Saraswati Saree Depot Limited has informed the Exchange about Investor Presentation
SARASWATI SAREE DEPOT LTD. S. No. 144/1, Manade Mala, Gandhinagar Road, P.O. Uchgaon, Dist. Kolhapur, Maharashtra, 416005 Ph: 0231-2683333, 0231-2532020, 0231-2610284 Email: cs@saraswatisareedepotlimited.com Website:www.saraswatisareedepot.com CIN: L14101PN2021PLC199578
Date: August 18, 2025
To, National Stock Exchange of India Limited Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (East) Mumbai- 400051
To, BSE Ltd Phirozee Jeejeebhoy Towers, Dalal Street, Fort, Mumbai - 400 001
BSE Scrip Code: 544230
NSE Scrip Code: SSDL
Subject: Saraswati Saree Depot Ltd. announces the un-audited financial results for the quarter ended June 30, 2025
Dear Sir/ Madam,
Please find attached Revised Investor Presentation regarding of un-audited financial results for the quarter ended June 30, 2025.
Thanking You,
Yours Sincerely,
For SARASWATI SAREE DEPOT LIMITED
__________________ Vidhi Bharat Oswal Company Secretary & Compliance Officer Membership no.: A77054
Place: Kolhapur Date: August 18, 2025 Encl. As Above
Q1 FY26 Result Update Presentation June 2025
Safe Harbor
This presentation has been prepared by Saraswati Saree Depot Ltd. (SSDL) solely to provide information about the Company to its stakeholders. No representation or warranty, express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of such information or opinions contained herein. None of the Company nor any of its respective affiliates, advisers or representatives, shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with this presentation.
The information contained in this presentation is only current as of its date. The Company may alter, modify or otherwise change in any manner the content of this presentation, without obligation to notify any person of such revision or changes. Certain statements made in this presentation may not be based on historical information or facts and may be "forward-looking statements", including those relating to the Company’s general business plans and strategy, its future financial condition and growth prospects, and future developments in its industry and its competitive and regulatory environment. Actual results may differ materially from these forward-looking statements due to number of factors, including future changes or developments in the Company’s business, its competitive environment, information technology and political, economic, legal and social conditions in India.
Please note that this presentation is based on the publicly available information including but not limited to Company’s website and Annual Reports. This communication is for general information purposes only, without regard to specific objectives, financial situations and needs of any particular person. Please note that investments in securities are subject to risks including loss of principal amount.
This presentation does not constitute an offer or invitation to purchase or subscribe for any shares in the company and neither any part of it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever.
Chairman Message
“As we step into the first quarter of the new financial year, our focus remains firmly on consistent operational execution and prudent financial management. Continued emphasis on enhancing operational efficiencies and maintaining disciplined cost controls has supported sustainable growth, while our capital allocation strategy remains aligned with improving cash flows and long-term value creation.
Building on Saraswati Saree Depot Limited’s 50-year legacy in the B2B and wholesale segment of traditional women’s apparel, we are taking measured steps toward strategic expansion—both in our product portfolio and customer engagement initiatives. During the quarter, we marked a significant milestone with the launch of our first exclusive retail outlet in Kolhapur, Maharashtra, which became operational on June 1, 2025. The store showcases a curated selection of sarees and ethnic wear, thoughtfully blending traditional craftsmanship with evolving consumer preferences. We are pleased to share that the store is performing well and has received an encouraging response from customers. With a targeted Return on Capital Employed (RoCE) of 20%, this initiative reflects our commitment to efficient capital deployment and long-term sustainable growth.
In parallel, we have launched a dedicated WhatsApp store to increase purchase frequency among our existing customer base, offering a seamless and convenient ordering channel. This initiative is part of our broader effort to leverage digital platforms to enhance customer experience and strengthen engagement.
