Khadim India Reports Q2 & H1 FY'26 Results; Concall Transcript Released, KSR Listing Soon
Khadim India reported Q2 & H1 FY'26 results with revenue of ₹101.6 crore and ₹197.3 crore respectively. Gross margins are expected to improve due to GST cuts. Its subsidiary, KSR Footwear, is set to list next week.
The financial results show a revenue decline, which is a negative. However, the anticipated improvement in gross margins from GST reductions, the upcoming listing of the distribution subsidiary, and positive commentary on premium brand growth present significant future opportunities and strategic developments. This combination suggests a moderate impact on the company's outlook.
The company reported a decline in revenue for H1 FY26 compared to the previous year. However, management expressed optimism about future gross margin improvements due to GST cuts and strategic initiatives like the Skechers partnership and growth in premium brands, indicating a mixed outlook.
* Khadim India Limited announced the outcome and released the transcript of its Investor Meet and Earnings Conference Call held on Tuesday, November 11, 2025, regarding the Unaudited Standalone and Consolidated Financial Results for the quarter and half year ended September 30, 2025. * For Q2 FY'26, revenue from operations stood at ₹1,016 million (₹101.6 crore), gross profit was ₹478.7 million (₹47.87 crore) with a gross margin of 47.1%. EBITDA was ₹137.9 million (₹13.79 crore), reflecting a 13.6% margin, and profit after tax (PAT) was ₹16.8 million (₹1.68 crore) with a 1.7% margin. * For H1 FY'26, revenue from operations was ₹1,973 million (₹197.3 crore), gross profit was ₹935 million (₹93.5 crore) with a 47.4% gross margin. EBITDA stood at ₹261.2 million (₹26.12 crore) with a 13.2% margin, and PAT was ₹25.4 million (₹2.54 crore), resulting in a 1.3% margin. * The company's retail footprint is 893 stores, comprising 210 company-owned and 683 franchise-operated outlets. * Key operational highlights include successful GST implementation with benefits passed to consumers, a progressing partnership with Skechers, and healthy traction for the Athleisure range. * British Walkers and Sharon sub-brands continued steady performance, with double-digit volume growth reported in British Walkers, especially in premium segments (₹2,000 to ₹7,000) and Sharon (₹1,000 to ₹2,000). * Management expects gross margins to improve in Q3 FY'26 due to the full quarter impact of the GST rate reduction (to 5% for footwear below ₹2,500) and reduced discounting. The Q2 gross margin was impacted by continued discounts in some regions. * KSR Footwear Limited, the distribution subsidiary, is expected to list early next week (around November 18, 2025). The distribution business achieved a turnover of around ₹100 crore in H1 and is expected to be profitable in the next financial year. * The company is actively working to reduce its working capital cycle, with inventory already reduced and efforts ongoing to lower debtor levels. Targeted stock days are 90 for retail and 90-120 for franchisees. * While overall demand remains mixed, the company anticipates increased footfalls during the wedding season (November 15 to December 15) and winter season, driven by price reductions and GST cuts.
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Khadim India Limited filed this with the NSE as a statutory disclosure, categorised under concall transcript released. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by Khadim India Limited. Read the original for the full detail.