Below is a structured extraction and summary of all relevant and actionable financial information from the Siyaram Silk Mills Ltd results filing submitted to the stock exchange for the quarter and half year ended 30th September 2025.
1. Auditor’s Note
- The Independent Auditor’s Review Report (by Jayantilal Thakkar & Co., Chartered Accountants) on both Standalone and Consolidated Unaudited Financial Results states:
- No qualifications, concerns, or issues were noted.
- The review was conducted as per applicable Indian Accounting Standards (Ind AS) and SEBI Listing Regulations.
- The auditor expresses no audit opinion but provides a limited review conclusion with no material misstatements identified.
- One foreign subsidiary’s interim results were not reviewed but considered immaterial to the Group.
Conclusion: Auditor’s note is a standard clean review report with no qualifications.
2. Financial Performance
Periods Covered:
- Latest Quarter: Q2 FY26 (Quarter ended 30.09.2025)
- Immediately Preceding Quarter: Q1 FY26 (Quarter ended 30.06.2025)
- Same Quarter Previous Year: Q2 FY25 (Quarter ended 30.09.2024)
- Half Year Ended 30.09.2025 (H1 FY26)
- Half Year Ended 30.09.2024 (H1 FY25)
- Full Financial Year Ended 31.03.2025 (FY25)
Key Metrics (₹ in Lakhs)
| Metric | Q2 FY26 (30.09.25) | Q1 FY26 (30.06.25) | Q2 FY25 (30.09.24) | H1 FY26 (30.09.25) | H1 FY25 (30.09.24) | FY25 (31.03.25) |
|---|---|---|---|---|---|---|
| Standalone | ||||||
| Revenue from Operations | 70,555.39 | 38,849.77 | 60,756.14 | 1,09,405.16 | 91,406.75 | 2,22,031.86 |
| Other Income | 3,716.25 | 1,195.70 | 2,141.44 | 4,911.95 | 4,547.79 | 7,530.08 |
| Total Income | 74,271.64 | 40,045.47 | 62,897.58 | 1,14,317.11 | 95,954.54 | 2,29,561.94 |
| Total Expenses | 62,750.41 | 39,407.81 | 53,816.76 | 1,02,158.22 | 85,287.65 | 2,02,667.72 |
| Profit Before Tax | 11,521.23 | 637.66 | 9,080.82 | 12,158.89 | 10,666.89 | 26,894.22 |
| Total Tax Expenses | 2,823.54 | 177.36 | 2,241.13 | 3,000.90 | 2,625.38 | 7,020.89 |
| Profit for the Period | 8,697.69 | 460.30 | 6,839.69 | 9,157.99 | 8,041.51 | 19,873.33 |
| Other Comprehensive Income (Net of Tax) | (22.45) | (22.45) | (2.80) | (44.90) | (5.61) | (125.90) |
| Total Comprehensive Income | 8,675.24 | 437.85 | 6,836.89 | 9,113.09 | 8,035.90 | 19,747.43 |
| EPS (Basic & Diluted ₹) | 19.17 | 1.01 | 15.07 | 20.19 | 17.72 | 43.80 |
| Metric | Q2 FY26 (30.09.25) | Q1 FY26 (30.06.25) | Q2 FY25 (30.09.24) | H1 FY26 (30.09.25) | H1 FY25 (30.09.24) | FY25 (31.03.25) |
|---|---|---|---|---|---|---|
| Consolidated | ||||||
| Revenue from Operations | 70,564.11 | 38,948.38 | 60,787.58 | 1,09,512.49 | 91,469.78 | 2,22,161.91 |
| Other Income | 3,718.89 | 1,195.80 | 2,144.07 | 4,914.69 | 4,550.42 | 7,532.89 |
| Total Income | 74,283.00 | 40,144.18 | 62,931.65 | 1,14,427.18 | 96,020.20 | 2,29,694.80 |
| Total Expenses | 62,789.08 | 39,502.79 | 53,873.22 | 1,02,291.87 | 85,427.25 | 2,02,962.22 |
| Profit Before Tax | 11,493.92 | 641.39 | 9,058.43 | 12,135.31 | 10,592.95 | 26,732.58 |
| Total Tax Expenses | 2,823.54 | 177.36 | 2,241.13 | 3,000.90 | 2,625.38 | 7,020.89 |
| Profit for the Period | 8,670.38 | 464.03 | 6,817.30 | 9,134.41 | 7,967.57 | 19,711.69 |
| Other Comprehensive Income (Net of Tax) | (18.07) | (10.34) | (6.42) | (28.41) | (13.31) | (113.53) |
| Total Comprehensive Income | 8,652.31 | 453.69 | 6,810.88 | 9,106.00 | 7,954.26 | 19,598.16 |
3. Detailed Notes / Management Commentary
-
Accounting Policies & Standards:
Results prepared as per Indian Accounting Standards (Ind AS) under Companies Act, 2013. -
Government Grants:
- Recognized government grants in the nature of capital subsidy related to Property, Plant & Equipment (PPE).
- Grants fully depreciated are included in Other Income; grants related to PPE with remaining useful life are deferred and shown under liabilities.
- For Q2 FY26, government grants recognized as other income: ₹261.65 lakhs (Standalone & Consolidated).
- Unamortised portion of grants under liabilities: ₹713.03 lakhs (Standalone & Consolidated).
-
Other Income:
Includes net surplus on sale of industrial land and building amounting to ₹2,122.52 lakhs for Q2 and H1 FY26. -
Dividend:
- Board declared an Interim Dividend of ₹4/- per equity share (200% on face value ₹2/-).
