Annual reportSep 2026
Sep 2026 · Updates 25 Aug - 22nd AGM scheduled for 22 Sep 2026; notice and FY26 annual report dispatched.
Source: Nse
S D Retail Ltd. (SDREAMS)
SME CapConsumer stocks · SME cap · NSE
S D Retail Ltd. (Sweet Dreams) is an Indian sleepwear brand transitioning from a trade-led model to a consumer-first brand. It operates Exclusive Brand Outlets (EBOs), Multi-Brand Outlets (MBOs), Large Format Stores (LFS), and e-commerce platforms, focusing on comfort-driven sleepwear for all age groups.
₹80.5
-2.75 · -3.30%
Market cap ₹152 Cr
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals11 Oct 2026 · screener
Latest result20 May, 10:17 pm IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags24 Apr 2026
Coverage14/14 · 100%
Valuation2026-07-20 · Rf 6.8% · Consumer P/E 22.2 (n=441)
Technical timing lens
Trend score and candlestick chart
29Bearishfull bear SMA stack · SMA20 -4.3% / mo · MACD + · sector -4.6pp vs Nifty 500 (3M)
Stock trend: 27
Sector RS: 31
Sector 3M: -10.2% vs Nifty 500 -5.6%
Consumer FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
SDREAMSD candles · FIT view-15.6%Latest close ₹80.50 on 2026-10-21
Bar
-0.7%
RSI
43
MACD hist
0.21
52W pos
28%
2026-10-21O ₹81.05H ₹82.00L ₹74.00C ₹80.50Vol 34,000 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
SDREAMSNifty Consumer DurablesNifty 500
- SDREAMS
- -10.6%
- Nifty 500
- -6.5%
- Nifty Consumer Durables
- -11.0%
- Vs Nifty 500
- -4.1 pp
Chart stats
21 Oct 2026- From 52W high
- -45.2%
- 52W range position
- 18%
- ATR (14)
- 3.8%
- Volume vs 20D
- 4.25x
- Avg traded value
- ₹0.1 Cr
- 20D price channel
- ₹74 - ₹86
₹147
₹66.1 - ₹147
₹3.1
Latest completed session
20-session average
36.3% annualized volatility
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is weak.
Suggested next step
Check latest quarters
Result consistency is weak; verify whether the thesis is improving or deteriorating.
U-Score
Legacy · FAIR VALUE48
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +11.3% · PAT -9.1% YoY
Technical
Bearish29
Price trend and sector-relative-strength timing.
Valuation
Legacy model+53.7%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence69
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 31 Mar 2026
Bad · 0/100PAT -9% YoY · margin compression · Rev +11% YoY · +51% QoQ
Filed 31 Mar 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹118 Cr | +11.3% | +51.3% |
| EBITDA | ₹14 Cr | NDF | +600.0% |
| Operating margin | 12.0% | NDF | +920 bps |
| PAT | ₹10 Cr | -9.1% | NDF |
| PAT margin | 8.5% | NDF | +847 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 14.20
- P/B
- 1.26
- EV/EBITDA
- 8.84
- Market Cap
- 152.00Cr
Profitability
- ROE
- 9.26%
- ROCE
- 12.20%
- ROA
- 5.75%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 16.00%
- EPS 5Y
- 98.00%
- Revenue 3Y
- 13.00%
- EPS 3Y
- 35.00%
Balance Sheet
- Debt/Equity
- 0.13
- Interest Coverage
- 5.67×
- Altman Z
- 4.07
- Book Value
- 64.20
Cash Flow
- FCF Yield
- 11.84%
- FCF Positive Y
- 2/5
- OCF
- -6.00 Cr
- EPS TTM
- 5.22
Shareholding
- Promoter Hold
- 65.29%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 28%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 118+51.3% vs prev
Net Profit
₹ CrLatest: 10.0
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 43.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~4.5% over last month) — short-term momentum negative.
- RSI(14) at 43 — falling, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 31% off 52W high · 22% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
31
RS percentile
Stage 1 Base / Transition
1M return
-3.0%
3M return
-7.5%
6M return
-3.0%
1Y return
-38.8%
RS 1D
-2
RS 20D
+16
Sector rank
#8
Industry rank
#24
Stage evidence
- Price is within 7.6% of the 30-week proxy.
