ICICI Direct's research report on Siyaram Silk Mills
Siyaram Silk Mills (SSML), a fabric and apparel manufacturer, has created a strong brand portfolio largely catering to Tier II & III towns. Siyaram’s brand portfolio consists of reputed brands like Siyaram (flagship brand), Oxemberg, MSD and J Hampstead • Over the last decade, the company has gradually expanded its fabric and garment capacities and simultaneously managed to reduce the debt/equity from 1.0x in FY12 to 0.3x in FY22.
We maintain BUY recommendation on the stock. We value SSML at Rs 610 i.e. 11x FY24E EPS.
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