Saraswati Saree Depot Ltd - Stock Valuation and Financial Performance

The company was incorporated under the provisions of the Companies Act, 2013 as “Saraswati Saree Depot Private Limited” pursuant to certificate of incorporation dated March 18, 2021 issued by Central Registration Centre, Registrar of Companies. Subsequently, the company has been converted into a public limited company and the name of the Company has changed to “Saraswati Saree Depot Limited” pursuant to a special resolution passed at the Extra-Ordinary General Meeting of the Company held on March 08, 2023 and a fresh Certificate of Incorporation dated March 31, 2023 consequent upon change of name and upon conversion to public limited company has been issued by the RoC. 

Saraswati Saree Depot is a wholesaler of sarees, kurtis, lehengas, and other womens’ ethnic wear garments, with a management spanning three generations, a workforce with decades of experience, networks across the country and a loyal customer base. With its core objectives based on serving every customer, from a lady who wants to venture into entrepreneurship from her home, to dominant retailers in bigger towns and cities, the company is determined to not only expand its operations, but also to lead the charge in the growth of the industry as a whole, and promote the oldest and most experienced weavers of India. Currently, it is headquartered in Kolhapur, and has a second store in Ulhasnagar. The company’s sarees are sourced from different manufacturers across India. Over the years, the company has developed relationships with these manufacturers in hubs like Surat, Varanasi, Mau, Madurai, Dharmavaram, Kolkata, and Bengaluru. It regularly sources sarees and other women’s apparel from many weavers/suppliers across different states in India.

Business area of the company

The company is a key player in sarees wholesale (B2B) segment and its origin into the sarees business dates back to the year 1966. It is also engaged in the wholesale business of other women’s apparel wear such as kurtis, dress materials, blouse pieces, lehengas, bottoms, etc. 

Key awards, accreditations & recognitions

• 2019: Received the “Star of the Industry” award at the Top 30 Kurti Expo 2019, organized by Indian Premier Fashions -Star Awards.
• 2020: Received the “Achievers of South Maharashtra” Award by The Times of India.
• 2020: Received the “Star of the Industry” award at the Top 30 Kurti Expo 2020, organized by Indian Premier Fashions -Star Awards.
• 2022: Listed by Lokmat as an 'Icon of Kolhapur'. 
• 2022: Received the “Sakal Brands of Maharashtra” Award organized by Sakal.
• 2023: Received the “Iconic Brand” award at the Top 30 Kurti Expo 2023, organized by Indian Premier Fashions - Star Awards.

Key events and milestones

• 1993: Started partnership firm under the name and style of “M/s. Saraswati Sarees Depot.
• 2002: The firm organized the first annual promotional event “Utsav”.
• 2015: Inaugurated Kolhapur Store spanning over 169,120 sq. ft.
• 2015: Crossed turnover of Rs 3,000 million.
• 2017: Expanded the product range by including ready-made garment i.e.“Kurtis”.
• 2018: Crossed turnover of Rs 4,000 million.
• 2021: Incorporated as Private Limited Company.
• 2021: Opened Ulhasnagar Store.
• 2022: Crossed turnover of Rs 5,000 million.
• 2023: Converted from private limited to public company.
• 2023: Crossed turnover of Rs 6,000 million.
• 2023: Admitted as a partner of Saraswati Saree Depot, Ahmednagar.