Saraswati Saree Depot Limited has appointed Mr. Rajesh Dulhani as the Chairman of the Company with immediate effect, succeeding Mr. Shankar Laxmandas Dulhani who resigned on June 5, 2026. The Board of Directors approved the appointment during its meeting held on June 8, 2026, alongside the re-appointment of two Independent Directors and the cessation of a third director.

Mr. Rajesh Dulhani, an existing Executive Director, was unanimously designated as Chairman. This appointment does not alter the composition of the Board. Mr. Rajesh Dulhani is related to Mr. Vinod Shevakram Dulhani and Mr. Mahesh Sajandas Dulhani, and brings over 30 years of experience in the apparel industry, specializing in brand creation and management.

The Board approved the re-appointment of Mr. Yatiraj Marda and Mr. Amar Thorat as Independent Additional Directors for a term of five years, subject to shareholder approval at the ensuing Annual General Meeting (AGM) via Special Resolution. Mr. Yatiraj Marda's term is effective from June 20, 2026, while Mr. Amar Thorat's term begins on August 2, 2026. Both appointees are Chartered Accountants with extensive experience in taxation, auditing, and government sector audits.

Additionally, the Board noted the cessation of Mr. Maniklal Karmakar as an Independent Director effective June 19, 2026, due to the completion of his term. This change is in accordance with Section 149 of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The following table summarizes the key board changes:

Vidhi Bharat Oswal, Company Secretary & Compliance Officer, signed the regulatory filing on behalf of Saraswati Saree Depot Limited.

Saraswati Saree Depot Limited reported a 23.5% decline in net profit to ₹23.41 crore for the financial year ended March 31, 2026, down from ₹30.58 crore in the prior year. Revenue from operations rose 4.6% to ₹631.16 crore from ₹603.59 crore in FY25. The decline in profitability was primarily driven by pressure on gross margins arising from higher procurement costs, which impacted the company's bottom line despite steady revenue growth. The company maintained its debt-free status and strengthened its liquidity position, with cash and cash equivalents increasing by over 50% to ₹69.93 crore as of March 31, 2026.

Financial Performance

For the quarter ended March 31, 2026, the company recorded a profit of ₹3.34 crore, a decrease from ₹7.02 crore in the corresponding quarter of the previous year. Revenue for the quarter stood at ₹133.53 crore, compared to ₹136.35 crore in Q4FY25. EBITDA for FY26 stood at ₹32.02 crore with an EBITDA margin of 5.07%, compared to ₹43.18 crore and 7.16% respectively in FY25. The following table summarizes the key financial metrics for the full year:

Operational Highlights

The company maintained its debt-free status throughout FY26. Trade receivables reduced to ₹72.42 crore, reflecting improved collections and tighter working capital management. Inventory reduced to ₹120.69 crore from ₹125.41 crore, demonstrating improved inventory efficiency and stock optimization. Net worth increased to ₹194.66 crore as on March 31, 2026, from ₹177.91 crore as on March 31, 2025. Management stated that while profitability was impacted by higher costs, the business model demonstrated resilience through its extensive wholesale network and diversified supplier base. The company also noted that it launched a retail initiative during the year as a strategic milestone.

Management Commentary

Mr. Shankar Dulhani, Chairman & Executive Director of Saraswati Saree Depot Ltd., stated that FY26 was a year of steady progress despite a challenging operating environment. He highlighted that the company delivered improved cash flows and a more efficient working capital cycle during the year. The company sees a favorable long-term industry outlook and is focused on product mix improvement, sourcing efficiencies, and profitable growth. Management expects demand conditions in the coming year to remain significantly weaker than recent levels due to softness in consumer spending, and plans to focus on driving operational efficiencies, strengthening relationships, and expanding its retail presence to navigate the cautious market environment.

Audit Qualifications

The statutory auditors, Sanjay Vhanbatte & Company, issued a qualified opinion in their report. The qualification arises because the company has not maintained stock records providing quantitative details of goods dealt in during the year. Closing inventory was determined based on physical counting and related procedures. This qualification has been continuing for five years.