Siyaram Silk Mills Limited (SIYSIL) AI Stock Analysis

• Market Cap: ₹23.69B
• Dividend Yield: 1.89%
• Average Volume (3M): 5.48K
• Price to Earnings (P/E): 11.5
• Beta (1Y): 0.99
• Revenue Growth: 16.27%
• EPS Growth: 8.54%
• Country: IN
• Employees: 2,750
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Apparel - Manufacturers
• EPS (TTM): 9.21
• Shares Outstanding: 45,370,087
• 10 Day Avg. Volume: 6,899
• 30 Day Avg. Volume: 5,478
• PEG Ratio: 1.79
• Price to Book (P/B): 2.38
• Price to Sales (P/S): 1.37
• P/FCF Ratio: 27.13
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 62 Neutral
• Price Target: ₹536.00 ▼(-14.14% Downside)

The score is supported primarily by solid financial performance (cash flow strength and multi-year revenue growth) and reasonable valuation (low P/E with a meaningful dividend yield). These positives are tempered by very weak technicals (price below key moving averages, negative MACD, and deeply oversold RSI/Stoch) and signs of recent margin pressure alongside rising debt.

Positive Factors

Multi-year Revenue Growth

Sustained multi-year top-line growth indicates expanding demand for Siyaram's fabrics and apparel, supporting scale benefits and long-run market share gains. Consistent revenue increases provide a durable base for reinvestment, margin recovery efforts and funding brand expansion over 2-6 months.

Free Cash Flow Strength

Consistent and improving free cash flow enhances financial flexibility to fund capex, pay dividends, or reduce leverage without relying on markets. Strong cash conversion from operations underpins long-term liquidity and resilience through industry cycles over the medium term.

Branded & Multi-channel Model

A combined branded apparel and wholesale fabric model diversifies revenue streams and mitigates single-channel risk. Established distribution across trade and retail supports durable customer reach, inventory turns and the ability to shift mix toward higher-margin formats over coming quarters.

Negative Factors

Margin Pressure

Eroding gross and operating margins signal cost or pricing pressures that can persist if raw materials, input costs or discounting continue. Margin compression directly reduces reinvestment capacity and free cash flow, challenging medium-term profitability unless operational fixes are implemented.

Rising Total Debt

An increasing debt load weakens financial flexibility and raises refinancing and interest risks if earnings or cash flow dip. Over a 2-6 month horizon, higher leverage can constrain strategic investments, limit payout capacity and amplify downside in slower demand periods.

Product/Channel Concentration

Concentration in menswear fabrics and apparel exposes revenue to category-specific cyclicality and changing consumer fashion preferences. Limited diversification increases vulnerability to demand shifts or competitive pressure, making recovery of volumes and margins harder if trends weaken.

Siyaram Silk Mills Limited Business Overview & Revenue Model

Company Description

Siyaram Silk Mills Limited manufactures and sells fabrics, readymade garments, yarn, and other textiles products in India. The company offers fabrics, including polyester viscose, polyester viscose blend, polyester viscose lycra, polyester cotton, polyester wool lycra, wool linen, cotton, cotton linen, polyester viscose linen, polyester rayon, polyester wool, wool lycra, wool, linen, and CVC and PC yarn-dyed shirting. It also provides ready-made formal and casual wear; garments, including formal wear, casual attire, corporate uniforms, and home furnishing fabrics; and poly/viscose fiber dyed, poly/viscose/spandex dyed, fiber dyedpoly/viscose, poly/viscose/cotton, poly/viscose/linen, poly/wool and poly/viscose/wool, jacquard, and poly/viscose fabrics, as well as fabrics in various blends. In addition, the company operates and franchises a chain of retail stores, which offer menswear fashion fabrics and apparels, and accessories under the Siyaram's Shop name. It also exports its products to the United Kingdom, Europe, North America, Latin America, Gulf countries, and South-East Asia. The company sells its products under the Siyaram's Suitings and Shirtings, Mistair, Royale Linen, Moretti, Miniature, Unicode, J. Hampstead, Oxemberg, Mozzo, Cadini, and Casa Moda brand names. Siyaram Silk Mills Limited was incorporated in 1978 and is based in Mumbai, India.

How the Company Makes Money

Siyaram Silk Mills generates revenue through several key streams, primarily from the sale of textiles and garments. The company produces a wide range of products, including men's and women's suiting and shirting fabrics, which are distributed through a robust network of retailers and distributors across India and in international markets. Additionally, SIYSIL has formed strategic partnerships with various fashion brands and retail chains, enhancing its market reach and brand visibility. The company also benefits from economies of scale in production and a focus on value-added products, which contribute to higher margins. Seasonal demand for fashion apparel and the growing trend of sustainable textiles further bolster its revenue potential.

Siyaram Silk Mills Limited Financial Statement Overview

Summary

Strong overall fundamentals driven by consistent revenue growth and robust free cash flow generation. Offsetting factors include margin pressure in 2025 (lower EBIT/EBITDA and gross profit decline) and a rising total debt trend that adds balance-sheet risk.

Income Statement

Siyaram Silk Mills Limited shows strong revenue growth with a consistent increase from 2021 to 2025. The gross profit margin is healthy, indicating efficient cost management. However, there is a noticeable decline in gross profit from 2024 to 2025, which might signal cost pressures. The net profit margin remains stable, but the dip in EBIT and EBITDA margins in 2025 suggests challenges in operational efficiency.

Balance Sheet

The company maintains a strong equity position, with a favorable equity ratio indicating financial stability. The debt-to-equity ratio is moderate, reflecting a balanced approach to leverage. However, the increase in total debt from previous years could pose a potential risk if not managed carefully.

