Shares of Sai Silks (Kalamandir) plunged over 8% in Monday’s session after the company reported a year-on-year decline in quarterly turnover, which weighed on investor sentiment despite continued store expansion.
In its Q3 FY26 business update, Sai Silks reported a turnover of Rs 411 crore, compared with Rs 449 crore in Q3 FY25, marking a decline of nearly 8.5% YoY. This slowdown in quarterly revenue emerged as the primary reason behind today’s sharp fall in the stock price. Investors reacted negatively to the weaker festive-quarter performance, especially as Q3 is considered a key period for ethnic and wedding wear retailers.
For the nine months ended December 2025, the company reported a turnover of Rs 1,235 crore, higher than Rs 1,063 crore in the corresponding period last year, indicating overall growth at the cumulative level. However, the quarterly dip overshadowed the nine-month improvement.
On the operational front, Sai Silks continued its expansion. During Q3 FY26, the company opened five new stores, including one Kanchipuram Varamahalakshmi Silks store and four Valli Silks stores. Over the nine-month period, a total of 11 new stores were added, taking the aggregate retail area addition to 54,522 sq. ft.
Despite steady store additions, the YoY decline in Q3 turnover to Rs 4.1 billion versus Rs 4.5 billion last year remained the key trigger for the sharp correction in the stock today. The company noted that the numbers are subject to audit.
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