NSE: KKCL · BSE: 532732
KEWAL KIRAN CLOTHING LTD
Designs, manufactures and retails branded denim and casual apparel under multiple owned labels — Killer, Lawman, Integriti, K-Lounge, Junior Killer and Kraus — through Exclusive Brand Outlets (EBOs) and non-retail channels. As of March 31, 2026, the network had 666 EBOs (including 457 Killer stores) following a net 57 additions in FY26, with the mix roughly 15% company-operated and 85% franchisee-operated, and a target of 50-70 net store additions per year. Kraus, a 50%-owned women's casualwear subsidiary, grew above 20% in FY26. In FY26 the retail channel grew 24% and non-retail 17%, apparel volumes grew 16% YoY, EBITDA margin stood at 19.6%, gross margin was 42.2%, and same-store sales growth across EBOs was 9.4%. Costs are dominated by materials at 46.8% of revenue, followed by employee costs at 14.1% and other opex at 18.2%, with annual capex guided at ₹30-35 crore. The Vision 2028 target is ₹1,500 crore in revenue and 900 EBOs. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Killer, Lawman, Integriti, Kraus, K-Lounge, Junior Killer, Non-retail/wholesale. Multi-brand, asset-light branded apparel retailer with franchisee-heavy distribution
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 608 | 779 | 861 | 1,003 | 1,213 |
| EBITDA (ex other income) | 100 | 152 | 177 | 191 | 238 |
| margin % | 16.5 | 19.5 | 20.6 | 19.0 | 19.6 |
| Owners' profit | 82 | 119 | 155 | 144 | 142 |
| EPS, as reported (₹) | 13.25 | 19.31 | 25.07 | 23.44 | 23.03 |
| ROE % · ROCE % | 17.1 · 22.8 | 21.8 · 29.2 | 22.8 · 29.3 | 15.1 · 19.3 | 13.6 · 17.8 |
| Debt / equity (x) | 0.16 | 0.09 | 0.00 | 0.11 | 0.04 |
| Cash from operations | 57 | 75 | 136 | 14 | 183 |
| Capex | (10) | (24) | (10) | (85) | (21) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 308 | 255 | 288 | 234 | 354 | 301 | 324 | 279 |
| Profit before tax | 86 | 36 | 41 | 41 | 63 | 51 | 47 | 51 |
| Net profit | 68 | 26 | 30 | 32 | 47 | 38 | 35 | 41 |
| EPS (₹) | 10.64 | 3.99 | 4.73 | 5.08 | 7.29 | 5.54 | 5.03 | 6.01 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PAGE INDUSTRIES LTD | 37,812 | 50.0 | 25.16 | — | 50.8 | 58.6 | — | 21.1 |
| ARVIND LIMITED | 13,369 | 32.3 | 3.23 | 14.1 | 10.3 | 11.9 | 12.9 | 9.4 |
| PEARL GLOBAL IND LIMITED | 5,588 | 18.0 | 3.89 | 11.2 | 18.8 | 16.8 | 27.5 | 11.2 |
| GOKALDAS EXPORTS LTD. | 4,744 | 46.0 | 2.20 | 12.9 | 4.6 | 6.0 | 26.9 | 12.1 |
| LUX INDUSTRIES LIMITED | 3,496 | 32.8 | 1.92 | 19.4 | 5.8 | 7.3 | 8.4 | 8.2 |
| SBC EXPORTS LIMITED | 3,114 | 76.9 | 38.83 | 70.5 | 31.5 | 28.3 | — | 13.9 |
| KEWAL KIRAN CLOTHING LTD ◆ | 2,631 | 17.8 | 2.35 | 9.6 | 13.6 | 16.6 | 32.0 | 24.0 |
| KITEX GARMENTS LTD | 2,250 | — | 1.82 | 34.0 | (1.1) | 0.3 | 7.9 | 11.3 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 17.8 | 16.2 | 20 of 37 | 47% |
| P/B | 2.4 | 1.5 | 25 of 35 | 29% |
| ROCE | 16.6 | 8.4 | 9 of 44 | 81% |
| ROE | 13.6 | 5.8 | 6 of 35 | 85% |
| Debt / Equity | 0.0 | 0.3 | 8 of 35 | 79% |
| EBITDA margin | 24.0 | 10.4 | 4 of 35 | 91% |
| Revenue growth | 19.4 | 7.9 | 14 of 37 | 64% |
| Profit growth | 28.2 | 6.8 | 13 of 37 | 67% |
| Market cap | 2631 | 146 | 7 of 44 | 86% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Kewal Kiran Clothing schedules Q2 and H1 FY27 earnings call | board shareholder meetings | low | — | — |
| 23 Oct 2026 · Board to approve September quarter results and interim dividend | results | low | — | — |
| 25 Sept 2026 · Trading window closure ahead of Q2 FY27 results | compliance | minimal | — | — |
| 25 Sept 2026 · Scrutinizer Report of 35th AGM - All Resolutions Passed | compliance | minimal | — | — |
| 24 Sept 2026 · KKCL holds 35th AGM via video conferencing on Sept 24, 2026 | board shareholder meetings | low | — | — |
| 3 Sept 2026 · Kewal Kiran Clothing announces 35th AGM on Sept 24, 2026 | compliance | minimal | — | — |
| 3 Sept 2026 · Newspaper publication of AGM notice for September 24, 2026 meeting | compliance | minimal | — | — |
| 2 Sept 2026 · KKCL files BRSR for FY2025-26; zero injuries, all complaints resolved | general | medium | — | — |
| 2 Sept 2026 · 35th AGM on Sept 24, 2026; financials adoption and director re-appointment on agenda | board shareholder meetings | low | — | — |
| 2 Sept 2026 · KKCL FY26 Annual Report: Revenue up 20.9%, EBITDA margins above guided range | results | high | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.