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Siyaram Silk Mills Results: Latest Quarterly Results & Analysis

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Siyaram Silk Mills Ltd. 05 Nov 2025 13:11 PM
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Q2FY26 Quarterly Result Announced for Siyaram Silk Mills Ltd.

Textiles company Siyaram Silk Mills announced Q2FY26 results

  • Total income for Q2FY26 stood at Rs 743 crore, compared to Rs 629 crore in Q2FY25, marking a YoY growth of 18.1%.
  • EBITDA for Q2FY26 stood at Rs 145 crore as compared to Rs 110 crore in Q2FY25. EBITDA margin for Q2FY26 improved by 193 bps to 19.5% as compared to 17.5% in Q2FY25.
  • Profit After Tax (PAT) for Q2FY26 stood at Rs 87 crore compared to Rs 68 crore in Q2FY25, marking a YoY growth of 18.1%. PAT margin improved by 84 bps to 11.7%.
  • In Q2FY26, we opened 7 ZECODE and 2 DEVO stores. Total stores opened as of Q2FY26 is 23 ZECODE and 12 DEVO stores. Target to open total ~35 stores under both brands during FY26 remains intact.

Gaurav Poddar, Executive Director, Siyaram Silk Mills, said: “In Q2FY26, we witnessed healthy growth momentum supported by favourable consumer demand and a positive macroeconomic environment. The early onset of the festive season led to improved buying sentiment across key markets, driving higher sales volumes and better realizations.

Total income for Q2FY26 stood at Rs 743 crore, compared to Rs 629 crore in Q2FY25, reflecting a YoY growth of 18.1%. EBITDA for the quarter stood at Rs 145 crore, up 31.1% YoY from Rs 110 crore. The EBITDA margin improved to 19.5%, compared to 17.5% in Q2FY25, led by improved product mix and cost efficiencies. PAT rose to Rs 87 crore, marking a 27.2% YoY growth. The revenue mix for Q2FY26 comprised Fabric at 77%, Garments at 15%, and Yarn & Others at 8%. For the first half of FY26, total income stood at Rs 1,143 crore, up 19.1% YoY, while EBITDA and PAT grew by 22.7% and 13.9%, respectively.

Our retail expansion continues to progress well. With the addition of 7 new ZECODE and 2 DEVO stores in Q2FY26, we now operate 23 ZECODE and 12 DEVO outlets. We remain on track to achieve our target of opening around 35 stores across both brands by FY26, funded entirely through internal accruals.

Looking ahead, we expect sustained consumer momentum, stable macroeconomic tailwinds, rising disposable income and the recent GST rate cut, which is likely to further boost consumer sentiment and discretionary spending in the apparel segment.”

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Textiles company Siyaram Silk Mills announced Q1FY26 results

  • Total Income for Q1FY26 amounted to Rs 400 crore, compared to Rs 331 crore in Q1FY25, reflecting a YoY growth of 21.1%.
  • In Q1FY26, Other income includes Rs 1 crore towards government grants (Rs 13 crore in Q1FY25) contributing to the total income.
  • EBITDA for Q1FY26 stood at Rs 33 crore as compared to Rs 34 crore in Q1FY25, with the EBITDA margin reaching to 8.2%.
  • Profit After Tax (PAT) for Q1FY26 stood at Rs 5 crore, compared to Rs 12 crore in Q1FY25, with the PAT margin at 1.1%.
  • In Q1FY26, we opened 4 ZECODE and 3 DEVO stores. Total stores opened as of Q1FY26 is 16 ZECODE and 10 DEVO stores. Target to open total ~ 35 stores under both brands during FY26 remains intact.

Gaurav Poddar, Executive Director, Siyaram Silk Mills said: “In Q1FY26, demand in the Retail segment remained largely flat, influenced by the early onset of the monsoon which affected typical seasonal buying behaviour and spending patterns.

