External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>SSKL reported a dismal performance in Q1 (revenue declined 12.3%)</li><li>As per channel checks: (1) Demand pangs are palpable across the saree/wedding-heavy apparel retailers, (2) Cash position across key players remains weak, suggesting that competitors endowed with capital may enjoy an advantage in scaling operations over the next 2-3 years, (3) The weavers' network appears to be facing financial constraints, potentially favouring retailers who can make quick payments—advantage SSKL</li><li>SSKL’s TN performance continues to track well (in terms of expansion and sales density) but the core market (Telangana) needs fixing</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

SSKL reported a dismal performance in Q1 (revenue declined 12.3%)As per channel checks: (1) Demand pangs are palpable across the saree/wedding-heavy apparel retailers, (2) Cash position across key players remains weak, suggesting that competitors endowed with capital may enjoy an advantage in scaling operations over the next 2-3 years, (3) The weavers' network appears to be facing financial constraints, potentially favouring retailers who can make quick payments—advantage SSKLSSKL’s TN performance continues to track well (in terms of expansion and sales density) but the core market (Telangana) needs fixingContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sai Silks (Kalamandir): Q1 demand weak; TN performance on track. Maintain BUY

<ul><li>We recently conducted a comprehensive assessment of the saree ecosystem through management meetings and store visits across various Chennai-based saree companies</li><li>Our findings reveal several key insights: (1) Category growth and pace of growth among major organised players are not encouraging, except for Pothys</li><li>(2) The cash position across key players remains weak, suggesting that competitors with ample capital may enjoy an advantage in scaling operations over the next 2-3 years</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We recently conducted a comprehensive assessment of the saree ecosystem through management meetings and store visits across various Chennai-based saree companiesOur findings reveal several key insights: (1) Category growth and pace of growth among major organised players are not encouraging, except for Pothys(2) The cash position across key players remains weak, suggesting that competitors with ample capital may enjoy an advantage in scaling operations over the next 2-3 yearsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sai Silks (Kalamandir): VML’s TN Debut—a Mixed Bag. Maintain BUY

<ul><li>Launched in FY05, Sai Silks (Kalamandir) Ltd (SSKL) is one of the largest apparel retailers in south India offering products across ethnic wear (sarees) and value fashion</li><li>It houses four popular brands—Kalamandir (KMR), Kancheepuram, Vara Mahalakshmi Silks (VML), Mandir (MDR), and KLM Fashion Mall (KLM)— straddling multiple price points</li><li>The company’s extremely concentrated expansion approach (FY23 presence: 54 stores, 6,03,414 sq ft in just 12 southern districts) ensures superior unit economics vis-à-vis most apparel peers (FY20-23 FCF/PAT conversion of 54%, FY20-FY23 average RoCE: 13-14%)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Launched in FY05, Sai Silks (Kalamandir) Ltd (SSKL) is one of the largest apparel retailers in south India offering products across ethnic wear (sarees) and value fashionIt houses four popular brands—Kalamandir (KMR), Kancheepuram, Vara Mahalakshmi Silks (VML), Mandir (MDR), and KLM Fashion Mall (KLM)— straddling multiple price pointsThe company’s extremely concentrated expansion approach (FY23 presence: 54 stores, 6,03,414 sq ft in just 12 southern districts) ensures superior unit economics vis-à-vis most apparel peers (FY20-23 FCF/PAT conversion of 54%, FY20-FY23 average RoCE: 13-14%)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Sai Silks (Kalamandir): Draping South India in Sarees. BUY

Thematic (Sector/Industry)

<ul><li>Our discretionary universe is expected to grow by ~11% YoY in Q1FY25</li><li>However, a few exceptional names drive up the average</li><li>In retail, ex-F&amp;G and value fashion, growth pencilled in is an anaemic 6% as footfalls/demand gets impacted due to (1) the heatwave and (2) fewer wedding days</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Our discretionary universe is expected to grow by ~11% YoY in Q1FY25However, a few exceptional names drive up the averageIn retail, ex-F&amp;G and value fashion, growth pencilled in is an anaemic 6% as footfalls/demand gets impacted due to (1) the heatwave and (2) fewer wedding daysContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer Discretionary: Muted Demand, Value Plays Remain Outliers

<ul><li>Century Plyboards India: We maintain our ADD rating on Century Ply with a lower target price of INR 670/sh (35x its Mar’26E consolidated EPS) owing to subdued demand and continued timber price inflation</li><li>Century’s revenue in Q4FY24 grew 10% YoY (at least 5% growth across all segments)</li><li>However, EBITDA fell 9% YoY due to weak MDF realisation and elevated timber prices</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Century Plyboards India: We maintain our ADD rating on Century Ply with a lower target price of INR 670/sh (35x its Mar’26E consolidated EPS) owing to subdued demand and continued timber price inflationCentury’s revenue in Q4FY24 grew 10% YoY (at least 5% growth across all segments)However, EBITDA fell 9% YoY due to weak MDF realisation and elevated timber pricesContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Century Plyboards India, JK Lakshmi Cement, Sai Silk (Kalamandir)

India

Sai Silks (Kalamandir) Limited retails clothing. The Company sells men's, women's, and children's clothing and jewelry. Sai Silks (Kalamandir) serves customers in India.

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Sai Silk Kalamandir (SSKL IN)

Sai Silks (Kalamandir): Q1 demand weak; TN performance on track. Maintain BUY

SSKL’s TN performance continues to track well (in terms of expansion and sales density) but the core market (Telangana) needs fixing

HDFC Securities

Sai Silks (Kalamandir): VML’s TN Debut—a Mixed Bag. Maintain BUY

We recently conducted a comprehensive assessment of the saree ecosystem through management meetings and store visits across various Chennai-based...

HDFC Securities

Sai Silks (Kalamandir): Draping South India in Sarees. BUY

Launched in FY05, Sai Silks (Kalamandir) Ltd (SSKL) is one of the largest apparel retailers in south India offering products across ethnic wear...

HDFC Securities

Consumer Discretionary: Muted Demand, Value Plays Remain Outliers

Our discretionary universe is expected to grow by ~11% YoY in Q1FY25. However, a few exceptional names drive up the average

HDFC Securities

HSIE Results Daily: Century Plyboards India, JK Lakshmi Cement, Sai Silk (Kalamandir)

Century Plyboards India: We maintain our ADD rating on Century Ply with a lower target price of INR 670/sh (35x its Mar’26E consolidated EPS)

HDFC Securities

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