Khadim India Ltd(KHADIM)

NSE: KHADIMBSE: 540775

₹ 125+2.88%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 230 crWebsite: www.khadims.comUpdated: 24 Oct 2026

About

Khadim India is a footwear retailer that sells its mother brand Khadim and 9 sub-brands, including British Walker and Sharon, through an asset-light network that outsources 100% of its products. It had 825 stores in Q1 FY27, 638 of them franchise-run. FY26 revenue was Rs 367.1 Cr. The company calls itself the second-largest footwear retailer in India, with a strong foothold in Eastern and Southern India.^[1][2][3]

Business model

In 2025 the distribution business and the new manufacturing segment were demerged into KSR Footwear Limited, which left Khadim as a retail-focused company.^[4]
All products are bought in through contract manufacturing and outsourcing. As of Q1 FY27, 100% of product requirement was outsourced.^[1][2]
Franchise stores made up 78% of retail presence in Q1 FY27, up from 76% of outlets in FY25 and 74% in FY24.^[2][1][5]
Online sales were 3-4% of total sales in Q3 FY26. Own-site margin was about 10%, against 1-2% on marketplaces.^[6]

Brands and products

As of FY25 the portfolio was the mother brand Khadim plus 9 sub-brands: British Walker, Lazard, Turk, Pro, Sharon, Cleo, Softouch, Adrianna and Bonito.^[1]
As of FY25 the range covered sandals, slippers, boots, ballerinas, stilettos, moccasins, sports shoes and accessories, priced from ₹105 to ₹4,199.^[1]
The company says its brands and range address 85% of the total Indian footwear market potential (FY25).^[1]
More than 400 new designs were launched for Autumn/Winter, and another 300 for Spring/Summer 2025.^[1]
British Walkers grew 9.9% YoY in Q3 FY26. Sub-brands made up about 60% of sales, and Sharon made up 10-15%.^[6]
Skechers was expanded from 10 to 20 stores in Q3 FY26, and its sales doubled sequentially. It contributes about Rs1.5-2 cr in FY26.^[6]
A tie-up with Underlinen Fashion House, the Puma socks licensee in India, brings Puma socks into Khadim stores (FY25).^[1]

Store network

Stores: 825 in Q1 FY27 (187 COCO, 638 franchise), down from 851 at Mar-26 (189 COCO, 662 franchise).^[2][4]
Store count was 864 in Q3 FY26 and 893 in Q2 FY26. About 60-65 stores had been closed by Q3 FY26 as loss-making stores were shut.^[6][7]
There were 886 outlets across 24 states and 4 union territories as of March 31, 2025 (213 COCO, 673 franchise). 75 new stores were opened in FY25.^[1]
The company says new stores in Eastern and Southern India usually break even within 12 months (FY25).^[1]

Key operating numbers

Gross margin was 51.5% in Q1 FY27, up 380bps YoY. It was 48.9% in FY26, down 550 bps from FY25.^[2][4]
Like-for-like volume growth was -2% in Q3 FY26. Discounted sales made up 20-22% of COCO sales.^[6]
Inventory days fell from 131 to 117 in Q3 FY26, and inventory dropped to about Rs123 cr from Rs140-145 cr.^[6]
Q3 FY26 revenue fell 21.8% YoY. About 7-8 points came from store closures and the rest from deliberately reduced inventory purchases.^[6]

Customers and reach

The company says it has the largest footwear retail franchise network in India and the largest presence in Eastern India by number of exclusive stores (FY25).^[1]
The retail business targets middle and upper-middle-income consumers in metros and in Tier I to Tier III cities.^[1]
Products below ₹500 grew at a double-digit rate in Q2 FY26 after the price cut on the mother brand. The ₹500-1,500 segment stayed weak.^[7]

Operations and quality

A Kolkata laboratory checks compliance with BIS protocols, backed by 4-layer quality checks.^[1]
A 'milk run' logistics system was introduced for local distribution within 200 km. E-commerce logistics moved to Ekart, which cut costs by about 20%.^[1]

Expansion plans

In Q1 FY27, retail expansion was directed toward Eastern and Southern India: enter new markets through COCOs, then deepen them through franchisees.^[2]
The company targets 10% of sales from online in FY27.^[6]
The company aims for British Walkers and Sharon to reach 20-25% of sales in 3-4 years, and plans to expand Skechers in FY27.^[6]

Recent developments

In Q2 FY26, GST was cut to 5% on footwear priced up to ₹2,500, and the benefit was passed on to consumers.^[7]
KSR Footwear, the demerged distribution business, was expected to list in mid-November 2025.^[7]

Market Cap

₹230 Cr

High / Low

₹266 / 78

Stock P/E

80.5

Price / Book

1.3

Book Value

₹91

EPS

₹1.7

No. of Shares

1.84 Cr

ROCE

7.2%

ROE

1.5%

OPM

8.7%

Debt / Equity

0.73

Sales

₹367 Cr

Net Profit

₹3 Cr

Promoter holding

59.9%

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