SAI Silks (Kalamandir) Targets 15-20% Revenue Growth for FY27 with ₹2,000 Crores Revenue Goal

SAI Silks (Kalamandir) has announced comprehensive growth targets spanning the next two fiscal years, outlining a strategic roadmap focused on both organic growth and expansion initiatives. The company expects to achieve its Q4 FY26 revenue goal of 15% growth while maintaining ambitious targets for sustained expansion.

FY26 Growth Projections

The company's near-term outlook centers on achieving consistent growth momentum through the remainder of FY26. SAI Silks (Kalamandir) aims for 15% full-year growth, while keeping an 18% target as a potential upside scenario.

Parameter	Target
Q4 FY26 Revenue Growth	15%
Full-Year FY26 Growth Target	15%
Potential Upside Target	18%

FY27 Strategic Growth Framework

For FY27, the company has established a more aggressive growth trajectory, targeting revenue expansion of 15-20%. This growth strategy is built on a dual-pillar approach combining same-store sales improvements with strategic store expansion initiatives.

Growth Component	Target Contribution
Same-Store Sales Growth	5%
New Store Openings Growth	15%
Overall Revenue Growth Range	15-20%
Anticipated Total Revenue	₹2,000.00 crores

Revenue and Expansion Strategy

The company's growth model emphasizes balanced expansion through both operational efficiency improvements and geographic footprint enhancement. The targeted 5% same-store sales growth indicates focus on maximizing productivity from existing locations, while the 15% contribution from new store openings demonstrates commitment to market expansion.

SAI Silks (Kalamandir) anticipates achieving approximately ₹2,000.00 crores in revenue for FY27, representing a significant milestone in the company's growth trajectory. This revenue target reflects the combined impact of the company's multi-faceted growth strategy encompassing both organic improvements and strategic expansion initiatives.

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-4.78%	-7.37%	-25.74%	-32.27%	-29.47%	-53.68%

Sai Silks (Kalamandir) Limited has filed its quarterly monitoring agency report for the period ended December 31, 2025, detailing the utilization of proceeds from its ₹600 crore Initial Public Offering. The report, prepared by CARE Ratings Limited as the appointed monitoring agency, reveals timeline deviations in several key objectives while maintaining that overall fund allocation amounts remain unchanged.

IPO Proceeds Overview

The company's IPO, conducted from September 20, 2023, to September 22, 2023, involved issuing 2,70,27,027 equity shares at ₹222 per share. After accounting for issue-related expenses of ₹33.76 crore, the net proceeds available for utilization stood at ₹566.24 crore.

Parameter:	Amount (₹ Crore)
Total IPO Proceeds:	600.00
Issue Expenses:	33.76
Net Proceeds Available:	566.24
Amount Utilized (Q3FY26):	461.44
Unutilized Amount:	104.80

Fund Utilization Progress

As of December 31, 2025, the company has deployed ₹461.44 crore across various objectives, with ₹59.48 crore utilized during the third quarter of FY26. The monitoring agency noted timeline deviations in four out of five stated objectives, though no material deviations were observed in terms of fund amounts.

Object-wise Utilization Status

Objective:	Allocated (₹ Cr)	Utilized (₹ Cr)	Remaining (₹ Cr)
30 New Stores Setup:	125.08	88.81	36.27
Two New Warehouses:	25.40	4.29	21.11
Working Capital:	280.07	235.44	44.63
Debt Repayment:	50.00	50.00	-
General Corporate:	85.69	82.90	2.79

Store Expansion and Infrastructure Development

The company has successfully established 22 new stores out of the planned 30 stores, with two stores opened during Q3FY26. The management indicated that store establishment involves lengthy procedures due to strategic location selection for optimal market capture. The entire allocated funds for store expansion are expected to be utilized by March 2026.

For warehouse development, the company has spent ₹4.29 crore towards setting up facilities, significantly behind the original timeline that projected completion by March 2024. The management cited strategic location planning to serve Tamil Nadu showrooms while minimizing logistics and maintenance costs as the reason for delays.

Timeline Deviations and Management Response

The monitoring agency identified specific timeline delays across multiple objectives:

Store Setup: Originally scheduled for completion by March 2026, currently ongoing with ₹88.81 crore utilized
Warehouse Development: Delayed from March 2024 target, with exact delay period not ascertainable
General Corporate Purposes: Delayed from March 2024 completion timeline
Debt Repayment: Completed with a three-month delay to avoid prepayment charges

Deployment of Unutilized Funds

The company has deployed ₹104.80 crore of unutilized funds in fixed deposits with HDFC Bank and monitoring accounts, earning returns ranging from 6.12% to 7.35%. The fixed deposits are scheduled to mature between January 2026 and December 2026, with ₹2.47 crore maintained in the IPO monitoring account.

Investment Type:	Amount (₹ Cr)	Return Rate
HDFC Bank FDs:	127.00	6.12% - 7.35%
Monitoring Account:	2.47	-
Interest Earned:	24.67	-

Regulatory Compliance and Monitoring

CARE Ratings Limited confirmed that all requisite government and statutory approvals for the warehouse and 22 stores opened with IPO funds are in place. The monitoring agency emphasized that while timeline deviations exist, there are no material deviations in fund allocation amounts, and the company maintains compliance with SEBI regulations regarding IPO proceeds utilization.

The report was submitted in accordance with Regulation 32(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 and Regulation 41 of SEBI (Issue of Capital Disclosure Requirements) Regulations 2018, ensuring transparent disclosure of fund utilization progress to stakeholders.