We continue to make steady progress on our expansion strategy, opening 4 ZECODE and 3 DEVO stores in Q1FY26, taking the total to 16 ZECODE and 10 DEVO stores as of Q1FY26. Our target to open ~35 stores across both brands by FY26 remains on track. These stores will be funded through internal accruals.

Our financial performance in Q1FY26 reflected total income at Rs 400 crore up from Rs 331 crore in Q1FY25. The revenue mix for Q1FY26 comprised Fabric at 76%, Garments at 13%, and Yarn & Others at 11%. We reported an EBITDA of Rs 33 crore, resulting in an EBITDA margin of 8.2%, while Profit After Tax (PAT) stood at Rs 5 crore with a PAT margin of 1.1%.

We anticipate a rebound in consumer demand in the months ahead, driven by the upcoming festive season. As consumer sentiment improves, we remain confident in our ability to deliver stronger performance and create long-term value for all stakeholders.”

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Textiles company Siyaram Silk Mills announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Total Income for Q4FY25 stood at Rs 750 crore as compared to Rs 653 crore in Q4FY24 showcasing a YoY growth of 14.8%.
  • EBITDA for Q4FY25 grew by 11.5% at Rs125 crore as compared to Rs 112 crore in Q4FY24.
  • PAT for Q4FY25 stood at Rs 73 crore as compared to Rs 69 crore in Q4FY24 resulting a growth of 5.0% YoY growth.

FY25 Financial Highlights:

  • Total Income stood at Rs 2,296 crore as compared to Rs 2,125 crore in FY24 reflecting 8.0% YoY growth.
  • EBITDA for FY25 stood at Rs 353 crore and EBITDA Margin stood at 15.4%.
  • PAT for FY25 stood at Rs 199 crore and PAT Margin stood at 8.7%.
  • The Company declared Final Dividend of Rs 5/- per equity share on the Paid-up Equity Shares of Rs 2/- each, taking the total dividend to Rs 12/- per equity share for FY25.

Gaurav Poddar, Executive Director, Siyaram Silk Mills, said: “Consumer confidence in India is steadily improving, with positive signs visible in both urban and rural areas. Demand is expected to pick up, driven by factors such as increasing disposable income, easing inflation, and optimistic economic outlook. With private consumption expected to continue its upward trajectory, the sector is wellpositioned to capitalize on the evolving needs and preferences of the consumers.

Our expansion plan is progressing with the successful opening of 12 ZECODE stores and 7 DEVO stores in FY25, we are targeting the launch of ~35 stores across both brands in FY26.

Our financial performance for the quarter shows improvement, with total income at Rs750 crore, compared to Rs 653 crore in Q4FY24. Our revenue mix for Q4FY25 comprised of Fabric at 82%, Garments at 14%, and Yarn & Others at 4%. We are pleased to report an EBITDA of Rs 125 crore, with an EBITDA margin of 16.7%. Additionally, our Profit After Tax (PAT) for the quarter reached Rs 73 crore, with a PAT margin of 9.7%.

As we step into the next financial year, we are filled with optimism, supported by a favourable market outlook and strong inventory management that will drive our growth.”

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Textiles company Siyaram Silk Mills announced Q3FY25 results

  • Total Income for Q3FY25 stood at Rs 586 crore as compared to Rs 513 crore in Q3FY24 showcasing a growth of 14.3% on a YoY basis.
  • As part of our expansion plan, we have signed 30 stores in Tier I & II cities. Out of these, around 20 stores will be opened by March 2025 and the rest are expected to be opened by Q1FY26.
  • ZECODE will feature trendy, affordable fast fashion for urban shoppers, while DEVO will offer a diverse range of ethnic clothing celebrating the country’s cultural heritage.
  • EBITDA for Q3FY25 grew by 4.1% at Rs 83 crore as compared to Rs 80 crore in Q3FY24. EBITDA margin for Q3FY25 stood at 14.1% as compared to 15.5% in Q3FY24.
  • PAT for Q3FY25 stood at Rs 46 crore as compared to Rs 44 crore in Q3FY24. PAT margin for Q3FY25 stood at 7.8% as compared to 8.6% in Q3FY24.
  • The Company declared 2nd Interim Dividend of Rs. 3/- per equity share on the Paid-up Equity Shares of Rs. 2/- each, for the FY25.

