SSDLNSE17 November 2025

Saraswati Saree Depot Limited has informed the Exchange about Investor Presentation

Saraswati Saree Depot Limited

Date: November 17, 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: Investors Presentation on the Un-audited Financial Results for the quarter and half year ended on September 30, 2025

Dear Sir/ Madam,

Pursuant to regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the Investor Presentation on the Un-audited Financial Results for the quarter and half year ended on September 30, 2025.

You are requested to take the same on your records.

Thanking You,

Yours Sincerely,

For SARASWATI SAREE DEPOT LIMITED

__________________ Vidhi Bharat Oswal Company Secretary & Compliance Officer Membership no.: A77054

Place: Kolhapur Date: November 17, 2025 Encl. As Above

Q2 & H1 FY26 Result Update Presentation September 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

“Our performance in Q2 reflects the strength of our business model, the resilience of our categories, and the disciplined execution across all operational fronts. Our focus remains firmly on consistent operational execution and prudent financial management. We continue to drive efficiencies across procurement, inventory handling, and store operations, while maintaining disciplined cost controls. These efforts, combined with a calibrated approach to capital allocation, have supported sustainable growth and helped us deliver healthy cash flows. Our strategy remains anchored in strengthening profitability, improving return metrics, and creating long-term value for all stakeholders.

Saraswati Saree Depot Limited has built a strong 50-year legacy in the B2B and wholesale segment of traditional women’s apparel. Leveraging this foundation, we are taking measured steps to expand both our product portfolio and customer engagement initiatives. The strong performance in Q2 was driven by our continued focus on volume growth, supported by healthy traction in the Utsav segment. Additionally, the early onset of the festive season—particularly with Diwali falling in October this year—provided a further boost to demand and enabled us to capture incremental sales.

On the front of our initiated pilot project in the men’s ethnic wear category, it is still at a nascent stage, the early response has been encouraging. However, it is too early to evaluate the full potential, and insights over the next six months as customer preferences and we expect category behaviour become clearer.

to gain meaningful

Our Kolhapur store continues to perform in line with expectations. Footfalls, conversion, and customer response to our merchandise mix have been healthy, and we remain confident of achieving the targeted revenue and ROCE for the store by the end of this financial year.

Overall, the business is progressing well on its strategic priorities. With healthy cash flows, improved operational discipline, and a clear roadmap for growth, we remain well-positioned to build on our legacy while expanding into new, value-accretive opportunities.”

Shankar Dulhani

Chairman & Executive Director, Saraswati Saree Depot Limited

MD & CEO’s Message

“During Q2 FY26, the Company delivered a robust performance with strong top-line growth, supported by healthy demand across key categories, particularly in Utsav along with the benefits of an early festive season.

Revenue from Operations grew 26.5% YoY to ₹208.39 crore, reflecting our sustained focus on enhancing product availability, strengthening retail presence, and driving volume- led growth. EBITDA for the quarter increased 14.1% YoY to ₹14.06 crore, margins moderated to 6.75%. Profit improved, with PAT rising 9.9% YoY to ₹10.51 crore.

the Company recorded 19.7% YoY growth in Revenue, For the first half of FY26, reaching ₹353.16 crore. EBITDA rose 14.2% to ₹23.04 crore, while margins declined slightly to 6.52%. PAT for H1 FY26 expanded 7.6% YoY to ₹16.86 crore.

From a balance sheet perspective, we remain debt free with healthy cash flows. Net Worth surged to Rs. 188.70 Crore. We also witnessed healthy improvement in working capital efficiency. Trade receivables grew in line with revenue, reflecting strong demand and controlled credit cycles. Importantly, cash and cash equivalents stood at ₹31.32 crore, supporting liquidity strength and enabling continued investments in growth projects.

Overall, the business continues to demonstrate resilience and growth momentum, driven by sustained consumer demand, a strong brand portfolio, and continued operational improvements. We remain focused on profitable scale-up, strengthening our supply chain, and investing in capabilities to support long-term growth.”

Vinod Dulhani

Managing Director & CEO, Saraswati Sarees Depot Ltd

Table of Contents

Q2FY26 Performance

Company Overview

Business Process

Product Profile & Facilities

Annual Financials

Way Forward

Quarterly

Performance

Q2 & H1 FY26 Financial Highlights

Revenue from Operations (Rs. Cr.)

EBITDA(Rs. Cr.) & EBITDA Margins

208.39

295.12

353.16

164.75

20.17

6.83%

23.04

6.52%

12.32

7.48%

14.06

6.75%

Q2FY25

Q2FY26

H1 FY25

H1 FY26

Q2 FY25

Q2 FY26

H1 FY25

H1FY26

EBITDA(Rs. Cr.)

EBITDA Margin%

EBITDA(Rs. Cr.)

EBITDA Margin%

PAT(Rs. Cr.) & PAT Margins

EPS (Rs.)

9.57

5.81%

10.51

5.04%

15.67

5.31%

16.86

4.77%

2.42

2.65

3.96

4.25

Q2 FY25

Q2 FY26

PAT(Rs. Cr.)

PAT Margin%

H1 FY25

H1 FY26

PAT(Rs. Cr.)

