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Revenue
₹86.24 Cr
verified against source
Revenue YoY
-21.8%
reported change
EBITDA
₹11.1 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Khadim India reported a weak Q3 FY26 with revenue of 86.2 cr (down 21.8% YoY) and a marginal net loss of INR 0.2 cr. The decline was driven by deliberate inventory destocking (inventory days reduced from 131 to 117), closure of unprofitable stores (7-8% impact), and subdued discretionary demand. EBITDA margin contracted to 12.8% (down 170 bps YoY) due to higher employee costs from revised labor codes and promotional discounting (20-22% of sales). Management guided for FY27 revenue stabilization around 350 cr with EBITDA margin of 14-14.5% and gross margin of 49-50%. Key growth levers include premium subbrands (British Walkers grew 9.9% YoY), Skechers partnership (doubled sequentially to ~1.5-2 cr run-rate), and e-commerce (targeting 10% of sales). Risk: sustained demand weakness could delay margin recovery.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects FY27 revenue to remain flat at around 350 cr, with no further volume decline.
- Management guided for EBITDA margin improvement to 14-14.5% in FY27, driven by cost reduction and premium mix shift.
- Gross margin expected to normalize to 49-50% in FY27, up from 48.2% in 9M FY26.
- Management aims to increase online sales contribution from 3-4% to 10% of total revenue in FY27.
Risks flagged
- Subdued discretionary spending and value-driven segment pressure may continue to impact sales and margin recovery.
- Debtors at 198 cr (including 32 cr stuck in Punjab government) represent over one year of franchise revenue, straining cash flow.
- Despite GST rate reduction, volume elasticity has not materialized; management expects impact only from Q1 FY27.
- Limited store space and lack of changing rooms restrict athleisure expansion; no clear target for store penetration.
Key quotes
- We have corrected our inventory. We have taken call on our stores. We have closed the store which are bleeding. So we have changed our product profile.
- Our main objective is to keep the sales at least the volume there is no volume degrowth and with the increase in the ASP there might be some growth in our sales.
- We are focusing a lot on our own website and we are developing exclusive lines so that we can have a profitable sale from these marketplaces.
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