Sai Silks (Kalamandir) declares ₹1.50 dividend, appoints new CEO
Sai Silks (Kalamandir) Ltd declared a ₹1.50 per share dividend for FY26 and appointed Bharadwaj Rachamadugu as CEO at its 18th AGM. The meeting also saw the reappointment of director Dodeswara Kanaka Durgarao Chalavadi and the appointment of Ms. Sridevi Dasari as an Independent Director. Management addressed shareholder concerns regarding same-store growth and inventory strategies.
*this image is generated using AI for illustrative purposes only.
Sai Silks (Kalamandir) Limited declared a final dividend of ₹1.50 per equity share for the financial year ended March 31, 2026, and formally appointed Bharadwaj Rachamadugu as its Chief Executive Officer. The decisions were ratified by shareholders during the company’s 18th Annual General Meeting (AGM), which was conducted via Video Conferencing (VC) on August 10, 2026. The meeting also addressed governance changes, including the reappointment of a retiring director and the induction of a new independent director, signaling continuity in leadership amidst strategic expansion plans.
The AGM proceedings were conducted in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and relevant circulars issued by the Ministry of Corporate Affairs (MCA). M.K. Bhaskara Teja, Company Secretary & Compliance Officer, confirmed the presence of a requisite quorum. Statutory Auditors Sagar & Associates, Chartered Accountants, represented by Mr. B. Srinivasara Rao and Ms. Aruna B., and Secretarial Auditor P. S. Rao & Associates, represented by Mr. Vikas Sirohiya (Scrutinizer), were present to oversee the process.
Key Resolutions Passed
Shareholders approved several ordinary and special resolutions critical to the company’s operational and governance framework. The key outcomes include:
| Resolution Item | Type | Status |
|---|---|---|
| Adoption of Audited Financial Statements for FY26 | Ordinary | Passed |
| Declaration of Final Dividend @ ₹1.50 per share | Ordinary | Passed |
| Reappointment of Dodeswara Kanaka Durgarao Chalavadi | Ordinary | Passed |
| Appointment of Bharadwaj Rachamadugu as CEO | Ordinary | Passed |
| Appointment of Ms. Sridevi Dasari as Independent Director | Special | Passed |
| Payment of commission to Non-Executive Independent Directors | Ordinary | Passed |
Dodeswara Kanaka Durgarao Chalavadi (DIN: 02689280), who retired by rotation, offered himself for reappointment and was approved by the shareholders. Additionally, Ms. Sridevi Dasari (DIN: 07512095) was appointed as an Independent Director under a special resolution.
Management Address and Shareholder Engagement
Nagakanaka Durga Prasad Chalavadi, Managing Director, addressed the shareholders, highlighting the company’s evolution from a single store to a leading ethnic wear retailer in South India. He emphasized the strategy of building productive stores in attractive markets and strengthening brand presence across Kalamandir, Mandir, Kanchipuram Vara Mahalakshmi, and KLM Fashion Mall. Chalavadi reaffirmed the management’s commitment to creating long-term value through disciplined expansion and operational excellence.
Bharadwaj Rachamadugu, the newly appointed CEO, alongside CFO K.V.L.N. Sarma, responded to shareholder queries regarding same-store growth (SSG) and inventory management. The management acknowledged concerns about below-par SSG but projected a better growth trajectory in ensuing years. They outlined strategies for closing underperforming stores and optimizing inventory turnover. Shareholders also raised questions about contingent liabilities, rental expenditures, and the rationale behind new store openings versus existing performance, all of which were addressed by the executive team.
Attendance and Voting Details
The meeting commenced at 11:30 A.M. IST and concluded at 1:45 P.M. IST upon the closure of e-voting. As of the record date, August 3, 2026, the company had 66,778 shareholders. A total of 91 shareholders attended the meeting through video conferencing, comprising 2 from the promoter group and 89 from the public category. No shareholders attended in person or through proxy, rendering proxy appointments not applicable for this meeting.
Historical Stock Returns for Sai Silks (Kalamandir)
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +0.28% | -3.14% | -13.71% | -26.69% | -48.44% | -64.39% |
How will the new CEO's strategy for closing underperforming stores impact short-term revenue versus long-term profitability margins?
What specific operational metrics will Bharadwaj Rachamadugu prioritize to reverse the recent decline in same-store growth (SSG)?
How might the appointment of Ms. Sridevi Dasari as an Independent Director influence the company's governance and strategic oversight during its expansion phase?
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