Cash Flow

The cash flow statements show robust free cash flow generation, with a significant improvement in free cash flow growth from 2022 onwards. Operating cash flow is strong relative to net income, highlighting effective cash management. The company has demonstrated an ability to convert income into cash efficiently, which is a positive indicator for liquidity.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	23.04B	22.22B	20.92B	22.33B	19.02B	10.87B
Gross Profit	8.79B	9.19B	10.64B	5.04B	9.18B	4.06B
EBITDA	3.34B	2.76B	3.22B	4.09B	3.68B	939.94M
Net Income	1.90B	1.97B	1.85B	2.51B	2.16B	35.80M
Balance Sheet
Total Assets	0.00	18.88B	16.02B	16.40B	15.13B	12.10B
Cash, Cash Equivalents and Short-Term Investments	2.06B	2.08B	193.55M	1.11B	311.69M	331.81M
Total Debt	0.00	2.62B	1.75B	1.63B	2.23B	1.39B
Total Liabilities	-12.83B	6.05B	4.65B	4.99B	5.79B	4.44B
Stockholders Equity	12.83B	12.83B	11.37B	11.41B	9.34B	7.67B
Cash Flow
Free Cash Flow	0.00	1.12B	696.73M	1.78B	-294.72M	3.09B
Operating Cash Flow	0.00	2.55B	1.29B	2.35B	448.02M	3.30B
Investing Cash Flow	0.00	-2.48B	681.56M	-1.13B	-532.47M	-223.47M
Financing Cash Flow	0.00	-98.52M	-1.94B	-1.23B	81.49M	-3.07B

Siyaram Silk Mills Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 624.30
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:SIYSIL, the sentiment is Negative. The current price of 624.3 is above the 20-day moving average (MA) of 578.20, below the 50-day MA of 631.94, and below the 200-day MA of 678.18, indicating a bearish trend. The MACD of -30.64 indicates Positive momentum. The RSI at 28.03 is Positive, neither overbought nor oversold. The STOCH value of 19.67 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:SIYSIL.

Siyaram Silk Mills Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CANTABIL	70 Outperform	₹24.42B	31.17	―	0.39%	19.90%	27.94%
KALAMANDIR	68 Neutral	₹17.18B	13.34	―	1.31%	23.15%	47.46%
SPAL	67 Neutral	₹16.89B	15.29	―	0.28%	34.25%	28.44%
KKCL	66 Neutral	₹28.36B	21.83	―	0.41%	28.67%	-20.77%
SIYSIL	62 Neutral	₹23.69B	11.55	―	1.89%	16.27%	8.54%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
RAYMOND	58 Neutral	₹25.28B	0.46	―	2.31%	-63.26%	-29.33%

Siyaram Silk Mills Limited Corporate Events

Siyaram Silk Mills Strengthens Financial Leadership with New Vice President – Finance

Siyaram Silk Mills Limited has announced that its Board of Directors has approved the appointment of Chartered Accountant Dinesh Kumar Jaithliya as Vice President – Finance, designated as senior managerial personnel, with effect from 1 February 2026. Jaithliya brings about 23 years of post-qualification experience across finance, accounts, taxation, auditing, internal controls, risk management, fund management, corporate planning and management reporting in multiple businesses, a move that signals the company’s intention to strengthen its financial leadership and governance framework as it navigates future growth and regulatory requirements.

Siyaram Silk Mills Posts Revenue Growth, Expands Retail Network and Declares Interim Dividend

Siyaram Silk Mills Limited reported steady revenue growth for the quarter and nine months ended 31 December 2025, with Q3 FY26 total income rising 8.9% year-on-year to ₹639 crore and nine‑month income up 15.3% to ₹1,782 crore. Profitability remained resilient but moderated at the quarterly level, as Q3 EBITDA edged up to ₹84 crore while the margin slipped to 13.2%, and PAT declined 8.7% to ₹42 crore with a lower 6.6% margin; for the nine months, EBITDA rose to ₹262 crore and PAT to ₹134 crore, reflecting mid‑single‑digit profit growth. The company continued to execute its retail expansion strategy by adding two ZECODE and five DEVO stores during the quarter, taking the network to 25 ZECODE and 17 DEVO outlets, and reaffirmed that its plan to open about 35 stores across both brands in FY26 is on track. In a signal of confidence in its cash generation and balance sheet strength, the board declared a second interim dividend of ₹3 per equity share for FY 2025‑26, offering tangible returns to shareholders even as the company invests in broadening its branded retail presence in a competitive textile market.

Siyaram Silk Mills Ensures Regulatory Compliance with Shareholder and Creditor Meetings

Siyaram Silk Mills Limited announced the publication of a newspaper advertisement regarding meetings for its equity shareholders and unsecured creditors. This move is part of the company’s compliance with SEBI regulations concerning listing obligations and disclosure requirements. The advertisement was published in both English and Marathi newspapers, reflecting the company’s commitment to transparent communication with its stakeholders. This announcement may impact the company’s operations by ensuring regulatory compliance and maintaining trust with its shareholders and creditors.

Siyaram Silk Mills Reports Robust Q2 & H1FY26 Financial Results

Siyaram Silk Mills Limited reported a strong financial performance for the second quarter and half-year ending September 30, 2025, with a total income of ₹743 crores for Q2 FY26, marking an 18.1% year-on-year growth. The company also achieved an EBITDA of ₹145 crores, reflecting a 31.1% increase from the previous year, and a PAT of ₹87 crores, up by 27.2%. The expansion of their retail presence continues with the opening of 7 ZECODE and 2 DEVO stores, contributing to a total of 35 targeted store openings for FY26.