Sai Silks (Kalamandir) (KALAMANDIR) Q2 26/27 earnings summary

Executive summary

• H1 FY27 revenue declined 1.73% YoY amid subdued discretionary demand, Adhik Maas and festive-calendar shifts; gross margin remained broadly stable at 42.02%.

• Full-year revenue guidance remained ₹1,850–1,900 crore, with management expecting H2 recovery and double-digit SSS growth.

Financial highlights

• Q2 FY27 revenue from operations was ₹434.05 crore versus ₹444.33 crore YoY; PBT was ₹41.45 crore versus ₹54.41 crore, and net profit was ₹31.08 crore versus ₹40.08 crore.

• H1 FY27 revenue was ₹809.13 crore versus ₹823.35 crore YoY; PBT was ₹75.86 crore versus ₹94.65 crore, and net profit was ₹56.73 crore versus ₹70.14 crore.

• Q2 EBITDA was ₹61.58 crore versus ₹72.01 crore; H1 EBITDA was ₹113.44 crore versus ₹129.14 crore.

• Q2 gross profit was ₹183 crore; gross margin rose 20 bps YoY to 42.10%.

• Revenue and EBITDA grew 15.7% and 18.8% QoQ in Q2; EBITDA margin expanded ~37 bps from Q1 FY27.

Outlook and guidance

• Full-year revenue guidance remained ₹1,850–1,900 crore, with management expecting double-digit FY27 revenue growth.

• H2 SSS growth is expected to return to double digits, supporting ~5% annual SSS growth.

• Management expects H2 EBITDA margin of 17.5%–18%; confirmation of the full-year margin outlook was deferred until next quarter.

• Wedding and festive demand is expected to support Q3 and H2; wedding dates are healthy, evenly spread and more numerous than last year.

• Tamil Nadu productivity is expected to improve in H2 following visibility and advertising initiatives; H1 productivity was ₹36,000 per sq. ft.