- The 30-week proxy changed +0.0% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
improving
Relative-strength line vs Nifty 500 (base 100)
225 observations
21 Oct 2026Value 69.16-1.38%
RS vs Nifty 50069
Valuation & peers
U-Score 48 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 48 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
FAIR_VALUE
Fundamental score breakdown
U band · FAIR VALUEValuation20/30
Growth17/25
Quality1/20
Balance Sheet10/15
Cash Flow5/10
Piotroski
6/9 (+3)
Penalties
-8
Raw sum
48
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
48/100 · legacy band FAIR VALUE
Positive drivers
- FCF yield is supportive at 11.8%.
- Fair-value margin of safety is positive at 53.7%.
- Growth contributes 17/25 to the score.
Main drags
- Penalty bucket subtracts 8 points.
- Quality is weaker at 1/20; verify the latest quarterly trend.
- Cash flow is weaker at 5/10; verify the latest quarterly trend.
Sector valuation model
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Primary lens
PE and PEG relative to growth, ROE, margins, and brand strength.
Secondary checks
Volume growth, pricing power, distribution, same-store or category growth.
Main risk check
Premium valuation needs durable growth and margin resilience.
PE
14.2
PB
1.3
EV/EBITDA
8.8
ROE
9.3%
ROCE
12.2%
FCF Yield
11.8%
Debt/Equity
0.1
MoS
+53.7%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
48
Previous: 45 (+3)
Legacy U-Score band
FAIR VALUE
Previous: WATCHLIST
Margin of safety
+53.7%
Previous: +52.1%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
47
47
47
47
45
45
45
45
45
45
45
45
Factor attribution
Valuation
20+3
was 17
Modelled fair value
Graham Number
₹86.83
+7.3% MoS
Growth-justified P/E
33.3
Growth-justified Value
₹173.83
+53.7% MoS
PEG
0.20
Comparable companies
Peers
Business-comparable peers in Consumer — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
ONDOOR
SME
On Door Concepts Ltd.
Retail
match 92
56
16.3
10.2%
+60%
FAIR VALUE
REXPRO
SME
Rexpro Enterprises Ltd.
Retail
match 86
41
17.8
3.5%
+54%
WATCHLIST
MAGSON
SME
Magson Retail And Distribution Ltd.
Retail
match 84
7
296.0
1.5%
-7966%
OVERVALUED
RETAIL
Small
JHS Svendgaard Retail Ventures Limited
Retail
match 78
18
462.0
-1.0%
-827%
OVERVALUED
VGL
Small
VARVEE GLOBAL LIMITED
Retail
match 77
25
—
-15.9%
—
OVERVALUED
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-08-23T07:19:16.390Z
Management commentary snapshot
FY26 revenue grew 13.25% YoY to INR 195.97 Cr, with PAT at INR 9.78 Cr. H2 FY26 revenue grew 16.1% YoY to INR 117.68 Cr. H2 PAT margin compressed to 8.2% (vs 9.0% in H2 FY25) due to intentional upfront investments in manpower and overheads. EBOs and D2C channels drove significant growth.
While EBO and D2C channels show strong growth, overall company revenue growth remains moderate. Management's stated priority of reinvesting for growth over immediate EBITDA expansion suggests continued margin pressure. The high working capital cycle and ongoing store closures indicate operational challenges despite expansion.
Current business mix
Revenue by Channel (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Exclusive Brand Outlets (EBOs)23.7%
Online (D2C & Marketplaces)13.0%
Multi-Brand Outlets (MBOs) & Large Format Stores (LFS)63.3%
Growth engines
EBO Network Expansion
EBOs grew to 75 stores in FY26 from 51 in FY25, driving 111% revenue growth in the channel.
D2C E-commerce Platform
Proprietary D2C platform delivered 70% revenue growth in FY26, complementing physical retail.
Product Innovation
Product architecture spans mood-based collections for gifting, travel, and family occasions, deepening appeal.
Geographic Traction
Seeing exceptionally strong momentum in North and West India, with 63 stores in these zones.
Capacity and execution
EBO Store Count
Expanded retail footprint to 75 Exclusive Brand Outlets as of March 31, 2026, up from 51 stores in FY25.
Future EBO Expansion
Several additional locations are under fit-out. Aim to cross 100 EBOs in FY27, opening about 8-9 EBOs per quarter.
EBO Retail Area
Total EBO retail area now exceeds 36,371 square feet, with an average store size of 485 square feet.
Store Format Diversification
46 stores in premium malls, 21 on high streets, and 8 in major airports. Exploring larger COCO stores (1,000-1,200 sq ft).
Tailwinds
Underpenetrated Sleepwear Category
Sleepwear is worn nearly 70 hours a week but occupies less than 10% of wardrobe space, representing a compelling opportunity.
