CrNo read
Arvind Fashions Ltd47.2×₹6,182 CrTurning around
Gokaldas Exports Ltd60.8×₹6,085 CrMixed
V-Mart Retail Ltd41.6×₹5,764 CrNo read
Raymond Lifestyle Ltd39.6×₹4,356 CrNo read
Lux Industries Ltd34.0×₹3,689 CrMixed
Kewal Kiran Clothing Ltd21.8×₹3,095 CrMixed
Kitex Garments Ltd293.0×₹2,933 CrDeteriorating
S P Apparels Ltd25.0×₹2,521 CrMixed
Baazar Style Retail Ltd97.0×₹2,134 CrNo read
Cantabil Retail India Ltd21.0×₹2,006 CrMixed
SBC Exports Ltd79.3×₹2,003 CrConsistent
Go Fashion (India) Ltd28.8×₹1,705 CrDeteriorating
SBC Exports Ltd58.3×₹1,541 CrTurning around
Monte Carlo Fashions Ltd9.9×₹1,114 CrNo read
Iris Clothings Ltd56.2×₹910 CrConsistent
Karnika Industries Ltd25.0×₹700 Cr
Credo Brands Marketing Ltd7.8×₹542 CrTopping out
Thomas Scott India Ltd21.0×₹369 CrMixed
Bella Casa Fashion & Retail Ltd16.6×₹330 CrMixed
12 · Frequently asked questions

Frequently asked questions

What is Sai Silks (Kalamandir) Ltd's share price today?

Sai Silks (Kalamandir) Ltd trades at ₹92.0, −45.1% over the past year. The company is valued at ₹1,356 Cr. The stock sits at 0% of its 52-week range of ₹92–₹187, −24.3% versus its 200-day average. On the tape, the price is in a downtrend, 28 weeks in. — as of 24 July 2026.

What were Sai Silks (Kalamandir) Ltd's latest quarterly results?

Sai Silks (Kalamandir) Ltd reported revenue of ₹375 Cr and net profit of ₹26.0 Cr for the Jun 26 quarter. Revenue fell 1.1% and profit fell 13.3% year on year. Earnings per share were ₹1.67. The operating margin was 14.0%, 1.0 pp lower than a year earlier. — as of 24 July 2026.

What is Sai Silks (Kalamandir) Ltd's revenue?

Sai Silks (Kalamandir) Ltd reported revenue of ₹375 Cr in the Jun 26 quarter, −1.1% year on year. For the full FY26 fiscal year, revenue was ₹1,654 Cr (+13.1%). Over the last 8 years revenue compounded at 11.5% a year. — as of 24 July 2026.

What is Sai Silks (Kalamandir) Ltd's profit?

Sai Silks (Kalamandir) Ltd earned ₹26.0 Cr of net profit in the Jun 26 quarter, −13.3% year on year. Full-year FY26 profit was ₹141 Cr. The operating margin ran 14.0% in the latest quarter. — as of 24 July 2026.

What is Sai Silks (Kalamandir) Ltd's market cap?

Sai Silks (Kalamandir) Ltd's market capitalisation is ₹1,356 Cr at a share price of ₹92.0. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.

What is Sai Silks (Kalamandir) Ltd's P/E ratio?

Sai Silks (Kalamandir) Ltd trades at a P/E of 9.9×, at the 1st percentile of its own 3-year range, against a long-run median of 27.4×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.

Does Sai Silks (Kalamandir) Ltd pay a dividend?

Yes — Sai Silks (Kalamandir) Ltd's dividend payout was 16% of profit in FY26, and it recorded a payout in 3 of its last 9 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.

Is Sai Silks (Kalamandir) Ltd overvalued?

On its own history, Sai Silks (Kalamandir) Ltd looks cheap against its own history: its P/E of 9.9× has been cheaper only 1% of the time in 3 years (long-run median 27.4×). That is a percentile read against the stock's own past, not a price opinion or a direction call. One caveat: margins are the best this company has ever printed — cheap on record margins is not the same thing as cheap. — as of 24 July 2026.

Is Sai Silks (Kalamandir) Ltd growing?

