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Siyaram Silk Mills Ltd share Price Today

Company details

454.00
463.25
431.10
635.00
6M Return -13.97%
1Y Return -11.30%
Mkt Cap.(Cr) 2,068.65
Volume 46,575
Div Yield 1.52%
OI
-
OI Chg %
-
Volume 46,575

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Technical Outlook
    The share price of Siyaram Silk logged a resolute breakout from falling wedge formation post Q4 result, indicating resumption of primary uptrend. Thus, it offers a fresh entry opportunity to ride the next leg of the up move 

    Strong base formation bodes well for next leg of up move: Structurally, the stock has undergone strong base formation in the vicinity of 52 week’s EMA, highlighting a robust price structure

    Breakout on the back of rising volume: The current breakout from falling wedge is backed by 2x volume of 10 week’s average volume, indicating larger participation in the direction of the trend

    On oscillator front: Weekly MACD surpassed zero line post witnessing bullish crossover, indicating acceleration of upward momentum
     
    We expect the stock to accelerate upward momentum and gradually head towards ₹ 640 in coming months as it is 80% retracement of CY22-23 decline (₹ 699-399)
Fundamental Outlook
    Siyaram Silk Mills (SSML) is of India’s leading fabric manufacturer and retailer largely catering to Tier II and Tier III towns. Company has a total fabric capacity of more than 8 crore metre per annum. We believe SSML is a key beneficiary from the demand revival owing to its strong brand portfolio and Pan India distribution network. Siyaram’s brand portfolio consists of reputed brands like Siyaram (flagship brand), Oxemberg, MSD and J Hampstead. Over the last decade, the company has gradually expanded its fabric and garment capacities and simultaneously managed to reduce the debt/equity from 1.0x in FY12 to 0.2x in FY23

    The company has implemented changes in its business model and reduced the consignment sales to negligible level. The number of EBOs with sale or return (SoR) has reduced from 83 in FY19 to only four in FY23. With focus on becoming asset light, the company has reduced company owned company operated (COCO) exclusive brand outlets (EBO) from 31 in FY19 to nil in FY23

    SSML is planning to continue with the sharp SKU assortment strategy. The company continues to be selective with its product strategy and has increased focus on fast running stock keeping units (SKUs) with a target to maintain lower inventory level and reduce working capital cycle. Also, SSML has discontinued SKUs that were not performing well and is focusing on premiumisation of the product portfolio with introduction of newer and innovative products. The share of premium products increased from 20% in Q1FY22 to 25%+ in Q4FY23

     We expect the company to report revenue and earning CAGR of 13% and 15%, respectively, over FY23-25E. Enhanced capital efficiency (low leverage, controlled working capital cycle) and better profitability are expected to result in SSML maintaining healthy RoCE of ~23% by FY25E 

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Research view on more stocks

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.”

Result PDF

View Other Company Results

Siyaram Silk Mills Ltd shares SWOT Analysis

Strengths (5)

  • Growth in Net Profit with increasing Profit Margin (QoQ)
  • Company with Low Debt
  • Company able to generate Net Cash - Improving Net Cash Flow for last 2 years

Weakness (7)

  • MFs decreased their shareholding last quarter
  • Inefficient use of capital to generate profits - RoCE declining in the last 2 years
  • Inefficient use of shareholder funds - ROE declining in the last 2 years

Opportunity (1)

  • Companies with current TTM PE Ratio less than 3 Year, 5 Year and 10 Year PE

Threats (1)

