Financial Performance Overview

Q4 FY26 Performance:

  • Revenue from Operations: ₹133.53 crore (vs. ₹136.35 crore in Q4 FY25)
  • EBITDA: ₹4.24 crore (vs. ₹9.16 crore in Q4 FY25)
  • EBITDA Margin: 3.17% (vs. 6.72% in Q4 FY25)
  • Profit After Tax (PAT): ₹3.34 crore (vs. ₹7.02 crore in Q4 FY25)
  • PAT Margin: 2.50% (vs. 5.15% in Q4 FY25)
  • Earnings Per Share (EPS): ₹0.82 (vs. ₹1.77 in Q4 FY25)

Full Year FY26 Performance:

  • Revenue from Operations: ₹631.16 crore (vs. ₹603.59 crore in FY25, +4.6% YoY)
  • EBITDA: ₹32.02 crore (vs. ₹43.18 crore in FY25, -25.9% YoY)
  • EBITDA Margin: 5.07% (vs. 7.16% in FY25, -209 bps)
  • Profit After Tax (PAT): ₹23.41 crore (vs. ₹30.58 crore in FY25, -23.5% YoY)
  • PAT Margin: 3.71% (vs. 5.07% in FY25, -136 bps)
  • Earnings Per Share (EPS): ₹5.89 (vs. ₹7.72 in FY25, -23.7% YoY)

Balance Sheet & Working Capital Highlights

  • Maintained debt-free status throughout FY26
  • Cash and cash equivalents increased by over 50% to ₹69.93 crore as of March 31, 2026
  • 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 of March 31, 2026, from ₹177.91 crore as of March 31, 2025
  • Reduction in inventory and receivables contributed to stronger operating cash flow generation during FY26

Management Commentary

Mr. Shankar Dulhani, Chairman & Executive Director, commented on the performance:

FY26 was a year of steady progress despite a challenging operating environment. The company delivered Revenue from Operations of ₹631.16 crore, reflecting growth over the previous year and demonstrating resilience of the business model and customer relationships. The extensive wholesale network, diversified supplier base, and strong market presence enabled maintaining business momentum across key markets.

Strategic Initiatives:

  • Retail initiative launched during the year marks an important strategic milestone for building direct consumer-facing presence
  • Continued leveraging of Surat procurement office to improve sourcing efficiencies and enhance vendor engagement
  • Delivered improved cash flows and more efficient working capital cycle

Profitability Impact: Profitability was impacted by higher procurement costs and pressure on gross margins.

Outlook: Management expects demand conditions in the coming year to remain significantly weaker than levels witnessed in recent years, reflecting continued softness in consumer spending and cautious market environment. The company approaches the year with prudence and confidence, supported by strong business fundamentals, extensive customer network, and strong market position.

Focus Areas: Driving operational efficiencies, strengthening customer and supplier relationships, expanding product portfolio, and enhancing retail presence.

Company Business Overview

Saraswati Saree Depot Ltd. (SSDL) is a key player in sarees wholesale (B2B) segment with origins dating back to 1966. The company is also engaged in wholesale business of other women's apparel including Kurtis, dress materials, blouse pieces, lehengas, bottoms, etc.

Business Scale:

  • Served over 13,000 unique customers in Fiscal 2024
  • Product catalogue consists of more than 300,000 different SKUs
  • Expanded product range to include ready-made garments in 2017 with Kurti sales
  • Ready-mades portfolio has grown to include bottoms, pyjamas, one-piece clothing and dresses
  • Kurti business recognized with awards such as "Star of the Industry" and "Iconic Brand" at annual Kurti Expo events

Sourcing Network:

  • Sarees sourced from manufacturers across India including Surat, Varanasi, Mau, Madurai, Dharmavaram, Kolkata, and Bengaluru
  • Regularly sources from more than 9,000 weavers/suppliers across different states in India