Gaurav Poddar, President and Executive Director, SiyaramSilk Mills, said: “Consumer sentiment in Q3 was initially lifted by festivities with spending picking up during the season.The inflationary pressure was persistent throughout the quarter thus moderating demand in the later half.However, it was encouraging to note that inflation showed signs of cooling down at the end of the quarter making outlook optimistic going forward.

Our expansion plan remains on track, with a goal to open approximately 30 new fast fashion and ethnic retail outlets. The fast fashion outlets are branded as ZECODE, while the ethnic clothing outlets are branded as DEVO.

Our financial performance for the quarter shows improvement, with total income at Rs 586 crore, compared to Rs513 crore in Q3FY24. Our revenue mix for Q3FY25 comprised of Fabric at 83%, Garments at 12%, and Yarn & Others at 5%. We are pleased to report an EBITDA of Rs 83 crore, with an EBITDA marginof 14.1%.Additionally, our Profit After Tax (PAT) for the quarter reached Rs 46 crore, with a PAT margin of 7.8%.

Looking ahead, we are hopeful that the remainder of the fiscal year will be driven by favorable market environment and prudent capital management, ensuring continued growth. We thank our stake holders for their trust and support as we move into the next phase of growth.”

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Textiles company Siyaram Silk Mills announced Q2FY25 results

  • Total Income for Q2FY25 stood at Rs 629 crore as compared to Rs 597 crore in Q2FY24 showcasing a growth of 5% on a YoY basis.
  • We are pleased to announce the launch of our new retail brands. The fast fashion outlets, branded as ZECODE, will showcase our latest collections aimed at urban shoppers who seek trendy, affordable apparel. Meanwhile, our ethnic clothing outlets, branded as DEVO, will offer an extensive range of attire that celebrates and reflects the country’s rich cultural heritage and style preferences.
  • EBITDA for Q2FY25 grew by 10% at Rs 110 crore as compared to Rs 100 crore in Q2FY24. EBITDA margin for Q2FY25 stood at 17.5% as compared to 16.7% in Q2FY24.
  • PAT for Q2FY25 stood at Rs 68 crore as compared to Rs 61 crore in Q2FY24. PAT margin for Q2FY25 stood at 10.9% as compared to 10.3% in Q2FY24.
  • The Company declared 1st Interim Dividend of Rs. 4/- per equity share on the Paid-up Equity Shares of Rs 2/- each, for FY25.

Gaurav Poddar, Executive Director, Siyaram Silk Mills said: “In Q2FY25, domestic demand has gained momentum as we enter the festive season, supported by the destocking of supplier inventories and increased discretionary spending by consumers.

To capitalize on the growing demand, we are expanding our footprint with approx. 30 new fast fashion and ethnic retail outlets by March 2025 of which 12 will be opened by December 2024. The fast fashion outlets, branded ZECODE, will feature the latest collections targeting urban shoppers seeking trendy, affordable apparel. Our ethnic clothing outlets, branded DEVO, will showcase an extensive range of clothing that caters to the city’s rich cultural heritage and style preferences.

Our financial performance for the quarter shows improvement, with total income at Rs629 crore, compared to Rs597 crore in Q2FY24. Our revenue mix for Q2FY25 comprised of Fabric at 80%, Garments at 15%, and Yarn & Others at 5%. We are pleased to report an EBITDA of Rs 110 crore, with an EBITDA margin of 17.5%. Additionally, our Profit After Tax (PAT) for the quarter reached Rs 68 crore, with a PAT margin of 10.9%.