In line with our stated strategy to diversify into men’s ethnic wear, we have initiated a pilot sale this August, aligned with the onset of the festive season. This small-scale launch is aimed at gauging consumer response and fine- tuning our offerings before evaluating a broader rollout. It is a strategic step forward as we evaluate new market opportunities with a focus on long-term potential.
These developments underscore our cautious yet forward-looking approach—exploring new avenues for growth while remaining anchored in the core strengths that have defined SSDL for decades. As we move forward, we remain focused on learning, adapting, and executing with discipline to build a stronger and more resilient future.”
Shankar Dulhani
Chairman & Executive Director, Saraswati Saree Depot Limited
MD & CEO’s Message
“We are pleased to share that Q1 FY26 has commenced on a strong and steady note, reflecting the continued momentum in our core business and the disciplined execution of our strategic initiatives.
Revenue from Operations for the quarter stood at ₹144.77 crore, registering a healthy growth of 11.1% year-on-year. This growth was driven by a combination of increased volumes and a rising wallet share from our existing customer base—an encouraging indicator of trust and loyalty towards the SSDL brand.
Our EBITDA rose by 14.4% to ₹8.98 crore, with an improved EBITDA margin of 6.20%, up from 6.01% in the same quarter last year. Profit After Tax (PAT) increased by 4.1% YoY to ₹6.35 crore, while our EPS stood at ₹1.60. The slight contraction in PAT margin to 4.39% was primarily due to higher depreciation and interest expenses recognized under relating to operating leases—reflecting our prudent capital deployment in physical infrastructure and strategic expansions.
Ind AS 116,
Looking ahead, we remain confident that our deep product expertise, customer-centric designs, and disciplined execution will allow us to capitalise on upcoming festive and wedding seasons, driving sustainable growth and enhancing long-term stakeholder value”
Vinod Dulhani
Managing Director & CEO, Saraswati Sarees Depot Ltd
Table of Contents
Q4FY25 & FY25 Performance
Company Overview
Business Process
Product Profile & Facilities
Annual Financials
Way Forward
Quarterly
Performance
Q1 FY26 Financial Highlights
Revenue from Operations (Rs. Cr.)
EBITDA(Rs. Cr.) & EBITDA Margins
144.77
130.37
Q1FY25
Q1FY26
PAT(Rs. Cr.) & PAT Margins
6.10
4.68%
6.35
4.39%
Q1 FY25
Q1 FY26
PAT(Rs. Cr.)
PAT Margin%
7.84
6.01%
8.98
6.20%
Q1 FY25
Q1 FY26
EBITDA(Rs. Cr.)
EBITDA Margin%
EPS (Rs.)
1.84
1.61
Q1FY25*
Q1FY26
Q1FY25*
Q1FY26
*Since the IPO was post June 2024 Quarter, the number of shares considered are Pre-IPO for EPS for quarter ended 30 June, 2024.
Key Ratios
ROE%
197%
ROCE%
169%
ROA%
14.3%
12.2%
10.5%
Debt/ Equity
5.37
96%
59%
25%
98%
64%
28%
7.2%
1.17
0.67
0
FY22
FY23
FY24
FY25
*
FY22
FY23
FY24
FY25
*
FY22
FY23
FY24
FY25
*
FY22
FY23
FY24
FY25
*
* Annualized
*RoE: PAT/Avg. Total Equity; RoCE: EBIT/(Avg. Capital Employed); ROA: PAT/ Total Assets; Net Debt/ Equity: (LTDebt + STDebt)/Total Equity
Product Mix
Number of Units Sold (in millions)
Total Number of Customers
15.71
16.1
16.51
13,263
13,000
13,601
3.90
6,883
FY23
FY24
FY25
Q1 FY26
FY23
FY24
FY25
Q1 FY26
Sales Mix
91.9%
91.0%
89.0%
89.2%
Item Wise Revenue (in %)
4.0%
4.8%