Blurring Lifestyle Categories
Lines between sleep, lounge, and leisurewear are increasingly blurring, positioning the company to lead this transformation.
Headwinds
Muted Discretionary Consumption
FY26 saw muted discretionary consumption across India due to inflationary pressures. Expects continued pressure in FY27.
Risk radar
Margin Compression from Investments
H2 PAT margin compression was driven by intentional upfront investments in corporate/operational manpower and increased overheads.
High Working Capital Cycle
Receivables are around 160 days, though efforts are being made to reduce it by 10 days annually.
Store Underperformance & Closures
Closed four underperforming stores last year. Expects to exit the bottom 10% of operational stores annually as a continuous process.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
H2 results provide insight into recent momentum and margin trends, which are impacted by seasonal factors and strategic investments. Full-year (FY26) results offer a comprehensive view of annual performance and the impact of the company's channel shift strategy.
Sector KPIs management disclosed
Total Revenue Growth
FY26: 13.25% YoY (INR 195.97 Cr); H2 FY26: 16.1% YoY (INR 117.68 Cr).
EBO Revenue Growth
FY26: 111% YoY (INR 46.45 Cr); H2 FY26: 104% YoY.
D2C Platform Revenue Growth
FY26: 70% YoY (INR 4.83 Cr).
EBITDA Margin
FY26: 8.4% (INR 16.53 Cr); H2 FY26: 12.2% (INR 14.35 Cr, vs 9.0% in H2 FY25).
Management forward view
Accelerated EBO Expansion
Aim to deepen EBO footprint in Tier I and Tier II markets, targeting airports, high streets, and premium malls to establish a store in every major shopping district.
Unified Omnichannel Ecosystem
Building an integrated system with stock visibility, seamless loyalty benefits, and faster order fulfillment.
Prioritizing Growth over Immediate Profitability
Focus for the next 1-2 years is on expanding sales, building awareness, strengthening the brand, developing infrastructure, and investing in manpower.
FY27 EBO Revenue Target
Targeting EBO revenue in excess of INR 80 crores for FY27.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBO Store Count | 75 stores (as of March 31, 2026) | Progress towards crossing 100 EBOs in FY27 and consistent opening of 8-9 EBOs per quarter. |
| Company-level EBITDA Margin | 8.4% (FY26) | Signs of operational efficiencies kicking in after 1-2 years of investment, leading to margin expansion. |
| EBO Revenue Growth | 111% YoY (FY26) | Sustained high double-digit growth in EBOs, contributing significantly to overall company revenue. |
| Working Capital Cycle | ~160 days | Consistent reduction of 10 days annually, as targeted by management. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
69Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 59th percentile of the scored universe and 63rd percentile within Consumer. Main check: results consistency is weak at 45/100.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 05 Sept 2026
management-trust-v1
7 docs text-extracted · 4 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
59th percentile
overall median 67 · Consumer: 63rd pctile, median 66 · SME: 77th pctile, median 64
Evidence depth
Financial-only
7 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
86
strong · holding, pledge, alignment
Cash flow
62
acceptable · profit to cash conversion
Balance sheet
89
strong · leverage and solvency
Discipline
58
watch · capital discipline
Results
45
watch · quarterly consistency
Trust positives
- ▸Promoter holding is 65.3%.
- ▸Promoter pledge is zero.
- ▸FCF yield is 11.8%.
Trust risks
- ▸Operating cash flow is negative at ₹-6 Cr.
- ▸ROCE trend is -2.1%.
- ▸OPM spread across recent quarters is 18.4%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching S D Retail Ltd.
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Annual report
Outcome of Board Meeting 22 Aug - Board appointed woman director; revised related-party pay to Rs60 lakh and Rs40 lakh; FY26 annual report and AGM Sept 22.
Source: Nse
Concall transcriptMay 2026
May 2026 · Transcript
Source: Nse
Investor presentationMay 2026
May 2026 · PPT
Source: Nse
Annual reportMar 2026
Mar 2026 · Annual Report 2026
Source: Nse
Concall transcriptNov 2025
Nov 2025 · Transcript
Source: Nse
Investor presentationNov 2025
Nov 2025 · PPT
Source: Nse
Concall transcriptJun 2025
Jun 2025 · Transcript
Source: Nse
Investor presentationJun 2025
Jun 2025 · PPT
Source: Nse
Annual reportMar 2025
Mar 2025 · Annual Report 2025
Source: Nse
Concall transcriptNov 2024
Nov 2024 · Transcript
Source: Nse
Investor presentationNov 2024
Nov 2024 · PPT
Source: Nse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.