Kewal Kiran Clothing Ltd(KKCL)

NSE: KKCLBSE: 532732

₹ 422.4+0.60%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 2,603 crNext results: 2 Nov 2026Website: www. kewalkiran.comUpdated: 24 Oct 2026

About

Kewal Kiran Clothing Ltd (KKCL) is an Indian apparel company that designs, manufactures and retails branded casual and denim wear under a house-of-brands model spanning men's, women's and children's segments. The company reported consolidated revenue of ₹1,212.77 crores in FY26, growing 20.9% year-on-year. It operates 670 exclusive brand outlets (EBOs) as of June 2026 and manufactures at four units in Dadar, Goregaon, Daman and Vapi.^[1][2][3][4]

Brand portfolio

Killer is the flagship men's denim and casual brand, operating 457 EBOs as of March 2026 and in auto-expansion mode entering metro markets.^[2][5]
Kraus, acquired to add a women's casualwear segment, delivered revenue growth above 20% in FY26 with EBITDA margins in line with the consolidated KKCL profile.^[2]
Lawman has been repositioned as a D2C / Gen-Z brand with MBO distribution discontinued; the brand operated 81 EBOs as of Q1 FY27.^[3][6]
Integriti was repositioned into modern trade channels with a revised price bracket; management expected visible growth traction from Q1 FY27.^[6][2]
Junior Killer addresses the children's segment, adding a separate total addressable market to the house-of-brands portfolio.^[5]
KKCL is experimenting with ethnic wear under the 'Punya' brand and exploring footwear and lifestyle accessories as early-stage new categories.^[6][2]

Key operating numbers

Consolidated apparel volumes grew 24% YoY to 39 lakh units in Q1 FY27, up from 33 lakh units in Q1 FY26.^[3]
Apparel sales realisation was ₹852 per unit and total sales realisation was ₹720 per unit in Q1 FY27.^[3]
Apparel volume growth was 16% YoY on a consolidated basis in FY26; sales realisation per unit rose to ₹668 in FY26 from ₹595 in FY25.^[2]
Killer same-store sales growth (SSSG) was 9.4% for full-year FY26 and 6.8% in Q4 FY26.^[2]
Gross profit margin was 43% in Q1 FY27, up 1 percentage point year-on-year from 42% in Q1 FY26.^[3]
Gross profit margin for full-year FY26 was 42.2%, up 70 bps year-on-year; full-price sales proportion was approximately 60% in FY26.^[2]

Distribution and channels

Total EBO network stood at 670 stores as of June 2026, covering over 4 lakh sq ft, after net 4 additions in Q1 FY27.^[3]
EBO breakdown as of March 2026: Killer 457, K-Lounge 90, Lawman+Integriti 90, Kraus 28, totalling 666 stores after net 57 additions in FY26.^[2]
Retail channel (EBO + LFS) accounted for 59% of consolidated revenue in Q1 FY27, growing 29% YoY in the quarter.^[3]
Retail channel mix was 56% of FY26 revenues, with retail growing 24% and non-retail (MBO, e-commerce, exports) growing 17% in FY26.^[2]
KKCL is shifting toward larger-format EBOs of 1,500 - 2,500 sq ft to house multiple categories and genders; pilot stores opened in Karol Bagh (1,700 sq ft) and Puri (2,500 sq ft).^[6]

Manufacturing

KKCL's manufacturing units are located at Dadar, Goregaon, Daman and Vapi.^[4]

Exports and geography

Export revenues are expected to remain flat for FY27 due to Middle East market disruption.^[3][2]
Kraus gained traction across MBO, export, and EBO channels in Q1 FY27.^[3]

Expansion plans

FY27 EBO expansion target is 50 - 70 net store additions, with most additions expected in Q2 and Q3 during the festival season.^[3][2]
Vision 2028 targets ₹1,500 crores in revenue, 900 EBOs and 17 - 18% EBITDA margin; management has indicated it expects to exceed these targets.^[2][5]
Long-term growth target raised to 20% CAGR over three years, comprising 15 - 18% organic growth and approximately 5% from inorganic acquisitions.^[2]
Annual capex requirement guided at ₹30 - 35 crores per year covering both front-end store build-out and back-end operations; a new office building will cost approximately ₹90 crores over three years.^[2][5]
Cash is being retained on the balance sheet for potential larger-ticket inorganic acquisitions; KKCL is open to deals across genders, price segments and competing denim categories.^[3][2]

Recent developments

In Q1 FY27 consolidated revenue reached ₹279 crores, growing 19% YoY, exceeding the guided 15 - 18% range.^[3]
Standalone (Kewal Kiran) revenue growth was approximately 12% in Q1 FY27 and approximately 8% in Q4 FY26, lagging the consolidated 19%, attributed to Lawman and Integriti strategy transitions.^[3]
The Government of India reduced GST on selected apparel price points; KKCL passed the benefit on MRP below ₹2,500 to customers.^[5]

Market Cap

₹2,603 Cr

High / Low

₹568 / 402

Stock P/E

17.6

Price / Book

2.8

Book Value

₹152

EPS

₹23.0

No. of Shares

6.16 Cr

ROCE

17.9%

ROE

16.1%

OPM

17.6%

Debt / Equity

0.05

Sales

₹1,213 Cr

Net Profit

₹152 Cr

Promoter holding

74.3%

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