Incorporated in 2005, Sai Silks (Kalamandir) Limited provides ethnic apparel and value-fashion products.

Inspired by India’s vibrant culture, traditions, and heritage, the company offers a diverse range of products which includes various types of ultra-premium and premium sarees suitable for weddings, party wear, occasional and daily wear, lehengas, men’s ethnic wear, children’s ethnic wear and value fashion products comprising fusion wear and western wear for women, men and children.

Sai Silks has four different format stores:

1. Kalamandir: Here it offers contemporary ethnic fashion for the middle income, this includes varieties of sarees, such as Tusser, Silk, Kota, Kora, Khadi, Georgette, Cotton, and Matka.
2. VaraMahalakshmi Silks: Here it offers premium ethnic silk sarees and handlooms targeting wedding and occasional wear, such as Banarasi, Patola, Kota, Kanchipuram, Paithani, and Organza, Kuppadam, with a focus on handlooms such as Kacheepuram silk sarees.
3. Mandir: Here it offers ultra-premium designer sarees targeting high net worth individuals, such as designer sarees such as Banarasi, Patola, Ikat, Kanchipuram, Paithani, Organza, and Kuppadam.
4. KLM Fashion Mall: Here it offers value fashion at affordable price points, such as fusion wear, sarees for daily wear, and western wear for women, men, and children.

The company also offers its products through e-commerce channels which comprises its website sskl.co.in and other online e-commerce marketplaces.

As of July 31, 2023, the company has over 54 stores in four south Indian states namely Andhra Pradesh, Telangana, Karnataka, and Tamil Nadu, with an aggregate area of approximately 603,414 square feet. The company recorded Rs. 13,514.69 million, Rs. 11,293.23 million, and Rs. 6,772.48 million in revenue from operations in the fiscal 2023, 2022, and 2021 respectively.

For year/ period ended ( in Cr.)

• Among the leading ethnic wear and value-fashion Retail Company in south India having a portfolio of established formats with focused sales and marketing strategy.
• Leading apparel retail brand in India with a scalable model which is well positioned to leverage growth in the ethnic and value-fashion apparel industry in India.
• Strong presence in offline and online marketplace with an omni-channel network.
• Track record of growth, profitability and unit economics with an efficient operating model.
• Experienced Promoter, management and in-house teams with proven execution capabilities

1. Funding capital expenditure towards setting up 25 new stores.
2. Funding capital expenditure towards setting-up of two warehouses.
3. Funding the working capital requirements of the company.
4. Repayment or pre-payment, in full or part, of certain borrowings availed by the company.
5. General corporate purposes.

At the upper band, the issue appears fully priced. Hence, well-informed investors may park funds for medium to long term rewards.