Saraswati Saree Depot LimitedQ1 FY27 Results & Financial Update
Saraswati Saree Depot Limited: Q1 FY27 standalone results and company financials – revenue ₹147.59 Cr, PAT ₹6.61 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
Quarter at a glanceReported figures and period changes.Changes compare like-for-like reported periods where available.
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Quarterly Results AnalysisExplore Saraswati Saree Depot Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Saraswati Saree Depot reported revenue from operations of ₹1,475.90 million for Q1 FY27, representing a modest 1.9% increase year-on-year compared to ₹1,447.71 million in Q1 FY26, and a 10.5% sequential growth over ₹1,335.33 million in Q4 FY26.
Profitability expanded at a faster pace than top-line growth, with Profit After Tax (PAT) rising 4.0% year-on-year to ₹6.61 million compared to ₹63.52 million in the corresponding quarter of the previous year.
EBITDA (excluding other income) stood at ₹7.80 million for the quarter, down 13.1% year-on-year from ₹89.83 million in Q1 FY26, resulting in an EBITDA margin of 5.29% compared to 6.20% previously.
Margins remained under pressure from elevated procurement costs, though gross margin showed sequential recovery compared to the preceding quarter.
The company maintained a completely debt-free balance sheet with zero borrowings, supported by a healthy liquidity position and a reported cash conversion cycle of 49 days, marking an improvement over prior periods.
Management highlighted that consumer spending patterns remained cautious and noted that seasonal shifts, such as Diwali falling in a different month during FY27, would affect year-on-year comparability for subsequent quarters.
01 · Business model
What does Saraswati Saree Depot do?
Saraswati Saree Depot Limited is an established B2B player in the wholesale trade of sarees and women's ethnic wear with roots dating back to 1966 and family leadership based in Kolhapur, Maharashtra.
The company's extensive product portfolio spans over 300,000 SKUs, anchored by sarees which contribute nearly 90% of revenue, while adjacent categories include kurtis, dress materials, blouse pieces, lehengas, bottoms, and chunaris.
Sourcing is conducted across prominent Indian textile weaving hubs such as Surat, Varanasi, Mau, Madurai, Dharmavaram, Kolkata, and Bengaluru, drawing from over 900 weavers and manufacturers.
Distribution is channeled primarily through destination-scale facilities in Maharashtra covering over 235,000 square feet, serving thousands of independent retail customers predominantly across western and southern India.
02 · Historical context
What shaped the business before this quarter
Roots in the saree trade date back to 1966, followed by formal constitution as a partnership firm in 1993 before transitioning to a public company.
In 2015, the company relocated to a major 169,120 sq. ft. destination facility at Uchgaon, Kolhapur, expanding category sections.
The company expanded its traditional saree offering into ready-made garments, specifically introducing kurtis in 2017.
In 2024, a new 25,000 sq. ft. purchase office was established in Surat to improve vendor engagement and procurement efficiency.
In 2025, the company entered the direct-to-consumer retail segment with the launch of its first exclusive retail outlet in Kolhapur.
03 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Q1 FY27 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹147.59 Cr | ₹144.77 Cr | ₹133.53 Cr |
| Total income | ₹148.99 Cr | ₹145.66 Cr | ₹135.27 Cr |
| EBITDA | ₹7.80 Cr | ₹8.98 Cr | ₹4.24 Cr |
| Profit before tax | ₹8.91 Cr | ₹8.59 Cr | ₹4.38 Cr |
| Profit after tax | ₹6.61 Cr | ₹6.35 Cr | ₹3.34 Cr |
| EPS | ₹1.70 | ₹1.61 | ₹0.82 |
| EBITDA margin | 5.29% | 6.20% | 3.17% |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue grew 1.9% year-on-year to ₹1,475.90 million, driven by demand across an extensive wholesale customer network spanning western and southern India.
The direct-to-consumer retail channel generated ₹25.39 million, contributing approximately 1.7% of total revenues as the format continued its ramp-up phase.
Sarees continued to anchor the revenue mix, complemented by growing contributions from adjacent categories such as kurtis and dress materials.