5.8%
7.2%
1.4%
1.3%
1.5%
1.5%
1.1%
1.1%
1.0%
1.1%
1.6%
1.8%
1.0%
1.1%
Sarees
Kurtis & Dress Materials
Blouse Pieces
Shirt & Pant Pieces
Others (Includes lehengas, bottoms, chunaris, etc)
80.9%
84.6%
81.4%
82.6%
Zone Wise Revenue (in %)
FY23
FY24
FY25
Q1 FY26
Store Wise Revenue (in %)
87.3%
86.3%
88.2%
91.02%
18.8%
18.0%
15.4%
16.9%
0.6%
0.3%
0.0%
0.5%
0.0%
0.1%
0.0%
0.0%
12.7%
13.7%
11.8%
8.98%
West
South
North
East
Kolhapur
Ulhasnagar
FY23
FY24
FY25
Q1 FY26
FY23
FY24
FY25
Q1 FY26
Quarterly Income Statement
Particulars (Rs. Crore)
Revenue from Operations Other Income Total Operational Revenue Raw Materials Employee Cost Other Cost Total Expenditure EBITDA (excl. Other Income) EBITDA Margin (%) Depreciation** Interest** Income from Associates PBT Tax PAT PAT Margin (%) Basic EPS
Q1 FY26
Q1 FY25
144.77 0.89 145.66 127.57 3.08 5.14 135.79 8.98 6.20% 1.27 0.26 0.26 8.59 2.24 6.35 4.39% 1.61
130.37 0.71 131.09 114.25 2.70 5.58 122.53 7.84 6.01% 0.20 0.65 0.14 7.85 1.75 6.10 4.65% 1.84*
YoY
11.05%
11.11%
14.39%
9.43%
4.10%
Q4 FY25
136.35 0.96 137.31 112.43 5.80 8.97 127.19 9.16 6.72% 1.33 (0.95) 0.09 9.84 2.82 7.02 5.11% 1.77
*Since the IPO was post June 2024 Quarter, the number of shares considered are Pre-IPO for EPS for quarter ended 30 June, 2024. * * Higher depreciation and interest expenses recognised under Ind AS 116 on account of operating leases.
Company
Overview
Key Facts and Figures
01
02
03
04
One of India’s leading organized saree wholesalers, growing strong over three decades
1.65 Crore units (FY25) Total number of clothing pieces sold
05
Recipient of awards such as "Star of the Industry" "Iconic Brand" at various events and the "Achievers of South Maharashtra" award from the Times of India.
Rs. 613.61 Crores FY25 Operational Revenue
Rs. 42.15 Crores FY25 EBITDA
06
Strategically located in Kolhapur, Ulhasnagar & Ahmednagar spread across 235,000+ sq ft of total area
Diverse Product Portfolio includes sarees, kurtis, dress materials, blouse pieces, lehengas, bottoms, other women’s apparel accessories
Strong product catalogue of more then 300,000 SKUs
25 % (FY25) ROE 28 % (FY25) ROCE
07
08
Timeline
1993
2015
After three decades in the saree industry, promoters formally launched a partnership firm under the name “M/s. Saraswati Sarees Depot”
Achieved a turnover exceeding Rs. 300 Crore; Inaugurated a new store in Kolhapur, covering 169,120 sq. ft.
2018
2022
Surpassed a turnover of Rs. 400 Crore
Surpassed a turnover of Rs. 500 Crore
2024
Opened a new purchase office in Surat spanning 25,000 sq. ft., located in close proximity to our suppliers
2002
The firm hosted its inaugural annual promotional event, "Utsav.“
2017
2021
2023
Expanded the product range to include ready-made garments, specifically “Kurtis.”
Established as a Private Limited Company ; Launched a new store in Ulhasnagar
Transitioned to a public company; Achieved a turnover exceeding Rs. 600 Crore
2025
Entering the retail segment with the launch of our first exclusive outlet in Kolhapur
Company Overview
Saraswati Saree Depot Limited (SSDL), a major sarees wholesaler, BEGAN IN 1966 AND IS ONE OF INDIA’S LEADING PLAYER IN THE B2B SEGMENT of this Industry
THEIR ANNUAL FLAGSHIP EVENT "UTSAV", STARTED IN 2002, is a major sales driver, contributing 13-15% to annual revenues with special offers and exclusive collections.
