Siyaram Silk Mills
Siyaram Silk Mills
Consumer DiscretionaryKey Fundamentals
MicrocapTextile ProcessingTextilesTapetide Score
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Key Insights
Strengths
1- Company has been maintaining a healthy dividend payout of 28.7%
Growth Rate
AI Analysis — Bull vs Bear
Siyaram Silk Mills is a mid-cap textile company with a market capitalization of approximately Rs 2,864 crore, trading at a PE of 12.5x. The company reported FY26 consolidated sales of Rs 2,572 crore (up 16% YoY) and net profit of Rs 231 crore (up 17% YoY), while its 3-year compounded profit growth remains negative at -2% reflecting an uneven earnings trajectory.
- Attractive valuation with PE of 12.5x, significantly below broader market averages for consumer discretionary companies
- Strong FY26 revenue growth of 16% YoY (Rs 2,572 crore vs Rs 2,222 crore in FY25), indicating demand recovery
- Net profit grew 17% YoY in FY26 to Rs 231 crore from Rs 197 crore in FY25
- Consistent ROE profile at 16-17% over 3-year and last-year periods, indicating efficient capital deployment
- Healthy dividend payout of 24.1% with dividend yield of 1.72%, providing income to shareholders
- Long-term stock CAGR of 12% over 10 years and 16% over 5 years demonstrates sustained wealth creation
- EPS improved to Rs 50.89 in FY26 from Rs 43.45 in FY25, a growth of 17%
- Dividend payout ratio increased to 31.4% in FY26 from 27.6% in FY25, signaling management confidence in cash flows
- 3-year compounded profit CAGR is negative at -2%, reflecting earnings volatility and inconsistent profitability
- Operating profit margin has declined from 17.17% in FY22 to 12.53% in FY26, a contraction of over 460 basis points
- Stock has delivered negative 1-year return of -10%, underperforming despite improving fundamentals
- 10-year compounded sales growth of only 5% suggests limited long-term topline expansion capability
- Interest costs rose 44% YoY from Rs 23.77 crore in FY25 to Rs 34.21 crore in FY26, indicating rising debt burden
- Price-to-book of 1.98x implies limited margin of safety if earnings disappoint
- Consumer discretionary sector faces demand sensitivity to economic slowdowns and rural/urban consumption trends
- FY24 saw a revenue decline to Rs 2,092 crore from Rs 2,233 crore in FY23, highlighting cyclicality in the textile business
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Promoter shares fully unencumbered Jun 20
Promoters declared zero encumbrance on their entire 67.44% equity stake in FY26 under SEBI takeover regulations, signaling no pledging of shares.
- Analyst meet scheduled Jun 12 Jun 9
Siyaram Silk Mills scheduled one-on-one meetings with analysts and institutional investors on June 12, 2026, with discussions based on publicly available information.
TL;DR: Limited news flow for Siyaram Silk Mills in recent weeks, with only routine regulatory disclosures. The unencumbered promoter holding at 67.44% is a governance positive but not a new catalyst. No operational or financial updates to signal a change in trend. Investors should watch for any material disclosures from the June 12 analyst meeting.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 355 | 586 | 503 | 648 | 307 | 608 | 571 | 736 | 389 | 706 | 624 | 853 | 446 |
| Expenses | 332 | 498 | 435 | 542 | 297 | 519 | 504 | 625 | 369 | 598 | 556 | 716 | 428 |
| Operating Profit | 23 | 88 | 69 | 106 | 10 | 89 | 66 | 111 | 21 | 107 | 68 | 137 | 18 |
| OPM % | 6% | 15% | 14% | 16% | 3.1% | 15% | 12% | 15% | 5% | 15% | 11% | 16% | 4% |
| Other Income | 8 | 12 | 11 | 6 | 24 | 21 | 16 | 14 | 12 | 37 | 16 | 18 | 22 |
| Interest | 4 | 5 | 6 | 5 | 5 | 6 | 6 | 8 | 6 | 9 | 10 | 9 | 7 |
| Depreciation | 14 | 14 | 14 | 14 | 14 | 14 | 15 | 18 | 20 | 21 | 20 | 18 | 18 |