What drove margins
EBITDA margin compressed by 92 basis points year-on-year to 5.29%, primarily due to elevated procurement costs affecting gross margins.
Employee benefit expenses increased 25.5% year-on-year to ₹38.63 million for the quarter.
Other expenses were absorbed at ₹41.32 million during the quarter, comparing favorably with ₹51.38 million in Q1 FY26.
05 · Demand, customers & order book
Where demand is coming from
The company served 6,986 unique billing customers during Q1 FY27 across its wholesale and retail channels.
The top 10 customers contributed less than 8% of total sales, reflecting a highly diversified customer base.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
The company operates in a single reportable segment centered on apparel, evaluated collectively by the Chief Operating Decision Maker.
Sarees remain the dominant category, while adjacent categories like kurtis, dress materials, blouse pieces, and lehengas form the remainder of the 300,000+ SKU catalog.
Geography and market mix
Western and southern India, particularly Maharashtra, Goa, Karnataka, and Tamil Nadu, continue to form the core geographic markets for distribution.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
The Surat purchase office achieved optimum utilization in improving sourcing efficiency, prompting management to evaluate gradual scaling down over time as part of sourcing evolution.
08 · Strategy & new businesses
How the company is trying to change its growth mix
Management remains focused on expanding the direct-to-consumer retail format initiated in Kolhapur alongside the core wholesale business.
The company continues to optimize its procurement approach by leveraging established relationships with over 900 weavers and suppliers.
09 · Reported developments
What changed operationally
Revenue from operations grew 10.5% sequentially compared to Q4 FY26.
Profit After Tax grew 4.0% year-on-year to ₹6.61 million, outpacing top-line growth.
10 · Pressure points & risks
What is not going smoothly
EBITDA declined 13.1% year-on-year to ₹7.80 million, with EBITDA margin contracting by 92 basis points due to elevated procurement costs.
11 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
The cash conversion cycle improved to 49 days in Q1 FY27, reflecting tighter inventory and receivables management.
Capital allocation & funding
The company maintained a debt-free balance sheet with zero long-term or short-term borrowings, resulting in negligible finance costs of ₹0.15 million.
12 · Management guidance & targets
What management is targeting from here
Management expects demand conditions to remain measured, reflecting continued caution in consumer spending.
13 · Beyond the numbers
What changed beyond the numbers
Reported update
Auditor Appointment
The Board approved the appointment of PPC & Co., Chartered Accountants, as Statutory Auditors for a term of five years starting from the conclusion of the upcoming Annual General Meeting.
14 · Key Q&A
The quarter, answered directly
What does Saraswati Saree Depot do?
Saraswati Saree Depot Limited is an established B2B player in the wholesale trade of sarees and women's ethnic wear with roots dating back to 1966 and family leadership based in Kolhapur, Maharashtra.
What is the clearest takeaway from Q1 FY27?
Saraswati Saree Depot reported revenue from operations of ₹1,475.90 million for Q1 FY27, representing a modest 1.9% increase year-on-year compared to ₹1,447.71 million in Q1 FY26, and a 10.5% sequential growth over ₹1,335.33 million in Q4 FY26.
What drove revenue or demand?
Revenue grew 1.9% year-on-year to ₹1,475.90 million, driven by demand across an extensive wholesale customer network spanning western and southern India.
What mattered most for margins or profitability?
EBITDA margin compressed by 92 basis points year-on-year to 5.29%, primarily due to elevated procurement costs affecting gross margins.
What changed operationally beyond the headline numbers?
The Surat purchase office achieved optimum utilization in improving sourcing efficiency, prompting management to evaluate gradual scaling down over time as part of sourcing evolution.
What is management guiding or targeting from here?
Management expects demand conditions to remain measured, reflecting continued caution in consumer spending.
15 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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16 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Margin Recovery Trajectory: Monitor whether procurement efficiencies can restore EBITDA and gross margins closer to historical levels.
- 02
Retail Segment Ramp-Up: Track the performance and expansion milestones of the direct-to-consumer retail format in Kolhapur.
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