The company’s REVENUE GREW FROM Rs. 222.9 CRORE IN FY2014 to SALES EXCEEDING Rs. 600 CRORE IN FY2024, GENERATING A CAGR OF 10.4% OVER THIS PERIOD .
01
03
05
02
04
06
The company’s main revenue comes from sarees (over 90%), but they also wholesale OTHER WOMEN’S APPAREL LIKE KURTIS, LEHENGAS, AND OTHER WOMEN DRESS MATERIALS AS WELL AS ACCESSORIES.
IN 2015, SSDL MOVED TO A NEW 169,120 SQ. FT. FACILITY IN UCHGAON, KOLHAPUR, enhancing its shopping experience with dedicated sections for various apparel with expansion into ready made garments for women in 2017
SSDL SOURCES SAREES FROM OVER 900 WEAVERS ACROSS MAJOR INDIAN HUBS like Surat, Varanasi, Mau, Madurai, Dharmavaram, Kolkata, and Bengaluru
Experienced Management
Shankar Dulhani Chairman & Executive Director
Vinod Dulhani Managing Director & CEO
With 38 years in the apparel industry, he has extensive expertise in saree manufacturing, marketing, and business development. His leadership has driven the company’s growth and guided the board in critical decisions and strategy.
With over 27 years in the apparel industry and being a second-generation member of the
company,
he oversees product development, business development, operations, and administration.
He has played a key role in establishing connections with weaving houses across India and has consistently enhanced efficiency throughout various departments.
Mahesh Dulhani Executive Director
With over 30 years in the apparel industry, he specializes in brand creation and management. He oversees sales operations, customer relations, and marketing functions for the company.
Rajesh Dulhani Executive Director With over 29 years in the apparel industry, he manages the company’s product and procurement functions, including supply chain management, supplier relations, and product quality control.
Business
Process
Business Process
Identification of weavers /suppliers by Procurement Team
Placing order with the identified weavers/- suppliers for approved products
Goods are checked on arrival for any quality defects
Placing order with the identified weavers/suppliers for preparing of samples as per the specification
Photoshoots of the products, on a case to case basis
Sales activity takes place at our stores
Inspection and examination of quality of the sample product by Procurement Team
Packaging and dispatch of the products from weavers/suppliers unit to Stores
Products are subsequently dispatched to customers
Our Customers (retailers) subsequently sell the products to the end users.
Product Profile
& Facilities
Diverse Product Profile
Sarees
Kurtis
Dress Materials
Blouse Pieces
Shirt & Pant Pieces
Lehnga s
Bottoms
Chunari s
Store Insights
• Saraswati Saree Depot Ltd. manages two stores in Maharashtra: the first store is located in Kolhapur and the second one in Ulhasnagar
• The Kolhapur store, being the company’s
inaugural and flagship location, accounts for nearly 88% of the total combined sales
• The two stores collectively cover an area of
185,000+ square feet and offer the full range of the company's products
•
In October 2024, the company acquired a new space in Surat, measuring close to 25,000 square feet. This facility is strategically located close to suppliers designated as a purchase office and will play a crucial role in reducing COGS
Key Strengths
Reputation &
Strong Brand
Customer Base &
Product portfolio
Saraswati Saree Depot is an established brand name and has built strong reputations over time for reliability and quality, fostering trust among their customer base.
Experienced Management: SSDL’s promoters and management team consists of professionals with several years of experience and knowledge in the industry and their respective fields such as sales, marketing, technical support, R&D, supply chain, production and finance.
SSDL primarily sells in southern and western regions, including Maharashtra, Goa, Karnataka, and Tamil Nadu, serving over 13,000 unique customers in fiscal 2024. The top 10 customers contribute to less than 8% of total sales.
