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 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 160 | 94 | 96 | 102 | 86 | 84 | 78 | 94 |
| Profit before tax | 2 | 6 | 1 | 2 | (0) | 1 | 1 | 4 |
| Net profit | 1 | 1 | 1 | 2 | (0) | 1 | 1 | 3 |
| EPS (₹) | 0.63 | 0.50 | 0.46 | 0.91 | (0.09) | 0.41 | 0.28 | 1.44 |
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 | 22,385 | 54.0 | 10.52 | 25.8 | 8.1 | 6.5 | — | 27.0 |
| BATA INDIA LTD | 8,196 | 54.5 | 6.60 | 11.6 | 6.6 | 4.5 | 15.5 | 16.7 |
| RELAXO FOOT LTD. | 7,285 | 39.3 | 3.30 | — | 8.1 | 9.9 | — | 15.4 |
| CAMPUS ACTIVEWEAR LIMITED | 6,029 | 116.7 | 14.10 | 25.7 | 25.2 | 29.5 | — | 18.3 |
| REDTAPE LIMITED | 5,903 | 23.3 | 5.99 | 18.1 | 8.1 | 8.2 | — | 15.8 |
| SREELEATHERS LIMITED | 639 | 19.5 | 1.28 | — | 5.8 | 7.5 | — | 14.9 |
| LIBERTY SHOES LTD | 337 | 39.3 | 1.44 | — | 4.8 | 4.3 | — | 8.0 |
| LEHAR FOOTWEARS LIMITED | 292 | 21.1 | 2.10 | — | 5.5 | 6.2 | — | 9.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 60.3 | 46.6 | 8 of 10 | 22% |
| P/B | 1.3 | 3.3 | 2 of 9 | 88% |
| ROCE | 1.6 | 6.5 | 10 of 11 | 10% |
| ROE | 1.8 | 6.6 | 9 of 9 | 0% |
| Debt / Equity | 0.7 | 0.3 | 9 of 9 | 0% |
| EBITDA margin | 2.0 | 14.9 | 11 of 11 | 0% |
| Revenue growth | (7.3) | (1.7) | 7 of 9 | 25% |
| Profit growth | 58.7 | 12.3 | 2 of 9 | 88% |
| Market cap | 226 | 3271 | 9 of 10 | 11% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 5 Nov 2026 · Company Secretary and Compliance Officer resigns effective November 21, 2026 | management changes | high | — | — |
| 5 Nov 2026 · Q2 FY27 revenue fell 7.3%, but consolidated profit after tax rose 52.7% | results | high | — | — |
| 5 Nov 2026 · Consolidated September 2026 quarter: revenue down 7.3%, profit down 19.6% | results | high | — | — |
| 30 Oct 2026 · Board meeting set for November 5 to approve results | results | low | — | — |
| 7 Oct 2026 · Khadim India: Promoter group Pankaj Prasoon buys 2.80% stake via open market | ownership changes | high | — | — |
| 1 Oct 2026 · CARE revises Khadim India long-term outlook to Negative | credit debt | medium | — | — |
| 26 Sept 2026 · Trading window closed from Oct 1 till 48 hours after Q2 FY26 results | compliance | minimal | — | — |
| 25 Sept 2026 · Khadim India allots 10.23 lakh convertible warrants at Rs 110 each | fund raising | high | — | — |
| 25 Sept 2026 · AGM results: All 5 resolutions passed with 100 percent approval | board shareholder meetings | low | — | — |
| 24 Sept 2026 · Khadim India 45th AGM voting results - all 5 resolutions passed | board shareholder meetings | low | — | — |
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.