Not right now — Sai Silks (Kalamandir) Ltd's latest numbers are shrinking: latest-quarter revenue −1.1% year on year, profit −13.3%, and the margin −1.0 pp at 14.0%. The 8-year compound rates are 11.5% (revenue) and 32.3% (profit). The earnings engine currently reads: deteriorating — as of 24 July 2026.

How is Sai Silks (Kalamandir) Ltd performing?

Sai Silks (Kalamandir) Ltd is in a downtrend, 28 weeks in. Its latest quarter's revenue fell 1.1% and profit fell 13.3% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 4 weeks. This describes what the data did, not a rating. — as of 24 July 2026.

What stage is Sai Silks (Kalamandir) Ltd in?

Mixed — growth is normalizing off a hyper-growth base: profit growth has eased from +49.4% at its peak to +20.2% but is still expanding, ROCE holding at 14.0%. The read comes from the last 12 quarters of growth (revenue growth +4.8% latest, profit growth +20.2% latest, eps growth +20.4% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.

Is Sai Silks (Kalamandir) Ltd in an uptrend?

No — the price is in a downtrend (week 28 of stage 4), trading −24.3% versus its 200-day average and at 0% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.

Is Sai Silks (Kalamandir) Ltd beating the market?

Not lately — on a trailing-13-week view Sai Silks (Kalamandir) Ltd is currently behind the NIFTY 500 (4 weeks and counting; last ahead the week of 2026-06-25), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 2.8 years the stock moved −64% against the NIFTY 500's +36% — behind the index over the full window. — as of 24 July 2026.

Will Sai Silks (Kalamandir) Ltd's share price go up?

This page publishes no price forecast for Sai Silks (Kalamandir) Ltd. What it measures instead: the share price is ₹92.0, the price is in a downtrend 28 weeks in. Its P/E of 9.9× sits at the 1st percentile of its own 3-year range. — as of 24 July 2026.

Who owns Sai Silks (Kalamandir) Ltd?

Promoters hold 61.0% of Sai Silks (Kalamandir) Ltd, foreign institutions 0.6%, domestic institutions 6.3% and the public 28.2% (latest quarter). The biggest move on the register over the last two years: Domestic institutions cut 12.8 points over 8 quarters. — as of 24 July 2026.

Does Sai Silks (Kalamandir) Ltd have too much debt?

No — Sai Silks (Kalamandir) Ltd's debt-to-equity is 0.29, and operating profit covers the interest bill 7×. FY26 borrowings were ₹361 Cr against equity of ₹1,260 Cr. The returns on this page are earned, not borrowed — as of 24 July 2026.

What is Sai Silks (Kalamandir) Ltd's capex?

Sai Silks (Kalamandir) Ltd spent ₹365 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹178 Cr, with ₹1.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.

What is Sai Silks (Kalamandir) Ltd's cash flow?

Sai Silks (Kalamandir) Ltd generated ₹323 Cr of operating cash flow in FY26 and ₹145 Cr of free cash flow after ₹178 Cr of capital spending. Reported profit that year was ₹141 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.

Is Sai Silks (Kalamandir) Ltd's profit real cash?

Yes — over the last 3 fiscal years, 125% of Sai Silks (Kalamandir) Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹323 Cr against reported profit of ₹141 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 24 July 2026.

Where is Sai Silks (Kalamandir) Ltd in its business cycle?

Sai Silks (Kalamandir) Ltd's FY26 operating margin was 16.0%, against a 9-year band of 8.0%–16.0%: the top of the band — a record year. Record profitability is late-cycle territory: every ratio flatters at the top, and the story leans on margins holding. The latest quarter ran 14.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.

What could break the Sai Silks (Kalamandir) Ltd story?

The sharpest disagreement: annual EPS moved +65.0% against a −45.1% price move — the market has not yet caught up with the delivery. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.

Is Sai Silks (Kalamandir) Ltd a stock worth studying right now?

This is not investment advice. The machine read: Sai Silks (Kalamandir) Ltd is cheap for a reason. The P/E sits at the 1st percentile of its own range, and the quarters are still getting worse. The sharpest open question: whether the price catches up with earnings that have already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.

Chat with this pageChat with pageChatChatGPTClaudePerplexityGoogle AI