| PBT | 13 | 81 | 60 | 93 | 15 | 91 | 62 | 100 | 6 | 115 | 55 | 127 | 14 |
| Tax % | 24% | 24% | 26% | 26% | 25% | 25% | 26% | 28% | 28% | 25% | 23% | 23% | 24% |
| Net Profit | 10 | 61 | 44 | 69 | 12 | 68 | 45 | 72 | 5 | 87 | 42 | 98 | 11 |
| EPS in Rs | 2.13 | 13.08 | 9.79 | 15.21 | 2.53 | 15.03 | 10 | 15.88 | 1.02 | 19.11 | 9.21 | 21.55 | 2.43 |
Profit & Loss
| Particulars | Mar 2016 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,605 | 1,733 | 1,816 | 1,699 | 1,089 | 1,905 | 2,233 | 2,092 | 2,222 | 2,572 | 2,629 |
| Expenses | 1,415 | 1,488 | 1,577 | 1,532 | 1,035 | 1,572 | 1,864 | 1,806 | 1,946 | 2,240 | 2,299 |
| Operating Profit | 189 | 245 | 240 | 167 | 54 | 333 | 368 | 286 | 276 | 333 | 330 |
| OPM % | 12% | 14% | 13% | 10% | 4.9% | 17% | 16% | 14% | 12% | 13% | 13% |
| Other Income | 15 | 20 | 23 | 34 | 41 | 34 | 40 | 36 | 75 | 83 | 93 |
| Interest | 31 | 34 | 48 | 43 | 30 | 18 | 20 | 20 | 24 | 34 | 35 |
| Depreciation | 43 | 61 | 62 | 73 | 61 | 59 | 58 | 55 | 60 | 79 | 77 |
| PBT | 130 | 170 | 152 | 85 | 3 | 291 | 331 | 247 | 267 | 303 | 311 |
| Tax % | 35% | 35% | 35% | 19% | -3% | 26% | 24% | 25% | 26% | 24% | — |
| Net Profit | 85 | 111 | 99 | 69 | 4 | 216 | 251 | 185 | 197 | 231 | 237 |
| EPS in Rs | 18.1 | 23.64 | 21.14 | 14.77 | 0.76 | 46.14 | 53.55 | 40.72 | 43.45 | 50.89 | 52.3 |
| Div. Payout % | 12% | 18% | 21% | 58% | 602% | 20% | 21% | 27% | 28% | 31% | — |
Balance Sheet
| Particulars | Mar 2016 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 |
| Reserves | 498 | 669 | 746 | 753 | 758 | 925 | 1,128 | 1,128 | 1,274 | 1,451 |
| Borrowings | 408 | 573 | 444 | 433 | 139 | 223 | 163 | 175 | 262 | 352 |
| Other Liabilities | 280 | 302 | 303 | 308 | 304 | 356 | 337 | 290 | 343 | 379 |
| Total Liabilities | 1,196 | 1,553 | 1,502 | 1,503 | 1,210 | 1,513 | 1,637 | 1,602 | 1,888 | 2,192 |
| Fixed Assets | 414 | 443 | 523 | 552 | 490 | 501 | 480 | 477 | 591 | 593 |
| CWIP | 5 | 93 | 8 | 4 | 3 | 2 | 5 | 19 | 3 | 14 |
| Investments | 6 | 25 | 17 | 17 | 37 | 38 | 124 | 30 | 207 | 273 |
| Other Assets | 770 | 993 | 954 | 931 | 681 | 972 | 1,027 | 1,077 | 1,088 | 1,311 |
| Total Assets | 1,196 | 1,553 | 1,502 | 1,503 | 1,210 | 1,513 | 1,637 | 1,602 | 1,888 | 2,192 |
Cash Flow
| Particulars | Mar 2016 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 71 | -31 | 192 | 201 | 330 | 45 | 235 | 129 | 255 | 93 |
| Investing | -101 | -154 | -13 | -28 | -22 | -53 | -113 | 68 | -248 | -69 |
| Financing | 30 | 204 | -194 | -177 | -307 | 8 | -123 | -194 | -10 | -23 |
| Net Cash Flow | 1 | 19 | -15 | -4 | 1 | 0 | 0 | 3 | -3 | 2 |
| Free Cash Flow | 5 | -175 | 150 | 158 | 315 | -21 | 192 | 79 | 119 | 34 |
| CFO/OP | 38 | -12 | 103 | 120 | 622 | 37 | 83 | 65 | 115 | 45 |
Ratios
| Particulars | Mar 2016 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 83 | 89 | 79 | 73 | 87 | 74 | 70 | 82 | 86 | 92 |
| Inventory Days | 149 | 203 | 191 | 191 | 147 | 165 | 143 | 172 | 148 | 161 |
| Days Payable | 80 | 86 | 79 | 81 | 102 | 87 | 65 | 60 | 67 | 68 |
| Cash Conversion Cycle | 152 | 207 | 191 | 183 | 133 | 152 | 148 | 193 | 166 | 184 |
| Working Capital Days | 40 | 56 | 81 | 80 | 118 | 93 | 94 | 115 | 95 | 93 |
| ROCE % | — | — | 17% | 11% | 3% | 29% | 28% | 21% | 20% | 19% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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62 extracted metrics + investor summaries across FY09–FY27.
Documents
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Company Information
Siyaram Silk Mills Ltd is a Textile manufacturing company. It is engaged in manufacturing fabrics and readymade garments, especially in the men’s wear section. [1][2] The Company exports to countries like UAE, Australia, Bahrain, Bangladesh, Cambodia, Canada, etc. [3]
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