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Saraswati Saree Depot Ltd

SSDL

NSE

₹66.62-2.69%19 Oct 2026

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Trading

Saraswati Saree Depot Ltd

SSDL

NSE

₹66.62

-2.69%

19 Oct 2026

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Indices

Business Overview: What the company does, in plain English.Growth Catalysts: The forward growth drivers and triggers.Forensic Report: Accounting quality and red flags.

Saraswati Saree Depot is a bridge between India’s fragmented weaving clusters and the thousands of small retailers who dress the country - a B2B wholesaler that stocks more than 300,000 different saree and apparel designs under one roof so shopkeepers can buy in bulk without chasing hundreds of individual weavers. Founded in 1966 as a small family partnership in Kolhapur, the business spent three generations building direct relationships with over 900 suppliers across Surat, Varanasi, Madurai and other weaving hubs before listing on the stock exchanges in 2024. The recurring approach is simple: buy in enormous quantities from a dispersed supplier base, display an unrivalled range in two giant wholesale stores, and sell to a highly diversified set of over 13,000 retailer customers - no single customer accounts for even a tenth of sales, so the business never depends on any one relationship.

Business segments

A single wholesale engine with a small retail pilot attached - one business that sources, stocks and distributes women’s ethnic apparel, plus a measured experiment in selling directly to consumers.

1. Saree and women’s apparel wholesale: the warehouse-sized catalogue

Two cavernous stores in Maharashtra hold more than 300,000 SKUs, letting thousands of small retailers walk in and fill their shops with sarees, kurtis and dress materials sourced from weaving hubs across India - no middlemen between the weaver and the store.

Sarees are the anchor product - sarees contributed 89.3% of revenue in FY26, making them the economic engine that pulls everything else along; the company sold 1.57 crore individual clothing pieces that year.
Two physical stores do nearly all the work - the flagship Kolhapur location and a second store in Ulhasnagar together cover over 185,000 square feet, with Kolhapur alone generating nearly 88% of overall sales because it sits in a trading hub with strong vendor access.
Sourced from 900 weavers, not a few factories - the company buys from over 900 suppliers across Surat, Varanasi, Mau, Madurai, Dharmavaram, Kolkata and Bengaluru, with the top 10 suppliers accounting for less than 26% of purchases, so no single weaver has pricing power over it.
Customers are too small and too many to squeeze margins - over 13,000 unique customers bought in FY26, and the top 10 together contributed less than 8% of total sales, which means the company does not live or die by any one retailer’s fortunes.
Geography is concentrated by design - the West zone (Maharashtra and Goa) brought in 85.6% of revenue and the South zone (Karnataka and Tamil Nadu) the remaining 14.4%, with no sales in the North or East, reflecting a deliberate focus on regions the Dulhani family knows intimately.

2. Retail pilot: a measured step into selling direct

A single 15,000-square-foot flagship store in Kolhapur tests whether the company can sell sarees and ethnic wear straight to consumers, capturing retail margins on top of its wholesale base - but it is barely 1% of sales.

Forward integration from the wholesale backbone - launched in June 2025 with an investment of up to ₹2.8 crore, the store takes the same curated sarees and ethnic wear the company already stocks and offers them directly to walk-in consumers in its home market of Kolhapur.
Small enough to learn, not bet the company - the retail initiative contributed approximately 1% of sales as of Q3 FY26, making it a contained experiment rather than a second engine.

Group structure and partners

A family-run, debt-free public company with no subsidiaries - just one wholesale business, a 50% stake in a joint-venture partnership in Ahmednagar, and a newly approved option to enter real estate development if the board ever chooses to.

Promoter family with deep operational involvement - the Chairman, Shankar Dulhani, has 38 years in the apparel industry, while the MD and CEO, Vinod Dulhani, has over 27 years and personally built the weaving-house connections that feed the business.
A board split evenly between family and independents - four executive directors and four non-executive independent directors govern the company, so half the boardroom has no ties to the promoters.
Real estate permission obtained, no activity yet - shareholders voted 99.95% in favour of altering the Memorandum of Association in January 2026 to allow real estate development, but the core object of trading in sarees and garments remains unchanged and no real estate operations have begun.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

