KHADIM

Khadim India financials

Market cap
₹229 Cr
Sector
Consumer Durables
Calls analysed
6
Latest concall · Q4 FY26 · call held 26 May 2026

Khadim India Q4 FY26

FY26 Revenue ₹367.1 cr −12%FY26 EBITDA ₹49.1 cr FY26 EBITDA Margin 13.4% FY26 PAT ₹3.1 cr

What went well

  • Q4 FY26 Gross Profit Margin improved to 51.5%, indicating a positive trend from the full-year FY26 margin of 48.9%.
  • Sales volume in Q4 FY26 increased by 16.67% QoQ to 14 lakh pairs.
  • Successful demerger of the distribution and manufacturing segments into KSR Footwear Limited, aiming for sharper operational focus.

What to watch

  • FY26 revenue from operations declined by 12.17% YoY to INR 367.1 crores, reflecting a challenging year for the footwear industry.
  • Muted consumer demand and continued pressure on discretionary spending impacted overall throughput and store productivity.
Read the full call →

What Khadim India Limited does

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

  • Retail (brick-and-mortar)
  • E-commerce
  • Transit retail
Retail stores (total)
851 (as on Mar 2026)
Company-owned (COCO) stores
189 (Mar 2026)
Franchise-operated stores
662 (Mar 2026)
Geographic reach
23 states & 4 union territories
Sourcing model
100% outsourced production (asset-light)
Volume sales
7.23 million pairs (FY25, continuing operations)
Founded 1981Headquarters Kolkata, West Bengal, IndiaEmployees 726 (FY25) Company website

Guidance record · Q4 FY26

what the last two calls moved 9 tracked 3 delivered 2 missed 4 open
  • Corporate Restructuring Timeline delivered said Q3 FY25 Promised: Demerger effective by April 1, 2025. Q4 FY26: Demerger of distribution and manufacturing segments into KSR Footwear Limited was completed during FY26.
  • New Store Additions missed said Q4 FY25 Promised: Open around 50 stores in FY26 (7-8 COCO). Q4 FY26: 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.
  • Revenue and Margins revised up said Q3 FY26 Promised: FY27 Revenue INR 350cr, EBITDA 14-14.5%, PAT 2-2.5%. Q4 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.

All 9 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue down 18.7%, net profit down 38.8% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue161 110 94 96 102 −37%86 −22%84 −11%78 −19%
EBITDA19 16 16 12 14 −29%11 −31%12 −25%8 −37%
Net profit2 1 1 1 2 −28%-0 −116%1 −18%1 −39%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −48.0% 1Y

₹100₹150₹200₹250₹300Sept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 11 Nov 2025Q3 FY26 — 16 Feb 2026Q4 FY26 — 26 May 2026

1Y: ₹232.56 on 10 Sept 2025 → ₹121.01. High ₹290.1 (17 Sept 2025), low ₹78.59 (30 Mar 2026).

How the price took the results

close before → close after

Q4 FY26
−0.7%
26 May
Q3 FY26
−1.1%
16 Feb
Q2 FY26
+0.2%
11 Nov

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.

Financials, as filed

Revenue fell 17.8% a year over 3 years, FY23 to FY26. Operating margin widened to 13.4%.

Year endingFY23FY24FY25FY26
Revenue₹660 Cr₹565 Cr₹469 Cr₹367 Cr
Operating profit₹73 Cr₹74 Cr₹69 Cr₹49 Cr
Operating margin11.0%13.1%14.7%13.4%
Interest₹29 Cr₹30 Cr₹26 Cr₹26 Cr
Depreciation₹38 Cr₹37 Cr₹32 Cr₹27 Cr
Net profit₹17 Cr₹6 Cr₹5 Cr₹3 Cr
Net margin2.6%1.1%1.1%0.8%
Cash from operations₹39 Cr₹51 Cr₹67 Cr₹26 Cr
Free cash flow₹49 Cr₹42 Cr₹55 Cr₹16 Cr
ROCE10.0%10.0%9.0%7.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹18 Cr₹18 Cr₹18 Cr₹18 Cr₹18 Cr₹18 Cr
Reserves₹183 Cr₹190 Cr₹207 Cr₹221 Cr₹148 Cr₹149 Cr
Borrowings₹244 Cr₹242 Cr₹310 Cr₹321 Cr₹255 Cr₹249 Cr
Other liabilities₹185 Cr₹201 Cr₹200 Cr₹171 Cr₹155 Cr₹130 Cr
Total liabilities₹630 Cr₹651 Cr₹735 Cr₹732 Cr₹576 Cr₹546 Cr
Fixed assets₹230 Cr₹201 Cr₹244 Cr₹244 Cr₹156 Cr₹155 Cr
Capital work in progress₹1 Cr₹1 Cr₹1 Cr₹0 Cr₹0 Cr₹0 Cr
Investments₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr₹0 Cr
Other assets₹400 Cr₹449 Cr₹491 Cr₹488 Cr₹420 Cr₹392 Cr
Total assets₹630 Cr₹651 Cr₹735 Cr₹732 Cr₹576 Cr₹546 Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, DIIs trimmed −4.04 pp while the public added +3.88 pp. The shareholder count grew 6% to 34,131.

Promoters
59.9%
FIIs
0.1%
DIIs
1.1%
Public
38.9%

Since Jun 2025

  • DIIs −4.04 pp
  • Public +3.88 pp
  • FIIs +0.12 pp

How it drifted, 12 quarters

Over this window the public went from 34.1% to 38.9% — +4.8 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 60.3%, DIIs 5.7%, Public 34.1%.Dec '23: Promoters 60.3%, FIIs 0.0%, DIIs 6.4%, Public 33.4%.Mar '24: Promoters 60.6%, FIIs 0.1%, DIIs 6.7%, Public 32.6%.Jun '24: Promoters 60.1%, FIIs 0.0%, DIIs 6.8%, Public 33.1%.Sep '24: Promoters 59.8%, DIIs 6.5%, Public 33.6%.Dec '24: Promoters 59.8%, DIIs 6.3%, Public 33.8%.Mar '25: Promoters 59.8%, FIIs 0.0%, DIIs 5.8%, Public 34.4%.Jun '25: Promoters 59.9%, DIIs 5.2%, Public 35.0%.Sep '25: Promoters 59.9%, FIIs 0.0%, DIIs 3.2%, Public 36.9%.Dec '25: Promoters 59.9%, FIIs 0.3%, DIIs 2.5%, Public 37.3%.Mar '26: Promoters 59.9%, FIIs 1.1%, DIIs 1.3%, Public 37.8%.Jun '26: Promoters 59.9%, FIIs 0.1%, DIIs 1.1%, Public 38.9%.

Who was buying across the market this quarter →

Who bought this quarter

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.

Who is on the register

Named in the Jun 2026 filing

Every holder of Khadim India Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Khadim Development Company Private Limited 50.46%unchanged
Siddhartha Royburman 8.89%unchanged
Pankaj Prasoon 1.62%+0.05 pp
Girish Gulati Huf 1.34%unchanged
Mauryan India Fund AIF1.09%−0.16 pp
Tanusree Royburman 0.48%unchanged
Rittick Roy Burman 0.05%unchanged
Ritoban Roy Burman 0.02%unchanged
S P Roy Burman Foundation 0.00%unchanged
Bee Tee Enterprise 0.00%unchanged
Rilina Mitra 0.00%unchanged
Timir Baran Dutta 0.00%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.

All earnings calls (6)

Read the Q4 FY26 call →

Learn to analyse Khadim India Limited

Guides on how to read this kind of business and the numbers that matter.