Siyaram Silk Mills Limited (SIYSIL) AI Stock Analysis

• Market Cap: ₹22.70B
• Dividend Yield: 1.89%
• Average Volume (3M): 5.48K
• Price to Earnings (P/E): 17.2
• Beta (1Y): 1.03
• 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: 69 Neutral
• Price Target: ₹546.00 ▼(-12.54% Downside)
• Action: Downgraded Date: 02/04/26
• Date: Action: Downgraded 02/04/26

The score is driven primarily by solid financial performance and strong cash flow, supported by an attractive valuation (low P/E and ~2.1% yield). These positives are tempered by weaker technicals (negative MACD and trading below key longer-term moving averages) and signs of recent margin pressure and rising debt that warrant monitoring.

Positive Factors

Free cash flow generation

Sustained and improving free cash flow indicates the company reliably converts earnings into cash, supporting durable activities like capex, dividends, and debt reduction. Over 2-6 months this underpins financial flexibility and resilience versus cyclical retail demand swings.

Consistent revenue growth

Multi-year revenue expansion signals structural demand for core fabric and apparel lines and effective distribution. Persistent top-line growth supports scale economies, product investment and margin recovery potential, making revenue trends a durable positive for medium-term performance.

Strong equity position

A favorable equity ratio and stable balance-sheet base give long-term buffer against shocks, enabling strategic investments or selective leverage for growth. This structural strength supports access to capital and sustains operations through sector cyclicality over several months.

Negative Factors

Margin pressure in 2025

Widening cost pressures and reduced operating margins can erode the company's ability to generate excess cash and fund growth without pricing changes or cost restructuring. If sustained, margin deterioration weakens profitability and constrains reinvestment or dividend capacity.

Rising total debt

An upward trend in debt raises interest and refinancing obligations, reducing financial flexibility. Even with moderate leverage today, persistent debt growth elevates long-run liquidity and solvency risk and limits ability to respond to market or input-cost shocks.

Wholesale channel concentration

Heavy exposure to wholesale/ trade distribution concentrates revenue on third-party retailers, limiting pricing power and increasing sensitivity to partner inventories and order cycles. Structural reliance on distributors can prolong recovery from demand shocks absent faster retail diversification.

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 Limited makes money mainly by selling textile fabrics and branded apparel. Its core revenue stream comes from the manufacture and sale of suiting and shirting fabrics (including various blends), which are sold through trade/wholesale channels and supported by brand-led marketing. A second major stream is the sale of ready-made garments and related products under its brands, monetized through distribution to retailers and, where applicable, direct retail/format stores. The company’s earnings are driven by volumes sold, product mix (fabric vs. garments, premium vs. mass), realization per meter/garment, and the effectiveness of its distribution network and brand positioning. Specific details on revenue split by segment, named strategic partnerships, or channel-level contribution are null.

Siyaram Silk Mills Limited Financial Statement Overview

Summary

Strong overall fundamentals supported by solid cash generation (cash flow score 80) and consistent revenue growth (income statement score 75). Key risks are margin pressure in 2025 (lower EBIT/EBITDA and gross profit decline) and rising debt levels (balance sheet score 70).

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	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	24.02B	22.22B	20.92B	22.33B	19.02B	10.87B
Gross Profit	10.71B	9.19B	10.64B	5.04B	9.18B	4.06B
EBITDA	3.69B	2.76B	3.22B	4.09B	3.68B	939.94M
Net Income	2.09B	1.97B	1.85B	2.51B	2.16B	35.80M
Balance Sheet
Total Assets	21.78B	18.88B	16.02B	16.40B	15.13B	12.10B
Cash, Cash Equivalents and Short-Term Investments	2.24B	2.08B	193.55M	1.11B	311.69M	331.81M
Total Debt	4.13B	2.62B	1.75B	1.63B	2.23B	1.39B
Total Liabilities	8.27B	6.05B	4.65B	4.99B	5.79B	4.44B
Stockholders Equity	13.51B	12.83B	11.37B	11.41B	9.34B	7.67B
Cash Flow
Free Cash Flow	-827.86M	1.12B	696.73M	1.78B	-294.72M	3.09B
Operating Cash Flow	-515.59M	2.55B	1.29B	2.35B	448.02M	3.30B
Investing Cash Flow	-359.55M	-2.48B	681.56M	-1.13B	-532.47M	-223.47M
Financing Cash Flow	927.51M	-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: Neutral
• 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 538.22, above the 50-day MA of 564.21, and below the 200-day MA of 654.61, indicating a bearish trend. The MACD of -19.31 indicates Positive momentum. The RSI at 33.24 is Neutral, neither overbought nor oversold. The STOCH value of 13.95 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	₹21.49B	13.08	―	0.39%	19.90%	27.94%
SIYSIL	69 Neutral	₹22.70B	17.16	―	1.89%	16.27%	8.54%
KALAMANDIR	68 Neutral	₹15.28B	14.42	―	1.31%	23.15%	47.46%
SPAL	67 Neutral	₹17.48B	16.32	―	0.28%	34.25%	28.44%
KKCL	66 Neutral	₹29.39B	22.08	―	0.41%	28.67%	-20.77%
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
RAYMOND	58 Neutral	₹25.15B	199.12	―	2.31%	-63.26%	-29.33%

Siyaram Silk Mills Limited Corporate Events

Siyaram Silk Mills Schedules One-on-One Analyst and Investor Meet for March 17, 2026

Siyaram Silk Mills Limited has announced that its officials will hold a one-on-one meeting with analysts and institutional investors on 17 March 2026, in line with disclosure requirements under SEBI’s listing regulations. The interaction will be based solely on publicly available information, underscoring the company’s ongoing investor-relations efforts and transparency commitments, although the date may change due to scheduling exigencies for either the company or participants.

Siyaram Silk Mills Schedules One-on-One Analyst and Investor Meet for March 2

Siyaram Silk Mills Limited has notified the stock exchanges that its officials will hold a one-on-one meeting with analysts and institutional investors on 2 March 2026. The interaction will be based solely on publicly available information and is being disclosed in line with SEBI’s listing and disclosure regulations, with the company noting that the schedule may change due to exigencies for either party.

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.