Sai Silks (Kalamandir) Limited (KALAMANDIR.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+30.6%

₹87.77

vs ₹67.21 price

Levered DCF

₹61.41

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

—

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	9.44×	23.36×	27.1×	30.2×	68.99×	627.95×	85.63×	18.91×
P/B	1.06×	1.76×	2.57×	9.45×	11.88×	14.36×	0×	3.03×
P/S	0.8×	1.36×	1.99×	2.78×	3.31×	5.53×	3.19×	0.55×
EV / EBITDA	6.42×	10.93×	13×	19.62×	28.33×	62.85×	33.38×	8.77×
Gross margin	24.8%	48.9%	40.7%	39.1%	24.4%	19.3%	31.5%	29.7%
Operating margin	12.2%	28.2%	12.6%	13.2%	10.1%	6.2%	7.7%	18.3%
Net margin	8.5%	5.8%	7.3%	7.2%	4.8%	0.9%	3.7%	2.9%
Current ratio	5.18×	4.48×	3.41×	1.41×	1.28×	1.28×	8.17×	1.22×
Debt / equity	0.29×	0.36×	0.44×	1.32×	1.24×	1.41×	0×	0.91×
Interest coverage	6.52×	10.25×	2.88×	3.4×	3.07×	1.16×	2.44×	13.82×
Dividend yield	1.1%	0.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	10.4%	17.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	11.2%	7.5%	9.5%	24.6%	17.2%	2.3%	0.0%	16.0%
Return on invested capital	9.1%	15.9%	8.4%	13.8%	11.5%	4.7%	27.8%	31.3%
Return on assets	7.6%	5.2%	6.1%	8.0%	5.1%	0.7%	0.0%	5.4%
Free cash flow yield	19.2%	2.7%	-2.3%	-0.5%	1.3%	-0.6%	1.2%	-4.1%
Earnings yield	10.6%	4.3%	3.7%	2.6%	1.4%	0.2%	1.2%	5.3%
Enterprise value	₹16.7B	₹23.1B	₹31.5B	₹42.8B	₹41.4B	₹41.2B	₹40.7B	₹7.2B
Net debt / EBITDA	1.31×	1.51×	1.73×	2.39×	2.62×	5.54×	2.6×	1.82×
Cash conversion cycle (days)	198	374	304	214	203	286	-109	101