  • RSI indicating price weakness

Resistance and support

R1 464.8
R2 468.9
R3 474.2
Pivot

459.43

S1 455.3
S2 450.0
S3 445.9
EMA SMA
464.2
473.0
489.5
504.9
465.8
466.1
496.4
522.0
Delivery and volume
CLIENT NAME DEAL TYPE ACTION DATE AVG. PRICE QUANTITY EXCHANGE
N.K.SECURITIES Bulk Purchase 2020-08-05 162.63 299140 NSE
N.K.SECURITIES Bulk Sell 2020-08-05 162.84 299140 NSE
PKP ENTERPRISES LLP Bulk Purchase 2017-03-15 1680 2223762 NSE
Name Category Shares
Ashadevi Rameshkumar Poddar PROMOTER 6.91%
Vibha Poddar PROMOTER 4.62%
Ankit Poddar PROMOTER 4.48%
Gaurav Poddar PROMOTER 4.48%
Ramesh Kumar Poddar PROMOTER 4.18%
Anurag Poddar PROMOTER 3.84%
Avnish Poddar PROMOTER 3.84%
Shrikishan Poddar PROMOTER 3.02%
Sangeeta Pramodkumar Poddar PROMOTER 2.13%
Madhudevi Pawankumar Poddar PROMOTER 1.75%
Pawankumar Dharaprasad Poddar PROMOTER 1.67%
Abhishek S Poddar PROMOTER 1.29%
Harshit S Poddar PROMOTER 1.28%
Pkp Enterprises Llp PROMOTER 23.81%

OUR RESEARCH VIEW

Investment recommendation
Call Date
21 May 2023
Entry Price 555.00
Target Price 640.00
Duration
3 Month

FINANCIALS

Sales
Operating Profit
Profit after Tax
Equity
Reserves and Surplus
Debt
Sales
Operating Profit
Profit after Tax
PE
Debt/Equity
P BV

Siyaram Silk Mills Ltd Stocks COMPARISON

Financials( in Cr) Siyaram Silk Mills Ltd Grasim Industries Ltd Trident Ltd Raymond Ltd Welspun Living Ltd
Price 455.95 2,423.65 40.20 2,253.85 144.15
% Change -2.03 2.28 4.28 4.33 1.80
Mcap Cr 2,068.65 164,941.50 20,485.74 15,004.78 14,008.61
Revenue TTM Cr 2,232.51 117,627.08 6,332.26 8,214.72 8,093.76
Net Profit TTM Cr 250.99 11,078.20 441.61 536.96 202.51
PE TTM 11.27 28.49 48.83 8.87 20.73
1 Year Return -11.30 40.38 22.56 40.79 54.50
ROCE 27.25 9.04 11.89 21.11 5.91
ROE 24.24 14.35 10.99 23.24 5.03
INSIDER & INSTITUTIONAL ACTIVITY

Equity Capital: 1,136.89 Cr FV: 2.00

Period MF Net Purchase / (sold) FII Net
LAST 1M 45,096.27 -32,431.93
LAST 3M 105,135.14 -41,239.38
LAST 6M 172,248.08 48,806.90
LAST 12M 264,707.07 127,969.33
Siyaram Silk Mills Limited - Analysts/Institutional Investor Meet/Con. Call Updates

May 15, 2024 l NSE Announcement

Siyaram Silk Mills Limited - Copy of Newspaper Publication

May 14, 2024 l NSE Announcement

Siyaram Silk Mills Limited - Related Party Transactions

May 13, 2024 l NSE Announcement

Date Action Type Ratio
Feb 16, 2024 Dividend 150
Nov 07, 2023 Dividend 200
Jul 24, 2023 Dividend 200

