Siyaram Silk Mills Limited (SIYSIL) AI Stock Analysis

• Market Cap: ₹23.17B
• 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: ₹559.00 ▼(-10.46% 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

Robust free cash flow generation

Sustained improvement in free cash flow and strong operating cash relative to net income indicate durable cash conversion. This supports recurring capital expenditure, dividend capacity and debt servicing ability, giving strategic flexibility through industry cycles and funding for growth initiatives.

Consistent revenue growth trend

Multi-year revenue expansion demonstrates expanding market penetration or stronger product mix. Persistent top-line growth supports scale economies, enables reinvestment in brands and distribution, and underpins medium-term earnings resilience versus one-off seasonal gains.

Favorable equity position

A solid equity base provides a capital cushion against demand shocks and funds strategic investments without excessive refinancing. Financial stability improves lender confidence, helps maintain credit access, and reduces insolvency risk during periods of margin or cash-flow stress.

Negative Factors

Rising total debt levels

An increase in absolute debt raises leverage and interest obligations, which can strain flexibility if earnings or cash flow weaken. Higher leverage reduces room for investment and increases refinancing risk, making capital allocation and cost control more critical over the medium term.

Margin compression in 2025

Declining gross and operating margins suggest rising input costs, pricing pressure, or unfavorable mix. If persistent, margin erosion will reduce free cash flow, constrain reinvestment and debt paydown, and weaken competitive positioning versus peers with firmer cost control.

Concentration in menswear and wholesale channels

Heavy exposure to menswear and reliance on wholesale/retail distribution concentrates demand risk to a single category and to retailer inventory cycles. Structural shifts in consumer preferences or channel disruptions could materially affect volumes and pricing power over several quarters.

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 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	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: 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 549.59, above the 50-day MA of 572.79, and below the 200-day MA of 658.29, indicating a bearish trend. The MACD of -16.06 indicates Positive momentum. The RSI at 34.31 is Neutral, neither overbought nor oversold. The STOCH value of 18.30 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	₹21.03B	13.08	―	0.39%	19.90%	27.94%
SIYSIL	69 Neutral	₹23.17B	17.16	―	1.89%	16.27%	8.54%
KALAMANDIR	68 Neutral	₹16.02B	14.42	―	1.31%	23.15%	47.46%
SPAL	67 Neutral	₹17.12B	16.32	―	0.28%	34.25%	28.44%
KKCL	66 Neutral	₹28.78B	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	₹25.34B	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.