Investor Presentation
KHADIM · price
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Khadim India, India's 2nd largest footwear retailer, reported weak Q4 FY26 results with revenue of Rs 835.6 million, down 10.9% YoY. Full year FY26 revenue declined 12.2% to Rs 3,671 million. Gross margin compressed significantly to 48.9% for FY26 (down 550bps YoY) and 51.5% in Q4 (down 720bps YoY). EBITDA margin stood at 14.3% in Q4 and 13.4% for FY26, declining from 15.6% prior year. PAT was minimal at Rs 31.4 million for FY26 with only 0.9% margin. The company operates 851 retail stores (78% franchise-led) across 23 states with 100% outsourced manufacturing. In 2025, the company completed a demerger of its distribution and manufacturing business into KSR Footwear Limited as part of its asset-light strategy.
The stock faces pressure due to declining revenues and significant margin compression. Management is focusing on an asset-light franchise model and expanding in South, West India and Uttar Pradesh to drive recovery.