The call has ended.

Key takeaways

Q2 revenue fell 2.3% YoY to ₹434 Cr, with same-store sales down 10.6%, blamed on the festive calendar shift. Management stays bullish on double-digit H2 growth but defers its H2 margin commitment to Q3.

Guidance and delivery
Management target	Revenue FY27

Highlights
Revenue growth	Q2 ₹434 Cr, -2.3% YoY; H1 ₹809 Cr, -1.7%; QoQ +15.7%.
Margins	Gross margin 42.1% (+20bps); EBITDA 14.2%; H2 17.5-18% deferred to Q3.
Demand visibility	Festive shift cited; wedding dates 'evenly spread'; Q3 demand expected stronger.
Management confidence	Over-optimistic; H2 rebound asserted, margin and KLM answers deferred.

Growth

Q2 gross margin 42.1% (+20bps); EBITDA ₹62 Cr (14.2%), up 18.8% QoQ; PAT ₹31 Cr (7.2%). H1 revenue ₹809 Cr, down 1.7%; H1 SSSG -9.2%.

Outlook

H2 double-digit SSSG and revenue growth; FY27 ₹1,850–1,900 Cr turnover; H2 margin 17.5–18% unconfirmed.

Risks

Inventory turns ~1.5-2x vs ~3x earlier; H2 recovery unproven; KLM unresolved; competitor exhibitions; UPI MDR charge deferred.

Last quarter's promises, checked

Delivered

Guided GM ~42% → Q2 42.1% (= BEAT)
Guided debt-free → net cash ~₹249 Cr (= BEAT)

Partly delivered

Guided ~1L sq ft FY27 adds → 3 stores added, sq ft undisclosed (= PARTIAL)
Guided FY27 EBITDA above FY26 → Q1 -1%, Q2 14.2%, H2 deferred (= PARTIAL)
Guided KLM closure → one relocated (= PARTIAL)

Missed

Guided FY27 revenue +12–15% → H1 -1.7% (= MISS)
Guided FY27 SSSG +2–3% → H1 -9.2% (= MISS)
Guided Q2 Sravana demand lift → Q2 -2.3% YoY (= MISS)

Summary by ALFA Finder, written with AI assistance from the earnings call transcript the company filed, published 4 Nov 2026, 4:34 PM IST. Open it on ALFA Filings ›

The results behind this call

3 Nov 2026 17:14 IST BSE

Financial Results

Sai Silks (Kalamandir) Q2 FY27 Results: Net Profit ₹31.1 Cr, Down 22.4% YoY

Sai Silks (Kalamandir) approved unaudited Q2 and H1 FY27 results, balance sheet and cash flow. The board also reconsidered IPO proceeds, extending warehouse fund utilisation to September 2027.