India's 2nd-largest branded footwear retailer, selling affordable-fashion footwear and accessories through COCO and franchise stores across 23 states and 4 union territories
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 77.8 | −18.7% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 10.1 | −2.8 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 0.52 | −38.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
| Return on equity | 2.14 | −0.1 pts | Trailing twelve months | TTM to Jun 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 4.49 | −8.7 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | -24.13 | −10.3 pts | Trailing twelve months | TTM to Jun 2026 | Revenue change against the same period one year earlier. |
Guidance
3 of 5 judged targets kept · 4 open · verdicts reflect calls analysed to Q4 FY26.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Corporate Restructuring Timeline | Demerger effective by April 1, 2025. | Q3 FY25 | Demerger of distribution and manufacturing segments into KSR Footwear Limited was completed during FY26. | Achieved |
| New Store Additions | Open around 50 stores in FY26 (7-8 COCO). | Q4 FY25 | Ended FY26 with 851 stores, a net reduction of 35 stores from 886 at the end of FY25. The target of adding ~50 stores was significantly missed. | Missed |
| Revenue and Margins | FY27 Revenue INR 350cr, EBITDA 14-14.5%, PAT 2-2.5%. | Q3 FY26 | Guidance revised for FY27: Revenue target increased to ~INR 400cr (from 350cr), EBITDA margin target adjusted to 14% (from 14-14.5%). This represents a higher absolute EBITDA target. | Revised Up |
2 of Khadim India Limited's 9 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 6 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹252.2 on 24 Oct 2025 → ₹119.97. High ₹255.1 (28 Oct 2025), low ₹78.59 (30 Mar 2026).
Overview
Based on the company's own presentations, annual report and earnings calls.
Khadim India retails branded, affordable-fashion footwear (leather and non-leather sandals, slippers, boots, ballerinas, stilettos, moccasins, sports shoes) and accessories (socks, shoe polish, brushes, belts, wallets, bags) under the 'Khadim' brand and sub-brands British Walkers, Sharon, Cleo, PRO and Softouch. It sells through company-owned (COCO) and franchise retail stores, e-commerce (own website and online marketplaces), and transit-retail outlets at airports and railway stations. Following the FY25 demerger of its manufacturing and distribution business into KSR Footwear Limited, Khadim sources 100% of its product requirement from outsourced manufacturers under an asset-light model.
Segments
close before → close after
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Guidance
3 of 5 judged targets kept · 4 open · verdicts reflect calls analysed to Q4 FY26.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Corporate Restructuring Timeline | Demerger effective by April 1, 2025. | Q3 FY25 | Demerger of distribution and manufacturing segments into KSR Footwear Limited was completed during FY26. | Achieved |
| New Store Additions | Open around 50 stores in FY26 (7-8 COCO). | Q4 FY25 | Ended FY26 with 851 stores, a net reduction of 35 stores from 886 at the end of FY25. The target of adding ~50 stores was significantly missed. | Missed |
| Revenue and Margins | FY27 Revenue INR 350cr, EBITDA 14-14.5%, PAT 2-2.5%. | Q3 FY26 | Guidance revised for FY27: Revenue target increased to ~INR 400cr (from 350cr), EBITDA margin target adjusted to 14% (from 14-14.5%). This represents a higher absolute EBITDA target. | Revised Up |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 9 tracked commitments, with each call’s wording and source.
Call summaries
Khadim India Q4 FY26
Khadim India reported a challenging Q4 and full FY26 with revenue declines, primarily due to muted consumer demand and strategic store rationalization. Despite this, the company saw improved Q4 gross margins and volume growth QoQ, driven by premiumization efforts and category diversification. Management completed a demerger and is focused on disciplined execution, inventory optimization, and achieving stable profitability in FY27.
Read the full callKhadim India Q3 FY26
Khadim India reported a challenging Q3 and 9M FY26 with significant revenue and EBITDA declines, primarily attributed to a subdued demand environment, strategic inventory reduction, and higher employee costs. Despite the downturn, the company is focusing on premium sub-brands, athleisure expansion, and omnichannel growth, with an improved gross margin in Q3 and positive outlook for FY27 margins and profitability. Working capital management, particularly inventory and debtors, remains a key focus.
