SSKL reaches 86 stores as Tamil Nadu delivers 22.62% revenue

Sai Silks Kalamandir Limited operated 86 stores across 25 cities as of September 30, 2026, and Tamil Nadu generated Rs 182.99 crore, or 22.62%, of revenue in the half year ended that date from 14 outlets. SSKL's Tamil Nadu revenue was the second-largest state contribution despite the state ranking fourth by store count.

How large is SSKL's store network?

SSKL had 86 stores with aggregate area of 820,181 square feet as of September 30, 2026, equivalent to an average store area of 9,537 square feet. The company reported stores across Telangana, Andhra Pradesh, Karnataka, Tamil Nadu and Puducherry, with the estate spanning 25 cities.

The network increased from 50 stores and 571,000 square feet in 2022 to 86 stores and 820,181 square feet in 2026. That represents an addition of 36 stores and 249,181 square feet over the period. SSKL began as a partnership firm under the Sai Silks name on August 10, 2005, and opened its first outlet in Ameerpet, Hyderabad, in the same year.

SSKL describes its outlets as company-operated stores under a lease model and says it selects prime or central city locations through a cluster-based approach. The company reported 6,584 employees and 8.07 million customers overall as of March 31, 2026, placing the 86-store footprint in the context of its operating base.

Which states generated the most revenue for SSKL?

Andhra Pradesh was SSKL's largest revenue-contributing state in the half year ended September 30, 2026, generating Rs 229.99 crore, or 28.42% of total revenue of Rs 809.13 crore. Telangana followed at Rs 222.05 crore, or 27.44%, meaning the two states together contributed Rs 452.04 crore and 55.86% of the reported total.

Tamil Nadu ranked fourth by store count but second by revenue, exceeding Karnataka's Rs 164.52 crore despite having three fewer stores. Tamil Nadu's 22.62% revenue share also exceeded its 16.28% share of stores and 14.00% share of aggregate area. The presentation does not disclose state-level profit, sales productivity or margin figures.

Why does Tamil Nadu matter in SSKL's geographic mix?

Tamil Nadu matters because its 14 stores generated Rs 182.99 crore in the half year ended September 30, 2026, only Rs 39.06 crore below Andhra Pradesh's Rs 229.99 crore from 26 stores. Tamil Nadu also generated Rs 18.47 crore more than Karnataka's 17-store network, showing that revenue contribution did not follow the ranking by outlet count.

SSKL lists Tamil Nadu among the geographies served by its Vara Mahalakshmi format, which focuses on premium ethnic sarees and handlooms for wedding and occasional wear. Vara Mahalakshmi had 39 small, medium and large stores as of September 30, 2026, across Telangana, Andhra Pradesh, Karnataka, Tamil Nadu and Puducherry. SSKL does not allocate Tamil Nadu's 14 stores or Rs 182.99 crore revenue between formats.

Puducherry provides a smaller comparison within the same five-territory footprint. Its one store covered 10,692 square feet and generated Rs 9.58 crore, or 1.18% of half-year revenue. The presentation lists Puducherry only for Vara Mahalakshmi, while it does not show the other four formats operating there.

How are SSKL's five formats positioned?

SSKL operated five formats comprising 86 stores at September 30, 2026: Kalamandir with 14 stores, Mandir with four, Vara Mahalakshmi with 39, KLM Fashion Mall with 18 and Valli with 11. Vara Mahalakshmi was the largest format by store count, while Mandir was the smallest and Valli was launched in 2025.

The formats have different stated price points and product roles. Kalamandir, aimed at middle-income ethnic fashion, has a price range of about Rs 1,000 to Rs 1 lakh; Mandir's ultra-premium designer sarees range from about Rs 6,000 to Rs 3.5 lakh. Vara Mahalakshmi lists prices of about Rs 4,000 to Rs 2.5 lakh, KLM Fashion Mall from about Rs 200 to Rs 75,000, and Valli from about Rs 250 to Rs 35,000.

Geographic coverage also varies across the five formats. Kalamandir and KLM Fashion Mall serve Andhra Pradesh, Telangana and Karnataka, while Mandir and Valli serve Andhra Pradesh and Telangana. Vara Mahalakshmi is the only format listed across all five territories, and SSKL says the saree segment accounted for 71.5% of FY25 revenue.

How does SSKL use its cluster-based expansion model?

SSKL says its cluster-based model supports customer and demographic targeting, store management, stock rotation and cross-selling. The company lists Kalamandir in Hyderabad, Bangalore and Andhra Pradesh; KLM Fashion Mall in Telangana, Bangalore and Andhra Pradesh; and Mandir and Valli in Telangana and Andhra Pradesh.

Vara Mahalakshmi is listed in Telangana, Bangalore, Andhra Pradesh, Puducherry and Tamil Nadu, giving it the widest disclosed territorial coverage. Telangana and Andhra Pradesh together accounted for 54 of SSKL's 86 stores at September 30, 2026, while Karnataka, Tamil Nadu and Puducherry accounted for the other 32. SSKL does not quantify stock rotation, cross-selling or lease-cost outcomes from the cluster model.

SSKL also reported digital activity alongside its physical network. As of September 30, 2026, its websites across five formats recorded 74,675 visits a day, with an average online order value of Rs 7,590, and e-commerce served 25 states and six Union Territories. The presentation does not disclose e-commerce revenue or its share of the Rs 809.13 crore half-year revenue.

Conclusion

SSKL's 86-store estate combines five formats with a revenue mix that differs from the distribution of stores and selling area. Andhra Pradesh and Telangana together supplied 55.86% of half-year revenue, while Tamil Nadu supplied 22.62% from 14 outlets, ahead of Karnataka's 17-store network. The figures show that state revenue contribution was not proportional to outlet count.

The next disclosure to watch is the development of Valli, launched in 2025 with 11 stores as of September 30, 2026, within SSKL's cluster-based model. The presentation provides no store-opening target, state-level profitability measure, e-commerce revenue share or timetable for expansion beyond the 86 stores reported at September 30, 2026.