Charts

Documents

Edit Ratios

Mkt Cap

Market Capitalization

₹268Cr

Close Price

₹67.80

Industry

Trading

Price To Earnings

11.34

Price To Sales

0.42

Revenue

₹634Cr

Rev Gr TTM

Revenue Growth TTM

0.95%

PAT Gr TTM

PAT Growth TTM

-23.22%

Consolidated

Standalone

Numbers

Percentage

Quarter	Jun 2023	Sep 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	129	130	123	130	165	182	136	145	208	144	134	148
Growth YoY Revenue Growth YoY%				0.8	26.4		11.0	11.1	26.5	-20.7	-2.1	1.9
Expenses ExpensesCr	123	120	117	123	152	169	127	136	194	140	129	140
Operating Profit Operating ProfitCr	6	11	6	8	12	13	9	9	14	5	4	8
OPM OPM%	4.6	8.2	5.0	6.0	7.5	7.0	6.7	6.2	6.8	3.3	3.2	5.3
Other Income Other IncomeCr	0	1	0	1	1	1	1	1	1	1	2	1
Interest Expense Interest ExpenseCr	1	1	1	1	0	1	-1	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	3	1	1	1	1	1	1
PBT PBTCr	6	10	6	8	13	10	10	9	14	4	4	9
Tax TaxCr	1	3	1	2	3	3	3	2	3	1	1	2
PAT PATCr	4	8	4	6	10	8	7	6	11	3	3	7
Growth YoY PAT Growth YoY%				42.9	22.9		65.0	4.1	9.8	-59.3	-52.5	4.1
NPM NPM%	3.3	6.0	3.5	4.7	5.8	4.3	5.2	4.4	5.0	2.2	2.5	4.5
EPS EPS₹	1.3	2.4	1.3	1.8	2.4	2.0	1.8	1.6	2.6	0.8	0.8	1.7

Quarter	Jun 2023	Sep 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue RevenueCr	129	130	123	130	165	182	136	145	208	144	134	148
Growth YoY Revenue Growth YoY%				0.8	26.4		11.0	11.1	26.5	-20.7	-2.1	1.9
Expenses ExpensesCr	123	120	117	123	152	169	127	136	194	140	129	140
Operating Profit Operating ProfitCr	6	11	6	8	12	13	9	9	14	5	4	8
OPM OPM%	4.6	8.2	5.0	6.0	7.5	7.0	6.7	6.2	6.8	3.3	3.2	5.3
Other Income Other IncomeCr	0	1	0	1	1	1	1	1	1	1	2	1
Interest Expense Interest ExpenseCr	1	1	1	1	0	1	-1	0	0	0	0	0
Depreciation DepreciationCr	0	0	0	0	0	3	1	1	1	1	1	1
PBT PBTCr	6	10	6	8	13	10	10	9	14	4	4	9
Tax TaxCr	1	3	1	2	3	3	3	2	3	1	1	2
PAT PATCr	4	8	4	6	10	8	7	6	11	3	3	7
Growth YoY PAT Growth YoY%				42.9	22.9		65.0	4.1	9.8	-59.3	-52.5	4.1
NPM NPM%	3.3	6.0	3.5	4.7	5.8	4.3	5.2	4.4	5.0	2.2	2.5	4.5
EPS EPS₹	1.3	2.4	1.3	1.8	2.4	2.0	1.8	1.6	2.6	0.8	0.8	1.7

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	0	550	602	611	604	631	634
Growth Revenue Growth%			9.5	1.5	-1.2	4.6	0.9
Expenses ExpensesCr	0	529	568	570	560	599	603
Operating Profit Operating ProfitCr	0	21	34	40	43	32	31
OPM OPM%		3.8	5.7	6.6	7.2	5.1	4.9
Other Income Other IncomeCr	0	1	2	2	4	5	5
Interest Expense Interest ExpenseCr	0	4	4	2	2	1	1
Depreciation DepreciationCr	0	1	1	1	5	6	5
PBT PBTCr	0	16	31	39	41	31	32
Tax TaxCr	0	4	8	10	10	8	8
PAT PATCr	0	12	23	30	31	23	24
Growth PAT Growth%			86.7	28.5	3.5	-23.4	-23.2
NPM NPM%		2.2	3.8	4.8	5.1	3.7	3.7
EPS EPS₹	1,230.8	1,230.8	2,297.4	8.9	7.7	5.9	6.0

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
Revenue RevenueCr	0	550	602	611	604	631	634
Growth Revenue Growth%			9.5	1.5	-1.2	4.6	0.9
Expenses ExpensesCr	0	529	568	570	560	599	603
Operating Profit Operating ProfitCr	0	21	34	40	43	32	31
OPM OPM%		3.8	5.7	6.6	7.2	5.1	4.9
Other Income Other IncomeCr	0	1	2	2	4	5	5
Interest Expense Interest ExpenseCr	0	4	4	2	2	1	1
Depreciation DepreciationCr	0	1	1	1	5	6	5
PBT PBTCr	0	16	31	39	41	31	32
Tax TaxCr	0	4	8	10	10	8	8
PAT PATCr	0	12	23	30	31	23	24
Growth PAT Growth%			86.7	28.5	3.5	-23.4	-23.2
NPM NPM%		2.2	3.8	4.8	5.1	3.7	3.7
EPS EPS₹	1,230.8	1,230.8	2,297.4	8.9	7.7	5.9	6.0

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	0	0	33	40	40
Reserves ReservesCr	12	35	32	138	155
Current Liabilities Current LiabilitiesCr	158	153	141	101	91
Non Current Liabilities Non Current LiabilitiesCr	0	0	0	12	1
Total Liabilities Total LiabilitiesCr	170	189	206	290	287
Current Assets Current AssetsCr	167	182	198	264	271
Non Current Assets Non Current AssetsCr	3	7	7	26	16
Total Assets Total AssetsCr	170	189	206	290	287

