When your dad’s favorite suiting brand starts sounding like a start-up, you know Indian retail’s getting a glow-up. Siyaram Silk Mills dropped its Q2 FY26 numbers with more sheen than its polyester blends—revenues up, margins stitched neatly, and a side hustle in “ZECODE” and “DEVO” that screams Gen-Z couture meets Gujarati weddings.
The festive tailwinds helped, GST cuts added sparkle, and even the CFO seemed giddy enough to drop a dividend. But the real drama? Siyaram’s trying to balance decades-old wholesaler swagger with mall-brand ambitions.
Keep reading—because what they’re weaving next could turn your father’s fabric brand into your weekend wardrobe. 🧵
At a Glance
- Revenue up 18% – Management swears it’s consumer confidence, not creative accounting.
- EBITDA up 32% – Apparently, fabric margins are the new fashion statement.
- PAT up 27% – Profit stitched with precision, no loose threads.
- EBITDA Margin 19.5% – Tailor-fit, but CFO admits “other income” helped tighten the seams.
- Interim Dividend ₹4/share – Because nothing says “strong quarter” like cash back to shareholders.
- Store count: 35 (ZECODE + DEVO) – Fast fashion meets festive flair; the ramp-up’s real.
Management’s Key Commentary
Gaurav Poddar: “Textile sector saw steady growth aided by festive demand.”
(Translation: Diwali came early, and so did the sales spike.) 🎇
Surendra Shetty: “EBITDA margin stood at 19.5%—including other income.”
(Translation: We stitched in a few non-operational rupees for that extra shine.)
Poddar: “ZECODE and DEVO contributed around ₹30 crore in H1.”
(Translation: The new kids are still learning to walk, not yet sprinting.)
Poddar: “We plan around 35 stores this year, focusing on high-growth markets.”
(Translation: Pray our landlords
don’t hike rent mid-season.)
Shetty: “Other income rose due to sale of surplus land worth ₹21 crore.”
(Translation: When in doubt, sell real estate.)
Poddar: “We’re moving towards an asset-light model, outsourcing 50% of production.”
(Translation: Why own looms when someone else can do the sweating?)
Poddar: “Our new ethnic brand DEVO targets the mid-premium segment.”
(Translation: Think Manyavar vibes, but with less guilt on your credit card.) 😏
Numbers Decoded
| Metric | Q2 FY26 | Q2 FY25 | YoY Growth | Comment |
|---|---|---|---|---|
| Total Income | ₹743 Cr | ₹629 Cr | +18% | Festive rush did the heavy lifting |
| EBITDA | ₹145 Cr | ₹110 Cr | +32% | Other income helped iron out wrinkles |
| PAT | ₹87 Cr | ₹68 Cr | +27% | Solid profit tailoring |
| EBITDA Margin | 19.5% | 17.5% | +200 bps | Includes other income seasoning |
| Fabric Revenue | 77% | — | — | Still the crown jewel |
| Garment Revenue | 15% | — | — | Slow fashion’s catching up |
| Retail (ZECODE + DEVO) | ₹30 Cr (H1) | — | — | Early innings |
| Interim Dividend | ₹4/share | — | — | Nice little bonus thread |
Even polyester looks premium when profits shine this bright.
Analyst Questions
Q: “Is the growth sustainable?”
A: “We’re revising guidance to 12–14%.”
(Translation: Yes, as long as India keeps shopping like it’s wedding season.)
Q: “Why is other income in EBITDA?”
A: “That’s our practice.”
(Translation: Tradition is our real intangible