PAT Margin%

Q2FY25*

Q2FY26

H1 FY25

H1 FY26

Q2FY25*

Q2FY26

H1 FY25

H1 FY26

Key Ratios

ROE%

ROCE%

ROA%

Debt/ Equity

96%

59%

98%

64%

14%

12%

11%

1.17

0.67

25%

18%

28%

24%

FY23

FY24

FY25 H1 FY26

FY23

FY24

FY25 H1 FY26

FY23

FY24

* FY25 H1 FY26

FY23

FY24

FY25 H1 FY26

* 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

8.41

13,263

13,000

13,601

9,924

FY23

FY24

FY25

H1 FY26

FY23

FY24

FY25

H1 FY26

Sales Mix

91.9%

91.0%

89.0%

90.2%

Item Wise Revenue (in %)

4.0%

4.8%

5.8%

7.0%

1.4%

1.3%

1.5%

1.3%

1.1%

1.0%

0.8%

1.6%

1.8%

1.0%

0.8%

Sarees

Kurtis & Dress Materials

Blouse Pieces

Shirt & Pant Pieces

Others (Includes lehengas, bottoms, chunaris, etc)

80.9%

81.4%

84.6%

85.2%

Zone Wise Revenue (in %)

FY23

FY24

FY25

H1 FY26

Store Wise Revenue (in %)

87.3%

86.3%

88.2%

90.52%

18.8%

18.0%

15.4%

14.5%

0.6%

0.3%

0.0%

0.2%

0.0%

0.1%

0.0%

12.7%

13.7%

11.8%

9.48%

West

South

North

East

Kolhapur

Ulhasnagar

FY23

FY24

FY25

H1 FY26

FY23

FY24

FY25

H1 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

Q2 FY26

Q2 FY25

208.39 1.29 209.68 185.13 4.23 4.97 194.33 14.06 6.75% 1.42 0.28 0.34 14.00 3.48 10.51 5.04% 2.65

164.75 0.75 165.50 144.71 2.64 5.08 152.43 12.32 7.48% 0.23 0.40 0.27 12.72 3.15 9.57 5.81% 2.42

YoY

26.49%

26.69%

14.10%

10.04%

9.88%

Q1 FY26

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% 1.60

Half Yearly Income Statement

Particulars (Rs. Crore)

H1 FY26

H1 FY25

353.16 2.18 355.34 312.70 7.31 10.11 330.12 23.04 6.52% 2.69 0.54 0.60 22.58 5.72 16.86 4.77% 4.25

295.12 1.47 296.59 258.96 5.34 10.66 274.96 20.17 6.83% 0.43 1.05 0.41 20.57 4.90 15.67 5.31% 3.96

YoY

19.67%

19.81%

14.24%

9.82%

7.62%

Balance Sheet

Particulars (Rs. Crore)

As on 30th Sept’25

As on 31st Mar’25

As on 31st Mar’24

Particulars (Rs. Crore)

As on 30th Sept’25

As on 31st Mar’25

As on 31st Mar’24

Equity Share Capital

Other Equity

Shareholders Funds

Financial Liabilities

Borrowings

Provisions

Deferred Tax Liabilities (net)

Other Non-Current Liabilities

Non Current Liabilities

Financial Liabilities

Borrowings

Trade Payables

Other Financial Liabilities

Provisions

Current tax Liabilities

Current Liabilities

Total Equity & Liabilities

39.60 149.10 188.70

0.64

9.43

10.07

(2.89) 158.97 5.66 2.54 16.43 180.70 379.46

39.60 138.26 177.86

33.10 31.81 64.91

11.57

4.27 92.13 1.15 1.77 1.18 100.51 289.93

43.49 94.80 0.44 1.35 0.95 141.03 205.94

Property Plant & Equipment

Intangible Assets

Financial Assets

Non-current Investment

Other Financial Assets

Deferred Tax Assets (Net)

Other Non Current Assets

Non Current Assets

Inventories

Financial assets

Trade receivables

Cash & Cash equivalents

Others

Other Current Assets

Current Tax Assets (Net)

Current Assets

Total Assets

7.10 0.15

7.19

0.62

9.50

24.56

155.84

139.70

31.32

6.83

7.44

13.78

354.90

379.46

6.83 0.14

7.89

0.38

10.58

25.82

2.83 0.22

4.22

0.01

0.21

0.00

7.48

125.41

107.70

84.98

46.52

0.71

6.50

264.11

289.93

75.12

9.87

0.25

5.50

198.45

205.94

Company

Overview

Key Facts and Figures

One of India’s leading organized saree wholesalers, growing strong over three decades

1.65 Crore units (FY25) Total number of clothing pieces sold

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

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

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 .

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)

H1 FY26

FY25

Cash From Operating Activities

Cash From Investing Activities

Cash From Financing Activities

0.19

(1.69)

(13.70)

Net Cash Flow

15.20

2.46

(8.08)

42.27

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

Thank you

Adfactors PR

Ms. Samruddhi Bane/ Ms. Devishi Goel +91 9619624264 samruddhi.bane@adfactorspr.com devishi.goel@adfactorspr.com

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