KHADIM INDIA LIMITED

Markets and sells footwear in India through a mix of company-owned and franchise retail stores, alongside a growing e-commerce channel. Operates a network of 864 stores (195 company-owned and 669 franchise) selling its flagship Khadim's brand aimed at value-segment customers, plus premium sub-brands British Walkers and Sharon, and a distribution partnership for Skechers that scaled from 10 to 20 stores. Q3 FY26 revenue was Rs 86.2 cr, down 21.8% year-on-year, and 9M FY26 revenue stood at Rs 283.5 cr (-12.5% YoY), with management attributing the decline to subdued discretionary demand, particularly in value segments. The stated strategy is shifting toward asset-light expansion via the franchise model, scaling premium and lifestyle sub-brands to lift mix, and building direct e-commerce (own websites khadims.com and britishwalkers.com) toward a 10% of sales target by FY27 versus 3-4% currently. Inventory cleanup is the central FY26 priority, with inventory days targeted to come down from 131 (Sep 2025) to 105-107 by Q4 FY26 and absolute stock from Rs 123 cr to Rs 110-115 cr. FY26 total revenue was Rs 367.095 cr. The largest cost lines are other operating expenses at 22.5% of revenue and employee costs at 13.1%, with FY26 EBITDA margin at 15.8%.