Siyaram Silk Mills Ltd Information

Stock PE (TTM)
11.27
Promoter Holding
67.44%
Book Value
250.6131
ROCE
27.25%
ROE
24.24%
Description
  • Incorporated in Jun.`78 as a private limited company, Siyaram Silk Mills Ltd (SSML) was converted into a public limited company in 1980. The Company belongs to the Siyaram-Poddar Group. Siyaram Finance is SSML`s subsidiary. Presently, the Company is manufacturing, branding and marketing Fabrics, Readymade Garments and Indigo Dyed Yarn. The company manufactures and markets textiles, cotton, woollen synthetics and synthetic blends, etc. The main product of SSML is polyester blended worsted fabrics. In Jul.`93, SSML came out with a Rs 15.37-cr rights issue of 18% PCDs to part-finance the Rs 16.56 cr expansion-cum-modernisation project. In 1998-99, the company installed 4 Sulzer Looms at Silvassa and 8 Dornier Looms at Tarapur Plants at a total cost of Rs 232 Lacs. During 2000-01 the company has installed 16 Air Jet Looms along with the other preparatory machines at its silvassa plant. The total cost of the project is Rs.35 crores and this has been partly financed by bank and balance through internal accruals of the company. The balance 24 looms has commenced its commercial production in 2002-03. The Garment Unit setup at Daman commenced the production in March, 2004. The Company added 99 Looms at Tarapur and Silvassa Plants during 2006-07, resulting an increase in the fabric weaving capacity by 50 Lac Mtrs. per annum. Further, it increased yarn dyeing capacity by 1,500 Tons per annum in 2007. It launched a new brand of Readymade Garments and developed new products in the existing brands. The Company formed two 100% Subsidiaries, namely Siyaram Polycote Limited on 15th March, 2007 and Oxemberg Clothing Limited on 16th March, 2007. It allotted Bonus Shares in the ratio of one equity share for every two equity shares held, aggregating to 31,24,016 equity shares on 27th October, 2006. In 2007-08, it added 42 imported Looms of latest technology along with other preparatory machines and accessories for manufacturing fabrics and in its new venture of Home Furnishing. In the Yarn Division, the Company increased its yarn dyeing capacity by adding additional yarn dyeing machines along with balancing equipments to manufacture value added yarn. In the Readymade Garments Division, it installed 177 stitching machines to manufacture readymade garments, viz., shirts and trousers. n the Retail sector, it opened 65 Retail outlets including Franchisees and Company`s own outlets. In 2009-10, it installed 71 looms alongwith preparatories at its plant at Tarapur & Silvassa. It installed various balancing equipments at Yarn Dyeing plant, Tarapur to optimize the capacity and improve quality. Company`s garment division`s manufacturing activities consolidated by de-bottlenecking, leveraging resources and building better synergy in its operations. It installed 23 looms along with preparatory machines in 2011-12. Further progressed by installing 129 Looms and 101 Readymade Garment Machines with balancing equipments in 2012-13; installed 48 Looms and 117 Readymade Garment Machines with balancing equipments in 2013-14; installed 78 Airjet Looms and 165 stitching machines along with balancing equipments. During 2016-17, the Scheme of Amalgamation of Balkrishna Synthetics Ltd, a wholly owned subsidiary of the Company with the Company was implemented and made effective from 10th January, 2017 as a going concern. The Company set-up an Indigo Plant with a capacity of 250 MT per month and commenced commercial production during 2018-19.

Registered Address

H-3/2 MIDC A-Road, Tarapur Boisar, Palghar, Maharashtra, 401506

Tel : 91-2525-329910/11
Email : sharedept:siyaram.com
Website : http://www.siyaram.com
Registrar

TSR Consultants P Ltd

AGM Date (Month) : Aug
Face Value Equity Shares : 2
Market Lot Equity Shares : 1
BSE Code : 503811
NSE Code : SIYSIL
Book Closure Date (Month) : Jul
BSE Group : B
ISIN : INE076B01028

FAQ’s on Siyaram Silk Mills Ltd Shares

You can buy Siyaram Silk Mills Ltd shares through a brokerage firm. ICICIdirect is a registered broker through which you can place orders to buy Siyaram Silk Mills Ltd Share.

Company share prices and volatile and keep changing according to the market conditions. As of May 17, 2024 03:53 PM the closing price of Siyaram Silk Mills Ltd was Rs.455.95.

Market capitalization or market cap is determined by multiplying the current market price of a company�s shares with the total number of shares outstanding. As of May 17, 2024 03:53 PM, the market cap of Siyaram Silk Mills Ltd stood at Rs. 2,068.65.

The latest PE ratio of Siyaram Silk Mills Ltd as of May 17, 2024 03:53 PM is 11.27

The latest PB ratio of Siyaram Silk Mills Ltd as of May 17, 2024 03:53 PM is 0.55

The 52-week high of Siyaram Silk Mills Ltd share price is Rs. 635.00 while the 52-week low is Rs. 431.10

According to analyst recommendations, Siyaram Silk Mills Ltd Share has a "Buy" rating for the long term.

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