Attached please find transcript of the conference call held on May 11, 2026.
KKCL · price
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KKCL reported strong FY26 results with revenue of INR 1,212 crores (up 20.9% YoY) and Q4 revenue of INR 325 crores (up 12.4% YoY). Apparel volume grew 16% on a consolidated basis. EBITDA came in at INR 238 crores for FY26 and INR 62 crores for Q4, with EBITDA margins expanding to 19.6% for FY26, surpassing the guided range of 17-18%. The company raised its Vision 2028 growth target from 15% CAGR to 20% CAGR over the next three years, with organic growth expected at 15-18% and the remaining ~5% from inorganic acquisitions. Kraus (50% subsidiary, women's casualwear) delivered robust growth upwards of 20%. The company operates 666 EBOs, having added a net 57 stores in FY26, with plans to add 50-70 net stores annually. CAPEX guidance is INR 30-35 crores per year. Working capital is targeted at 130-140 days. Gross margins are expected to stay in the 41-43% range. Exports (under own brand, mainly to Middle East and Saudi Arabia) have been disrupted by geopolitical conditions and may degrow in the coming year.
The upward revision of growth targets to 20% CAGR and EBITDA margin expansion above 19% are significant positive signals, indicating strong operational execution and confidence in the business. The company's cash-rich position and inorganic acquisition strategy provide additional levers for growth, though investors should monitor raw material price pressures and the unresolved Goregaon land monetization.