Looking ahead, we are confident that the remainder of the fiscal year will be strong, driven by increasing consumer demand and favourable market conditions, setting the stage for continued growth and success.”

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Textiles company Siyaram Silk Mills announced Q1FY25 results:

  • Total Income for Q1FY25 stood at Rs 331 crore as compared to Rs 362 crore in Q1 FY24. This decline in revenue can be attributed to the continued weakness in the consumer demand during the Q1FY25
  • The Board of Directors has approved the implementation of a retail project involving the setting up of 30 fast fashion and ethnic retail outlets in Tier I, II, and III cities. The cost of setting up these outlets is estimated to be approximately Rs 50 crore
  • EBITDA for Q1FY25 stood at Rs 34 crore as compared to Rs 31 crore in Q1FY24. EBITDA margin for Q1FY25 stood at 10.3% as compared to 8.5% in Q1FY24.
  • PAT for Q1FY25 stood at Rs 12 crore as compared to Rs 10 crore in Q1FY24. PAT margin for Q1FY25 stood at 3.6% as compared to 2.8% in Q1FY24

Commenting on the results Gaurav Poddar, Executive Director, Siyaram Silk Mills said: “In Q1 FY25, subdued consumer demand was further affected by severe heat waves that shifted spending priorities and significant disruptions to sales channels due to election-related events. These factors combined to create a challenging environment for consumer driven sectors.

In terms of financial performance, our Total income for Q1FY25 stood at Rs 331 crore, as compared to Rs 362 crore in Q1FY24. Our revenue mix comprised Fabric at 77%, Garments at 13%, and Yarn & Others at 10% in Q1FY25. We are pleased to report an EBITDA of Rs 34 crore with an EBITDA Margin of 10.3% for the quarter. Furthermore, our Profit After Tax (PAT) for the quarter stood at Rs 12 crore, with a PAT Margin of 3.6%.

Further to boost our sales, we are setting up 30 fast fashion and ethnic retail outlets in Tier I, II, and III cities. We will invest approximately Rs50 crore by 31st March 2025 to establish these stores, which will operate on a company-owned, company-operated model.

We anticipate that consumer demand will begin to increase from Q3, driven by the upcoming festivities. This rise in demand is expected to lead to improved financial performance. As a result, we foresee a boost in our overall financial stability and growth, positioning us more favourably for future success.”

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Textiles company Siyaram Silk Mills announced Q3FY24 & 9MFY24 results:

Standalone Q3FY24:

  • Revenue from Operations: Rs 502 crore, showing a marginal increase of 0.1% compared to Q3FY23.
  • EBITDA: Rs 69 crore, decreased by 9.7% compared to Q3FY23.
  • EBITDA Margin: 13.6%, decreased from 15.1% in Q3FY23.
  • PAT: Rs 44 crore, decreased by 14.9% compared to Q3FY23.
  • PAT Margin: 8.8%, decreased from 10.4% in Q3FY23.

Standalone 9MFY24:

  • Revenue from Operations: Rs 1,441 crore, decreased by 6.1% compared to 9MFY23.
  • EBITDA: Rs 179 crore, decreased by 27.7% compared to 9MFY23.
  • EBITDA Margin: 12.4%, decreased from 16.1% in 9MFY23.
  • PAT: Rs 116 crore, decreased by 29.2% compared to 9MFY23.
  • PAT Margin: 8.0%, decreased from 10.7% in 9MFY23.

Commenting on the results Gaurav Poddar, Executive Director, Siyaram Silk Mills said: “Despite facing subdued consumer demand and challenging market conditions, our company has showcased resilient performance.

