NSE: KHADIM · BSE: 540775
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%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Khadim's branded retail (own stores + franchise), Premium sub-brands — British Walkers and Sharon, Skechers distribution partnership, E-commerce (own websites khadims.com and britishwalkers.com). Cyclical, discretionary consumer-durables footwear retailer with a franchise-heavy, asset-light distribution model
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 591 | 660 | 615 | 418 | 367 |
| EBITDA (ex other income) | 48 | 72 | 71 | 65 | 47 |
| margin % | 8.1 | 11.0 | 11.5 | 15.6 | 12.9 |
| Owners' profit | 6 | 17 | 6 | 5 | 3 |
| EPS, as reported (₹) | 3.58 | 9.73 | 3.49 | 2.76 | 1.69 |
| ROE % · ROCE % | 3.1 · 9.4 | 7.8 · 12.7 | 2.6 · 9.4 | 2.0 · 11.1 | 1.9 · 10.7 |
| Debt / equity (x) | 0.59 | 0.53 | 0.51 | 0.45 | 0.73 |
| Cash from operations | 31 | 39 | 51 | 67 | 26 |
| Capex | (8) | (15) | (10) | (12) | (10) |
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 | 161 | 160 | 94 | 96 | 102 | 86 | 84 | 78 |
| Profit before tax | 3 | 2 | 6 | 1 | 2 | (0) | 1 | 1 |
| Net profit | 2 | 1 | 1 | 1 | 2 | (0) | 1 | 1 |
| EPS (₹) | 1.27 | 0.63 | 0.50 | 0.46 | 0.91 | (0.09) | 0.41 | 0.28 |
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. % |
|---|---|---|---|---|---|---|---|---|
| METRO BRANDS LIMITED | 25,619 | 63.0 | 12.64 | 26.3 | 20.5 | 16.3 | — | 33.4 |
| BATA INDIA LTD | 8,174 | 55.9 | 5.12 | 11.1 | 8.4 | 6.5 | 15.5 | 22.7 |
| RELAXO FOOT LTD. | 7,280 | 39.3 | 3.30 | — | 8.1 | 9.9 | — | 17.2 |
| CAMPUS ACTIVEWEAR LIMITED | 6,468 | 125.2 | 15.13 | 27.2 | 25.2 | 29.5 | — | 18.4 |
| REDTAPE LIMITED | 6,424 | 26.1 | 6.29 | 14.2 | 23.6 | 24.3 | — | 20.5 |
| SREELEATHERS LIMITED | 645 | 19.7 | 1.30 | — | 5.8 | 7.5 | — | 16.3 |
| LIBERTY SHOES LTD | 378 | 44.0 | 1.62 | — | 4.8 | 4.3 | — | 7.9 |
| LEHAR FOOTWEARS LIMITED | 364 | 17.5 | 2.75 | — | 15.7 | 19.3 | — | 8.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 84.8 | 55.9 | 9 of 11 | 20% |
| P/B | 1.4 | 3.3 | 2 of 9 | 88% |
| ROCE | 1.7 | 7.5 | 10 of 11 | 10% |
| ROE | 1.9 | 8.3 | 9 of 10 | 11% |
| Debt / Equity | 0.7 | 0.2 | 10 of 10 | 0% |
| EBITDA margin | 17.5 | 17.4 | 5 of 10 | 56% |
| Revenue growth | (18.7) | 3.6 | 9 of 9 | 0% |
| Profit growth | (38.7) | (3.6) | 8 of 9 | 13% |
| Market cap | 235 | 645 | 9 of 11 | 20% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | 1-day % | 5-day % |
|---|---|---|---|---|
| 15 Sept 2026 · Khadim India Q1 FY27 investor presentation: revenue down 18.7%, PAT falls 39% | investor communications | medium | — | — |
| 3 Sept 2026 · Newspaper ad for Annual Report dispatch and 45th AGM notice | compliance | minimal | — | — |
| 2 Sept 2026 · Khadim India: Annual Report web-link shared for 45th AGM on Sep 24, 2026 | compliance | minimal | — | — |
| 2 Sept 2026 · Notice of 45th AGM on September 24, 2026 | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Khadim India FY26 Annual Report: Revenue falls 12% to Rs 3,671M | results | high | — | — |
| 29 Aug 2026 · Notice of 45th AGM on September 24, 2026 via video conferencing | compliance | minimal | — | — |
| 28 Aug 2026 · 45th AGM scheduled on September 24, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 26 Aug 2026 · Khadim wins arbitration; receives Rs 31.97 cr from SSAA Punjab | regulatory legal | high | — | — |
| 8 Aug 2026 · Newspaper publication of Q1 FY27 financial results | compliance | minimal | — | — |
| 7 Aug 2026 · Q1 FY27 results: Revenue drops 19%, PAT flat, warrants issue approved | 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.