Read the full callKhadim India Q2 FY26
Khadim India reported mixed demand trends in Q2 FY26, with revenue from operations at ₹101.6 crores and an EBITDA margin of 13.6%. While premium brands like British Walkers and Sharon showed double-digit growth, overall sales were impacted by cautious consumer sentiment and store closures. The recent GST cut for footwear under ₹2,500 is expected to drive demand and improve gross margins in the coming quarters, despite current challenges with high inventory and receivables.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: −39% (quarter to jun 2026 against jun 2025).
| Line item | Sept 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 161 | 110 | 94 | 96 | 102 | 86 | 84 | 78 |
| Expenses | 141 | 94 | 78 | 83 | 88 | 75 | 72 | 70 |
| Operating profit | 19 | 16 | 16 | 12 | 14 | 11 | 12 | 8 |
| Operating margin | 12.0% | 14.6% | 17.0% | 12.9% | 13.6% | 12.8% | 14.2% | 10.1% |
| Other income | 2 | -1 | -2 | 3 | 2 | 2 | 3 | 6 |
| Interest | 8 | 6 | 6 | 7 | 7 | 6 | 6 | 6 |
| Depreciation | 10 | 7 | 7 | 7 | 7 | 7 | 7 | 7 |
| Profit before tax | 3 | 2 | 2 | 1 | 2 | -0 | 1 | 1 |
| Tax rate | 26.7% | 36.6% | 39.2% | 42.2% | 25.9% | −5.3% | 48.3% | 26.8% |
| Net profit | 2 | 1 | 1 | 1 | 2 | -0 | 1 | 1 |
| EPS (₹ per share) | 1.27 | 0.63 | 0.50 | 0.46 | 0.91 | -0.10 | 0.41 | 0.28 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 660 | 565 | 469 | 367 |
| Expenses | 588 | 491 | 400 | 318 |
| Operating profit | 73 | 74 | 69 | 49 |
| Other income | 17 | 2 | -3 | 9 |
| Interest | 29 | 30 | 26 | 26 |
| Depreciation | 38 | 37 | 32 | 27 |
| Profit before tax | 23 | 9 | 8 | 5 |
| Net profit | 17 | 6 | 5 | 3 |
| Line item | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 18 | 18 | 18 | 18 | 18 | 18 |
| Reserves | 190 | 207 | 221 | 233 | 148 | 149 |
| Borrowings | 242 | 310 | 321 | 295 | 255 | 249 |
| Other liabilities | 201 | 200 | 171 | 214 | 155 | 130 |
| Total liabilities | 651 | 735 | 732 | 761 | 576 | 546 |
| Fixed assets | 201 | 244 | 244 | 226 | 156 | 155 |
| Capital work in progress | 1 | 1 | 0 | 0 | 0 | 0 |
| Investments | 0 | 0 | 0 | 0 | 0 | 0 |
| Other assets | 449 | 491 | 488 | 535 | 420 | 392 |
| Total assets | 651 | 735 | 732 | 761 | 576 | 546 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 48 | 31 | 39 | 51 | 67 | 26 |
| Cash from investing | -2 | -14 | 20 | -10 | -9 | 5 |
| Cash from financing | -45 | -42 | -63 | -51 | -42 | -43 |
| Net cash flow | 1 | -25 | -4 | -9 | 17 | -12 |
| Free cash flow | 45 | 22 | 49 | 42 | 55 | 16 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 70 | 82 | 104 | 158 | 193 | 185 |
| Inventory days | 169 | 165 | 172 | 341 | 415 | 251 |
| Days payable | 200 | 177 | 172 | 275 | 377 | 220 |
| Cash conversion cycle | 39 | 70 | 103 | 225 | 231 | 216 |
| Working capital days | 30 | 38 | 56 | 99 | 118 | 87 |
| Return on capital employed | −3.0% | 8.0% | 10.0% | 10.0% | 9.0% | 8.0% |
| Dividend payout | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
Ownership
Promoters hold 59.89% as of Jun 2026; institutions cut 1.11 pts since Mar 2026.
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 1 holder trimming and 0 off the list — both are in the register beside this.
Named in the Jun 2026 filing
Every holder of Khadim India Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| 50.46% | unchanged | |
| 8.89% | unchanged | |
| 1.62% | +0.05 pp | |
| 1.34% | unchanged | |
| AIF | 1.09% | −0.16 pp |
| 0.48% | unchanged | |
| 0.05% | unchanged | |
| 0.02% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Your own record
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