- Cash outflow on dividend: ₹1,814.80 lakhs.
-
Segment:
- Company and Group are engaged mainly in Textile business.
- No other reportable segments as per Ind AS 108.
-
Changes in Key Managerial Personnel:
- Retirement of current Company Secretary effective 13th Feb 2026.
- Appointment of new Company Secretary effective 15th Nov 2025.
-
Previous Period Figures:
- Regrouped/rearranged wherever necessary for comparability.
4. Segment Information
- No segmental breakdown provided; company operates in a single business segment - Textile.
5. Capex, Projects, and Corporate Activity
-
Capital Expenditure:
- Standalone Capex (PPE, WIP, Intangible Assets) for H1 FY26: ₹3,119.66 lakhs (down from ₹10,537.47 lakhs in H1 FY25).
- Consolidated Capex for H1 FY26: ₹3,122.73 lakhs.
-
Investments:
- Purchase of current investments in H1 FY26: ₹2,959.56 lakhs (Standalone & Consolidated).
- Purchase of non-current investments: ₹245.96 lakhs.
-
Disposals:
- Sale proceeds from PPE: ₹1,558.49 lakhs (Standalone), ₹1,558.50 lakhs (Consolidated) in H1 FY26.
-
Writebacks/Impairments:
- No explicit mention of writedowns or impairments.
- Other income includes gains on sale of assets.
-
Borrowings:
- Increase in borrowings noted in balance sheet (see below).
- Net proceeds from short-term borrowings in H1 FY26: ₹14,045.08 lakhs (Standalone & Consolidated).
-
Restructuring/Cost Cutting:
- No explicit mention.
6. Standalone vs Consolidated
- Both Standalone and Consolidated financial results are provided and largely consistent.
7. Balance Sheet Highlights (As at 30.09.2025 vs 31.03.2025)
| Particulars | Standalone (₹ Lakhs) | Consolidated (₹ Lakhs) |
|---|---|---|
| Assets | ||
| Non-Current Assets | 67,490.77 | 66,603.71 |
| Current Assets | 1,50,841.54 | 1,51,227.41 |
| Total Assets | 2,18,332.31 | 2,17,831.12 |
| Equity & Liabilities | ||
| Equity Share Capital | 907.40 | 907.40 |
| Other Equity | 1,34,789.18 | 1,34,241.01 |
| Total Equity | 1,35,696.58 | 1,35,148.41 |
| Non-Current Liabilities | 13,420.12 | 13,420.12 |
| Current Liabilities | 69,215.61 | 69,262.59 |
| Total Equity & Liabilities | 2,18,332.31 | 2,17,831.12 |
Notable changes:
- Increase in current borrowings (Standalone: ₹34,520.32 lakhs vs ₹20,225.24 lakhs in Mar 2025).
- Increase in inventories and trade receivables compared to previous year.
8. Cash Flow Summary (Standalone & Consolidated, H1 FY26 vs H1 FY25)
| Particulars | H1 FY26 (₹ Lakhs) | H1 FY25 (₹ Lakhs) |
|---|---|---|
| Operating Activities | ||
| Profit Before Tax | 12,158.90 | 10,666.89 |
| Operating Profit before WC Changes | 1,142.07 | (271.12) |
| Cash Generated from Operations | (1,250.31) | 12,877.54 |
| Net Cash from Operations | (5,125.05) | 10,341.41 |
| Investing Activities | ||
| Capex (PPE, WIP, Intangibles) | (3,119.66) | (10,537.47) |
| Purchase of Investments | (3,205.52) | (9,851.49) |
| Sale of PPE | 1,558.49 | 394.80 |
| Net Cash Used in Investing | (3,592.42) | (16,254.14) |
| Financing Activities | ||
| Net Borrowings (Long & Short Term) | 13,539.39 | 9,856.95 |
| Finance Costs Paid | (1,363.88) | (1,070.71) |
| Dividend Paid | (2,257.92) | (1,797.35) |
| Net Cash from Financing | 9,275.07 | 5,850.18 |
| Net Increase/(Decrease) in Cash | 557.60 | (62.55) |
| Cash & Cash Equivalents at End | 979.80 | 510.62 |
Summary of Key Actionable Points for Investment Analysis Team
- Strong revenue growth in Q2 FY26 vs Q2 FY25: Standalone revenue from operations up ~16% (₹70,555 lakhs vs ₹60,756 lakhs).
- Profit before tax increased significantly in Q2 FY26 (₹11,521 lakhs) compared to Q1 FY26 (₹638 lakhs), indicating strong quarter-on-quarter recovery.
- Net profit for Q2 FY26 at ₹8,698 lakhs vs ₹6,840 lakhs in Q2 FY25; EPS improved to ₹19.17 from ₹15.07.
- Other income boosted by ₹2,122 lakhs gain on sale of industrial land/building, a non-recurring item.
- Interim dividend declared at 200% (₹4 per share), indicating confidence in cash flows.
- Significant increase in current borrowings (₹34,520 lakhs vs ₹20,225 lakhs in Mar 2025) may warrant monitoring of working capital and liquidity.
- Inventories and receivables have increased, which may impact working capital cycle.
- Capex reduced sharply in H1 FY26 vs H1 FY25, possibly indicating completion or slowdown of major projects.
- No segmental diversification; textile business only.
- No auditor qualifications or material issues reported.
- Consolidated results closely track standalone results; foreign subsidiary immaterial.
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