Extensive Product Portfolio: SSDL’s Product portfolio is vast and versatile in women’s apparel segment and includes sarees, kurtis, dress lehengas, bottoms, other women’s apparel materials, blouse pieces, accessories and their product catalogue lists more than 300,000 different SKUs.
SSDL has established strong relationships with manufacturers in key hubs like Surat, Varanasi, Mau, Madurai, Dharmavaram, Kolkata, and Bengaluru.They source sarees and women's apparel from over 900 weavers and suppliers across India. The top 10 suppliers account for less than 26% of total purchases.
SSDL operates at a large scale in it’s industry and procures products from its suppliers in large quantities which leads to achieve economies of scale and mitigate additional costs associated with smaller order size
Major Organized Player: Saraswati Sarees is one of the major organized players of the country’s saree and stands firm to capitalize on this market’s growth
Bulk Buying Abilities
Annual Financials
Annual Performance
Revenues (Rs. Crore)
EBITDA* (Rs. Crore)
PAT (Rs. Crore)
612.58
613.61
603.52
42.10
42.15
35.68
29.53
30.57
550.31
21.58
22.97
12.31
FY22
FY23
FY24
FY25
FY22
FY23
FY24
FY25
FY22
FY23
FY24
FY25
Avg Net Sales per customer (in Rs.)
Net Sales per sq.ft. area in use (in Rs.)
4,51,153
4,12,578
3,96,033
3,79,856
32,535
33,000
33,147
29,834
FY22
FY23
FY24
FY25
FY22
FY23
FY24
FY25
*EBITDA is excluding Other Income
Annual Income Statement
Particulars (Rs. Crore)
Revenue from Operations Other Income Total Income Purchase of Stock In Trade Cost of Materials Consumed Changes in Inventories Employee Benefit Expenses Other Expenses EBITDA (excl. Other Income) EBITDA Margin (%) Depreciation Interest Income from Associates PBT Tax PAT PAT Margin (%) EPS
FY25
613.61 3.56 617.17 548.55 1.43 (15.30) 13.48 23.29 42.15 6.87% 4.69 1.04 0.84 40.82 10.24 30.57 4.98% 7.72
FY24
610.90 1.68 612.58 548.99 0.00 (14.89) 9.77 26.61 40.43 6.62% 0.98 2.47 0.72 39.37 9.84 29.53 4.83% 8.92
YoY
0.44%
0.75%
4.25%
3.68%
3.52%
Cash Flow Statement
Particulars (Rs. Crore)
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
FY25
2.46
(8.08)
42.27
Net Cash Flow
36.65
FY24
(8.54)
(0.23)
0.41
(9.18)
Way Forward
Industry Opportunity
Market Decline and Recovery The saree industry, worth Rs. 558 billion in fiscal 2020, fell by ~43% in fiscal 2021 due to pandemic- related store closures. It rebounded by ~44% in fiscal 2022 as the economy reopened and postponed weddings boosted demand.
Current Growth By fiscal 2024, the industry is valued at Rs. 515 billion, reflecting ~5% growth from the previous year as retail stores attracted more customers.
Consumer Trends There is a growing preference for higher-quality, premium sarees, leading to increased average prices.
Organized Segment Growth The organized saree sector, known for better customer experience, reliable fabrics, and standardized pricing, is growing at a 9-10% CAGR. It is expected to constitute 32-37% of the market by fiscal 2029, up from 25-30% currently.
Long-Term Outlook The industry is projected to grow at a 5-6% CAGR from fiscal 2024 to 2029, reaching Rs. 650-675 billion by fiscal 2029.
Rs.515 Bn
Rs. 650-675 Bn
20-25%
CAGR 9-10%
32-37%
CAGR 3-4%
70-75%
63-68%
FY24
FY29
Unorganized
Organized
Future Growth Drivers Growth is expected to continue due to changing consumer preferences and the rise of organized, branded players in the market.
Source: Crisil Assessment of apparel industry in India
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