In terms of financial performance, our Revenue from Operations for Q3FY24 stood at Rs 5,019 million, a slight increase from Rs 5,011 million in Q3FY23. Our revenue mix comprised Fabric at 85%, Garments at 10%, and Yarn & Others at 5% in Q3FY24. We are pleased to report an EBITDA of Rs 685 million with an EBITDA Margin of 13.6% for the quarter. Furthermore, our Profit After Tax (PAT) for the quarter amounted to Rs 443 million, with a PAT Margin of 8.8%.

Additionally, we have expanded our retail footprint to a total of 239 stores as of December 31, 2023, demonstrating our commitment to growth and market presence. In accordance with our strategic decision made at the beginning of the fiscal year, our investment in advertising and sales promotion remains elevated, aimed at bolstering brand presence and stimulating sales growth.

While the current quarter's profitability has been temporarily affected by these factors, our financial foundation remains strong. We are delighted to announce that the board of directors has approved a dividend of Rs 3/- (150%) per share, based on the face value of Rs 2/- each. Notably, in the past quarter, we have strategically increased our advertising and sales promotion spend to Rs 17.5 crore, compared to Rs 7.8 crore in the corresponding quarter of the previous year, to enhance brand visibility and drive sales momentum.

With a sound balance sheet and disciplined capital management, we are well-equipped for the next phase of growth. We also would like to extend our gratitude to stakeholders for their continued trust and support.”

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Textiles firm Siyaram Silk Mills announced Q4FY23 & FY23 results:

Standalone Q4FY23:

  • Revenue from Operations for Q4FY23 grew by 10.6% to Rs 695 crore as compared to Rs 628 crore in Q4FY22
  • EBITDA for Q4 FY23 grew by 3.1% to Rs 121 crore as compared to Rs 118 crore in Q4FY22. EBITDA margin for Q4FY23 stood at 17.5% as compared to 18.7% in Q4FY22
  • PAT for Q4FY23 grew by 12.7% to Rs 88 crore as compared to Rs 77 crore in Q4FY22. PAT margin for Q4FY23 stood at 12.7% as compared to 12.3% in Q4FY22

Standalone FY23:

  • Revenue from Operations for FY23 grew by 17.1% to Rs 2,229 crore as compared to Rs 1,903 crore in FY22
  • EBITDA for FY23 grew by 10.3% to Rs 369 crore as compared to Rs 334 crore in FY22. EBITDA margin for FY23 stood at 16.5% as compared to 17.6% in FY22
  • PAT for FY23 grew by 18.5% to Rs 252 crore as compared to Rs 213 crore in FY22. PAT margin for FY23 stood at 11.3% as compared to 11.2% in FY22
  • Net Debt for March 2023 is Rs 208 crore. Net Debt to Equity stands at 0.02X

Commenting on the results Mr. Gaurav Poddar, Executive Director, Siyaram Silk Mills Limited said: “I am pleased to report that the board of directors have recommended a final dividend of Rs 4 per share of Face Value Rs 2 each.

We achieved significant growth in revenue while maintaining healthy EBITDA margins. This consistent growth reflects the Company's exceptional ability to engage with consumers through our brands, providing them with an unparalleled fashion experience. Our focused approach on achieving a balanced distribution strategy and expanding our product categories, alongside strong branding initiatives and the launch of new products, have been key drivers behind this outstanding performance. We are thrilled with the response we have received across all product categories, and we are confident that our product design and upcoming new categories will continue to drive growth.

Given the strong growth drivers in our businesses, we believe that India will continue to move forward along a robust growth trajectory. Our Company is dedicated to meeting the evolving demands of today's youth with our extensive range of fabrics and apparels. With our financial strength, strong brands, manufacturing expertise, technical capabilities, and widespread distribution, SIYSIL is committed to pursuing sustainable and profitable sales growth in the long run.”