Financial Year	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital Equity CapitalCr	0	0	33	40	40
Reserves ReservesCr	12	35	32	138	155
Current Liabilities Current LiabilitiesCr	158	153	141	101	91
Non Current Liabilities Non Current LiabilitiesCr	0	0	0	12	1
Total Liabilities Total LiabilitiesCr	170	189	206	290	287
Current Assets Current AssetsCr	167	182	198	264	271
Non Current Assets Non Current AssetsCr	3	7	7	26	16
Total Assets Total AssetsCr	170	189	206	290	287

Consolidated

Standalone

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	0	-40	35	-9	2	36
Investing Cash Flow Investing Cash FlowCr	0	-4	-4	0	-8	-1
Financing Cash Flow Financing Cash FlowCr	0	61	-29	0	42	-12
Net Cash Flow Net Cash FlowCr	0	17	2	-9	37	23
Free Cash Flow Free Cash FlowCr	0	-44	34	-9	-3	34
CFO To PAT CFO To PAT%		-322.8	153.2	-28.9	8.0	153.6
CFO To EBITDA CFO To EBITDA%		-190.6	103.3	-21.1	5.7	112.3

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Operating Cash Flow Operating Cash FlowCr	0	-40	35	-9	2	36
Investing Cash Flow Investing Cash FlowCr	0	-4	-4	0	-8	-1
Financing Cash Flow Financing Cash FlowCr	0	61	-29	0	42	-12
Net Cash Flow Net Cash FlowCr	0	17	2	-9	37	23
Free Cash Flow Free Cash FlowCr	0	-44	34	-9	-3	34
CFO To PAT CFO To PAT%		-322.8	153.2	-28.9	8.0	153.6
CFO To EBITDA CFO To EBITDA%		-190.6	103.3	-21.1	5.7	112.3

Consolidated

Standalone

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					319	187	268
Price To Earnings Price To Earnings					10.4	8.0	11.3
Price To Sales Price To Sales					0.5	0.3	0.4
Price To Book Price To Book					1.8	1.0	1.4
EV To EBITDA EV To EBITDA					6.6	3.7	6.5
Profitability Ratios Profitability Ratios
GPM GPM%		8.6	10.8	11.5	10.6	9.2	9.2
OPM OPM%		3.8	5.7	6.6	7.2	5.1	4.9
NPM NPM%		2.2	3.8	4.8	5.1	3.7	3.7
ROCE ROCE%	0.0	26.6	45.2	38.6	22.3	16.5	16.5
ROE ROE%	0.0	99.2	64.9	45.5	17.2	12.0	12.0
ROA ROA%	0.0	7.2	12.2	14.3	10.6	8.2	8.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr					319	187	268
Price To Earnings Price To Earnings					10.4	8.0	11.3
Price To Sales Price To Sales					0.5	0.3	0.4
Price To Book Price To Book					1.8	1.0	1.4
EV To EBITDA EV To EBITDA					6.6	3.7	6.5
Profitability Ratios Profitability Ratios
GPM GPM%		8.6	10.8	11.5	10.6	9.2	9.2
OPM OPM%		3.8	5.7	6.6	7.2	5.1	4.9
NPM NPM%		2.2	3.8	4.8	5.1	3.7	3.7
ROCE ROCE%	0.0	26.6	45.2	38.6	22.3	16.5	16.5
ROE ROE%	0.0	99.2	64.9	45.5	17.2	12.0	12.0
ROA ROA%	0.0	7.2	12.2	14.3	10.6	8.2	8.2
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	CHANDRIMA	ISTRNETWK	EPWINDIA	SSDL	SHIVAM	KDML	SHIVTEXCHEM
Market CapitalizationMkt CapCr	283	276	275	268	267	261	256
Close PriceClose₹	8.50	38.40	239.95	67.80	157.00	113.65	110.55
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE	7.02	37.28	34.98	11.34	43.01		2.23
Price To SalesPS	3.84	2.16	2.56	0.42	0.94	3.86	0.09
RevenueRevenueCr	74	128	107	634	284	68	2,776
Revenue Growth TTMRev Gr TTM%	169.9%	564.9%	101.6%	0.9%	26.8%	-22.7%	26.1%
PAT Growth TTMPAT Gr TTM%	388.2%	47.6%	142.7%	-23.2%	190.6%	-194.6%	61.7%

	CHANDRIMA	ISTRNETWK	EPWINDIA	SSDL	SHIVAM	KDML	SHIVTEXCHEM
Market CapitalizationMkt CapCr	283	276	275	268	267	261	256
Close PriceClose₹	8.50	38.40	239.95	67.80	157.00	113.65	110.55
IndustryIndustry	Trading	Trading	Trading	Trading	Trading	Trading	Trading
Price To EarningsPE	7.02	37.28	34.98	11.34	43.01		2.23
Price To SalesPS	3.84	2.16	2.56	0.42	0.94	3.86	0.09
RevenueRevenueCr	74	128	107	634	284	68	2,776
Revenue Growth TTMRev Gr TTM%	169.9%	564.9%	101.6%	0.9%	26.8%	-22.7%	26.1%
PAT Growth TTMPAT Gr TTM%	388.2%	47.6%	142.7%	-23.2%	190.6%	-194.6%	61.7%