 

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Textiles firm Siyaram Silk Mills announced Q3FY23 results:

  • Q3FY23 & 9MFY23:
    • Revenue for 9MFY23 was higher by 20% YoY. An all-around performance in the fabric and apparel business led to this strong revenue growth. Domestic market demand remains buoyant, with increasing traction from the export market as well. The Company continues its efforts to increase Revenue from both simultaneously.
    • EBITDA for 9MFY23 was higher by 14% YoY. Efficient marketing strategy and positioning helped in margin expansion. However, margins remained flat YoY. Higher raw material prices coupled with other manufacturing expenses kept margins under check. However, margins for the Fabrics business remained encouraging.
    • PAT for 9MFY23 was higher by 21% YoY.
    • Fabric Business revenue reported an increase of 10% YoY to Rs 1,131 crore in 9MFY23. The share of Fabrics in total Revenue is 74% in 9MFY23 from 80% in 9MFY22.
    • The Company sold 6.59 crore metres during 9MFY23, as against 6.85 crore in 9MFY22.

Mr. Ramesh Poddar, Chairman & Managing Director of Siyaram Silk Mills, commented on financial results, "The financial performance for 9MFY23 has been encouraging. Both, our Fabric and Apparels businesses are performing well. On the Fabric front, both Trade and Retail have witnessed an encouraging trend led by higher secondary sales and strong retail footfalls in MBOs. Volumes for the fabrics business saw some challenges in the post-festive season, which we expect to recoup in the running fourth quarter. The higher realisation is a result of our premiumisation benefits. Delivering customer needs of quality and fashionable products at a price is aiding our roadmap of premiumisation.

The Company's Apparel division has been exhibiting decent performance. Its continued focus on Tier II & III cities and its positioning among aspiring Indians have made the brand more reachable and appealing among a wider base of consumers. Our volume for garments remains buoyant. However, higher raw material prices have kept our margins for Q3 under check. The Company's tactical decision to reduce EOSS has helped in improving sustainability. Overall, medium to long-term growth opportunities continue to look encouraging, and we expect demand to remain buoyant going ahead in the remaining part of the current fiscal year.

As a part of rewarding shareholders, the Company has been declaring dividends consistently. The Company has declared an interim dividend of Rs 4 per share in Q2FY23, followed by a further Rs 3 per share in Q3FY23. We expect consistent growth in Revenue and profitability going ahead, giving us a strong foundation for sustained value creation for all the stakeholders ".

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Textiles company Siyaram Silk Mill announced Q2FY23 results:

  • Revenue for Q2FY23 was higher by 32% YoY and 45% YoY for H1FY23. An all-around performance in the fabric and apparel business led to this strong revenue growth. Domestic market demand remains buoyant with increasing traction from the export market as well. The company continues its efforts to increase revenue pie from both of them simultaneously.
  • EBITDA for Q2FY23 was higher by 41% YoY and 47% for H1FY23. Efficient marketing strategy and positioning helped in margin expansion.
  • PAT for Q2FY23 was higher by 52% YoY and 70% for H1FY23 YoY.

Commenting on financial results, Mr Ramesh Poddar, Chairman & Managing Director, Siyaram Silk Mills, said, "The financial performance for H1FY23 has been quite encouraging. Our both Fabric and Apparels businesses are performing well. On the Fabric front, both Trade and Retail have witnessed an encouraging trend led by higher secondary sales and strong retail footfalls in MBOs. Our volumes and realisation both have seen robust growth. Double-digit volume growth testifies to our marketing and product positioning strategy to reach a more extensive customer base. The higher realisation is a result of our premiumisation benefits. Delivering customer needs of quality and fashionable products at a price is aiding our roadmap of premiumisation.

The Company's Apparel division has been exhibiting strong performance. Its continued focus on Tier II & III cities and its positioning among aspiring Indians have made the brand more reachable and acceptable among the masses. The Company's tactical decision to reduce EOSS has helped in improving profitability. Along with profitability, it has also led to stability in earnings. Overall, medium to long-term growth opportunities are encouraging, and we expect demand to remain buoyant going ahead in the current fiscal year".

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